Auditors flag Modified Opinion on FY26 results over Spafax Associate

Qualified OpinionAuditor Mid Year ChangeRevenue DeclineResults View source PDF Explain this filing

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AI summary

Uravi Defence filed audit qualification impact statement for FY ended March 31, 2026. Auditor Viren Gandhi and Co issued a Modified Opinion on consolidated results because share of profit from new associate Spafax International (Rs 72.05 lakhs) was based on unaudited management accounts, not audited financials. Standalone results are unqualified. Standalone revenue fell to Rs 3,852 lakhs from Rs 4,135 lakhs. PAT from continuing operations dropped to Rs 158 lakhs from Rs 255 lakhs. SKL India subsidiary was divested in March 2026.

Likely market impact

Modified opinion on Spafax associate earnings may dent investor confidence, though financial quantum is small and standalone books are clean.