Pursuant to Regulation 30 and 33 of SEBI (LODR) Regulations, 2015, this is to inform you that the Board of Directors of Olympic Cards Limited in its meeting held today (18-05-2026) approved ....
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Olympic Cards Ltd reported total income of Rs. 1,276.42 Lakhs for FY26, up 32.5% from Rs. 963.27 Lakhs in FY25. The company continues to incur losses though significantly reduced: net loss after tax of Rs. 25.94 Lakhs versus Rs. 439.06 Lakhs loss in FY25. The auditors issued a qualified opinion because management did not provide confirmation of trade receivables (Rs. 116.81 Lakhs), trade payables (Rs. 671.71 Lakhs), advances from customers (Rs. 184.79 Lakhs), and advances to suppliers (Rs. 41.57 Lakhs). The company also disclosed pending GST dues for FY18-19 totaling Rs. 2.92 Crore, unpaid EPF (Rs. 4.07 Lakhs), and unpaid ESI (Rs. 59,511). No dividend was recommended. The board approved appointment of related party Mr. N. Mohamed Iqbal (brother of Managing Director) as Manager (Marketing) at Rs. 49,000/month.
The revenue growth is positive but the company remains loss-making with negative equity reserves of Rs. 1,525.31 Lakhs, raising going concern doubts. The qualified auditor opinion and non-confirmation of major balances indicate weak internal controls and potential undisclosed liabilities, which are negative signals for shareholders.