Setco FY26: profit on impairment reversal, qualified opinion on consolidated
SETCO · price
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FY26 standalone PBT of Rs 8,507L (vs loss Rs 350L) driven entirely by Rs 8,290L reversal of impairment on subsidiary LCPL investment. Revenue from operations flat at Rs 115L. Operating cash flow negative at Rs 50L. Consolidated results carry a qualified opinion due to IFRS 10 non-compliance at UK subsidiary WEW Holdings. Going concern doubts flagged at subsidiaries LCPL (negative networth Rs 13,671L), SASPL, SMD UAE, and SAUL. Board declared Rs 13 per share interim dividend post-year-end. Phased SASPL divestment to RSB Transmissions underway.
Profit is non-cash, driven by one-time impairment reversal at subsidiary. Real losses and going-concern risks persist at group level.