Submission of Audited Financial Results for the Quarter and Year ended on 31st March, 2026
Awaiting price reaction for this filing.
Quasar India Ltd reported a net loss of Rs 18.93 lakhs for FY26, a sharp decline from a profit of Rs 3.56 lakhs in FY25. Revenue dropped significantly to Rs 1,192.52 lakhs from Rs 4,213.35 lakhs in the previous year, representing a 72% decline. The company's auditor issued a QUALIFIED OPINION citing multiple issues: inability to verify inventories worth Rs 3,969.24 lakhs, missing balance confirmations for receivables and payables, non-filing of income tax returns for FY24-25, outstanding tax demands on the IT portal, and failure to conduct internal audit despite statutory requirements. Operating cash flow turned negative at Rs -210.08 lakhs. The company also disclosed an ongoing legal dispute involving an advance payment for goods supply, with a petition filed under Section 9 of the Insolvency and Bankruptcy Code. The company appointed a new internal auditor for FY27.
The qualified audit opinion and negative operating cash flow signal weak internal controls and financial health. The 72% revenue decline and inventory verification issues raise red flags for investors. The ongoing IBC petition adds contingent liability risk.