Ushdev reports Rs 9,062.3498 crore FY26 loss after restatement

Ushdev International Limited (in liquidation) reported a Rs 9,062.3498 crore loss for FY26, driven principally by a Rs 9,047.3086 crore adjustment from restating assets and liabilities for liquidation. Ushdev’s loss before that adjustment was Rs 18.0243 crore, while total equity was negative Rs 12,269.938 crore at 31 March 2026.

Why did Ushdev report such a large FY26 loss?

Ushdev’s reported FY26 loss was primarily caused by the Rs 9,047.3086 crore liquidation restatement, not by its ordinary operating result. For the year ended 31 March 2026, total income was Rs 16.7442 crore and expenses were Rs 31.7686 crore, producing a loss before restatement and tax of Rs 18.0243 crore. After the restatement, loss before tax was Rs 9,062.3329 crore.

The accounting effect was recorded after liquidation commenced on 16 October 2025. In the period from 16 October 2025 to 31 March 2026, the restatement adjustment was Rs 9,047.3086 crore and the loss after adjustment was Rs 9,046.5897 crore. In the preceding period from 1 April 2025 to 15 October 2025, Ushdev reported a Rs 15.7432 crore pre-tax loss, with no restatement adjustment recorded.

The final FY26 loss was Rs 9,062.3498 crore after a Rs 1.69 lakh excess provision of prior-period tax. The statement did not report deferred tax after liquidation commenced. It also marked earnings per share as not applicable for the year ended 31 March 2026 and for the post-liquidation period.

How did liquidation change Ushdev’s accounting basis?

Ushdev adopted a liquidation, rather than going-concern, basis from 16 October 2025 and restated assets and liabilities accordingly. The company said two professional valuers assessed its tangible, intangible, present and future assets, including charged and uncharged assets. Estimated realisable value was based on the average liquidation value determined by the two valuers.

All property, plant and equipment were reclassified as current assets on initiation of liquidation. Property, plant and equipment were stated at Rs 73.0172 crore at 31 March 2026, compared with a Rs 50.051 crore net book value at 15 October 2025. No depreciation or amortisation was provided after the liquidation process began, while separate impairment was not recognised because assets had been restated to net realisable value.

Financial assets were subsequently measured at realisable value using the independent valuations, while financial liabilities were regrouped into creditor categories under the Insolvency and Bankruptcy Code, or IBC. Ushdev said liabilities were restated to claims verified and accepted by the liquidator. Employee obligations were addressed through the IBC’s section 53 distribution waterfall, and deferred tax assets and liabilities were not recognised after commencement of liquidation.

What changed in Ushdev’s balance sheet after restatement?

Ushdev’s total equity fell to negative Rs 12,269.938 crore at 31 March 2026 from negative Rs 3,223.3314 crore at 15 October 2025. Equity share capital remained Rs 33.8494 crore at both dates. The 31 March statement included an adjustments surplus or deficit of negative Rs 12,303.7874 crore.

Total assets rose to Rs 219.758 crore at 31 March 2026 from Rs 110.647 crore at 16 October 2025, while current liabilities rose to Rs 12,489.696 crore from Rs 3,333.9784 crore. The liquidation-value column showed total assets of Rs 203.8893 crore, Rs 15.8687 crore below the reported 31 March total-assets figure.

The change in equity broadly reflects the restatement effect recorded after liquidation began. The reported total-equity movement of negative Rs 9,046.6066 crore also matches the post-liquidation period loss for 16 October 2025 to 31 March 2026. Comparatives were not restated because Ushdev said liquidation-basis information would not provide relevant comparison with the earlier going-concern period.

Which assets and liabilities drove Ushdev’s liquidation adjustments?

Ushdev’s current investments were Rs 75.6807 crore at 31 March 2026, compared with Rs 7.49 lakh at 16 October 2025. The investment in Uttam Galva Ferrous Ltd was valued at Rs 75.2315 crore at 31 March 2026, against Rs 12.67 crore at 16 October 2025. Investments in UIL (Singapore) Pte Limited and UIL Hongkong Limited were restated to nil.

Trade receivables were Rs 63.02 lakh at 31 March 2026, down from Rs 5.1241 crore at 16 October 2025. Ushdev retained power-business receivables at their carrying amount because windmills continued to generate revenue during liquidation. Other receivables, mainly related to the metal business, were restated to nil under the valuation reports.

Borrowings rose to Rs 10,023.8215 crore at 31 March 2026 from Rs 2,504.6743 crore at 16 October 2025. Secured bank loans repayable on demand accounted for Rs 9,730.4372 crore of the closing borrowing balance. Provisions increased to Rs 1,450.0084 crore from Rs 71.4635 crore, including a Rs 1,449.5449 crore provision for tax at 31 March 2026.

Did Ushdev continue operating during liquidation?

Ushdev continued wind-power operations during liquidation and reported Rs 14.1116 crore of FY26 revenue from operations. Revenue was Rs 10.8843 crore for 1 April 2025 to 15 October 2025 and Rs 3.2273 crore from 16 October 2025 to 31 March 2026. The supplied statement lists wind-power operations as the sole source of revenue from operations.

Other income was Rs 2.6326 crore for FY26, including Rs 2.482 crore of interest. Other expenses were Rs 27.0757 crore, of which foreign-exchange fluctuation accounted for Rs 19.4702 crore, all in the pre-liquidation part of FY26. Open-access, meter-reading and wheeling charges totalled Rs 6.2114 crore for the year.

The post-liquidation period produced total income of Rs 4.57 crore and expenses of Rs 3.8511 crore, resulting in a Rs 71.89 lakh profit before the restatement and tax. The Rs 9,047.3086 crore restatement then determined the reported loss for that period. This separates the continuing wind-power activity from the accounting effect of liquidation valuations and claim-based liabilities.

Conclusion

Ushdev’s FY26 accounts show that liquidation accounting, rather than operating performance, determined the annual result. The Rs 9,047.3086 crore restatement transformed a Rs 18.0243 crore pre-restatement loss into a Rs 9,062.3498 crore FY26 loss, while borrowings increased to Rs 10,023.8215 crore and total equity became negative Rs 12,269.938 crore.

Readers should watch Ushdev’s continuing wind-power operations, which generated Rs 14.1116 crore of FY26 revenue and supported the company’s decision to retain power receivables at carrying value. Ushdev also disclosed that Central Bureau of Investigation and Enforcement Directorate searches conducted on 7 July 2022 and 2 February 2023, respectively, remained unconcluded as of 14 August 2026.