Outcome of the Board Meeting for approval of Financials for Quarter ending and Year ending 31.03.2026
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Pasari Spinning Mills Limited reported audited standalone financial results for Q4 and FY ended March 2026. Total income declined to Rs. 53.25 lakhs from Rs. 68.66 lakhs in the previous year (approximately 22% decline). Net profit fell to Rs. 27.96 lakhs from Rs. 36.05 lakhs. The Q4 result showed a loss of Rs. 5.52 lakhs. The company explained that the profit decline was primarily due to loss of rental income (only received till January 2026) after premises were vacated following a court order related to an ongoing dispute with Cotton Corporation of India. The company's reserves excluding revaluation reserves stand at negative Rs. 1,346.63 lakhs. Auditors Rao & Emmar issued an unmodified opinion but highlighted a material uncertainty regarding the company's ability to continue as a going concern due to pending legal proceedings with CCI.
The company faces significant financial stress with declining revenues, negative net worth, and ongoing court proceedings threatening its operations. The going concern uncertainty flagged by auditors is a serious red flag for investors, though the company claims it can continue operations based on future cash flow expectations.