This is to inform you that the Board of Directors of Gleam Fabmat Limited at their meeting held on Thursday, 29th May, 2025, at the Registered Office of the Company situated at Office No. ....
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Gleam Fabmat Limited reported FY25 total income of Rs. 1,239.90 lakhs, a sharp jump from Rs. 82.92 lakhs in FY24, driven mainly by trading of precious and non-precious stones and metals from its new Gujarat office after its Delhi GST registration was cancelled in 2021. Despite the revenue surge, net profit collapsed to just Rs. 1.01 lakh (from Rs. 8.31 lakh), and the company slipped into a loss of Rs. 1.75 lakh in the second half of the year. Trade receivables ballooned to Rs. 2,140 lakhs and trade payables to Rs. 1,370 lakhs, while reserves remain negative at Rs. (14.55) lakhs. The auditor issued a Qualified Opinion due to an unresolved Rs. 2.06 crore Axis Bank loan default pending before DRT-III Delhi (next hearing 28 Oct 2025), with no interest provision made and the director's mortgaged property under restriction. Operating cash flow turned more negative at Rs. (12.87) lakhs.
Shareholders should note the auditor's qualification, the long-standing bank default with no interest provision, and the sealed premises blocking stock verification—all red flags for governance and asset quality. The headline revenue jump masks weak profitability, negative reserves, and rising working capital strain, making this a high-risk micro-cap despite the top-line surge.