Satiate Agri standalone deficit widens to Rs 4.241 crore

Satiate Agri Limited reported standalone negative equity of Rs 4.241 crore at September 30, 2026, widening from Rs 3.2294 crore at March 31, while cash and cash equivalents fell to Rs 0.76 lakh from Rs 12.77 lakh. The unaudited half-year accounts were released while Satiate Agri was under the corporate insolvency resolution process.

How did Satiate Agri's standalone equity change?

Satiate Agri's standalone total equity was negative Rs 4.241 crore at September 30, 2026, compared with negative Rs 3.2294 crore at March 31, 2026. The deficit therefore widened by Rs 1.0116 crore during the six-month comparison period shown in the balance sheet.

The September position comprised paid-up equity share capital of Rs 2.9272 crore and negative other equity of Rs 7.1682 crore. At March 31, share capital was also Rs 2.9272 crore, while negative other equity was Rs 6.1566 crore. The change in other equity accounts for the movement in the reported total equity deficit.

Satiate Agri's assets declined by Rs 1.5844 crore between March 31 and September 30, while total liabilities decreased by Rs 0.5728 crore. As the asset reduction was larger than the reduction in liabilities, the standalone balance-sheet deficit increased by Rs 1.0116 crore.

What happened to Satiate Agri's cash in the half year?

Satiate Agri ended September 30, 2026 with standalone cash and cash equivalents of Rs 0.76 lakh, down Rs 12.01 lakh from Rs 12.77 lakh at the beginning of the half year. The closing balance consisted of Rs 0.70 lakh with banks and Rs 0.06 lakh in cash in hand.

The standalone cash-flow statement reported net cash of Rs 9.63 lakh from operating activities and Rs 0.73 lakh from investing activities for the half year ended September 30, 2026. Financing activities used Rs 22.37 lakh, resulting in a net decrease of Rs 12.01 lakh in cash and cash equivalents.

The cash-flow statement shows interest received of Rs 0.73 lakh in the investing section. It also records a Rs 22.37 lakh outflow from financing activities, compared with Rs 9.8365 crore of net cash from financing activities for the year ended March 31, 2026; the filing does not provide a narrative explanation for the change.

Current assets were Rs 2.1205 crore at September 30, down from Rs 3.7090 crore at March 31. The September current-asset balance included inventories of Rs 1.6755 crore, current trade receivables of Rs 2.07 lakh and current loans of Rs 41.67 lakh.

Which liabilities make up Satiate Agri's balance-sheet deficit?

Satiate Agri reported standalone current liabilities of Rs 16.2312 crore at September 30, 2026, and no non-current liabilities. Current trade payables of Rs 14.8401 crore were the largest disclosed liability, followed by current borrowings of Rs 89.06 lakh.

The September current-liability total also included other current financial liabilities of Rs 42 lakh and current provisions of Rs 8.05 lakh. At March 31, total current liabilities were Rs 16.8040 crore, including trade payables of Rs 14.5648 crore and current borrowings of Rs 1.7522 crore.

Trade payables increased by Rs 27.53 lakh over the six-month period, whereas current borrowings fell by Rs 86.16 lakh. The filing shows total current liabilities declined by Rs 57.28 lakh because the reduction in borrowings exceeded the increase in trade payables and other current financial liabilities.

Non-current assets were Rs 9.8697 crore at September 30, including other intangible assets of Rs 9.8156 crore and non-current loans of Rs 5.41 lakh. Together with current assets of Rs 2.1205 crore, these balances produced reported total assets of Rs 11.9902 crore.

What does the CIRP process mean for Satiate Agri?

Satiate Agri has been under the corporate insolvency resolution process, or CIRP, since August 20, 2026. The National Company Law Tribunal, Indore Bench appointed MVK IPE LLP as Interim Resolution Professional in CP No. CP(IB)/77(MP)2026, with the order made available by email on August 21, 2026.

Satiate Agri said its affairs, business and assets have been managed by MVK IPE LLP from August 20, 2026, and the powers of the board are vested in the insolvency professional. MVK IPE LLP is represented by designated partner Mangesh V. Kekre, according to the November 14, 2026 filing.

The first Committee of Creditors, or CoC, meeting on September 21, 2026 approved the Interim Resolution Professional's appointment as Resolution Professional. The filing does not disclose a resolution plan, claims admitted, creditor recoveries or a timetable for completion of the CIRP.

Satiate Agri said the Resolution Professional took the September quarter and half-year results on record based on management's certifications, representations and statements, together with management's recommendation. The financial-results announcement was issued on November 14, 2026 after a meeting held from 4:00 pm to 5:20 pm.

What did the limited-review report and governance filing say?

The statutory auditor's limited-review report dated November 14, 2026 stated that nothing had come to its attention to suggest that Satiate Agri's unaudited standalone results lacked required disclosures or contained a material misstatement. The report was issued by S. N. Gadiya & Company, Chartered Accountants.

The auditor stated that its work was conducted under Standard on Review Engagement 2410, which provides moderate assurance through inquiries and analytical procedures. It also stated that a review is substantially narrower than an audit and therefore does not result in an audit opinion.

Satiate Agri appointed M/s. Garima Bagrecha & Co., Chartered Accountants, as internal auditor for financial year 2026-27. The company cited Section 138 of the Companies Act, 2013 and Rule 13 of the Companies (Accounts) Rules, 2014 as the basis for the appointment.

The announcement identified CA Garima Bagrecha as an Institute of Chartered Accountants of India member with membership number 417875 and firm registration number 040073C. It also said the statement on deviation or variation in proceeds from public, rights, preferential or qualified institutions placement issues was not applicable, while outstanding-default information would be filed with XBRL.

Conclusion

Satiate Agri's September 30 balance sheet shows a standalone equity deficit of Rs 4.241 crore, compared with Rs 3.2294 crore at March 31, as total assets fell to Rs 11.9902 crore and remained below liabilities of Rs 16.2312 crore. Cash and cash equivalents fell by Rs 12.01 lakh to Rs 0.76 lakh, while trade payables rose to Rs 14.8401 crore.

The next disclosed matters to watch are developments in the CIRP after the CoC approved the Resolution Professional on September 21, 2026, and the outstanding-default disclosure that Satiate Agri said would accompany its XBRL filing. The internal auditor appointment also covers financial year 2026-27.