Audited Finacial Results with Auditors Report and Statement of Impact of Audit Qualifications in Annexure -1
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Milkfood Ltd reported FY2026 revenue of Rs 41,293 Lakhs, down 7.8% from Rs 44,776 Lakhs in FY2025. However, Profit After Tax surged to Rs 4,429 Lakhs from just Rs 452 Lakhs in the prior year, driven primarily by exceptional items including Rs 4,760 Lakhs profit from sale of MBD Plant PPE and Rs 3,197 Lakhs from Patiala land revaluation. The auditor issued a qualified opinion due to three accounting issues: land revaluation impact of Rs 3,197 Lakhs, overstatement of PBT by Rs 251 Lakhs due to retrospective revision of vehicle useful life, and misclassification of share-based payment expenses. Cash flow from operations turned significantly negative at Rs 10,511 Lakhs. Borrowings increased to Rs 10,717 Lakhs with contingent liabilities of Rs 4,364 Lakhs.
While headline PAT grew massively, the quality of earnings is poor as it relies heavily on one-time asset sale gains and revaluation. The qualified audit opinion and negative operating cash flow are red flags for investors. Adjusted PAT after audit qualifications is just Rs 981 Lakhs versus reported Rs 4,429 Lakhs.