Premier Ltd reports Q1 FY26 loss of ₹1.94 crore amidst ongoing CIRP; auditors issue qualified report
The company's net worth is eroded, it's operating under CIRP, and manufacturing is suspended. The qualified audit report raises serious doubts about its financial health and operational viability, indicating fundamental issues that could severely affect its future.
The company reported a loss and its net worth is completely eroded. The auditors issued a qualified report, highlighting significant concerns about its going concern ability, non-assessment of asset impairment, lack of complete financial data, and non-compliance with statutory appointments (Company Secretary, Internal Auditor). The manufacturing activities remain suspended.
Premier Limited announced its unaudited standalone and consolidated financial results for the quarter ended 30th June 2025: * The company reported a Net Loss of ₹1.94 crore (₹194 lakhs) for Q1 FY26, compared to a loss of ₹1.92 crore (₹192 lakhs) in Q1 FY25 and ₹2.33 crore (₹233 lakhs) in Q4 FY25. * Total Income for the quarter was ₹28 lakhs, compared to ₹25 lakhs in Q1 FY25 and ₹29 lakhs in Q4 FY25. * The company remains under Corporate Insolvency Resolution Process (CIRP) since 29th January 2021, with the Resolution Professional, Ms. Kanak Jani, managing its affairs. * The statutory auditors, M/s. Jayesh Dadia & Associates, LLP, issued a qualified limited review report due to several concerns: * The company's Net Worth has been completely eroded, and operations remain suspended since 3rd March 2020 due to lack of working capital, casting significant doubt on its ability to continue as a going concern. * The company has not assessed impairment of assets, and the auditors could not obtain sufficient evidence to determine necessary adjustments. * The Committee of Creditors (CoC) approved a resolution plan from Fab Metals Pvt. Ltd. on 22nd January 2022, but the approval petition is pending before NCLT, and auditors were not privy to the plan details. * Discrepancies in admitted claims by the RP versus financial results, and issues with personnel records and employee dues calculations. * Lack of CoC approval records for expenses incurred during CIRP. * Violation of Companies Act, 2013, due to not appointing a whole-time Company Secretary for over 6 months and not appointing an internal auditor. * There is a delay in transferring unclaimed matured fixed deposits and interest amounting to ₹46.55 lakhs to the Investor Education & Protection Fund (IEPF), though the company is in the process of transferring it.
What to do with a filing like this
Premier Limited filed this with the NSE as a statutory disclosure, categorised under 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 Premier Limited. Read the original for the full detail.