Please find eclosed Audited Financial Results for the Quarter and Financial Year ended 31st March 2026
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Sudal Industries reported FY2026 revenue of Rs 18,160.54 lakhs, up 17.4% from Rs 15,474.89 lakhs in FY2025. However, profitability deteriorated sharply — profit before tax dropped 47% to Rs 407.69 lakhs (from Rs 767.93 lakhs), and PAT turned negative at Rs (80.59) lakhs versus Rs 569.78 lakhs in the prior year. The auditors issued a Qualified Opinion due to a pending Supreme Court appeal regarding an NCLAT order that set aside the company's Pre-packaged Insolvency Resolution Plan (PIRP). A material uncertainty exists regarding the going concern assumption, as the outcome of this legal matter remains sub-judice. Q4 included an exceptional impairment charge of Rs 266.81 lakhs on PPE. Operating cash flow turned negative at Rs (381.57) lakhs, down from a positive Rs 958.86 lakhs in FY2025.
The qualified opinion and going concern uncertainty create significant risk for shareholders. The company faces a legal battle over its insolvency resolution plan, which could materially affect liabilities and equity if the Supreme Court rules unfavourably. Despite revenue growth, the sharp decline in profitability and negative operating cash flow are concerning.