Coreintegral statutory-payment delays continued through March 2026

Coreintegral Consulting Services Limited disclosed statutory-payment delays that continued through March 31, 2026, covering provident fund, labour welfare fund, profession tax and state insurance. The longest listed delay was 1,692 days for an April 2021 provident-fund payment, while Coreintegral cited liquidity issues and former employees’ Aadhaar-linkage status in explaining delays.

Why did Coreintegral’s statutory-payment delays continue through March 2026?

Coreintegral said delays in depositing undisputed statutory dues during the three most recent fiscal years occurred for several reasons, including liquidity issues. The disclosure covers employee provident fund, labour welfare fund and profession tax, and states that earlier delays and defaults were subsequently regularised through payment and return filing with interest and penalties.

Coreintegral separately gave operational explanations for unpaid provident fund and profession tax at March 31, 2026. It said provident-fund amounts remained unpaid solely because concerned former employees’ UAAs, as termed in the disclosure, had not been linked with Aadhaar, which it describes as mandatory under the guidelines it cites for electronic challan-cum-return, or ECR, filing and provident-fund remittance. Coreintegral said the former employees were uncontactable despite follow-ups, preventing the required direct authentication.

What statutory dues did Coreintegral disclose by fiscal year?

Coreintegral disclosed statutory-payment delays across five fiscal periods, with provident fund representing the largest listed category in each of fiscal 2021-22, fiscal 2022-23 and fiscal 2023-24. Its summary table lists provident-fund dues of Rs 9.07 lakh for fiscal 2021-22, Rs 13.34 lakh for fiscal 2022-23 and Rs 5.48 lakh for fiscal 2023-24, compared with Rs 1.94 lakh for fiscal 2024-25 and Rs 85,000 for fiscal 2025-26.

The underlying schedules show the duration of some overdue amounts. For fiscal 2021-22, the April 2021 provident-fund item of Rs 7.01 lakh was 1,692 days overdue as of March 31, 2026. For fiscal 2022-23, a June 2022 provident-fund item of Rs 2.97 lakh was 1,356 days overdue. The schedules total Rs 10.42 lakh for fiscal 2021-22 provident fund, whereas the summary table lists Rs 9.07 lakh for that fiscal year; Coreintegral does not explain the difference in the supplied disclosure.

Coreintegral’s labour welfare fund delays increased in the later periods shown in the detailed schedules. The summary lists Rs 4.01 lakh for fiscal 2023-24, Rs 2.33 lakh for fiscal 2024-25 and Rs 1.28 lakh for the period ended March 31, 2026. The March 2026 schedule includes Rs 30,804 for June 2025, overdue by 260 days, and Rs 96,931 for December 2025, overdue by 76 days.

How did Coreintegral’s March 2026 dues differ by category?

Coreintegral’s period-ended-March-2026 schedule records overdue amounts in all four categories, rather than only provident fund and profession tax. Provident-fund entries total Rs 84,783, labour welfare fund totals Rs 1.28 lakh, Employees’ State Insurance Act, 1948 dues total Rs 67,204, and profession-tax entries total Rs 67,600. State insurance is specifically listed in the supplied schedule for this period.

The timing of the March 2026 entries varied materially. The two provident-fund items, for October 2025 and February 2026, were 137 days and 17 days overdue respectively. State-insurance items for October 2025 through January 2026 were between 45 and 137 days overdue, including Rs 50,742 for January 2026. The profession-tax schedule included a March 2026 Meghalaya amount of Rs 504 that was three days overdue, alongside amounts related to June 2025 that were 275 days overdue.

Coreintegral said unpaid profession tax relates solely to North-Eastern states where it does not have an office establishment. It states that profession-tax registration is possible only in a state where an establishment or office is registered, and that it therefore cannot obtain the registration required to make payment in those states. The period-ended-March-2026 schedule includes profession-tax amounts for Meghalaya, Mizoram and Tripura, as well as Andhra Pradesh, Gujarat, Telangana and Jharkhand.

What do the delays indicate about Coreintegral’s operating exposure?

Coreintegral’s disclosure links statutory-payment timing to liquidity, which is relevant because employee costs account for a large part of revenue. Employee benefit expenses were Rs 324.25 crore in fiscal 2026, or 62.94% of revenue from operations, versus Rs 268.41 crore, or 66.67%, in fiscal 2025. The cost category includes salaries, bonuses, allowances, provident-fund and state-insurance contributions, gratuity and staff welfare.

Coreintegral’s business is also workforce-intensive: it had 12,027 employees, including on-site personnel, at March 31, 2026, up from 10,290 at March 31, 2025. Its fiscal 2026 attrition rate was 54%, compared with 42% in both fiscal 2025 and fiscal 2024. The explanation that some unpaid provident-fund cases concern uncontactable ex-employees therefore sits alongside a workforce that expanded by 1,737 employees in one year and had higher attrition.

Cash-flow data supplies further context but does not establish a direct cause for every delayed payment. Net cash flow from operating activities was negative Rs 3.05 crore in fiscal 2026, compared with positive Rs 1.39 crore in fiscal 2025 and positive Rs 7.55 crore in fiscal 2024. Coreintegral attributed the fiscal 2026 negative operating cash flow mainly to taxes paid, while its statutory-dues risk disclosure separately identifies liquidity issues among several reasons for delayed deposits.

What has Coreintegral said it will do about the unpaid amounts?

Coreintegral said it has maintained provident-fund records and earmarked the contribution amounts in its books. It also said it is continuing efforts to contact former employees and has committed to remit the provident-fund dues, with applicable interest, once authorities provide a workable solution to the Aadhaar-seeding issue.

For profession tax, Coreintegral said unpaid amounts are identified and separately accounted for in its books. It said it would comply promptly if payment becomes feasible or is required in the future. Separate accounting identifies the liability internally, but the disclosure does not state that the statutory payments had been completed by March 31, 2026.

Coreintegral also explicitly states it cannot assure investors that future defaults or payment delays will not occur. It says the company may face legal proceedings, regulatory action or monetary penalties from relevant authorities for delayed payments or return filings. Those stated possibilities mean that the persistence of the issue depends on resolving the Aadhaar-related remittance constraint, establishing profession-tax payment feasibility in the cited states and maintaining sufficient liquidity for timely deposits.

Conclusion

Coreintegral disclosed a multi-year pattern of delayed statutory payments that continued into the period ended March 31, 2026 across provident fund, labour welfare fund, profession tax and state insurance. The pattern is most pronounced in older provident-fund entries, including an April 2021 amount overdue by 1,692 days, while the fiscal 2026 schedule adds overdue state-insurance dues and continuing profession-tax items.

The next disclosure to watch is whether Coreintegral remits the earmarked provident-fund amounts after resolving former employees’ Aadhaar linkage, and whether it develops a compliant path for profession-tax payments in states where it says it lacks an establishment. Regulatory action, interest and penalties remain unresolved risks because Coreintegral says it cannot assure that further defaults or delays will not occur.