OUTCOME OF BOARD MEETING
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Pulsar International Ltd reported standalone audited results for Q4 and FY ended March 31, 2026. Revenue from operations grew significantly to Rs 12,879.35 Lacs in FY2026 from Rs 3,117.04 Lacs in FY2025 - a growth of over 300%. However, net profit declined to Rs 10.45 Lacs from Rs 176.46 Lacs in the prior year. Q4 alone recorded a loss of Rs 377.15 Lacs. The statutory auditors (Shweta Jain & Co LLP) issued a Qualified/Modified Opinion citing three key concerns: (1) closing inventory of Rs 18.63 Crore without item-wise details or valuation workings, (2) overdue trade receivables of Rs 4.24 Crore from previous years with uncertain recoverability, and (3) overdue trade payables of Rs 1.09 Crore with questions on completeness. The company raised equity capital of Rs 3,569.50 Lacs (rights issue) increasing share capital to Rs 4,283.40 Lacs. Operating cash flow was deeply negative at Rs -2,923.47 Lacs due to massive working capital build-up in receivables and inventory.
The qualified audit opinion raises red flags about inventory reliability, receivables recoverability, and payables completeness - all material concerns. Despite massive revenue growth, the company is burning cash with negative operating cashflow and declining profitability. Shareholders should seek clarification on the auditor's concerns before making investment decisions.