Premier Ltd. reports FY26 audited results; company remains under CIRP
Premier Limited reported audited financial results for FY26, with a net loss of ₹587 lakhs. The company remains under Corporate Insolvency Resolution Process (CIRP) since January 29, 2021. A qualified audit report was issued due to concerns about going concern, asset impairment, and compliance issues. A resolution plan by Fab Metals Pvt. Ltd. is pending NCLT approval.
The ongoing CIRP, qualified audit report, significant financial losses, and eroded net worth have a substantial impact on the company's operational and financial standing.
The company continues to report significant losses and is under CIRP, with a qualified audit opinion highlighting going concern and compliance issues. The net worth is eroded, and operations remain suspended.
Premier Limited has announced its audited financial results for the quarter and financial year ended March 31, 2026. The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) as per the order of the Hon'ble NCLT, Mumbai Bench, dated January 29, 2021. Consequently, the powers of the Board of Directors are suspended and vested with the Resolution Professional, Ms. Kanak Jani.
The company reported a net loss of ₹176 lakhs for the quarter ended March 31, 2026, and a net loss of ₹587 lakhs for the financial year ended March 31, 2026. The financial statements have been prepared on a going concern basis, despite the net worth being completely eroded and significant losses incurred. The auditors have issued a qualified report, highlighting several concerns including the company's ability to continue as a going concern, non-assessment of asset impairment, and non-compliance with certain provisions of the Companies Act, 2013.
The Committee of Creditors (CoC) had approved a resolution plan submitted by Fab Metals Pvt. Ltd. on January 22, 2022, and the approval process with the Hon'ble NCLT is ongoing. The company's manufacturing activities at its Chakan plant remain suspended since March 3, 2020, due to a lack of working capital. Additionally, there was a delay in transferring unclaimed matured fixed deposits amounting to ₹46.55 lakhs to the Investor Education & Protection Fund (IEPF), which is currently being processed.
The board meeting commenced at 02:30 P.M. and concluded at 05:00 P.M. on May 27, 2026.
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Premier Limited filed this with the NSE as a statutory disclosure, categorised under other results related. 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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