Outcome of Board Meeting quarter ended 30.06.2025
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Bhagawati Gas Limited's board approved unaudited standalone financial results for Q1 FY26 (quarter ended 30 June 2025). The company reported revenue from operations of about Rs. 135.77 lacs (down from ~Rs. 208.72 lacs in Q1 FY25) and a net loss of Rs. 27.96 lacs, wider than the Rs. 5.32 lacs loss in the year-ago quarter. Earnings per share stood at Rs. (0.17) versus Rs. (0.50) earlier. The statutory auditor, M/s Jain Paras Bilala & Co., issued a qualified review report flagging five concerns: doubtful advances of Rs. 307.39 lacs (property + material/service providers) with no expected credit loss provision, missing bank statement for an ICICI account (Rs. 0.53 lacs), an unresolved Rs. 235.23 lacs machinery purchase dispute dating back to 1994, missing balance confirmations for borrowings of Rs. 27 lacs and other liabilities of Rs. 4.96 lacs, and unreconciled income tax receivable of Rs. 48.35 lacs. The auditor noted these same issues had also led to a qualification in the FY25 (31 March 2025) audit. The board also cleared the FY25 Directors' Report, called the 51st AGM for 30 September 2025, and recommended re-appointment of Mr. Nawal Kishore Joshi.
Shareholders should note that the auditor's review is qualified — not clean — and the same five concerns persist from the previous year's audit, signalling weak internal controls and unresolved legacy balances. The widening quarterly loss and absence of an ECL provision on doubtful advances add to governance and asset-quality concerns, which may weigh on investor confidence despite routine AGM/director approvals.