The outcome of the meeting of the board of directors held on May 30, 2026 has been attached herewith.
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Mishtann Foods Ltd's board approved audited financial results for FY 2025-26 ending March 31, 2026. The company reported standalone revenue of Rs 24,288.44 lakhs (down from Rs 34,854.63 lakhs) and consolidated revenue of Rs 115,352.92 lakhs (down from Rs 137,543.46 lakhs), representing approximately 30% revenue decline. Standalone net profit fell to Rs 272.52 lakhs from Rs 599.37 lakhs previously. The auditors issued a qualified opinion citing multiple serious concerns: SEBI allegations that substantial sales and purchase transactions from FY 2017-18 to FY 2023-24 were fictitious, trade receivables of Rs 59,370.57 lakhs (99% of total assets) without impairment assessment, alleged misutilisation of rights issue proceeds of Rs 4,990 lakhs, a GST demand of Rs 20,684.38 lakhs, and unpaid income tax provisions. Auditors explicitly flagged material uncertainty about the company's ability to continue as a going concern. The board also appointed new internal and tax auditors for FY 2026-27.
The qualified audit opinion with going concern uncertainty and multiple regulatory issues represents a significant risk for shareholders. The company faces potential material adjustments to revenue, receivables, and liabilities pending SEBI and tax proceedings, which could substantially impact the financial statements.