Financial Results for the period ended March 31, 2026.
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Aviva Industries reported a profit of Rs 187.55 lakh for FY26, a significant turnaround from a loss of Rs 8.65 lakh in FY25. Revenue from operations stood at Rs 8,777.51 lakh, up from Rs 319 lakh the previous year. EPS improved to Rs 7.49 per share from negative Rs 0.58. The company raised Rs 7,020.15 lakh through financing activities, primarily via share warrant conversions, converting 2.30 crore warrants into equity shares at Rs 718 per share. The board also approved acquiring a 90% stake in Agribullion Ventures Private Limited for Rs 3,350 crore through a share swap mechanism, pending shareholder and regulatory approvals. Auditors issued an unmodified opinion but flagged significant internal control issues: lack of internal auditor appointment, unconfirmed trade receivables/payables, unaudited inventory valuation, and incomplete loan/investment documentation.
While the company returned to profit, shareholders should note the massive negative operating cash flow of Rs 6,740.39 lakh despite positive profit, indicating potential working capital or revenue quality concerns. The proposed Rs 3,350 crore acquisition represents a major strategic shift but involves high valuation and dilution risk. The multiple auditor emphasis of matter items suggest weak internal controls.