Approval of Audited Standalone Financial Results for the quarter and year ended March 31, 2025, along with Auditor's Report thereon
Awaiting price reaction for this filing.
Indus Fila Ltd reported zero revenue from operations for FY 2025-26 with total income of only Rs 16 lakhs from other income. The company posted a net loss of Rs 257.40 lakhs, worsening from Rs 228.88 lakhs loss in the previous year. Finance costs of Rs 183.01 lakhs were the major expense driver. The auditor issued a QUALIFIED OPINION citing issues including inadequate PPE records, improper physical verification, unresolved outstanding charges with ROC, and improper end-use of a Rs 19 crore loan from Axis Finance (used for operations instead of intended group projects). The company has negative equity of Rs 1,327.61 lakhs and is suspended from trading. Key governance failures include absence of an Audit Committee (violating Section 177), all directors being Additional Directors needing reconstitution, and no internal audit system.
This is a highly distressed company with a qualified audit opinion, negative equity, zero operating revenue, and multiple governance failures. The stock is suspended from trading and the company is working toward relisting. Shareholders face extreme risk with no certainty of recovery.