Financial Results for the quarter and Year ended on March 31, 2026
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Harig Crankshafts Limited reported a profit of Rs 10.33 crore for FY26 (compared to a loss of Rs 54.33 crore in FY25), with revenue from operations of Rs 208.59 lakh. The company emerged from Corporate Insolvency Resolution Process (CIRP) in April 2024, with a new board constituted in May 2024. The statutory auditor issued a qualified opinion due to non-filing of Income Tax Returns from AY 2012-13 to AY 2023-24. The company has negative other equity of Rs 61.60 crore and has not recognized Deferred Tax Assets due to accumulated losses. Finance costs remain high at Rs 56.19 lakh, representing about 27% of revenue.
The company returned to profitability post-insolvency resolution, but carries significant negative equity and faces auditor concerns about tax compliance. The qualified audit opinion and related party appointment of the CFO as Internal Auditor are red flags for corporate governance.