Orchasp Limited (CIN: L72200TG1994PLC017485) announced its qualified financial results for the second quarter of the fiscal year 2025 during a board meeting held on November 11, 2025. The company presented its standalone and consolidated unaudited financial results along with a statement of assets and liabilities and a cash flow statement for the period ending September 30, 2025. The results, reviewed by auditors JMT & Associates, received a qualified opinion, indicating potential issues that need to be addressed before finalizing the figures.

The audit report highlighted several concerns regarding the company's financial health. Specifically, it noted that ₹6,825 lakhs invested in a wholly-owned subsidiary, Cybermate International, Unipessoal, LDA, in Portugal, has remained non-operational for over four years. The subsidiary has defaulted on statutory filings, prompting Portuguese authorities to issue a cancellation notice for its certificate of incorporation. Furthermore, the company has yet to pay Tax Deducted at Source (TDS) and other statutory dues as of September 30, 2025, raising questions about its compliance with tax obligations.

Additionally, the report pointed out that trade receivables have been outstanding for over six months without sufficient confirmations regarding their collectability. The auditors expressed their inability to comment on the appropriateness of investment values and the necessary provisions for impairment due to a lack of clarity on the subsidiary's operations. Despite these issues, the auditors noted that nothing significant came to their attention that would undermine the overall financial statement, as prepared in accordance with Indian Accounting Standard 34. The company is expected to address these concerns in future reports to ensure transparency and compliance with regulatory requirements.