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Milestone Furniture Ltd announced audited financial results for the half-year and year ended 31 March 2025. The company reported zero revenue from operations across all periods, with the income statement effectively showing only depreciation and other expenses. Net profit/loss figures appear contradictory (positive in P&L, negative in cash flow) suggesting a loss-making operation with negative operating cash flow of Rs 8.37 lakhs for FY25. The auditor, M/s R Daga and Company, issued a Disclaimer of Opinion citing an ongoing standoff between new and old management that prevented verification of assets and liabilities. The board also appointed Mr. Abhishek Pokharna as Company Secretary and Compliance Officer effective 1 November 2025. EPS declined to Rs 0.52 in FY25 from Rs 0.68 in FY24.
This is a significant red flag for shareholders — the auditor could not verify the books due to a management dispute, casting serious doubt on the reliability of these financials. The company's declaration of an 'unmodified opinion' contradicts the auditor's actual Disclaimer of Opinion, which is a serious governance concern. With zero revenue, negative operating cash flow, and unresolved management issues, the stock carries elevated risk.