Statement of Deviation for quarter and year ended on 31st March, 2026
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Mrugesh Trading Ltd reported audited financial results for Q4 and FY26 ended March 31, 2026. The company posted a loss of Rs. 23.51 lakhs for FY26 compared to a profit of Rs. 40.61 lakhs in FY25, marking a significant turnaround. Revenue from operations declined to Rs. 1133.37 lakhs from Rs. 2024.29 lakhs year-on-year. The auditor issued a Qualified Opinion citing 5 concerns: unpaid TDS on professional fees and interest, inadequate inventory controls at third-party locations, missing documentation for bill-to-ship-to sales, Rs. 1215 lakhs in trade advances with no goods received, and unsecured loans/advances of Rs. 238.96 lakhs without proper agreements. The company raised Rs. 72 crore via preferential issue of convertible warrants in May 2024, utilized Rs. 3700 lakhs for business purposes, and parked Rs. 35 crore in fixed deposits. The company appointed a new internal auditor for FY27 and stated it is taking corrective actions on audit observations.
The company swung from profit to loss with multiple auditor qualifications raising concerns about undocumented transactions, unpaid statutory dues, and potentially irrecoverable advances of over Rs. 1450 lakhs. While management claims corrective action is underway, investors should be cautious as significant audit qualifications indicate weak internal controls and potential financial statement reliability issues.