Oxford Industries FY2026 Profit Turnaround with Qualified Audit

Board Meeting Details

Meeting held on Thursday, 28th May, 2026 at 04:00 p.m. at registered office
Meeting commenced at 04:00 P.M. and concluded at 7:00 P.M.
Conducted pursuant to Regulation 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Matters Approved by Board

1. The Audited Financial Results of the Company for the Quarter and Year ended March 31, 2026 along with Audited Reports

2. Appointed Mr. Manas Dash as an Internal Auditor of the Company for the financial year 2026-2027

Internal Auditor Appointment Details

Name: Mr. Manas Dash
Reason for appointment: To comply with the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Date of Appointment: 28-05-2026
Terms: As agreed between Board of Directors and Mr. Manas Dash

Internal Auditor Profile

CA Manas Dash is a chartered accountant with twenty years of experience, specializing in taxation, auditing and management consultancy, Urban Sector Reforms. He has worked on projects involving capacity building, financial management, institutional development, accounting systems for public sector, project financing, revenue generation and resource mobilization, taxation including GST, Sales Tax, VAT, Income tax, Services Tax, Excise, and Customs Duty. He is actively engaged in various reform projects in Orissa and Bihar in Urban Local Bodies field. He is consultant to Bhubaneswar Municipal Corporation (BMC) Reforms project and worked on improving municipal financial management and accounting systems. He was engaged in conversion of accounting systems from cash to accrual basis for multiple municipal corporations. As working partner in M/s Manas Dash & Co., Chartered Accountants, he provides various professional services including statutory, internal, and management audits of banks, incorporation and audit of companies, NGO's, and direct/indirect taxation services.

Financial Results for Year Ended March 31, 2026 (₹ in Lacs)

Statement of Profit and Loss

| Total Income | - | 70.08 | - | 70.08 |

| Total Expenses | 4.40 | 13.53 | 2.27 | 13.53 |

| Profit before tax | (4.40) | 56.55 | 35.25 | 56.55 |

| Tax expense | 4.24 | 4.24 | - | 4.24 |

| Profit/(Loss) for period | (8.63) | 52.31 | 35.25 | 52.31 |

| EPS - Basic (₹) | (0.15) | 0.88 | 0.59 | 0.88 |

| EPS - Diluted (₹) | (0.15) | 0.88 | 0.59 | 0.88 |

| Paid-up Equity Share Capital | 593.60 | 593.60 | 593.60 | 593.60 |

Balance Sheet Position as at March 31, 2026 (₹ in Lacs)

| Particulars | 31.03.2026 | 31.03.2025 |

| ASSETS | | |

| Non-current assets | 67.96 | - |

| - Investments | 67.96 | - |

| Current assets | 12.37 | 55.50 |

| - Investments | - | 42.94 |

| - Trade receivables | - | 1.81 |

| - Cash and cash equivalents | 1.04 | 1.08 |

| - Other Current Assets | 11.32 | 9.67 |

| Total Assets | 80.33 | 55.50 |

| EQUITY AND LIABILITIES | | |

| Equity Share capital | 593.60 | 593.60 |

| Other Equity | (712.42) | (764.73) |

| Shareholders' funds | (118.82) | (171.13) |

| Current liabilities | 199.15 | 226.63 |

| - Borrowings | - | 13.16 |

| - Trade payables | - | 0.61 |

| - Other Financial Liabilities | 170.90 | 217.97 |

| - Other Current Liabilities | 2.46 | 0.16 |

| - Provisions | 12.63 | 7.89 |

| Total Equity & Liabilities | 80.33 | 55.50 |

Cash Flow Statement for Year Ended March 31, 2026 (₹ in Lacs)

| Particulars | 2025-2026 | 2024-2025 |

| Cash from operating activities | 72.05 | (59.41) |

| Cash from investing activities | (25.02) | - |

| Cash from financing activities | (47.07) | 48.95 |

| Net increase/(decrease) in cash | (0.04) | (10.45) |

| Cash at beginning of period | 1.08 | 11.54 |

| Cash at end of period | 1.04 | 1.08 |

Audit Qualification Disclosure

Statutory Auditors M/s. PAMS & Associates (Firm registration no. 316079E) issued Audit Report on Financial Results with modified (qualified) opinion.

Basis for Qualified Opinion

The Company has incurred significant accumulated losses amounting to approximately ₹21,295.40 lakhs as at March 31, 2026, resulting in complete erosion of its net worth. Further, as at the reporting date, the Company's current liabilities exceed its current assets by ₹186.78 Lacs (P.Y. ₹171.13 lacs), indicating a negative working capital position. These conditions indicate the existence of a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern. Notwithstanding the above, the financial statements have been prepared on a going concern basis.

Key Audit Matter

Material uncertainty regarding the Company's ability to continue as a going concern was identified as the key audit matter.

Other Audit Findings

The company has not declared any dividend during the year
No remuneration paid to directors during the year, though sitting fees provided for remain outstanding
No pending litigations impacting financial position
No long-term contracts with material foreseeable losses
No amounts required to be transferred to Investor Education and Protection Fund
Management representations obtained regarding fund transactions
Company used Tally Prime accounting software with audit trail feature enabled

Internal Financial Controls

Auditor expressed unqualified opinion that the Company has adequate internal financial controls system over financial reporting operating effectively as at March 31, 2026.

Additional Information

Company adopted Indian Accounting Standards (Ind AS) from April 01, 2017
Company engaged in trading activities with one reportable operating segment
Previous period figures regrouped where necessary
Company CIN: L17112MH1980PLC023572

Financial Impact Assessment

The financial results show a turnaround to profitability with ₹52.31 lakh net profit for FY2026 compared to loss in previous year, but the qualified audit opinion highlights material uncertainty about the company's ability to continue as a going concern due to accumulated losses and negative net worth.