With reference to our earlier announcement dated May 11, 2026, kindly find attached herewith Revised/Amended financial results for the year ended on March 31, 2026. There is change in signatory ....
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On the reaction day the stock moved 8.1 pts more than Nifty Microcap 250 and 6.8 pts more than its Other Textile Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Gravity India Ltd reported FY2026 revenue of Rs. 17,919 Lakhs, up from just Rs. 122.30 Lakhs in FY2025 — a staggering ~14,600% increase. Net profit after tax stood at Rs. 1,285.03 Lakhs versus a loss of Rs. 200.58 Lakhs in the prior year, with EPS of Rs. 14.28. However, the auditor (A V K A S & Co.) issued a Disclaimer of Opinion, citing that the company failed to provide adequate supporting documents, reconciliations, books of account, and relevant audit evidence. Multiple statutory non-compliances were noted, including GST returns not filed since December 2025, outstanding TDS defaults, unresolved income tax demands (including AY 2018), and missing sales/purchase data prior to July 2025. Related party transactions and fixed deposit documentation were also not provided. The company attributed revenue surge to a new business model (trading/purchases of stock in trade of Rs. 16,118 Lakhs). A revised filing was issued solely to change the audit signatory — no figures were altered.
The disclaimer of opinion raises serious concerns about the reliability of the reported financials. The extreme revenue spike combined with absent audit documentation and multiple compliance failures suggests potential quality-of-earnings issues. Shareholders should treat reported profits with caution until proper audit evidence is provided and compliance gaps are resolved.