Aditya Forge Ltd reported nil revenue for FY 2025-26, signaling a complete halt in operations. The company is currently working to revoke a long-standing BSE trading suspension in place since 2015. Auditors have raised significant red flags, citing a lack of balance confirmations and unprovisioned tax notices. While the board plans to shift the registered office to Ahmedabad and has appointed a new professional director, shareholders face critical concerns regarding record-keeping and compliance gaps.
Aditya Forge Annual Report Reveals Operational Stagnation and Audit Hurdles
Revenue from operations: Nil (down from Rs 326.06 Lakhs in FY 2024-25).
Profit after tax: Rs 13.05 Lakhs (down from Rs 699.34 Lakhs in FY 2024-25).
Reader Takeaway: The company faces significant compliance and operational hurdles while attempting to revoke a decade-long trading suspension.
What just happened
Aditya Forge Ltd has released its FY 2025-26 financial results, which effectively confirm the cessation of business operations. The balance sheet shows nil values for property, plant, equipment, and inventory as of March 31, 2026. Despite this, the company reported a nominal profit of Rs 13.05 Lakhs. The company is currently moving to relocate its registered office from Vadodara to Ahmedabad to potentially improve administrative efficiency.
Why this matters
The company’s shares have been suspended on the BSE since November 27, 2015. Investors have been unable to exit their positions for nearly a decade. While the management has received 'in-principle approval' to revoke this suspension as of July 2026, the auditor report highlights severe governance gaps that could complicate or delay this process.
Auditor and Regulatory Qualifications
M/s. M A A K & Associates has issued a qualified opinion, expressing inability to verify trade payables, loans, and receivables due to missing balance confirmations. Furthermore, the company has failed to make provisions for various income tax notices. The secretarial audit by M/s. ALAP & Co. LLP identified multiple compliance failures, including the absence of an internal auditor, delays in regulatory filings, and incomplete dematerialization of promoter holdings.
What to track next
Investors should closely monitor the formal revocation of the trading suspension on the BSE. Additionally, watch for any updates regarding the management's resolution of the audit qualifications and the progress on the proposed relocation of the registered office.