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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Gleam Fabmat Limited (formerly Glaam Up Jwel Ltd) reported a strong revenue jump to Rs. 785.85 lakhs in H1 FY26 from just Rs. 0.25 lakhs in H1 FY25, after shifting operations to Gujarat and starting trading in precious stones and rough diamonds. Net profit rose to Rs. 3.86 lakhs from Rs. 2.75 lakhs. However, the auditor's review report flagged several serious concerns: an old Axis Bank loan default of Rs. 2.06 crores (outstanding since December 2019) with DRT-III proceedings pending, no provision for interest on the overdue amount, Rs. 304.44 lakhs of stock sealed by the bank at the Delhi premises (preventing physical verification), and a previously cancelled Delhi GST registration. The auditor issued an essentially qualified review, noting material uncertainties around these matters.
Despite top-line growth from new trading activity, the company carries unresolved debt defaults, ongoing recovery proceedings, and sealed inventory — significant going-concern and asset-recovery risks for shareholders. The new gemstones/diamonds business is still tiny relative to the legacy liabilities, so investors should weigh the revival potential against unresolved bank exposure and the lack of audited certainty on inventory and interest provisions.