K S Oils Limited has submitted to the Exchange, the financial results for the period ended September 30, 2022.
Awaiting price reaction for this filing.
K S Oils Limited has filed long-pending financial results for the quarter and half-year ended September 30, 2022, along with results for several earlier years (FY 2017-18 through Q1 FY 2025-26), under its newly reconstituted board after acquisition by Soy-Sar Edible Private Limited. For Q1 FY23 (June 2022), the company reported zero revenue from operations, only Rs 60 lakhs of other income, total expenses of Rs 818 lakhs, and a net loss of Rs 758 lakhs; reserves stood at nil, indicating complete erosion of net worth. The board also approved the appointment of Mr. Virendra Kumar Singhvi as Executive Director, M/s NIG & Co. as new Statutory Auditors for five years, and a new Secretarial Auditor, and fixed 39 separate AGM notices spanning AGMs 31 to 39 to clear the back-log. The statutory auditor (Devesh Parekh & Co., newly appointed in May 2025) issued an Emphasis of Matter on continuous losses, fully eroded net worth, current liabilities exceeding current assets, and inability to verify payables/receivables, inventory (Rs 922 lakhs), fixed assets, and capital work in progress (Rs 2,624 lakhs), and explicitly declined to provide any conclusion on the financial statements.
For existing shareholders, the equity is effectively worthless on a standalone basis as net worth is fully eroded and the company has been through CIRP/liquidation since 2017 before being acquired as a going concern in February 2025. The stock remains suspended on BSE/NSE pending relisting, so there is no liquid market, and the revival prospects depend entirely on the new promoter Soy-Sar Edible Private Limited. The auditor's inability to provide any conclusion, combined with unresolved forensic audit findings about fund siphoning by the erstwhile management, means these financials should be treated with extreme caution.