In continuation to our financial statements for the quarter and financial year ended March 31, 2026 which were filed with the BSE Limited after the Board Meeting held on May 27, 2026, please ....
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Sunil Agro Foods has filed its audited FY2026 results with a qualified opinion — the 7th consecutive qualification. The auditors flagged that the company failed to provision Rs. 97.57 lakhs for bad debt from Maiyas Beverage and Foods Pvt Ltd, which went into NCLT in 2019 with only 15.14% recovery expected. After adjusting for this, the company would report a net loss of Rs. 33.31 lakhs instead of a profit of Rs. 39.71 lakhs. Revenue declined to Rs. 1,951.30 crore from Rs. 2,288.97 crore in the prior year. Additional concerns include Rs. 475.74 lakhs in old disputed receivables with no provisions and unusually high packing material inventory of Rs. 1,016.85 lakhs against annual consumption of Rs. 271.41 lakhs. The company has not appealed the NCLT order.
The repeated qualification raises red flags about receivables quality and management's conservatism on provisioning. The stock appears profitable on paper (EPS Rs. 1.32) but would be a loss (EPS negative) after accounting for the confirmed bad debt. Investors should watch for potential further write-offs on disputed receivables.