Williamson Magor & Company Limited has informed the Exchange regarding Board meeting held on August 13, 2025.
WILLAMAGOR · price
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The Board approved unaudited standalone and consolidated financial results for Q1 FY26 (quarter ended June 30, 2025). Standalone revenue from operations stood at Rs. 4,897 thousand, with total income of Rs. 12,881 thousand and a profit after tax of Rs. 17,683 thousand (EPS of Rs. 1.61), versus a loss of Rs. 20,69,043 thousand in the same quarter last year. The Board also recommended appointing MKB & Associates as Secretarial Auditors for five years from April 1, 2025, subject to shareholder approval, and appointed two additional directors – Mrs. Sonali Datta Sarkar (Non-Executive, Non-Independent) and Mr. Tabrez Ahmed (Non-Executive, Independent). The statutory auditor issued a qualified review report, flagging a material going concern uncertainty because the company's net worth is fully eroded, Rs. 1,06,586 thousand of interest on inter-corporate borrowings has not been recognized, defaults continue on loans from HDFC Bank, InCred, SREI and IL&FS, and deferred tax assets of Rs. 13,89,795 thousand have been recognized without reasonable certainty of future profits. The RBI has cancelled the company's NBFC registration, and the matter is sub judice at the Calcutta High Court.
The headline swing to profit this quarter is misleading — it is largely driven by non-recognition of interest expenses and aggressive deferred tax asset recognition rather than genuine operational improvement. Shareholders face significant going concern risk, ongoing loan defaults, multiple legal disputes, and a fully eroded net worth, which could weigh heavily on the stock and increase the risk of further dilution or restructuring.