Auditor's Review Report

M R B & Associates, Chartered Accountants (ICAI Firm Registration Number: 136306W), issued a qualified review report on the unaudited financial results. The report was signed by Ghanshyam Gupta, Partner (Membership No.: 138741), dated November 14, 2026.

Basis for Qualified Conclusion

The auditors cited four specific issues:

1. The company has not accounted tax assets in accordance with AS-22 "Income Taxes" during the previous year, consequently financial position is not reflecting the true and fair view.

2. The company has granted significant loans and advances without specifying interest and repayment terms. In the event of any doubt on recoverable materializes, there will be significant impact affecting the financial position and cash flow.

3. The entity has significant outstanding trade receivable and cash in hand affecting the cash flow and financial position.

4. The bank statements for the bank account held by company and loan statements not received during the period of review.

Qualified Conclusion Statement

The auditors concluded that due to the unverified loans, advances, and outstanding trade receivables, the financial statement does not give a true and fair view in conformity with Ind AS 34 principles.

Financial Results (₹ in Lakhs)

Income Statement Highlights
  • Revenue from operations: 571.91 (Sep 2026), 754.58 (Mar 2026), 991.63 (Sep 2025), 1,746.21 (Mar 2026 annual)
  • Other income: 450.82 (Sep 2026), 47.72 (Mar 2026), - (Sep 2025), 47.72 (Mar 2026 annual)
  • Total Income: 1,022.74 (Sep 2026), 802.30 (Mar 2026), 991.63 (Sep 2025), 1,793.93 (Mar 2026 annual)
  • Profit before tax: 59.81 (Sep 2026), 50.29 (Mar 2026), 116.37 (Sep 2025), 166.66 (Mar 2026 annual)
  • Tax expense: 16.90 (Sep 2026 - Current: 15.05, Deferred: 1.85), 14.78 (Mar 2026 - Current: 19.90, Deferred: -5.12)
  • Profit after tax: 42.90 (Sep 2026), 35.51 (Mar 2026), 84.94 (Sep 2025), 120.45 (Mar 2026 annual)
  • Earnings per share (Basic): ₹0.86 (Sep 2026), ₹0.71 (Mar 2026), ₹1.70 (Sep 2025), ₹2.41 (Mar 2026 annual)
  • Earnings per share (Diluted): ₹0.86 (Sep 2026), ₹0.71 (Mar 2026), ₹1.70 (Sep 2025), ₹2.41 (Mar 2026 annual)
  • Paid-up equity share capital: 499.69 (all periods, face value ₹10 each)
Balance Sheet Highlights (as at September 30, 2026)
  • Total Assets: ₹4,318.41 lakhs (Sep 2026), ₹3,821.61 lakhs (Mar 2026)
  • Non-current assets: ₹1,148.16 lakhs (Sep 2026), ₹1,146.57 lakhs (Mar 2026)
  • Property, plant and equipment: ₹670.07 lakhs (Sep 2026), ₹713.90 lakhs (Mar 2026)
  • Long-term loans and advances: ₹454.17 lakhs (Sep 2026), ₹406.89 lakhs (Mar 2026)
  • Current assets: ₹3,170.25 lakhs (Sep 2026), ₹2,675.04 lakhs (Mar 2026)
  • Trade receivables: ₹1,889.70 lakhs (Sep 2026), ₹1,243.43 lakhs (Mar 2026)
  • Cash and cash equivalents: ₹481.82 lakhs (Sep 2026), ₹502.95 lakhs (Mar 2026)
  • Inventories: ₹445.59 lakhs (Sep 2026), ₹533.30 lakhs (Mar 2026)
  • Total Equity: ₹2,018.13 lakhs (Sep 2026), ₹1,975.22 lakhs (Mar 2026)
  • Non-current liabilities: ₹456.49 lakhs (Sep 2026), ₹449.95 lakhs (Mar 2026)
  • Borrowings: ₹453.99 lakhs (Sep 2026), ₹447.45 lakhs (Mar 2026)
  • Current liabilities: ₹1,843.79 lakhs (Sep 2026), ₹1,396.44 lakhs (Mar 2026)
  • Short-term borrowings: ₹1,018.68 lakhs (Sep 2026), ₹1,068.63 lakhs (Mar 2026)
Cash Flow Statement (H1 FY27)
  • Net cash from operating activities: ₹66.58 lakhs
  • Net cash used in investing activities: ₹1.19 lakhs
  • Net cash used in financing activities: ₹(63.56) lakhs
  • Net decrease in cash: ₹(11.19) lakhs
  • Opening cash balance: ₹502.95 lakhs
  • Closing cash balance: ₹481.82 lakhs

Additional Notes

1. The financial results were reviewed by the Audit Committee and approved by the Board of Directors on November 14, 2026.

2. Previous period figures have been re-grouped/re-classified to conform to current period's classification.

3. The company is listed on the SME Platform of BSE and is exempted from applicability of IND-AS.

4. The financial results have been prepared in accordance with Accounting Standards notified under Section 133 of the Companies Act, 2013.

5. The company has received observations from SEBI for open offer documents filed with it and is in the process of submitting replies.

6. No internal audit has been conducted during the period.