Pursuant to Regulation 30 read with Part A of Schedule lll of the SEBI (Listing Obligations and Disclosure Requirement Regulations, 2015, we wish to inform you that the Board of Directors ....
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Royal India Corporation's board, at its May 30, 2025 meeting, approved the audited standalone financial results for Q4 and FY ended March 31, 2025, along with revised policies on related party transactions, whistle blower, and materiality of events. Revenue from operations surged to ₹22,002.13 lakhs in FY25 from just ₹2,884.20 lakhs in FY24, driven almost entirely by the bullion segment, which jumped from ₹1,898.56 lakhs to ₹22,002.13 lakhs. The company swung from a loss after tax of ₹824.38 lakhs in FY24 to a profit of ₹1,082.73 lakhs in FY25, with basic EPS improving from ₹(3.57) to ₹0.989. The statutory auditor (Rakchamps & Co. LLP) issued an unmodified opinion but included an Emphasis of Matter paragraph on Note 13, which relates to a provision for compensation payable with a consequential impact on liabilities and operations.
The headline turnaround from loss to profit and sharp revenue growth are positive, but shareholders should note three red flags: (1) the auditor's Emphasis of Matter on a compensation-related provision affecting liabilities, (2) negative operating cash flow of ₹(2,337.48) lakhs despite a reported profit, signalling working capital strain (inventories nearly tripled to ₹13,009.89 lakhs), and (3) large disputed income-tax liabilities of around ₹72 crores pending at CIT(A) and High Court levels.