Adhbhut Infrastructure auditor flags going-concern uncertainty

Adhbhut Infrastructure Limited (Adhbhut Infrastructure) received an auditor warning that Rs 25.71 crore of accumulated losses at September 30, 2026 had eroded its net worth and created material uncertainty over going concern. The warning followed a Rs 43.22 lakh net loss for the quarter ended September 30, 2026.

Why did Adhbhut Infrastructure receive a going-concern warning?

Adhbhut Infrastructure received the warning because continuing losses had taken accumulated losses to Rs 25.71 crore as of September 30, 2026, resulting in erosion of net worth. Statutory auditor Chatterjee & Chatterjee said these conditions indicated a material uncertainty that may cast significant doubt on Adhbhut Infrastructure’s ability to continue as a going concern.

The auditor cited both the accumulated-loss balance and losses in the reporting period. Adhbhut Infrastructure recorded a net loss of Rs 43.22 lakh for the quarter ended September 30, 2026 and Rs 83.33 lakh for the period from April 1, 2026 to September 30, 2026. The report does not state that the company has stopped operating or will necessarily be unable to continue.

The material-uncertainty statement appeared in the limited review report issued on November 13, 2026. Adhbhut Infrastructure’s board approved the standalone unaudited results for the second quarter and half year ended September 30, 2026 at a meeting held from 3:00 p.m. to 3:35 p.m. on November 13, 2026.

What losses did Adhbhut Infrastructure report for September 2026?

Adhbhut Infrastructure reported a Rs 43.22 lakh net loss for the September 30, 2026 quarter and a Rs 83.33 lakh net loss for the April 1 to September 30, 2026 period. The latter figure covers six months, whereas the quarterly figure covers only the second quarter.

The six-month loss was Rs 40.11 lakh higher than the second-quarter loss. This indicates that the April-to-September result included losses before the September quarter as well as the Rs 43.22 lakh recorded in that quarter, while the auditor identified the Rs 25.71 crore accumulated-loss balance as the basis for its net-worth concern.

The filing describes the figures as standalone unaudited results. They were submitted under Regulations 30 and 33 of the Securities and Exchange Board of India, or SEBI, listing regulations, after recommendation by Adhbhut Infrastructure’s audit committee and approval by its board on November 13, 2026.

What did the auditor conclude on Adhbhut Infrastructure’s results?

The auditor concluded that nothing had come to its attention to indicate that Adhbhut Infrastructure’s unaudited results were not prepared in accordance with applicable accounting standards or did not disclose information required under SEBI Regulation 33. That review conclusion was issued alongside the separate going-concern material-uncertainty statement for September 30, 2026.

Chatterjee & Chatterjee performed a limited review under Standard on Review Engagements 2410, or SRE 2410, covering interim financial information reviewed by an entity’s independent auditor. The report says this work consists primarily of enquiries of company personnel and analytical procedures, provides moderate assurance, and provides less assurance than an audit. The auditor therefore did not express an audit opinion.

The results were prepared under Indian Accounting Standard 34, Interim Financial Reporting, or Ind AS 34, and were the responsibility of management, according to the November 13, 2026 report. Its introductory heading refers to Alliance Integrated Metaliks Limited, but the addressee, scope, conclusion and going-concern discussion identify Adhbhut Infrastructure; the filing does not explain the heading difference.

What was attached in the Adhbhut Infrastructure matter?

Certain immovable properties held in Adhbhut Infrastructure’s name and shares held by the promoter company were provisionally attached under order number 09/2024 dated September 13, 2024. The auditor said the order was issued by the Deputy Director, Gurugram Zonal Office, Director of Enforcement, New Delhi, in relation to alleged contravention under the Prevention Laundering Act, 2002.

The filing does not state the value of the properties or shares covered by the September 13, 2024 order. It therefore provides no amount for comparing the attachment with the Rs 25.71 crore accumulated-loss balance reported at September 30, 2026.

Management informed the auditor that the order did not affect Adhbhut Infrastructure’s business or running operations. However, Chatterjee & Chatterjee said the financial impact, if any, was not ascertainable, and stated that its report was not modified in respect of the attachment matter or the going-concern matter.

Conclusion

Adhbhut Infrastructure’s September 2026 limited review contains two separate disclosures: accumulated losses of Rs 25.71 crore that eroded net worth and led to a material going-concern uncertainty, and the provisional attachment of certain company properties and promoter-company shares. The auditor nevertheless reported no matter requiring a modified review conclusion on the standalone unaudited results.

The next disclosures should show whether losses and accumulated losses change after the Rs 83.33 lakh loss for April 1 to September 30, 2026. Readers should also watch for information that makes the financial impact of order number 09/2024 ascertainable, an issue the auditor said remained unresolved on November 13, 2026.