Outcome of adjourned Board Meeting held on May 30, 2026
KITEX · price
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Kitex Garments Ltd reported audited FY2026 results showing a significant decline in standalone profit. Total standalone income fell to Rs 63,661 lakhs from Rs 101,941 lakhs in FY25, with net profit dropping to Rs 5,689 lakhs from Rs 15,205 lakhs. EPS declined from Rs 7.67 to Rs 2.85. On consolidated basis, profit remained relatively stable at Rs 13,575 lakhs. The auditors issued a qualified opinion on standalone results regarding Rs 2,776.24 lakh investment in associate Kitex USA LLC, whose net worth is fully eroded - auditors could not confirm recoverability of this investment. This qualification has persisted since FY2024. The Board recommended a final dividend of Rs 0.50 per share (50% on Re.1 face value), subject to shareholder approval at AGM.
The significant standalone profit decline and recurring audit qualification on the Kitex USA investment are concerns for investors. However, dividend recommendation and stable consolidated profitability provide some support. The stock may see negative reaction due to the audit qualification and profit decline.