Auditors flag qualified opinion on FY26 results; Laxmi Cotspin submits NSE clarification
LAXMICOT · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 0.3 pts more than Nifty Microcap 250 and 0.2 pts less than its Other Textile Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Laxmi Cotspin filed NSE clarification after auditor gave qualified opinion on FY26 (Mar 2026) results over five issues: poor inventory records, unapproved advance to subsidiary Laxmi Spintex, stressed creditor advance without expected credit loss provision, unregistered land sale to subsidiary, and missing expected credit loss on aged trade receivables. Management contested each point, auditors did not concur. FY26 consolidated revenue Rs 15,404.58 lakh, net loss Rs 120.06 lakh vs Rs 46.24 lakh profit in FY25. EPS negative Rs 0.72.
Qualified opinion flags weak controls around inventory, related-party transactions, and doubtful advances. Signals governance and disclosure concerns for investors.