Board Meeting Outcome For Audited Standalone Financial Results For The Quarter And Year Ended March 31, 2026.
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Harig Crankshafts reported profit of Rs 10.33 crore for FY26, a dramatic turnaround from a loss of Rs 54.33 crore in FY25. Revenue surged to Rs 20.86 crore from just Rs 0.11 crore previously, reflecting the company's revival after completing its NCLT insolvency resolution in April 2024 with Palika Towns LLP as the successful applicant. However, the auditor issued a QUALIFIED OPINION citing the company has not filed Income Tax Returns for 12 assessment years (FY2012-13 to FY2023-24), making it impossible to verify tax compliance. The company has negative net worth of Rs 51.10 crore despite returning to profitability. The Board also re-appointed Mr. Payas Agarwal (CFO) as Internal Auditor for FY27, who is the son of Managing Director Mr. Manoj Agarwal.
The company has staged a strong operational recovery post-insolvency with positive EPS of Rs 9.84, but the qualified auditor opinion and 12 years of missing tax filings pose significant regulatory and compliance risks. The negative net worth (Rs 51.10 crore) remains a structural concern despite improved profitability.