Board Meeting Details
- Meeting held on September 21, 2026
- Commenced at 4:30 PM IST, concluded at 5:00 PM IST
- Approved audited standalone and consolidated financial results for quarter and year ended March 31, 2026
- Approved investor presentation for FY2025-26
- Noted statutory auditors' reports containing modified opinions
- Approved statements on impact of audit qualifications
Financial Results Highlights
Consolidated Performance (FY2025-26)
- Revenue from operations: ₹5,074.80 crore (9.2x growth from FY2024-25 ₹548.76 crore)
- Other income: ₹9.54 crore (FY2024-25: ₹2.61 crore)
- Total income: ₹5,084.35 crore
- Total expenses: ₹4,888.36 crore
- Profit before tax: ₹195.98 crore
- Tax expense: ₹10.92 crore
- Profit after tax: ₹185.06 crore (2.7x growth from FY2024-25 ₹69.65 crore)
- PAT attributable to owners: ₹161.98 crore
- EPS basic: ₹1.16 (face value ₹1)
Standalone Performance (FY2025-26)
- Revenue from operations: ₹1,529.50 crore (5.1x growth from FY2024-25 ₹297.51 crore)
- Other income: ₹31.25 crore
- Total income: ₹1,529.50 crore
- Total expenses: ₹1,516.81 crore
- Profit before tax: ₹13.00 crore
- Profit after tax: ₹13.09 crore
- EPS basic: ₹0.08
Key Growth Drivers
- Consolidation of edible oil subsidiaries Sunbridge Agro (51.65%) and Landsmill Agro (55%) from September 30, 2025
- Full year of international operations through UAE and Singapore subsidiaries
- Only six months of edible oil subsidiaries' profits included in consolidation
Change in Internal Auditors
- M/s Jain & Rajeev Associates resigned effective August 24, 2026 due to pre-occupation in other assignments
- Appointed M/s Geeta & Co., Chartered Accountants (Firm Registration No. 030750N) as new internal auditors
- Appointment effective September 21, 2026 for financial year 2026-27
- M/s Geeta & Co. established in 2013, based in New Delhi, provides statutory, internal, tax, GST, and stock audit services
Legal and Regulatory Proceedings
Advik Capital Limited Matter
- Matter pending before Delhi High Court (OMP (I) (COMM) 505/2025) and NCLT New Delhi
- Alleged amount: ₹6,400.00 lakhs
- Company filed application under Section 151 CPC seeking vacation of ex-parte ad-interim order dated December 10, 2025
- Next hearing date: October 15, 2026 (High Court), August 28, 2026 (NCLT)
- Management claims transactions accounted on pass-through basis, disputes loan agreement existence
- Financial impact not determinable
GST Matters
1. Firozabad Unit Refunds:
- CGST Firozabad filed appeals against refund sanction orders for periods between March-July 2022
- Commissioner (Appeals) upheld refund orders in January 2024
- Four protective show cause notices dated January 13, 2025 for input tax credit refund claims (November 2021-January 2022)
2. DGGI Nagpur Notice (May 9, 2025):
- Alleged wrongful availment of input tax credit (October 2020-October 2024)
- Personal hearing attended on February 4, 2026
- No adjudication order passed
3. DGGI Lucknow Notice (April 7, 2026):
- Alleged wrongful availment of input tax credit and erroneous refund
- Proposed demands: Tax ₹221.89 crore, Interest ₹129.18 crore, Recovery ₹91.22 crore
- Matter at preliminary stage, no final liability determined
FDA Nashik Inspection
- Inspection conducted on January 8-9, 2026 at Nashik facility and Golden Cryo premises
- Inventory of tobacco products seized: ₹906.25 lakhs
- Machinery seized (carrying value): ₹123.02 lakhs
- Matter under review by appropriate authorities
SEBI Interim Order
- Ex-parte interim order dated March 30, 2026
- Concerns changes in shareholding pattern and market price movement
- Forensic auditor appointed to examine matters
- Company filed detailed responses
- Proceedings pending, no final determination
Auditor Qualifications
Standalone Financials (V.N. Purohit & Co.)
Qualified Opinion Basis:
1. Seized Assets: Unable to verify appropriateness of carrying values of seized inventory (₹906.25 lakhs) and machinery (₹123.02 lakhs)
2. Advik Capital Matter: Unable to determine liability adjustment requirements due to ongoing proceedings
Material Uncertainty: Ongoing legal/regulatory proceedings may cast doubt on going concern
Emphasis of Matter:
- GST refund matters and show cause notices
- SEBI interim order proceedings
- Subsidiary acquisition consideration payment extensions
- Unremitted capital contributions to foreign subsidiaries
Consolidated Financials
Additional Qualification:
- Three subsidiaries (Golden Cryo, Sunbridge Agro, Landsmill Agro) prepared financials under Indian GAAP instead of Ind AS
- Net assets: ₹27,835.31 lakhs, Revenue: ₹243,123.31 lakhs, Profit: ₹5,089.74 lakhs
- Impact of Ind AS conversion adjustments not determinable
Subsidiary Information
Acquisition Details
- Acquired Sunbridge Agro (51.65%) and Landsmill Agro (55%) on September 4, 2025
- Portion of purchase consideration remains payable
- Qualified Institutional Placement intended to fund acquisition not completed
- Payment timelines extended, control not affected
Foreign Subsidiaries
- Elitecon International FZE, Dubai UAE
- Elitecon International PTE Limited, Singapore
- No remittance made towards capital contribution as of March 31, 2026
- Capital commitment recorded as payable in company books
Segment Reporting
Standalone Segments (₹ lakhs)
Tobacco Products FY2026:
- Revenue: ₹39,079.97
- Segment result: ₹1,224.23
FMCG Products FY2026:
- Revenue: ₹113,836.79
- Segment result: ₹139.48
Consolidated Segments (₹ lakhs)
Tobacco Products FY2026:
- Revenue: ₹39,079.97
- Segment result: ₹1,224.23
FMCG Products FY2026:
- Revenue: ₹469,439.65
- Segment result: ₹18,584.04
Capital Structure
- Paid-up equity share capital: ₹15,985.00 lakhs (face value ₹1 each)
- Shares sub-divided from ₹10 to ₹1 each in June 2025
Cash Flow Highlights (Standalone)
- Net cash from operating activities: ₹697.17 lakhs
- Net cash used in investing activities: ₹(1,124.42) lakhs
- Net cash from financing activities: ₹458.99 lakhs
- Net change in cash: ₹31.75 lakhs
- Cash equivalents at end: ₹572.99 lakhs
Management Assessment
- Business operations continue despite legal/regulatory proceedings
- Management assessed operational position, liquidity requirements
- Going concern basis considered appropriate
- Appointments made to fill vacancies in independent directors, CFO, and company secretary positions post-March 2026
Documents Submitted
1. Audited Standalone Financial Results
2. Audited Consolidated Financial Results
3. Independent Auditors' Reports
4. Statements on Impact of Audit Qualifications
5. Investor Presentation
All documents available on company website: www.eliteconinternational.com
#Tags: #EliteconInternational #FY2026Results #SEBIDisclosure #RegulatoryCompliance #FinancialUpdate #Neutral