Un-audited Financial Results for the quarter ended 30th June, 2025
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Awaiting price reaction for this filing.
IGC Industries reported zero revenue from operations in Q1 FY26, compared to Rs 198.51 lakhs for the full FY25. Net profit came in at essentially nil (Rs 0.00 lakh) against a loss of Rs 0.04 lakh in the same quarter last year. The company's losses have persisted across all four quarters of FY25 and the previous year FY24, raising fundamental concerns about its operations. Most critically, the statutory auditor (ADV & Associates) issued a Disclaimer of Opinion, citing inability to verify Rs 20.72 crore in advances to suppliers from a Rs 42.22 crore Rights Issue, unexplained Rs 20 crore payment to CNX Corporation Limited, possible misuse of Rights Issue proceeds contrary to the stated objects, and apparent contravention of deposit rules (Rs 41.53 crore accepted from individuals). The auditor also flagged a 'substantial doubt' about the company's ability to continue as a going concern, with no management plan provided to address this.
This is a severe red flag filing: the auditor could not express any opinion on the results. Shareholders face serious corporate governance concerns including possible fund diversion, regulatory non-compliance on deposits, and a going-concern risk. The stock is likely to face sharp negative pressure and heightened regulatory scrutiny.