the Company in its meeting held today i.e. on Wednesday, 25th June, 2025 at the registered office of the Company at 02nd Floor, 19 Parsi Panchayat Road, Andheri (East), Mumbai-400069, inter-alia ....
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Harish Textile Engineers' board approved audited standalone results for Q4 and FY ended March 31, 2025. Revenue rose marginally to ₹13,202.74 lakhs (FY24: ₹13,104.25 lakhs). The company swung back to a profit of ₹23.55 lakhs for the full year from a loss of ₹37.26 lakhs in FY24, with Q4 PAT at ₹151.90 lakhs. However, auditors issued a Qualified Opinion as MSMED interest liability remains unquantified, and flagged a Material Uncertainty on Going Concern citing liquidity crunch, defaults in Non-Convertible Debenture repayments, and negative working capital of ₹2,140 lakhs (current liabilities ₹6,465 lakhs vs current assets ₹4,325 lakhs). The board also dropped its planned Rights Issue and dissolved the Rights Issue Committee. Prior year (FY24) figures were restated for gratuity and related corrections.
Despite turning profitable, the company faces serious financial stress — going concern uncertainty, debenture defaults, and a debt-equity ratio of 3.55x raise red flags. Dropping the Rights Issue removes a potential capital infusion, which could weigh on the stock and worry shareholders about the company's ability to meet obligations.