Vikas Wsp Ltd Forensic Report - SOIC x StockScans Report

as of Jul 2026

Vikas Wsp’s record is broken at its foundation: the auditor has disclaimed or qualified every opinion since FY2023, the board is non-functional with all director DINs deactivated, and the company has been under CIRP since February 2022 with operations halted and revenue at zero. The financial statements are held in suspense pending an NCLT order that has been reserved since May 2024, while ₹492 crore of receivables and ₹279 crore of related-party dues sit on the balance sheet with no visible path to recovery.

Key findings

  1. The auditor has disclaimed or qualified every opinion since FY2023 and cannot confirm the books, asset values, or going-concern viability Critical - The auditor issued a disclaimer of opinion in FY2023 and qualified opinions in FY2024, FY2025, and FY2026, stating an inability to obtain sufficient audit evidence. From FY2023 through FY2026, the auditor could not confirm whether proper books of account were kept, could not verify the Fixed Asset Register or asset values, and reported that impairment assessments and a comprehensive review of all asset and liability carrying amounts were pending. CARO clauses state a material going-concern uncertainty exists, the company is incapable of meeting its liabilities as they fall due, and it has incurred cash losses in every current and preceding year.
  2. The entire board is non-functional, yet the company proposes the same suspended individuals for reappointment and obtains clean certificates that contradict its own filings Major - All directors’ DINs have been deactivated and they stand disqualified since 1 October 2023 due to non-filing of DIR-3 KYC. No director attended the AGMs held on 1 July 2026, 8 September 2025, 20 September 2024, or 28 July 2023. Despite this, the suspended board members were proposed for reappointment at the 2023 and 2024 AGMs and did not attend those meetings. A clean non-disqualification certificate from Saurabh Agrawal & Co. for FY2024-25 states no director has been debarred or disqualified, directly contradicting the Board’s own disclosure that all DINs are deactivated. Promoter and Promoter Group held 29,757,164 shares but cast zero votes on all resolutions at the AGMs held on 2 July 2026, 9 September 2025, 21 September 2024, and 29 July 2023.
  3. Related-party receivables of ₹21,469 lacs and corporate guarantees of ₹4,050 lacs are locked in entities the company itself describes as under liquidation Major - Trade receivables from related parties Vikas Proppant & Granaries Ltd, Vikas Chemi Gums India Ltd, and Vikas Dall and General Mill totalled ₹21,468.89 lacs as at 31 March 2024 and remained unchanged at 31 March 2025. The company states in its FY2025 and FY2024 financial statements that “the recoverable amount is doubtful as the company is under liquidation” for these receivables. Corporate guarantees of ₹4,050.00 lacs were provided to related parties under Sections 185 and 186 of the Companies Act. In a BSE query reply dated 6 February 2024, the company admitted that prior approval of the audit committee and shareholder approval for material RPTs were not obtained.
  4. All bank borrowings are in default and classified as NPA since 2016-2019, with identical default amounts reported across years and no interest accrual Major - Export credit facilities from Punjab National Bank, Union Bank of India, and Bank of India were classified as NPA in June 2016, and credit facilities from PNB, Union Bank, and Bank of India were individually classified as NPA on 30 November 2019, 31 March 2016, and 31 December 2016 respectively. Total principal default on loans from Punjab National Bank (Rs. 460.31 lacs), Bank of India (Rs. 4,623.97 lacs), and Union Bank of India (Rs. 4,639.98 lacs) stood at Rs. 9,724.26 lacs as at 31 March 2023, 31 March 2024, and 31 March 2025, with total interest default unchanged at Rs. 7,780.27 lacs across all three reporting dates. The company has not made any provision for interest on bank borrowings because lender banks have not charged interest since NPA classification.
  5. Revenue collapsed to zero while receivables remain at ₹492 crore, with limited segment disclosures Major - Total revenue fell from ₹757.63 crore in FY2019-20 to ₹221.61 crore in FY2020-21, then to ₹23.10 crore in FY2021-22, and to ₹0.00 crore from FY2023-24 through FY2025-26. Trade receivables stood at ₹492 crore in FY2025-26 despite zero revenue in that year and the preceding two fiscal years. The company discloses segment revenue by geography (all zero) but states that segment results, assets, and liabilities are not disclosed as they are “used interchangeably”.
  6. Operations halted since September 2020 with persistent cash losses, and ₹11.56 crore of CWIP was written off as non-existent upon CIRP initiation Major - Production has been stopped since September 2020. Capital Work in Progress of Rs. 1,156.33 Lacs was written off in FY2021-22, found to be non-existent as on the CIRP initiation date of 2 February 2022. The auditor reported that no sufficient and appropriate audit evidence was produced to substantiate whether the CWIP write-off was capital or revenue in nature. Cumulative CFO over the window is negative ₹42 crore against cumulative EBITDA of ₹148 crore.

What to watch

Bottom line: This is a company whose audit trail, governance, and operations have all broken down, and whose financial statements are held in a state of suspended animation by a single pending NCLT order. The resolution plan, if approved, will determine whether the ₹492 crore of receivables, the ₹21,469 lacs of related-party dues, and the deferred tax asset ever crystallise into value. Until that order arrives, every number on the balance sheet carries the auditor’s explicit caveat that it cannot be verified. Watch the NCLT pronouncement and the fate of the related-party exposures.