Oswal Greentech Ltd. (OSWALGREEN) — Tipsheet

Oswal Greentech puts ₹90 cr into Dubai real estate subsidiary

Tipsheet Editorial — Mon, 22 Jun 2026 20:16:16 GMT

Board approves AED 40 million investment for a wholly owned Dubai subsidiary as the micro-cap's internal auditor resigns with immediate effect.

What’s new

Oswal Greentech board approved a Dubai subsidiary for residential and commercial real estate, with ₹90 cr initial investment.
Internal auditor Siddharth S. Kothari & Co. resigned immediately, citing personal reasons.
The subsidiary investment equals 14.6% of the company's ₹614 cr market cap.

Why it matters

For a micro-cap with trailing sales of just ₹11 cr and a recent ₹101 cr provision, a ₹90 cr overseas bet is a bold capital allocation. The simultaneous auditor exit adds to governance noise, but the move signals a potential pivot to international real estate.

What we’re watching

Regulatory approvals needed for the Dubai subsidiary.
Any explanation from the company on the auditor resignation pattern.
Next quarter's cash flow and debt levels given this large outlay.

The full read

Oswal Greentech's board has signed off on a ₹90 crore (AED 40 million) wholly owned subsidiary in Dubai to develop residential and commercial properties. For a company with a market cap of just ₹614 crore, this is a bet equal to 14.6% of its equity value — a huge strategic shift into international real estate. The timing is notable: the internal auditor, Siddharth S. Kothari & Co., resigned with immediate effect, citing personal reasons. That follows a CFO exit in June and a ₹101 crore provision in May that triggered an auditor flag. The Dubai plan is subject to regulatory approvals, but the board's commitment is firm. The open question is whether the company can execute this pivot while managing the governance overhang.

Primary source: BSE · NSE

Oswal Green CFO quits after months in role

Tipsheet Editorial — Tue, 02 Jun 2026 16:58:47 GMT

Moxit Modi resigned with immediate effect, adding to a string of governance setbacks including a fraud and qualified audit opinion.

What’s new

CFO Moxit Modi resigned with immediate effect, citing personal and family commitments.
Modi had been in the role for only a few months before stepping down.
His exit follows the company secretary's departure, a qualified audit opinion, and a ₹14.6 crore fraud disclosure.

Why it matters

A CFO's sudden exit is a red flag, but the context here is what matters. Oswal Greentech is already disclosing a fraud, an auditor's qualifications, and a prior senior departure. Modi's resignation, so soon after his appointment, suggests internal turmoil is ongoing, not resolved. For a ₹619 crore micro-cap, the loss of its chief finance officer compounds existing doubts about financial oversight.

What we’re watching

Who the next CFO will be and how quickly they are appointed.
Any further regulatory or audit fallout from the prior fraud and qualified opinion.
Whether any other senior management follows Modi out the door.

The full read

Oswal Greentech just lost its CFO, Moxit Modi, who quit with immediate effect months into the role. It is the second senior departure after the company secretary also left. This isn't an isolated event. The micro-cap, with a market cap of just ₹619 crore, is already reeling from a ₹14.6 crore fraud disclosure and a qualified audit opinion from its auditors. The pattern is clear: key finance roles are turning over as serious accounting questions hang over the company. The immediate operational risk is who will manage the finance function. The bigger risk is that the resignations signal the governance problems are deeper than previously understood.

Primary source: BSE · NSE

Oswal Greentech posts ₹62.4 cr loss after ₹101.2 cr provision and auditor flag

Tipsheet Editorial — Tue, 26 May 2026 14:02:28 GMT

The statutory auditor qualified its opinion on ₹122.7 crore in unrecoverable loans. A separate fraud complaint for ₹14.6 crore adds to the governance pile-up.

What’s new

FY2026 net loss of ₹62.4 cr, after a full provision of ₹101.2 cr against loans and advances.
Auditor Mehta Chokshi & Shah issued a qualified opinion on ₹122.7 cr in recoverable loans.
Company filed a criminal complaint over a former representative who allegedly trespassed on a West Bengal property, causing ₹14.6 cr in losses.

Why it matters

The ₹101.2 cr provision wipes out any chance of a profit and consumes a large chunk of the balance sheet. The qualified audit opinion, combined with an active criminal complaint over alleged internal fraud, signals deep governance and asset-quality problems for a micro-cap.

What we’re watching

Outcome of the criminal proceedings related to the ₹14.6 cr property trespass.
Recovery timeline for the ₹122.7 cr in loans the auditor flagged.
Any further provisions or write-downs in the coming quarters.

The full read

Oswal Greentech's FY2026 results are a story of assets going bad. The company took a ₹101.2 crore provision against inter-corporate deposits and real estate advances it no longer expects to recover. That single charge delivered a ₹62.4 crore net loss. The statutory auditor, Mehta Chokshi & Shah, didn't stop there. It issued a qualified opinion, questioning the recoverability of another ₹122.7 crore in loans and noting a partial arbitration award on interest. On top of the financial write-downs, the company filed a criminal complaint. A former authorised representative allegedly colluded to trespass on a West Bengal property, causing an estimated ₹14.6 crore loss. For a micro-cap already grappling with unrecoverable loans, the combination of a qualified audit, a nine-figure provision, and an internal fraud complaint is a governance red flag that won't go away with the next earnings cycle.

Primary source: BSE · NSE