Half-year results approved; revenue NIL and auditor's qualified conclusion lists 13 matters
Board approved unaudited results for the half year ended 30 September 2026: revenue from operations was NIL and the loss was Rs. 8.54 lakh, against revenue of Rs. 2,372.11 lakh and a profit of Rs. 1.49 lakh in the year-ago half year.
By ScoutQuest · · 3 min read
- Revenue from operations (H1 FY27)
- NIL
- Loss for the half year
- Rs. 8.54 lakh
- Short-term loans and advances flagged by auditor
- Rs. 2,878.37 lakh
Board meeting outcome
The board approved the unaudited financial results for the half year ended 30 September 2026 along with the auditor's limited review report, and the statement of deviations or variations in the use of IPO proceeds for that half year.
Results at a glance
- Revenue from operations for the half year was NIL, against Rs. 2,372.11 lakh in the six months ended 30 September 2025.
- Other income was NIL, against Rs. 4.33 lakh in the year-ago half year.
- Total expenses were Rs. 8.54 lakh, against Rs. 2,374.45 lakh earlier.
- Loss for the period was Rs. 8.54 lakh, against a profit of Rs. 1.49 lakh in the year-ago half year.
- Total of assets and liabilities stood at Rs. 4,865.04 lakh as at 30 September 2026, against Rs. 4,870.36 lakh as at 31 March 2026.
- Cash and cash equivalents were Rs. 4.00 lakh at the end of the period.
- The company reports a single business segment, trading of agro commodity. No investor complaints were received or pending as on 30 September 2026.
Auditor's qualified conclusion
The limited review report carries a qualified conclusion, subject to the matters set out in its annexure, and states that the possible financial effects of certain matters have not been quantified. The matters listed include:
- Short-term loans and advances of Rs. 2,878.37 lakh, advances to creditors of Rs. 560.79 lakh and investments of Rs. 884.34 lakh requiring party-wise confirmations, terms and evidence of recoverability.
- NIL revenue, NIL purchases and NIL sales for the half year, with a documentary explanation sought for the absence of business turnover.
- Inventory of Rs. 102.12 lakh, the same as opening stock, not independently confirmed, with the stock not insured.
- Advances to creditors of Rs. 560.79 lakh whose recoverability could not be established.
- Non-compliance flagged on the audit trail requirement in accounting software.
- TDS payable of about Rs. 34.45 lakh, alongside duties and taxes in the balance sheet aggregating Rs. 82.64 lakh.
- An internal auditor appointed for FY 2025-26 but no internal audit activities conducted.
- Related-party loans and advances aggregating about Rs. 28.78 crore, with approval and disclosure documentation sought.
- An income-tax demand of about Rs. 15.37 crore plus interest of about Rs. 2.61 crore, and a GST demand of about Rs. 21.98 crore.
- Investments of Rs. 884.34 lakh requiring an impairment and income-recognition assessment.
- Cash flow, liquidity and going concern, with bank accounts described as inoperative and bank statements not available.
- An inconsistency in how the Rs. 560.79 lakh advance to suppliers is presented in the balance sheet versus the notes.
- The report also states that this is a draft form of qualified limited review conclusion, with the final conclusion to be determined after completion of review procedures.
What this means for retail investors
Read together, the update describes a half year with no revenue, a small loss, and an auditor that could not independently verify several large balances. The loans and advances of Rs. 2,878.37 lakh and investments of Rs. 884.34 lakh are large relative to the company's reported cash of Rs. 4.00 lakh. Because the review conclusion is qualified and the financial effect of the listed matters is not quantified, the reported numbers should be read alongside those points.
Also from Patron Exim
Half-year results carry a draft qualified limited review conclusion, 13 matters listed
2 Nov 2026
Board meeting on 2 November 2026 to consider unaudited standalone results for half year ended 30 September 2026
27 Oct 2026
More numbers
- Revenue from operations, half year ended 30 Sep 2026NIL
- Loss for the period, half year ended 30 Sep 2026(8.54) lakh
- Short-term loans and advances as at 30 Sep 2026₹2,878.37 lakh
- Investments as at 30 Sep 2026₹884.34 lakh
- Advances to creditors as at 30 Sep 2026₹560.79 lakh
- Inventory as at 30 Sep 2026₹102.12 lakh
- Income-tax demand for AY 2023-24₹15.37 crore
- GST demand for FY 2017-18₹21.98 crore
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