Declaration regarding modified opinion on Audit Report for the year ended on 31st March, 2026
Awaiting price reaction for this filing.
Starlit Power Systems has disclosed that its statutory auditors, VRSK & Associates, issued a qualified audit opinion on the standalone financial results for FY 2026. The auditors flagged three material issues: (1) the company's accounting software lacks audit trail features as mandated by Companies (Accounts) Rules 2014, meaning transaction logs and edit records were not maintained; (2) the financial statements do not comply with Indian Accounting Standards (Ind AS) under Section 133 of the Companies Act; and (3) interest on loans was not provided for, raising concerns about whether the financial statements present a true and fair view. The company has declared these matters to BSE under SEBI Listing Regulation 33.
This is a significant red flag for investors. A qualified audit opinion combined with non-compliance with Ind AS and failure to provision interest suggests weak financial controls and potential understating of liabilities. The stock may face selling pressure and increased scrutiny from regulators.