Submission of Revised Form B alongwith the audited financial results for the quarter and year ended March 31, 2026.
Awaiting price reaction for this filing.
Neogem India Ltd has filed revised financial results for FY 2025-26 after an inadvertent omission of the Audit Committee Chairman's signature. The auditor has issued an ADVERSE OPINION, stating the financial statements do not give a true and fair view. The company incurred a loss of Rs. 20.86 lakh during FY 2025-26 and has a negative net worth of Rs. 35.93 crore. The company stopped manufacturing since January 1, 2018 and is in the process of restructuring. Key concerns include: sundry debtors of Rs. 41.10 crore outstanding for over 3 years (unconfirmed), cash credit limits of Rs. 15 crore from Punjab National Bank and Bank of India classified as NPAs since 2016, and the auditor questioning the going concern basis of accounting. Interest on NPAs has not been provided in books as the amount is not quantifiable.
This is a highly negative development. The adverse auditor opinion and going concern doubts indicate severe financial distress. The company has negative net worth, non-performing bank loans since 2016, and unconfirmed receivables of over Rs. 41 crore. Shareholders should be aware that the company may not be able to continue as a going concern without a successful revival plan.