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Awaiting price reaction for this filing.
Evoq Remedies, a small agro-commodity trader listed on BSE's SME platform, reported a sharp ~190% surge in operating revenue to Rs 1,175.67 lakhs in FY25 (vs Rs 405.25 lakhs in FY24), but profit after tax collapsed to Rs 8.82 lakhs from Rs 45.24 lakhs (PAT margin shrunk from ~7.2% to under 1%). Operating cash flow turned deeply negative at -Rs 1,462.30 lakhs vs +Rs 531.98 lakhs prior year, funded mainly by a Rs 1,921 lakhs preferential share issuance. The auditor's Annexure 1 raised serious red flags: a SEBI investigation and show-cause notice over the use of Rs 19.21 crore raised via preferential allotment; non-compliance with Companies Act sections 177, 185, 188, and 189 regarding Rs 2,506.13 lakhs in loans to nine related parties (plus Rs 505.91 lakhs from preferential issue proceeds lent to related parties); a Rs 655.03 lakhs GST demand under litigation; outstanding income-tax and TDS defaults; no internal auditor appointed; and missing audit trail in accounting software. The company filed a declaration stating an 'Unmodified Opinion', yet the auditor's report contains multiple 'subject to' qualifications on related-party loans, tax defaults, and unconfirmed advances.
Despite a headline revenue jump, the combination of crashing profits, deeply negative operating cash flow, and heavy regulatory/governance concerns (SEBI probe, related-party lending breaches, pending tax demands) makes this a high-risk filing — shareholders should expect heightened scrutiny and potential price volatility.