Mcleod Russel India Limited Board Approves Unaudited Financial Results for Q2 FY27
Mcleod Russel India Limited's Board approved unaudited financial results for Q2 FY27 on November 14, 2026. The results, both standalone and consolidated, were subject to limited review. Auditors raised concerns about ICD recoverability and going concern, issuing an adverse conclusion on standalone results.
The adverse conclusion from the auditors and the significant concerns raised about the company's financial health and asset recoverability will have a high impact on investor confidence and the company's valuation.
The auditor's report highlighted significant concerns regarding asset recoverability, going concern assumption, and compliance with accounting standards, leading to an adverse conclusion on the standalone financial results.
Mcleod Russel India Limited announced that its Board of Directors, in a meeting held on November 14, 2026, has approved the unaudited financial results for the quarter and half-year ended September 30, 2026. These results, both standalone and consolidated, have been subjected to a limited review by the company's statutory auditors, M/s. Lodha & Co. LLP, Chartered Accountants.
The Board meeting commenced at 2:15 PM and concluded at 5:00 PM on the same day. The company has also stated that this disclosure will be hosted on its official website, www.mcleodrussel.com.
The accompanying limited review report from the statutory auditors highlights several significant matters. These include concerns regarding the recoverability of Inter-Corporate Deposits (ICDs) amounting to ₹2,86,050 lakhs, with a significant portion remaining unprovided for. The report also draws attention to adjustments related to restructuring of borrowings with NARCL and One Time Settlement (OTS) with JCAF, the non-recognition of interest on certain loans, and the fair valuation of Property, Plant, and Equipment. Furthermore, the auditors note the non-determination of fair value for certain assets and liabilities, including lease rent for office premises and statutory liabilities. The report also mentions issues with deferred tax assets and the reconciliation of certain debit and credit balances. The auditors expressed an adverse conclusion on the standalone financial results, stating they were not prepared in all material respects in accordance with Indian Accounting Standards and had not disclosed fairly the required information. The report also raises concerns about the going concern assumption due to the company's current liabilities exceeding current assets and significant operational losses impacting net worth.
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