Intec Capital Ltd Forensic Report - SOIC x StockScans Report

as of Aug 2026

Intec Capital Ltd's FY2025-26 audit is clean after six consecutive years of qualified opinions, but the auditor still flags a going-concern material uncertainty and RBI capital-ratio non-compliance. The clean opinion follows the settlement of all bank borrowings under One Time Settlement, yet the company's survival funding now comes largely from its own Managing Director. A decade of regulatory penalties and non-compliance findings, plus an active forensic audit, frame the record.

Key findings

  1. Audit is clean after six years of qualifications, but going concern and RBI compliance are still flagged Critical - S. P. Chopra & Co. issued qualified opinions for unprovided bank interest every year from FY2019-20 to FY2024-25, reaching ₹65.15 crore, before issuing an unqualified opinion for FY2025-26 after all lender-bank borrowings were settled under One Time Settlement. The FY2025-26 opinion includes a Material Uncertainty Related to Going Concern paragraph citing huge accumulated losses and substantial erosion of net worth. The auditor also reports the Net Owned Fund and Leverage Ratio are not in compliance with RBI Master Directions and will issue an Exceptional Report to RBI.
  2. Reported consolidated borrowings understate true obligations by at least ₹65.15 crore in unprovided interest Major - Interest of ₹65.15 crore accrued on bank loans was not provided in the FY2024-25 standalone financial statements as the company was "reasonably hopeful" of waiver under settlement packages. The consolidated auditor's qualified opinion states that if this interest were accounted, consolidated borrowings would have been ₹105.95 crore versus the reported ₹40.8 crore. The OTS settlement with consortium lenders led by Bank of India valued assets at ₹68.26 crore versus ₹3,007 crore at original loan origination, a decline of approximately 97.73%.
  3. Survival funding comes from the Managing Director and promoter-family entities Major - Mr. Sanjeev Goel provided an unsecured credit facility with original sanctioned amount of ₹40 crore, with ₹10.84 crore outstanding as at 31 March 2026, obtained to meet the shortfall towards OTS sanctioned by all banks. The subsidiary Amulet Technologies Limited had an unsecured credit facility from a Director of ₹13.48 crore outstanding as at 31 March 2026, interest-free, with maturity due July 2026. Mr. Goel waived his remuneration as Managing Director for the period 1 April 2025 to 30 June 2026.
  4. A decade of regulatory penalties and non-compliance findings, with a forensic audit active Major - BSE imposed penalties for delayed filings and board-constitution violations, including ₹15,87,100 for non-compliance with Regulation 17(1) of SEBI (LODR) for FY2020-21. The lead bank informed the company on 16/11/2021 that a forensic auditor had been appointed, as the company is an NPA account with total outstanding above Rs. 50 Cr. The secretarial auditor reported the company is in receipt of various Notices/Complaints from regulators, with adjudication pending as matters are sub-judice.
  5. Profit has been driven by one-time settlement gains and impairment reversals Major - In FY2020-21, profit increased by ₹29.66 crore due to reversal of impairment of ₹21.01 crore and gain on extinguishment of borrowings under OTS of ₹8.65 crore. In FY2025-26, the company booked a net loss of ₹1.24 crore on extinguishment of borrowings under OTS as an exceptional item. Interest on defaulted loans was kept out of the P&L in FY2019-20 (₹7.13 crore), FY2021-22 (₹23.21 crore), FY2022-23 (₹35.59 crore), and FY2024-25 (₹65.15 crore), pending hoped-for waivers.
  6. Decade-long debt restructuring saga culminated in FY2026 One-Time Settlement Major - The OTS with consortium lenders led by Bank of India valued assets at ₹68.26 crore versus ₹3,007 crore at original loan origination, a decline of ₹2,938.74 crore. The company was unable to service term loans and working capital facilities due to slowdown of lending business and increased non-performing loan portfolio. The OTS was successfully complied with and No Dues Certificates received from all lenders as of the FY2025-26 Annual Report date.
  7. Sole subsidiary Amulet Technologies has been non-operating and loss-making for over a decade Minor - Amulet Technologies Limited has been described as "yet to commence business" in every annual report from FY2019-20 through FY2025-26. For FY2024-25, it reported total assets of ₹11.9 crore, total revenues of ₹9.06 lakhs, and total net loss after tax of ₹8.12 lakhs. Its auditor gave a 'Material Uncertainty related to Going Concern' in the limited review report for the quarter ended 30 June 2025.
  8. Promoter family controls the board and key management positions Minor - Mr. Sanjeev Goel's sons, Pranav Goel and Dhruv Goel, each received shareholder-approved remuneration of up to ₹5,00,000 per month as Chief Managers. Mr. Goel's shareholder-approved remuneration for FY2025-26 to FY2027-28 is up to ₹1.5 crore per annum, though he waived it for the period 1 April 2025 to 30 June 2026. The Board as on 31 March 2026 had only one Executive Director against four Non-Executive Directors, a composition the secretarial auditor noted as a corporate governance concern.

What to watch

Bottom line: This is a disclosed record of a company that has survived a decade of distress through promoter support and settlement accounting. The clean FY2025-26 opinion is real, but it rests on a going-concern warning, an RBI Exceptional Report, and funding from the Managing Director himself. The risk is concentrated in whether the company can operate without that support and how the pending regulatory and forensic matters resolve.