The Board of Directors of Bhagawati Gas Limited ("the company") at their meeting held today i.e. Saturday May 30, 2026 at their corporate office situated at S-492/A, Greater Kailash-I, ....
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Bhagawati Gas Limited's board approved its audited FY2026 results. Total revenue declined sharply to ₹279.29 lakhs from ₹435.67 lakhs in FY2025 (~36% drop), though net profit after tax improved to ₹59.08 lakhs (vs ₹17.24 lakhs in FY2025), driven largely by a ₹235.24 lakh creditor balance write-back recognised under 'Other Income'. The company's auditors, Jain Paras Bilala & Co., issued a Qualified Opinion citing four separate issues: (1) advances of ₹366.47 lakhs considered doubtful with no ECL provision made; (2) unavailable bank statements for an ICICI account with ₹0.53 lakh balance; (3) unconfirmed current borrowings (₹27 lakh) and financial liabilities (₹11.86 lakh); and (4) non-renewal of a ₹400 lakh bank guarantee tied to an ongoing Supreme Court case with HCL, where the company also redeemed ₹250 lakh of fixed deposits held as security. Additionally, a ₹322.44 lakh receivable from the Vivad se Vishwas II scheme remains pending with authorities.
The qualified audit opinion with multiple unresolved issues — including non-provisioning of ₹366+ lakh in doubtful advances and non-renewal of a court-mandated bank guarantee — signals weak internal controls and potential undisclosed liabilities. Revenue decline of ~36% YoY also raises concerns about business fundamentals despite the PAT improvement.