Q3 FY26 results: qualified review, going concern doubts, Rs 100 Cr fundraise plan
Awaiting price reaction for this filing.
Board approved Q3 FY26 unaudited results. Auditor H.B. Kalaria issued a qualified conclusion citing material uncertainty on going concern, loan and statutory dues defaults, failed OTS with Union Bank of India, and no physical inspection of inventories or fixed assets. A separate adverse view was noted on several other matters. Company plans to raise up to Rs 100 crore via equity or convertible securities, with Rs 30 crore earmarked for acquiring a controlling stake in Sova Agrotech. Also approved land sale, higher authorised capital, and four new director appointments.
Serious red flags: qualified review, going concern doubts, and loan defaults may pressure the stock; fund raise could lead to equity dilution for existing shareholders.