In Pursuant to Regulation 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, this is to inform you that the Board of Directors of M/s Glaam ....
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Glaam Up Jwel Ltd reported standalone net profit of Rs. 11.87 lakhs for FY26, up from Rs. 1.01 lakhs in FY25, with revenue from operations at Rs. 1,239.27 lakhs. The auditor issued a Qualified Opinion due to two significant issues: (1) a Rs. 2.06 crore bank loan default with Axis Bank pending before Debt Recovery Tribunal since 2019, with no provision made for interest; and (2) a Rs. 2,223.54 lakh CGST penalty for alleged fraudulent Input Tax Credit availment, disclosed as contingent liability. The company changed its name from Gleam Fabmat Limited to Glaam Up Jwel Limited effective December 15, 2025. Cash flow from operations turned positive at Rs. 13.23 lakhs vs negative Rs. 12.87 lakhs in prior year.
The qualified opinion and going concern warning from auditors, combined with a massive Rs. 2,223.54 lakh contingent tax liability, pose serious risks to shareholders. If the CGST penalty materialises, the company would swing to a net loss of Rs. 2,207.21 lakhs with negative net worth of Rs. 1,236.29 lakhs.