Outcome of Board Meeting held on 25TH May, 2026 pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
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The board approved audited financial results for FY2026 showing revenue of Rs. 245.41 Lakhs, a significant decline from Rs. 649.82 Lakhs in FY2025. Despite the revenue drop, the company reported a profit after tax of Rs. 495.59 Lakhs compared to a loss of Rs. 605.95 Lakhs in the previous year. However, the auditors issued a QUALIFIED OPINION due to multiple concerns including: unconfirmed receivables and payables, no internal auditor appointed (violating Section 138 of Companies Act), and disproportionate outstanding creditors of Rs. 2,685.43 Lakhs against material consumption of only Rs. 222.35 Lakhs. The company also settled bank dues through an OTS scheme with Union Bank of India and APSFC, with Rs. 2,017 Lakhs paid against outstanding amounts. The auditors warned that the company has accumulated losses of Rs. 5,999.63 Lakhs with fully eroded net worth, raising going concern uncertainties.
The qualified auditor opinion and eroded net worth are serious red flags for shareholders. While the company returned to profit in FY2026, the profit appears partly driven by exceptional other income (Rs. 984.04 Lakhs) and significant working capital improvements. The company faces liquidity risks with heavy creditor load and historical NPA classification by Union Bank.