Pursuant to Regulation 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, (the 'Listing Regulations') as amended from time to time, This is to inform ....
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Awaiting price reaction for this filing.
Mayur Leather Products' board approved unaudited standalone and consolidated results for Q3 and nine months ended December 31, 2025. The company reported zero revenue from operations in both the quarter and the nine-month period, with the only income being Rs 50 lakhs of 'other income' for the nine months. Standalone profit after tax of Rs 81.28 lakhs for 9MFY26 (vs. a loss of Rs 18.85 lakhs last year) was driven entirely by exceptional items of Rs 67.82 lakhs, likely tied to the Canara Bank land sale proceeds. The statutory auditor issued an Adverse opinion, stating the results do not comply with Ind AS due to multiple material issues. The auditor explicitly flagged a material uncertainty on the company's ability to continue as a going concern — noting no manufacturing activity, PPE relocated, land auctioned by Canara Bank after the company was declared NPA for a ~Rs 320 lakh loan default, and income tax returns not filed for FY23 and FY24.
This is a deeply distressed small-cap stock. The headline profit is misleading — it exists only because of a one-time gain from a forced land sale by its lender. Core operations have shut down, the auditor has given an adverse opinion, and a going concern warning has been issued. Shareholders face very high risk: the DRT case challenging the Canara Bank auction could determine whether any value remains, and a sharp negative stock reaction is likely.