1. the Consolidated audited Financial Results of the Company for the financial year ended March 31, 2026; The copies of the Results together with the Reports issued by M/s. S P A K & Associates, ....
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Ace Men Engg Works' board approved audited financial results for FY ended March 31, 2026. On a consolidated basis, revenue from operations was Rs. 1,087.33 lakhs with a net profit of Rs. 16.40 lakhs (EPS Rs. 0.25), driven mainly by its subsidiary Manibhadra Industries (acquired during the year). Standalone results show minimal activity with total revenue of Rs. 7.73 lakhs and a marginal net profit of Rs. 0.13 lakhs. The auditors issued a qualified opinion on the consolidated results, flagging multiple compliance issues at the subsidiary: unsecured loans of Rs. 1.87 crore accepted in violation of Section 73, borrowings of Rs. 12.64 crore exceeding Section 180(1)(c) limits without shareholder approval, and loans/advances of Rs. 5.73 crore given to directors and related parties in violation of Sections 185 and 186. Independent Director Mr. Sourabh Gaikwad also resigned citing preoccupation.
The qualified opinion and repeated non-compliance with the Companies Act at the subsidiary level raise serious governance red flags for shareholders. Consolidated operating cash flow swung sharply negative to -Rs. 599.24 lakhs and standalone revenue remains negligible, suggesting the listed entity is largely a shell whose value depends entirely on the troubled subsidiary. Investors should view this as a negative signal for stock price and credibility until the subsidiary's compliance and recoverability issues are resolved.