Qualified opinion on FY26 results; revenue more than doubled
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Audited FY26 results resubmitted after a clerical error fix. Auditor gave a qualified opinion flagging missing Capital Work-in-Progress ageing disclosures, no actuarial valuation for gratuity under Ind AS 19, and biological assets not per Ind AS 16 and 41. Revenue jumped to Rs 641.75 Cr from Rs 282.68 Cr (up around 127 percent), but PAT was nearly flat at Rs 82.42 lakhs against Rs 87.01 lakhs. Tax disputes pending total about Rs 320 lakhs. Loans of Rs 3328 lakhs extended to related parties and others. Borrowings rose to roughly Rs 2035 lakhs.
Qualified opinion raises disclosure and governance concerns. Strong revenue growth is not flowing to profits. Keep an eye on borrowings and pending tax disputes.