ENCLOSED HEREWITH DISCLOSURE RELATING TO APPOINTMENT OF INTERNAL AUDITOR MANAS DASH & CO FOR FY 2026-27
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Oxford Industries reported audited financial results for FY 2025-26 with a significant turnaround from loss to profit. Total revenue declined sharply to Rs. 70.07 Lacs from Rs. 227.18 Lacs in the previous year, a drop of about 69%. However, the company posted a net profit of Rs. 52.31 Lacs compared to a loss of Rs. 50.31 Lacs in FY 2024-25. The statutory auditor PAMS & Associates issued a QUALIFIED OPINION citing material uncertainty about the company's ability to continue as a going concern. Key concerns include accumulated losses of approximately Rs. 21,295.40 Lacs, complete erosion of net worth (shareholders' funds at negative Rs. 118.82 Lacs), and current liabilities exceeding current assets by Rs. 186.78 Lacs. The company also appointed Mr. Manas Dash (CA Manas Dash & Co) as Internal Auditor for FY 2026-27.
The qualified auditor opinion with going concern doubt signals serious financial distress. Despite the reported profit, the company has negative net worth and negative working capital, raising substantial doubt about its ability to survive. Shareholders should be extremely cautious as the company may face challenges in meeting obligations.