limited review report
Awaiting price reaction for this filing.
Auditor O. Aggarwal & Co. has issued a limited review report on Alps Industries' unaudited financial results for Q3 FY26 and the nine months ended 31 December 2025, covering both standalone and consolidated statements. The auditor flagged an 'Emphasis of Matter' referring to Note No. 3, which describes the implementation of a resolution plan approved by the National Company Law Tribunal (NCLT) and its impact on the financial results. In the standalone report, the auditor used 'except for' language tied to this observation, indicating a qualified review conclusion, while explicitly stating the conclusion is not modified. The consolidated results include unreviewed interim figures from two subsidiaries — Alps Energy Private Limited and Alps USA Inc. — both showing nil revenue and negligible losses, deemed not material to the group.
The NCLT-approved resolution plan signals that Alps Industries went through the insolvency resolution process, meaning shareholders may have faced or may still face dilution, debt restructuring, or changes in control. The qualified standalone review and emphasis of matter point to ongoing uncertainty around how the resolution plan is being implemented and reflected in the numbers — investors should review Note No. 3 of the financial statements carefully before drawing conclusions on the company's true financial health.