Outcome of Board Meeting held today i.e. 26th May, 2026 and Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015
Awaiting price reaction for this filing.
Quasar India Ltd's board meeting on 26th May 2026 approved the audited financial results for Q4 and FY ended March 31, 2026. The company reported total income of Rs 142.62 lakhs for FY26, a sharp decline from Rs 4,213.35 lakhs in FY25. The company incurred a loss before tax of Rs 25.30 lakhs compared to a profit of Rs 3.56 lakhs in the previous year. For Q4 alone, the company posted a loss after tax of Rs 6.37 lakhs. The statutory auditors issued a QUALIFIED OPINION citing six major concerns: lack of balance confirmations for receivables/payables, unverified inventories worth Rs 3,969.24 lakhs, non-filing of Income Tax Returns for FY24-25, absence of edit logs in accounting software, failure to conduct mandatory internal audit, and incomplete MSME vendor disclosures. The board also appointed M/s Shweta Jain & Co LLP as the new internal auditor for FY26-27.
The qualified audit opinion with multiple material concerns raises serious red flags about financial controls and data integrity. The massive revenue decline and pre-tax loss indicate deteriorating business performance. Shareholders should be cautious as the auditors could not verify key balance sheet items worth nearly Rs 4 crore.