Panth Infinity’s record is defined by a hollowed-out governance structure: zero promoter shareholding, an adverse corporate-governance opinion in two successive years, and a statutory auditor who could not confirm debtor and creditor balances. The business has simultaneously pivoted from jewellery to IT services, added a web of new subsidiaries, and grown from ₹29.97 crore standalone revenue to ₹282 crore consolidated revenue in a single year, all while operating cash flow stayed deeply negative.
Key findings
- Auditor could not confirm debtor and creditor balances, and governance earned an adverse opinion
Major- The statutory auditor Bhatt Shah Mekhia & Co. issued a modified opinion on the FY2025-26 results because it could not obtain direct confirmation of balances from certain debtors and creditors and could not be certain of their accuracy and completeness. The secretarial audit for FY2024-25 listed 28 non-compliances, including failure to hold the AGM within six months of the FY2023-24 year-end, non-filing of quarterly results, and no internal auditor appointed. The corporate governance certificate for that year gave an adverse opinion that the company had not complied with SEBI LODR Regulations 17 to 27 and Schedule V. - Four auditor engagements in two years followed a mid-tenure resignation
Major- C.P. Jaria & Co., appointed for a five-year term in FY2021-22, resigned effective 22 August 2024. The board filled the vacancy with S S R V & Associates on 14 November 2024, who were then replaced by Bhatt Shah Mekhia & Co. at the 32nd AGM on 30 September 2025. A fourth auditor, Sarang Shivaji Rao Chavan and Associates, is proposed at the 33rd AGM under a notice dated 31 July 2026. Audit fees were ₹1.08 lakh in FY2024-25 and ₹3 lakh in FY2025-26. - Standalone revenue reached ₹191 crore, while consolidated revenue hit ₹282 crore
Major- Standalone revenue from operations was ₹19,097.05 Lakhs in FY2025-26, against ₹29.97 crore a year earlier, while consolidated revenue reached 282.09 crore. Trade receivables expanded from ₹29 lakh at 31 March 2025 to 22.09 crore at 30 September 2025. The FY2025-26 consolidated financial statements describe the principal activity as information technology services, whereas prior years classified revenue under precious metal, stones and jewellery. - The company added a chain of subsidiaries after years of having none, including a ₹450 crore-turnover acquisition
Major- From FY2020 through FY2024 the company reported no subsidiaries. It approved the acquisition of Corcano Trade Limited, Hong Kong, on 23 May 2024, yet stated it had no subsidiaries as of 31 December 2024 and 31 March 2025. By 31 March 2026 it reported one subsidiary, Al Subh Enterprise FZ-LLC, and on 6 June 2026 the board approved acquiring three Indian entities with combined turnover of ₹449.81 crore. - Operating cash flow is deeply negative and disconnected from reported profit
Major- Consolidated profit after tax was ₹39.07 crore in FY26, but operating cash flow was negative ₹52.39 crore, a ratio of -1.34x. In FY25, profit of ₹1.38 crore was accompanied by negative operating cash flow of ₹62.22 crore, a ratio of -45.09x. No dividend was declared in either year, and capital work in progress is reported as not applicable. - Promoter shareholding fell to zero, and the board cycled through directors and company secretaries with recurring compliance gaps
Major- Promoter and promoter group shareholding declined from 43.01% in February 2022 to zero by the latest filing; the last promoter sold his entire 9.92% stake on 23-24 August 2023. The company had zero promoter shareholding as of the record date for the EGM held on 7 July 2026. The FY2025-26 corporate governance report states no remuneration or sitting fees were paid to any director during the year. The secretarial audit for FY2024-25 noted 28 non-compliances, including a company secretary vacancy not filled within three months after 13 November 2024 and independent director databank registrations not available. - SEBI Listing Regulations non-compliances have escalated from isolated fines to adverse opinions in two successive years
Major- The corporate governance compliance certificate for FY2026 issued an adverse opinion that the company had not complied with Regulations 17 to 27 and Schedule V of the SEBI Listing Regulations. The FY2025 certificate gave the same adverse opinion. The FY2025 secretarial audit listed 28 non-compliances, and the FY2026 secretarial audit listed 12, including failure to publish newspaper advertisements within 48 hours of board meetings for three consecutive quarters.
What to watch
- Auditor appointment. The 33rd AGM notice dated 31 July 2026 proposes Sarang Shivaji Rao Chavan and Associates as statutory auditors for a term ending at the 38th AGM in 2031.
- Debtor and creditor confirmations. The next annual audit opinion and CARO report for FY2026-27 will show whether the confirmation limitation that drove the FY2025-26 modified opinion is resolved.
- Secretarial non-compliances. The 12 exceptions identified in the FY2025-26 secretarial audit will be reassessed in the next secretarial audit report.
- Subsidiary consolidation. The three Indian entities approved for acquisition on 6 June 2026, Gromo Trading, Samyak Enterprise, and Shital Trade Link, will enter the FY2026-27 consolidated financials.
- Corcano Trade Limited. The Hong Kong entity approved for acquisition in May 2024 was not listed as a subsidiary as of 31 March 2026.
Bottom line: This is a record of governance vacancy: no promoter stake, an adverse opinion on corporate governance in two straight years, and an auditor who could not verify the balances that make up the numbers. The business has been remade inside a single year, new segment, new subsidiaries, standalone revenue that grew from ₹29.97 crore to ₹191 crore while consolidated revenue hit ₹282 crore, while cash flow stayed negative and audit fees stayed at a few lakh. Watch whether the next auditor can confirm what the last one could not, and whether the subsidiaries approved on paper actually consolidate.