Mcleod Russel: Board Approves Audited FY26 Results with Modified Opinion; Reappoints Cost Auditors
Mcleod Russel's Board approved audited FY26 results with a modified auditor opinion. Cost and Internal Auditors were re-appointed for FY27. The company reported a net loss for the quarter and year ended March 31, 2026.
The modified audit opinion raises serious concerns about the company's financial health and the accuracy of its reported results. Significant provisions for doubtful recoveries and uncertainties regarding asset valuations and liabilities indicate a high level of financial risk.
The auditor's report contains an adverse opinion due to significant issues, including doubtful recovery of Inter Corporate Deposits (ICDs) and non-recognition of interest on certain loans, leading to an understatement of losses. The company's current liabilities exceed its current assets, and operational losses have impacted its net worth.
The Board of Directors of Mcleod Russel India Limited, in its meeting held on May 29, 2026, approved the audited financial results for the quarter and year ended March 31, 2026, on both standalone and consolidated bases. The company also took on record the Audit Report from its Statutory Auditors, Lodha & Co LLP, which contained a modified opinion.
The Board also approved the Statement on Impact of Audit Qualification for the audited financial results for the year ended March 31, 2026. Furthermore, the company approved the re-appointment of M/s Mani & Co., M/s SPK Associates, and M/s DGM & Associates as Cost Auditors for the financial year 2026-2027. Additionally, M/s B. M. Chatrath & Co. LLP and M/s V Singhi & Associates were re-appointed as Internal Auditors for the same financial year.
The meeting commenced at 3:15 PM and concluded at 9:20 PM.
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Mcleod Russel India 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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