Audited FInancial Results along with Statement of Impact of Audit qualifications and Statutory Auditors reports for the quarter and year ended 31st March, 2026 enclosed.
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Olympic Oil Industries Limited reported audited results for FY 2026 with a net loss of Rs. 22.35 Lacs and zero operating revenue, indicating no business operations during the year. The company's balance sheet shows severely distressed financials with negative net worth of Rs. 2,301.27 Lacs (adjusted to Rs. 12,034 Lacs after accounting for unprovided interest and provisions). The statutory auditor Bhatter & Associates issued a qualified opinion citing six major issues: bank facilities of Rs. 68.75 Crore classified as NPA with unprovided accumulated interest of Rs. 97.33 Crore, doubtful receivables of Rs. 316.52 Crore, erosion in investments of Rs. 4.1 Crore, related party loans of Rs. 38.47 Crore considered doubtful, and unconfirmed trade payables of Rs. 208.91 Crore. SFIO and CBI have initiated investigations regarding credit facilities. The auditor raised a material uncertainty regarding the company's ability to continue as a going concern as net worth is fully eroded.
The stock is extremely high-risk with negative net worth, ongoing regulatory investigations, and a qualified audit opinion. The adjusted EPS of -80.43 versus reported -0.78 reveals massive understatement of losses. Shareholders face potential total loss of investment as the company has no operating business and is dependent on asset realisations to survive.