Approval of unaudited standalone and consolidated financial results for the quarter ended September 30, 2025.
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Mayur Leather Products reported NIL revenue from operations for Q2 FY26, with total income of just Rs. 50 lakhs coming entirely from 'other income'. The company swung to a Rs. 63.87 lakh profit only because of a one-time Rs. 31.65 lakh gain on sale of plant and machinery booked as an exceptional item; core operations remain loss-making. The auditor (Jain Paras Bilala & Co.) issued an ADVERSE opinion, stating the results are not prepared in accordance with Ind AS due to multiple pervasive issues. The auditor flagged a material going concern uncertainty: the company has had no manufacturing activity, its land was auctioned by Canara Bank after being declared an NPA, and income tax returns for FY23 and FY24 have not been filed. Other equity is deeply negative (Rs. -359.68 lakhs standalone) and cash from operations was negative at Rs. -7.84 lakhs for the half year.
This is a serious red flag filing — the auditor's adverse opinion, going concern doubt, zero operating revenue, and negative net worth make this a high-risk stock. Shareholders should note that the apparent profit is entirely from a one-time asset sale and not from any ongoing business. Material erosion of shareholder value is likely, and there is a real risk to the company's ability to continue operations.