Mcleod Russel India Limited has informed the Exchange regarding Outcome of Board Meeting held on May 29, 2026.
MCLEODRUSS · price
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McLeod Russel India Limited's Board meeting on May 29, 2026 approved audited financial results for FY 2025-26 with a significant ADVERSE OPINION from Statutory Auditors M/s Lodha & Co LLP. The company reported revenue of Rs. 97,482 lakhs (down from Rs. 1,02,436 lakhs in FY 2024-25) and a net loss of Rs. 9,086 lakhs. Exceptional items of Rs. 14,695 lakhs primarily relate to provisions for doubtful Inter Corporate Deposits (ICDs) given to promoter group entities. Total equity has turned NEGATIVE at Rs. (13,070) lakhs. The auditors flagged multiple material uncertainties including: ICDs of Rs. 2,86,050 lakhs (with Rs. 2,44,629 lakhs provided) doubtful of recovery, non-recognition of interest on borrowings, unresolved debt restructuring with NARCL and JCAF pending execution of MRA, and assets requiring impairment testing. The company's financial position remains under severe stress with current liabilities exceeding current assets.
This is a highly negative development for shareholders. The adverse audit opinion, negative net worth, and multiple going concern uncertainties indicate extreme financial distress. The stock is likely to face significant selling pressure and potential de-listing risks if debt restructuring fails.