Financial Result
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Nivaka Fashions reported audited results for FY25 with revenue from operations at Rs. 146.51 lakhs, down from Rs. 160.00 lakhs in FY24, an 8.4% decline. The company posted a net loss of Rs. 50.37 lakhs for FY25, wider than the Rs. 25.63 lakh loss in FY24. Q4 FY25 showed a swing to profit of Rs. 23.53 lakhs versus a Rs. 10.44 lakh loss in Q4 FY24. The statutory auditor gave an unmodified opinion but flagged an Emphasis of Matter regarding a Rs. 422.73 lakh GST demand (tax, interest and penalty) for the period July 2017 to March 2019 over alleged ITC mismatch, which the company is contesting. Cash flow from operations turned negative at Rs. -98.32 lakhs versus +57.32 lakhs last year, and cash balance collapsed from Rs. 135.41 lakhs to Rs. 13.23 lakhs. Other equity remains negative at Rs. -68.25 lakhs, reflecting accumulated losses.
Widening annual losses, negative net worth, a large contingent GST demand and negative operating cash flow raise serious going-concern concerns, even though the Q4 turnaround and unqualified audit opinion provide some relief. Existing shareholders face elevated risk and should watch the GST case outcome and the company's cash position closely.