Outcome of Board Meting held on June 01, 2026 inter alia for consideration and approval of Audited Financial Statements for the year ended March 31, 2022
Awaiting price reaction for this filing.
Punj Lloyd's board approved its audited standalone and consolidated financial statements for FY ending March 31, 2022 — a filing delayed by over four years. Revenue from operations fell to Rs. 905.25 crore from Rs. 1,172.14 crore in the previous year, while the company posted a net loss of Rs. 1,640.50 crore, wider than the Rs. 1,285.28 crore loss in FY21. Net worth is deeply negative at Rs. (16,771.63) crore against total current liabilities of Rs. 18,266.31 crore. The auditor (Kashyap Sikdar & Co.) issued a Qualified Opinion noting multiple unresolved issues: no NRV valuation of inventories, no impairment assessment of fixed assets, unreconciled statutory liabilities and payroll, missing bank confirmations, and project-related expenses that could not be physically verified. The report also includes an Emphasis of Matter on going concern uncertainty given the NCLT-initiated liquidation process, though financials are prepared on a going-concern basis because Adani Infra (India) Ltd was declared the successful bidder in the e-auction and its acquisition plan was approved by NCLT in February 2026.
Despite the Adani acquisition approval, shareholders face a deeply insolvent balance sheet, stock trading has been suspended on BSE/NSE since October 2022, and the qualified audit opinion flags significant unquantified risks — making any recovery for existing shareholders highly uncertain and dependent on the final terms of the approved acquisition plan.