Submission of Audited Financial Results for the Quarter and Year ended on 31st March, 2026 along with Auditors report.
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Mihika Industries reported revenue of Rs. 3473.83 Lakhs for FY2026, a massive jump from Rs. 267.64 Lakhs in the previous year. However, the company swung to a net loss of Rs. 73.09 Lakhs compared to a profit of Rs. 1.62 Lakhs in FY2025. The auditor's report raises multiple concerns: inability to verify trade receivables and payables due to missing balance confirmations, no supporting documents for inventory valuation, and failure to appoint a mandatory Internal Auditor for the entire financial year. The company also granted loans without providing loan agreements for verification. Despite these issues, the auditor issued an Unmodified Opinion, and the company filed a declaration confirming this. Total assets stood at Rs. 2215.81 Lakhs with equity of Rs. 2196.99 Lakhs.
The stock may face pressure due to the shift to losses despite massive revenue growth, combined with audit concerns about unverifiable receivables, payables, and inventory. The lack of internal auditor raises red flags about governance and internal controls.