Submission of Revised Financial Statement for the Half year and year ended 31.03.2026 due to a clerical error found in the Consolidated Financial Results.
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Shine Fashions resubmitted its audited financial statements after discovering a clerical error in the original consolidated results filed on May 30, 2026. The company reported standalone revenue of Rs 99.73 crore for FY2026, up 24% from Rs 80.52 crore in the prior year. However, net profit declined significantly to Rs 3.09 crore from Rs 6.97 crore due to a Rs 7.54 crore exceptional item for market study expenses covering 3 continents. Consolidated PAT was Rs 2.77 crore. The auditors issued an unmodified (clean) opinion with emphasis of matter on the exceptional item. The company also reported negative operating cash flows of Rs 24.42 crore and increased short-term borrowings from Rs 5.72 crore to Rs 20.02 crore.
The clerical error restatement is a red flag for internal control quality, though the unmodified auditor opinion suggests no fundamental accounting issues. The sharp profit decline due to the large exceptional item and negative operating cash flow may concern investors, while the revenue growth is a positive signal.