FINANCIAL RESULTS FOR 4TH QTR AND YEAR ENDED 31.03.2025
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Goyal Associates Limited reported full-year FY25 total revenue of Rs. 37.56 million, up about 47% from Rs. 25.51 million in FY24. Profit after tax rose to Rs. 7.38 million from Rs. 6.31 million, while earnings per share stood at Rs. 0.14 (basic) versus Rs. 0.13. The standalone balance sheet shows total assets growing to Rs. 81.77 million (from Rs. 60.55 million), with equity rising to Rs. 52.17 million following an equity infusion. The company converted 60 lakh convertible warrants into equity shares on 31.03.2025, raising paid-up equity from 4.69 crore to 5.29 crore shares (Rs. 1.5 crore including premium). Auditor RSRV & Associates issued an unmodified opinion but flagged an Emphasis of Matter: GST returns have not been filed for the last 4 months and other statutory dues are pending for over 6 months, which could trigger legal/financial impact. Operating cash flow turned sharply negative at Rs. (15.18) million in FY25 versus Rs. 8.54 million in FY24, mainly due to higher trade receivables and loans. Company Secretary Sanchita Dad resigned effective 30.05.2025.
Strong top-line growth and modest PAT improvement are positives, but the negative operating cash flow, GST non-compliance flagged by auditors, and resignation of the compliance officer are red flags that may concern investors and weigh on near-term sentiment despite the equity dilution being already priced in via the warrant conversion.