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Vaxfab Enterprises reported weak Q3 FY26 results with standalone revenue from operations falling sharply to ₹1,566.29 lakhs from ₹4,576.84 lakhs in Q3 FY25. The company swung to a standalone loss before tax of ₹307.19 lakhs in Q3, compared to a profit of ₹641.33 lakhs a year ago. Year-to-date standalone loss widened to ₹693.87 lakhs versus ₹416.06 lakhs in the prior year period. Consolidated Q3 numbers were better, showing a profit before tax of ₹39.31 lakhs and PAT of ₹22.98 lakhs, but YTD consolidated results remained in the red. The statutory auditor issued a qualified opinion on the standalone results, flagging multiple concerns including unsecured interest-free loans without agreements, missing trade receivable/payable confirmations, no gratuity provision or actuarial valuation, absent ECL impairment assessment, and incomplete records from the previous management.
The combination of a sharp revenue decline, a return to quarterly losses, and a qualified auditor opinion citing multiple governance and documentation failures is a serious red flag for shareholders. Investors should view this as a high-risk situation, as the auditor's reservations raise questions about the reliability of the reported numbers and the company's internal controls.