Pursuant to Regulation 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, this is to inform you that the Board of Directors of Gleam ....
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The Board approved standalone unaudited financial results for H1 FY26 (ended 30 September 2025) at its meeting on 11 November 2025. Revenue from operations surged to Rs. 785.85 lakhs from just Rs. 0.25 lakhs in H1 FY25, driven by the company's new trading of precious and non-precious stones and metals in Gujarat. Net profit came in at Rs. 3.86 lakhs versus Rs. 2.75 lakhs in the prior period (around 40% growth), with EPS of Rs. 0.04. The statutory auditor issued a qualified review report, flagging a Rs. 2.06 crore Axis Bank loan default outstanding since December 2019 that is now before the Debt Recovery Tribunal, a restraint order on a mortgaged commercial shop owned by the Managing Director's wife, and Rs. 304.44 lakhs of inventory stored in premises sealed by the bank which could not be physically verified. No provision for interest on the defaulted loan has been made, and the company's Delhi GST registration remains cancelled since 2021.
While the sharp revenue rebound shows the new Gujarat-based gems and metals trading business is gaining traction, the auditor's qualifications, the unresolved DRT case, and the sealed inventory raise serious red flags about asset quality and legacy liabilities. Shareholders should treat this as a high-risk turnaround story rather than a clean growth story.