Enclosed Standalone and Consolidated Financial Results for the quarter and year ended 31st March, 2026.
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Hariyana Ship Breakers Ltd reported standalone revenue of Rs 2,206.59 Lakhs for FY26, up 163% from Rs 839.99 Lakhs in FY25. However, Profit After Tax declined 75% to Rs 39.40 Lakhs (vs Rs 160.47 Lakhs) due to a large exceptional item of Rs 1,319 Lakhs as provision for doubtful loans and advances against a proposed joint venture. The auditor issued a Qualified Opinion citing: unrecovered advance of Rs 1.21 crores from 2017-18, inventory write-down of Rs 80.61 Lakhs, inability to verify inventory existence, and heavy investments in partnership firms (Rs 140.54 crores = 90.41% of total assets) with Rs 126.11 crores deployed as loans to body corporates. Standalone operating cash flow was negative at Rs 153.33 Lakhs.
The qualified auditor opinion and large provisions for doubtful loans raise concerns about asset quality and recoverability. Despite strong revenue growth, the bottom line was severely impacted by exceptional items. Shareholders should monitor the company's ability to recover investments in partnership firms and joint venture advances.