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Vaxfab Enterprises Ltd has submitted its Q3 FY2026 standalone and consolidated unaudited financial results for the quarter ended December 31, 2025. The auditors Chandabhoy & Jassoobhoy have issued a disclaimer of opinion on consolidated results and a qualified opinion on standalone results. Key audit concerns include: unsecured loans granted and received without interest or formal agreements, missing supporting documents for trade receivables/payables and tax compliances, non-compliance with MSMED Act for creditor classification, inadequate documentation for goods inward/outward, no actuarial valuation for gratuity liability (Ind AS 19 non-compliance), and no Expected Credit Loss impairment assessment (Ind AS 109 non-compliance). The auditors note that records from the previous management were not properly handed over, making verification difficult. The possible impact on financial results could be material.
The qualified and disclaimer opinions from auditors indicate significant internal control weaknesses and potential material misstatements. This raises serious concerns about financial reporting quality and transparency, which could negatively impact investor confidence and stock price.