Mcleod Russel India Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
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McLeod Russel India Limited has reported an Adverse Opinion from its statutory auditors (Lodha & Co LLP) for FY2026. The company posted a net loss of Rs 9,086 lakhs (vs loss of Rs 19,636 lakhs in FY25), with revenue declining to Rs 97,482 lakhs from Rs 1,02,436 lakhs. An exceptional item of Rs 14,695 lakhs was recorded due to debt restructuring - Rs 84,648 lakhs unsustainable debt to NARCL and Rs 44,247 lakhs unsustainable debt to JCAF were written off. The auditors flagged Rs 2,86,050 lakhs of Inter Corporate Deposits to promoter group entities as doubtful, with Rs 2,44,629 lakhs already provided. Total equity stands negative at Rs 13,070 lakhs. The company has significant contingent liability of Rs 50,896 lakhs from an arbitration award. Debt restructuring plans with NARCL (approved April 2026) and JCAF (OTS approved May 2026) are pending execution of Master Restructuring Agreement and fulfillment of conditions.
The company faces severe financial distress with negative equity and adverse auditor opinion. The pending debt restructuring offers some relief but execution risk remains high. Shareholders should be cautious given the going concern uncertainty, ongoing regulatory scrutiny, and negative net worth.