Outcome of Board Meeting held on June 01, 2026 inter alia for consideration and approval of Audited Financial Statements for the year ended March 31, 2021.
Awaiting price reaction for this filing.
Punj Lloyd's board approved the long-delayed audited financial statements for FY21 (ending March 31, 2021), filed roughly five years late in June 2026. The statutory auditor, Kashyap Sikdar & Co., issued a qualified opinion with seven specific qualifications, including non-determination of inventory's net realisable value, lack of impairment assessment of plant and equipment, unreconciled statutory balances, and absence of bank confirmations. The company reported a standalone loss of Rs 1,285.28 crore (vs Rs 844.84 crore loss in FY20) on revenue of Rs 1,172.14 crore (down from Rs 1,411.88 crore). Net worth is deeply negative at Rs (15,133) crore with current liabilities of Rs 16,866 crore against current assets of Rs 1,279 crore. The auditor flagged a material going-concern uncertainty due to eroded net worth and frozen operations, though the company was acquired by Adani Infra (India) Limited after NCLT approved the acquisition plan in February 2026.
The qualified opinion and massive going-concern flags confirm severe financial distress, but the Adani Infra acquisition may offer shareholders some recovery pathway. Note: the company's cover letter misleadingly states the audit was issued 'without any modified opinion,' which contradicts the actual auditor's report containing a qualified opinion—a material disclosure discrepancy.