CMI Limited announces Q1 FY25 Unaudited Financial Results amid CIRP
CMI Limited's Board approved unaudited financial results for Q1 FY25 on September 11, 2026. The company is under CIRP. Accumulated losses reached ₹16,375.79 lakh as of June 30, 2025, eroding net worth. Auditors disclaimed an opinion due to insufficient evidence and noted several accounting concerns.
The announcement pertains to financial results during an insolvency resolution process, coupled with a disclaimer of opinion from auditors, which has a significant impact on stakeholders and the company's future prospects.
The company is undergoing CIRP, has significant accumulated losses eroding net worth, and the auditors have disclaimed an opinion on the financial results due to multiple accounting and disclosure issues.
CMI Limited announced its unaudited financial results for the quarter ended June 30, 2025, following the initiation of Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The Board of Directors, with authorization from the Resolution Professional, approved these results during a meeting held on September 11, 2026. The meeting commenced at 02:00 P.M. and concluded at 03:50 P.M.
The company's financial statements are prepared in accordance with generally accepted accounting principles in India, not Ind AS, due to the ongoing CIRP. The auditors, Kumar Pramod & Associates, have issued a limited review report. They noted significant concerns regarding the going concern assumption due to accumulated losses of ₹16,375.79 lakh as of June 30, 2025, against a paid-up capital of ₹1,603.07 lakh, indicating an erosion of net worth. The auditors also highlighted non-compliance with Ind AS disclosures, potential contingent liabilities related to tax matters, issues with fixed assets valuation due to the absence of a register, lack of confirmations for bank and investment accounts, unavailable quantitative details for inventory valuation, and pending litigations not being independently verified.
Consequently, the auditors could not obtain sufficient appropriate audit evidence to provide an audit opinion and have disclaimed an opinion on the financial statements.
What to do with a filing like this
CMI Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by CMI Limited. Read the original for the full detail.