Please find enclosed Outcome of Board Meeting held on May 21, 2026

Qualified audit opinionNet loss reportedRevenue declinedNegative operating cash flowGoing-concern doubtResults View source PDF Explain this filing

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Price reactionminutes from the announcement price · days from the prior close

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₹16.90

prior close

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announcement price

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Nifty Microcap 250market · in no size index; the smallest one is used+1.1%+2.7% vs market

Stockbroking & Allied peers, median of 37sector+0.3%+3.5% vs sector

On the reaction day the stock moved 2.7 pts more than Nifty Microcap 250 and 3.5 pts more than its Stockbroking & Allied peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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Reaction day

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AI summary

Khandwala Securities Ltd reported a net loss of Rs. 127.03 lakhs for FY2025-26 compared to a loss of Rs. 79.92 lakhs in the previous year. Revenue from operations declined to Rs. 789.44 lakhs from Rs. 953.93 lakhs (17% drop). The auditors from Pravesh Agarwal & Associates issued a Qualified Opinion on both standalone and consolidated results due to two unresolved issues: (1) Rs. 216.69 lakhs application money for share purchases outstanding for 288 months and currently under litigation in Mumbai High Court, and (2) Rs. 350 lakhs in long-term deposits with uncertain recoverability as no provisions have been made. Operating cash flow turned negative at Rs. 204.48 lakhs. The company reappointed M/s. Savina & Pooja as internal auditor for FY2026-27.

Likely market impact

The qualified audit opinion and unresolved long-standing receivables totaling Rs. 566.69 lakhs signal elevated credit risk. Revenue decline and negative operating cash flow further weaken the financial position, raising going concern concerns despite the company maintaining a net worth of Rs. 2,837.21 lakhs.