Standalone Audited Financial Statements for the FY ended March 31, 2025 along with unmodified Auditor''s Report thereon
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Kush Industries Ltd (formerly SNS Textiles Ltd) reported FY25 revenue from operations of just Rs. 0.92 lakh, a steep drop of about 98.6% from Rs. 66.32 lakh in FY24, suggesting operations have nearly wound down. The company swung to a net loss of Rs. 5.21 lakh in FY25 compared to a profit of Rs. 227.08 lakh in FY24, which was inflated by a one-time exceptional gain of Rs. 231.40 lakh from disposal of property at the Ankleshwar GIDC plot. Total income fell to Rs. 9.90 lakh from Rs. 72.10 lakh. The balance sheet shows negative net worth of Rs. (724.74) lakh, with reserves at Rs. (2,209.41) lakh, and cash and cash equivalents plunging from Rs. 289.25 lakh to Rs. 52.04 lakh. Operating cash flow was negative at Rs. (12.04) lakh. The statutory auditor issued an unmodified (clean) opinion. Related party transactions disclosed include a Rs. 942.50 lakh inter-corporate deposit from group company Tanti Holding Pvt Ltd and Rs. 46 lakh with Kush Synthetics Pvt Ltd.
The near-zero operating revenue and persistent negative net worth raise serious concerns about the company's business viability and going concern status, despite the clean audit opinion. Shareholders should view this as a red flag — the firm appears to be in a wind-down phase, with last year's profit being a one-off asset sale rather than operational performance, and the stock is likely to remain thinly traded and risky.