SKIL Infrastructure FY25 loss widens as revenue collapses

Key update from the latest filing

SKIL Infrastructure Limited has reported a sharp deterioration in its FY25 standalone financial performance, posting a net loss of ₹3,052.42 crore for the year ended March 31, 2025. The loss compares with a standalone net profit of ₹8.88 crore in FY24, highlighting the scale of disruption in the company’s financials during the period.

The update comes in the context of ongoing Corporate Insolvency Resolution Process (CIRP) proceedings. The company disclosed that the financial results were approved by the Resolution Professional (RP) Committee on July 29, 2026, in place of the suspended Board of Directors.

Revenue shrinks to near-zero levels

The company reported negligible revenue from operations and disclosed total revenue of ₹0.13 crore in FY25, down from ₹26.11 crore in FY24. The FY25 revenue figure was entirely shown under “Other Income” in the numbers provided.

Total expenses fell to ₹0.79 crore in FY25 from ₹17.23 crore in FY24. However, the drop in expenses did not offset the impact of exceptional items that dominated the year’s performance.

Exceptional items drive the FY25 loss

A key driver of the FY25 standalone loss was exceptional items of ₹3,051.75 crore. The company also disclosed that the exceptional loss includes a reversal of accrued interest of ₹2.59 crore that had been booked in February and March 2024, which became non-payable upon initiation of CIRP.

Separately, the company recognised an impairment provision of ₹3,054.35 crore in the cash flow statement, reflecting a write-down of assets. The disclosures indicate that exceptional and impairment-related adjustments were central to the reported loss.

Qualified audit opinion continues for the sixth time

Statutory auditors GPS & Associates issued a qualified opinion on the audited financial statements, marking the sixth consecutive time they have done so, as stated in the filing. The audit qualification was attributed to multiple issues flagged by the auditors, including:

• Inability to verify admitted claims by the Resolution Professional and related completeness and accuracy concerns
• Inadequate disclosure around going concern uncertainties
• Unconfirmed bank balances
• Discrepancies in balances with subsidiary Skil Advanced Systems Private Limited (SKAD)
• Absence of an actuarial valuation for gratuity obligations

The audit report also flagged that the amounts of claims admitted by the RP were not fully aligned with contingent liabilities disclosed by the company, restricting audit verification.

Net worth turns negative

The company disclosed that its net worth turned negative. Other equity showed a deficit of ₹2,624.38 crore against equity share capital of ₹216.57 crore. This is a key indicator of balance-sheet stress and is consistent with the scale of the exceptional loss reported for the year.

Quarter and half-year numbers show extreme volatility

SKIL Infrastructure also disclosed quarterly and period results during FY25 that reflected sharp swings, largely due to exceptional items.

For the quarter ended December 31, 2024 (Q3 FY25), the company reported a standalone net loss of ₹0.09 crore with total revenue of ₹0.00 crore (₹0.0014 crore) and total expenses of ₹0.10 crore. The filing compared this with a standalone loss of ₹3,051.82 crore for the previous quarter ended September 30, 2024 (Q2 FY25).

For Q2 FY25 (quarter ended September 30, 2024), the company reported nil revenue from operations, other income of ₹0.12 crore, total expenses of ₹0.19 crore, and a standalone net loss of ₹3,051.82 crore. The loss was primarily linked to exceptional items of ₹3,051.75 crore arising from impairment of the company’s investment in associate Urban Infrastructure Holdings Pvt. Ltd. (UIHPL).

The unaudited results for the quarter and half-year ended September 30, 2024 were taken on record by the Resolution Professional Committee on May 08, 2026, according to the filing.

Consolidated numbers: losses also remain large

On a consolidated basis, the company disclosed a net loss attributable to owners of ₹2,596.84 crore for FY25. For Q2 FY25, it reported a consolidated net loss attributable to owners of ₹2,604.53 crore, with exceptional items of ₹2,604.45 crore cited as the primary driver of the loss for that quarter.

The filing also stated that Basic and Diluted EPS for the quarter stood at (₹120.26) on a consolidated basis.

Summary table of disclosed financials

All figures below are in ₹ crore, converted from the company’s disclosures.

What CIRP means for governance and disclosures

The company is undergoing CIRP pursuant to an NCLT order dated February 1, 2024, as stated in the filing. Under CIRP, control and decision-making move away from the existing board and management, which is why the results were approved by the RP Committee.

The auditors’ repeated emphasis on going concern uncertainties and claim verification issues is closely tied to the insolvency process. The filing also included instructions relating to EOIs, stating that EOIs must be submitted in hard copy to the Resolution Professional at 410, Blue Rose Industrial Estate, Off WE Highway, Near Metro Mall, Borivali (East), Mumbai 400066, Maharashtra, with a soft copy emailed to cirpskil@gmail.com (Subject: SIL – EOI).

Market impact: what investors can take from the numbers

The FY25 results show an extreme gap between operating scale and reported losses, with revenue at ₹0.13 crore and a net loss of ₹3,052.42 crore. From a market and investor lens, the key signals are the dependence of reported performance on exceptional and impairment-related items, and the continuing audit qualifications.

The disclosures on negative net worth, unverified claims, and bank balance confirmations point to high uncertainty in the company’s financial position during CIRP. The updates also indicate that quarterly results can vary materially depending on one-time recognition of exceptional items and impairment assessments.

Why the update matters

This filing matters primarily because it captures the financial impact of insolvency-related accounting and impairment on SKIL Infrastructure’s reported results. The shift from a FY24 profit to a FY25 loss of this magnitude is linked to exceptional items and asset write-downs rather than normal operating activity.

It also matters because the audit qualifications remain in place, and the governance structure continues under the Resolution Professional mechanism. For stakeholders tracking recovery prospects under CIRP, the consistency and verifiability of claims, balances, and disclosures are central to how the process progresses.

Conclusion

SKIL Infrastructure’s FY25 standalone results reflect a collapse in revenue to ₹0.13 crore and a widened loss of ₹3,052.42 crore, driven mainly by exceptional items and impairment-related adjustments amid CIRP. The results were approved by the RP Committee on July 29, 2026, while the auditors continued with a qualified opinion citing multiple verification and going concern issues. The next meaningful updates are likely to be tied to further CIRP process milestones and subsequent regulatory filings by the company and the Resolution Professional.