Pursuant to Regulation 30, 33 and 42 read with Schedule III and other applicable Regulations of the SEBI (Listing Obligations a n d Disclosure Requirements) Regulations, 2015, we wish to ....
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KBS India's board approved unaudited financial results for the quarter and half-year ended 30 September 2025. The statutory auditor Bhuta Shah & Co LLP carried out a limited review and flagged two concerns: (1) gratuity liability for employees has not been provided as required by Ind AS 19, and (2) a long-term loan of about Rs. 16.65 crore along with a current account balance of Rs. 8.02 lakh is outstanding from KBS Capital Management Singapore Pte Ltd, an erstwhile subsidiary that has been struck off, with no provision made for these amounts. The auditor's review conclusion itself was not qualified despite these observations. Operating cash flow for H1 FY26 was negative at approximately Rs. 2.49 crore, while reported profit before tax for the half-year stood at Rs. 43.85 lakhs.
The Rs. 16.65 crore loan to a struck-off overseas entity with no provision is a significant red flag that could materially affect earnings quality if written off, and combined with negative operating cash flow points to potential liquidity strain for the small-cap stock.