Ushdev International Results Delayed After NCLT Liquidation

Ushdev International Limited has delayed finalisation of its financial results for the year ended March 31, 2026, after the National Company Law Tribunal, Mumbai ordered the company’s liquidation on October 16, 2025. The company reported a loss after tax of ₹16.45 crore in FY25, compared with a ₹9.73 crore loss in FY24.

Why are Ushdev International’s FY26 financial results delayed?

Ushdev International said the FY26 accounts are under finalisation because they must be prepared in the context of the liquidation process. In an announcement dated May 29, 2026, the company stated that the NCLT, Mumbai had allowed its liquidation under the Indian Bankruptcy Code, 2016, through its October 16, 2025 order.

The company said the accounts for the year ended March 31, 2026 would be uploaded once they are ready. The disclosure does not provide a date for completion, nor does it state the FY26 revenue, profit or loss figures. As a result, investors do not yet have a final audited annual financial position for the year after the liquidation order.

Ushdev International had also informed BSE Limited about the liquidation order on October 27, 2025, according to the information provided. The later May 2026 filing links the pending results directly to the work required to finalise accounts under liquidation.

On March 31, 2026, the company separately announced the closure of its trading window from April 1, 2026 until 48 hours after the declaration of audited results for the quarter and year ended March 31, 2026. That disclosure reflected the usual results-related trading-window process, while the subsequent filing confirmed that the accounts were still being completed.

What do Ushdev International’s latest annual financials show?

Ushdev International reported lower sales and a wider annual loss in the financial year ended March 2025. Sales stood at ₹12.33 crore, down from ₹15.03 crore in FY24 and ₹14.18 crore in FY23. The reported operating loss increased to ₹11.75 crore from ₹4.28 crore in the preceding year.

The operating profit margin was negative 95.30% in FY25, compared with negative 28.48% in FY24. Loss after tax widened to ₹16.45 crore from ₹9.73 crore, while earnings per share were negative ₹0.49 against negative ₹0.29 a year earlier. Cash profit was ₹6.48 crore, marginally lower than ₹6.76 crore in FY24.

The company’s FY25 annual report, presented by the Interim Monitoring Agency, separately described total revenue of ₹1,476.88 lakh, equivalent to ₹14.77 crore, compared with ₹1,671.84 lakh, or ₹16.72 crore, in the previous year. It reported a loss before interest, tax, depreciation and amortisation of ₹931.25 lakh, or ₹9.31 crore, and a loss after tax of ₹1,644.50 lakh, or ₹16.45 crore. The sales and revenue labels in the supplied financial data are not identical, but both sets of disclosures show a decline in annual income and a higher loss.

What is the timeline of Ushdev International’s liquidation disclosures?

Ushdev International’s disclosed timeline begins with the NCLT, Mumbai liquidation order of October 16, 2025. The company informed BSE Limited on October 27, 2025, according to the supplied information. Its FY25 annual report had been released earlier, on September 3, 2025.

The company also reported that its IMA Committee approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2025. An August 2025 disclosure referred to ongoing corporate insolvency resolution proceedings and a liquidation application. The material does not provide the complete procedural record or the detailed basis on which the NCLT reached its October decision.

How does the delay affect investors and company disclosures?

The delay means market participants must rely on the latest available annual and interim disclosures rather than completed FY26 annual results. The supplied information does not include a share-price movement, market capitalisation or trading-volume data, so no direct market reaction can be quantified from these disclosures.

For investors, the key reported financial trend is the widening loss in FY25 alongside lower sales and a substantially negative operating margin. The liquidation order is also a material corporate development because it changes the context in which the company’s FY26 financial statements are being prepared.

The company’s customers, creditors, employees and other stakeholders may require formal updates through the liquidation process and future exchange filings. However, the available announcements do not specify operational changes, asset realisations, creditor outcomes or a timeline for completion of liquidation.

What background explains Ushdev International’s financial position?

Ushdev International’s FY25 financial statements were prepared under the Companies (Indian Accounting Standards) Rules, 2015, as stated in its annual report. The report was presented by the Interim Monitoring Agency and included audited standalone and consolidated financial statements for the year ended March 31, 2025.

The available historical profit and loss data shows that losses were also recorded in earlier years. The company reported an operating loss of ₹40.60 crore in FY23 and a loss after tax of ₹46.30 crore that year. The FY24 loss narrowed before widening again in FY25, while sales remained below the levels shown for earlier periods.

These figures provide context for the current reporting delay, but they do not establish FY26 performance because the company has not released final accounts for that year. The disclosed information also does not contain a financial forecast that can be treated as company guidance.

Conclusion

Ushdev International’s pending FY26 results follow an NCLT, Mumbai liquidation order and come after a FY25 marked by declining sales, a wider operating loss and a ₹16.45 crore loss after tax. The company has confirmed that financial statements are being finalised under the liquidation process, but has not disclosed final FY26 figures or a publication date.

The next item to watch is the company’s upload of the FY26 accounts and any further exchange disclosures on the liquidation process. Investors will also need to monitor whether future filings provide details on the status of operations, assets, creditors or other matters arising from the proceedings.