Whalesbook
Consolidated level pe dekho toh, Q3 FY26 mein Trigyn Technologies ki revenue toh 24.8% badhkar ₹25,803.19 lakh ho gayi, jo pichhle saal ₹20,669.68 lakh thi. Lekin bhai, profit toh seedha 44% se gir kar sirf ₹69.12 lakh pe aa gaya, jabki pichhle saal yeh ₹123.48 lakh tha.
Aur agar pichhle 9 mahine (nine months) ki baat karein toh consolidated profit mein toh 85.3% ki toofani kami aayi, jo ₹921.16 lakh se gir kar bas ₹135.45 lakh reh gaya.
Standalone level pe toh aur bhi bura haal hai. Q3 FY26 mein revenue toh 78.6% badhkar ₹6,279.23 lakh ho gaya, par PAT 83.9% gir kar ₹132.93 lakh pe aa gaya, jo pichhle saal ₹825.93 lakh tha. Aur 9 mahine ka standalone report dekho toh company ko ₹518.09 lakh ka loss hua hai, jabki pichhle saal isi period mein ₹68.27 lakh ka profit tha. Jab revenue badh rahi hai par profit itna gir raha hai, toh seedha matlab hai ki ya toh profit margins kam ho gaye hain ya kharche bahut badh gaye hain.
🚨 Ab Auditors Ne Kya Pakda? (The Real Drama)
Sabse badi tension toh auditors ki limited review report se aa rahi hai. Unhone kuch boht serious issues highlight kiye hain, jo financial results pe ek badi chhaya daal rahe hain:
₹80 Crore Revenue Booking Mein Gadbad: Auditors ne pakda hai ki ₹80 crore (yaani ₹8000 lakh) ki guaranteed revenue ko company ne 'collection mein uncertainty' ke karan record hi nahi kiya. Bhai, itne bade amount ko exclude karne se company ki asli financial health par sawaal uthta hai.
Nashik Parking Project Ka Case: Company ko is project se termination notice mila hai aur ab yeh commercial arbitration mein hai. Crucially, bank guarantee jo ₹3.75 crore ki thi, use October 2025 mein invoke kar liya gaya. Yeh amount company ke liye potential write-off ban sakta hai.
Legal Cases Aur GST Ka Notice: Ek toh already recovery ke liye multiple legal suits pending hain, upar se GST department ne ₹9.08 crore ka show cause cum demand notice bheja hai FY19-20 se FY22-23 ke liye. Yeh sab cheezein future mein company ke liye badi contingent liabilities aur cash outflow ki problem ban sakti hain.
Subsidiary Companies Ka Rona: Do subsidiaries, Leading Edge Infotech Limited aur Trigyn Technologies India Private Limited, ka net worth toh negative hai, phir bhi unhe 'going concern' basis par chalaya ja raha hai. Yeh dikhata hai ki group-level financial weakness kaafi zyada hai. Ab company inko bachane, merge karne, ya liquidation ke options explore kar rahi hai, jisse restructuring ya write-downs ho sakte hain.
Discontinued Operations: Ek subsidiary ko 'discontinued operation' mein reclassify kar diya gaya hai, jisse comparative analysis aur complicated ho gaya hai aur potential divestitures ya impairments ka ishara milta hai.
🚩 Risk Aur Future Kya?
Toh bhai, Trigyn Technologies ke liye risks boht zyada hain. Projects execute karne mein challenges, significant legal aur regulatory headwinds (GST demand, arbitration), aur subsidiaries ki financial instability sab milakar future boht precarious lag raha hai. Woh jo ₹119.74 crore ka naya BharatNet Project Phase III order mila hai, woh ek glimmer of new business hai, par auditors ne jo critical financial, accounting, aur operational issues batayi hain, unke saamne yeh order bhi overshadowed ho raha hai. Management ne koi forward-looking guidance nahi di hai, isliye investors ko yahan boht hi zyada caution barattna chahiye.