Madhucon Projects Ltd. Board Approves Audited FY26 Results with Qualified Opinion

Madhucon Projects Limited announced the outcome of its Board Meeting held on May 28, 2026. The Board approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The meeting commenced at 4:00 PM and concluded at 4:45 PM.

The Statutory Auditors, M/s P. Murali & Co., have issued their Auditor's Report with a modified (qualified) opinion on both the standalone and consolidated financial results. Key concerns highlighted in the auditor's report include the carrying value of equity investments in subsidiaries that are incurring losses or have eroded net worth and affected going concern status. Specific write-offs of investments in subsidiaries like Madhucon Infra Limited and Madurai Tuticorin Expressways Limited were noted without clear justification. The auditors also pointed out issues related to default in payment to Punjab National Bank, non-recognition of OTS benefits, and improper recognition of advances as revenue. Furthermore, write-backs of trade payables, write-offs of advances, unpaid dividends, and lack of internal audit for the period were cited. The auditors also noted outstanding statutory dues and legal proceedings involving subsidiaries like Ranchi Expressways Ltd., which is undergoing Corporate Insolvency Resolution Process (CIRP), and Madhucon Projects Limited's investments in these subsidiaries without provision for impairment. The report also indicates material uncertainty regarding the company's ability to continue as a going concern, although management believes the assumption is still appropriate.