Key Financial Figures - Standalone (FY26)
- Total Income: Rs 4,049.20 lakh
- Total Expenses: Rs 3,917.51 lakh
- Net Profit: Rs 131.70 lakh
- EPS Basic: Rs 1.16
- EPS Diluted: Rs 1.16
- Equity Share Capital: Rs 1,140.00 lakh (Face value Rs 10/- each)
- Other Equity: Rs 3,969.25 lakh
- Total Assets: Rs 7,856.35 lakh
Key Financial Figures - Consolidated (FY26)
- Total Income: Not separately quantified in disclosure
- Net Profit: Rs 158.27 lakh (includes Rs 72.05 lakh share of profit from associate)
- EPS Basic: Rs 0.92
- EPS Diluted: Rs 0.92
- Equity Share Capital: Rs 1,140.00 lakh
- Other Equity: Rs 3,945.24 lakh
- Total Assets: Rs 7,836.74 lakh
- Investment in Associate: Rs 1,871.36 lakh (carrying value)
Audit Qualification Details
Nature of Qualification
Statutory auditors (Viren Gandhi & Co) issued a qualified opinion on consolidated financial results due to:
- Inclusion of Rs 72.05 lakh share of profit from associate Spafax International Holding Limited and its subsidiary Spafax International Limited
- This profit share was determined based on unaudited management accounts of Spafax Group
- Audited financial statements/reviewed interim financial information of the associate were not available for audit verification
Impact Assessment
Management's View:
- Impact is not precisely quantifiable without audited financial statements from Spafax Group
- Maximum gross impact would be reversal of Rs 72.05 lakh from consolidated net profit if associate profit is excluded
- Final impact subject to verification when audited financial statements become available
Auditors' Concurrence:
- Agree with management's assessment that impact is not quantifiable
- Confirm maximum gross impact would be reversal of Rs 72.05 lakh
Entities Involved
- Spafax International Holding Limited (UK incorporated) became associate on February 23, 2026
- Spafax International Limited (wholly owned subsidiary of above)
- Investment made through Bharat Technology Limited (UK subsidiary)
Significant Events and Transactions
Share Warrant Conversions
- During FY 2024-25, company issued 15,00,000 partly paid share warrants at Rs 330 per warrant (aggregating Rs 4,950.00 lakh)
- During FY26: 2,60,000 warrants converted to equity shares
- Additional 1,40,000 warrants converted during year
- Balance 11,00,000 warrants lapsed in Q3 FY26, resulting in Rs 907.50 lakh credited directly to Retained Earnings
Subsidiary Sale
- Completed sale of 50.01% shareholding in SKL India Private Limited on March 18, 2026
- Advance amount of Rs 1,125.20 lakh received earlier adjusted against total sale consideration
- SKL India ceased to be subsidiary from March 18, 2026
Associate Investment
- Through wholly-owned subsidiary Bharat Technology Limited, company acquired stake in Spafax International Holding Limited in four tranches:
- Tranche 1 (June 25, 2025): 9.90%
- Tranche 2 (September 23, 2025): 19.80%
- Tranche 3 (February 23, 2026): 29.71% (crossed 20% threshold, achieving significant influence)
- Tranche 4 (March 09, 2026): 39.61%
Financial Impact Statement
Consolidated Results Impact
| Particulars | As Reported (Rs Lakhs) | Adjusted (if qualification applied) |
| Net Profit | 158.27 | Unascertainable (max impact: -72.05) |
| EPS | 0.92 | Unascertainable |
| Investment in Associate | 1,871.36 | Unascertainable (max impact: -72.05) |
| Net Worth | 5,085.24 | Unascertainable |
Standalone Results
- No audit qualifications or modifications
- Statutory auditors issued unmodified opinion on standalone financial results
Dates and Timelines
- Financial Year End: March 31, 2026
- Board Approval Date: May 28, 2026
- Auditor's Report Date: May 28, 2026
- Exchange Submission Date: June 19, 2026
- SKL India Sale Completion: March 18, 2026
- Spafax Associate Status Effective: February 23, 2026
Additional Information
- No investor complaints pending as of March 31, 2026
- Previous periods' figures have been regrouped/reclassified for comparability
- Company engaged in manufacturing of automotive components and defence equipment
- This is the first-time appearance of this audit qualification (Spafax became associate first time in FY26)