Melstar Information Technologies532307Quarterly results

Board approves change of name and object clause; auditors issue qualified opinion on results

Board approved renaming the company to 'Melstar Aerospace & Technologies Limited', altering the Object Clause of the Memorandum and adopting Table F of Schedule I as Articles of Association — all subject to Member approval.

By ScoutQuest · Mon 19 Oct 2026, 5:59 PM IST · 3 min read

Consolidated · ₹ lakh · EPS in ₹
Line item	Latest	Year ago	Prev qtr
Revenue from operations	150.00	—	—
Total income	150.00	—	—
Profit before tax	86.96	(85.72)	(62.77)
Profit after tax	86.96	(85.72)	(62.77)
Total comprehensive income	86.96	(85.72)	(62.77)
Basic EPS	3.11	(3.07)	(2.25)

Period: Sep 30, 2026

Also decided at the meeting

Approved change of name from Melstar Information Technologies Limited to Melstarr Aerospace & Technologies Limited, with consequential MoA/AoA amendments, subject to Members' approval.
Approved alteration of the Object Clause of the Memorandum of Association, subject to shareholders' approval.
Approved adoption of Table F of Schedule I of the Companies Act, 2013 as Articles of Association, subject to shareholders' approval.

Auditor's review

Conclusion: Qualified

Qualified opinion: CIRP admitted by NCLT Mumbai on October 1, 2019; company awaiting business licenses and clearances to start operations, yet statements prepared on going concern basis (Note 27(i)).
Other matter: two subsidiaries audited by other auditors (total assets Rs. 611.06 lakhs; quarter net loss Rs. (69.52) Lakhs); opinion relies on their reports.
Other matter: MCA form wrongly showed public shareholding as 1,51,737 shares instead of 1,51,661 per NCLT order; corrective action initiated.

Notes to the results

CIRP admitted by NCLT Mumbai on October 1, 2019; after change in management, results continue to be prepared on a going concern basis citing cost savings and fund-raising initiatives.

What the board approved

Change of name from "Melstar Information Technologies Limited" to "Melstar Aerospace & Technologies Limited" or any other name as may be approved by the Central Processing Centre, Ministry of Corporate Affairs, with a consequential amendment to the Memorandum and Articles of Association.
Alteration of the Object Clause of the Memorandum of Association.
Adoption of Table F of Schedule I of the Companies Act, 2013 as the Articles of Association.

All three are subject to the approval of the Members of the Company. The meeting ran from 5:00 p.m. to 5:45 p.m. on 19 October 2026.

Results at a glance (standalone, Rs. in Lakh)

Revenue from operations: 150.00 for the quarter ended 30 September 2026 and 150.00 for the half year.
Total expenses: 25.01 for the quarter and 59.51 for the half year.
Profit before tax: 124.99 for the quarter and 90.49 for the half year.
Profit for the year: 124.99 for the quarter and 90.49 for the half year.
Basic and diluted EPS: 4.47 for the quarter and 3.24 for the half year.

In the same quarter a year earlier, the company had reported a loss of 53.84, and 98.10 for the half year.

Balance sheet

Total assets: 1,773.71 as at 30 September 2026, against 1,382.53 as at 31 March 2026.
Total equity: 746.76 against 656.27.
Current borrowings: 991.17 against 660.79.
Cash and cash equivalents: 4.48 against 4.51.

Cash flow (half year ended 30 September 2026)

Net cash generated from operating activities: 99.57, against -93.25 in the corresponding period.
Net cash used in investing activities: -13.01.
Net cash used in financing activities: -86.59.

The auditor's qualified opinion

The statutory auditors, C K S P and Co LLP, issued a Qualified Opinion on the interim standalone financial statements. The stated basis is that an application for initiation of the corporate insolvency resolution process was admitted by the Hon'ble National Company Law Tribunal, Mumbai Bench, by order dated October 1, 2019 under the Insolvency and Bankruptcy Code, 2016. After a change in management, the company says it has taken initiatives to save operating cost, optimise revenue management opportunities and enhance ancillary revenues, and is awaiting business licences and clearances to start operations; the statements are therefore prepared on a going concern basis. The qualification is described as being of frequency since 31.12.2024.

The Statement on Impact of Audit Qualifications shows the adjusted figures before and after adjusting for the qualifications are the same: turnover 150, net profit 90.49, EPS 3.24, total assets 1,773.71 and net worth 746.76.

What the name and object clause change signals

The proposed new name carries the words "Aerospace & Technologies", and the board has also approved altering the Object Clause of the Memorandum. Together these board-level approvals point to a possible change in the company's stated business focus, but they take effect only with Member approval and the Ministry of Corporate Affairs' approval of the name.

Other matter noted by the auditors

NCLT orders in the matter approved the Resolution Plan submitted by Shivasons Solution India Private Limited as Successful Resolution Applicant, and permitted the reduction of the public shareholding to 5%. A form shared with the Ministry of Corporate Affairs reflected the public shareholding as 1,51,737 equity shares instead of 1,51,661 equity shares as specified in the order; the company has initiated corrective steps with the Ministry and the discrepancy has been rectified in the financial statements.

5%Public shareholding permitted to be reduced to

Public shareholding permitted to be reduced to: 5%.

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24 Oct 2026

Board approves aviation-focused objects clause, name change and new Articles

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Board meeting on October 19, 2026 to consider audited quarter and half year results, name change, Object Clause change

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