Outcome of Board Meeting for the Quarter ended 31.03.2026.
Awaiting price reaction for this filing.
The board approved audited financial results for FY 2025-26 showing a total comprehensive loss of Rs 299.11 lakhs, a dramatic reversal from a profit of Rs 308.60 lakhs in the previous year. Total income fell significantly to Rs 297.00 lakhs from Rs 431.77 lakhs. The company has accumulated losses of Rs 3,748.69 lakhs and negative net worth of Rs 1,834.49 lakhs. The statutory auditor issued a qualified opinion citing unpaid TDS interest of Rs 3.30 lakhs and expired statutory payables of Rs 136.57 lakhs. Exceptional items of Rs 363.88 lakhs included write-offs for export duty credits and cross-subsidy provisions. The company also changed internal auditors to M/s LANS & Co. and classified its discontinued spinning division assets as held for sale.
The company is in severe financial distress with negative equity, recurring audit qualifications over 5 years, and a qualified auditor opinion. Shareholders should be cautious as the stock shows going concern risk despite management's optimistic view of new activities.