Outcome of Board Meeting- UAFR 30.06.2025
WILLAMAGOR · price
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Williamson Magor's board approved its unaudited standalone and consolidated results for Q1 FY26 (quarter ended 30 June 2025), reporting a profit after tax of about Rs. 17.7 lakh against a loss of Rs. 20.7 crore a year ago. However, this swing is largely because Q1 FY25 carried a one-time provision for doubtful assets of roughly Rs. 27.15 crore, which is absent this quarter. Core revenue from operations actually dipped slightly to Rs. 48.97 lakh from Rs. 50.42 lakh. The statutory auditor (V. Singhi & Associates) issued a qualified review report on both standalone and consolidated results, flagging material uncertainty about the company's ability to continue as a going concern since its net worth is fully eroded (negative other equity of Rs. 23.31 crore). The RBI had cancelled the company's NBFC registration in 2022, the appeal was rejected in 2023, and a writ petition before the Calcutta High Court is still pending. The board also recommended appointing MKB & Associates as secretarial auditor for five years and appointed two additional directors, one independent and one non-independent.
Shareholders should treat the headline profit with caution – it is not a turnaround but an accounting effect of last year's massive write-off. With negative net worth, a cancelled NBFC licence, multiple loan defaults (HDFC Bank, InCred, IL&FS debentures, SREI), and a qualified audit opinion highlighting going-concern doubts, the stock carries serious solvency and continuity risks. Recovery prospects depend on ongoing debt restructuring, lender support, and the pending High Court case on the NBFC licence.