Financial Results for the Quarter ended December 31, 2025
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The board approved unaudited quarterly and nine-month results for Q3 FY26 along with auditor's limited review reports. The auditor flagged three 'Emphasis of Matter' issues in both standalone and consolidated reviews: (1) inventory of Rs 7.83 lakhs held by the jewellery business was not physically verified, (2) a large cash-in-hand balance of Rs 194.61 lakhs (standalone) / Rs 201.62 lakhs (consolidated) was relied on solely on management's word, and (3) long-outstanding advances given to related parties against which no goods have been received, with recoverability dependent on future events. The company, which recently rebranded from Vaksons Automobiles, has a new subsidiary NAS Global Industries Pvt Ltd (51% stake) incorporated in June 2025. Nine-month standalone total income was around Rs 10,972 lakhs with PAT of about Rs 17.55 lakhs (exact prior-year comparison is unclear from OCR). The auditor's conclusion was not modified on these matters.
The auditor's emphasis on unverifiable inventory, large unverified cash balances, and stuck related-party advances are serious red flags for retail investors — these point to weak internal controls and potential recoverability risk. Combined with the name change and a newly added subsidiary, shareholders should treat governance and disclosure quality as key concerns before drawing conclusions on profitability.