Un-audited Financial Result for the Quarter ended 30.06.2025
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Mihika Industries Limited submitted its unaudited financial results for Q1FY26 (quarter ended June 30, 2025), approved by the Board of Directors on August 13, 2025. The statutory auditor, S K Bhavsar & Co., issued a Limited Review Report that includes a clearly flagged 'Emphasis of Matter' paragraph drawing attention to three gaps: (1) trade receivables, trade payables, and loans/advances balances are pending direct external confirmation and reconciliation, (2) the company did not have a GSTN during the audit period, requiring alternative procedures for sales verification, and (3) reliable values and supporting documents for investments were not produced for audit verification, so the auditor relied on management's representations. The auditor concluded the results are fairly presented as per Ind AS 34 and SEBI Listing Regulations, and stated the conclusion is 'not modified' in respect of these matters. Based on what is readable from the results table, the company appears to be operating at a relatively small scale with no separately reportable business segments.
Retail investors should pay attention to the auditor's Emphasis of Matter flagging pending third-party confirmations for receivables, payables and loans, plus the absence of GST registration during the period — these point to weak verification and internal control processes that warrant caution. While the review opinion itself is not modified (i.e., not a 'qualified' report), the missing confirmations and undocumented investment valuations are governance red flags for a closer look before investing.