Supreme Infra Board Approves Q2 FY27 Unaudited Results; Auditors Raise Concerns
Supreme Infrastructure India Limited approved unaudited financial results for Q2 FY27. Auditors raised concerns over significant outstanding receivables, investments in subsidiaries under CIRP, and non-accrual of interest, impacting reported figures. The company reported a Q2 profit of ₹367.79 lakhs and H1 loss of ₹5,546.52 lakhs.
The auditor's qualified opinion and detailed concerns about recoverability of substantial assets and liabilities, along with potential impact on net worth and losses, indicate a high level of risk and uncertainty for the company's financial position and future outlook.
The auditor's report contains multiple qualifications and concerns regarding the company's financial reporting, including issues with receivables, subsidiaries under insolvency, and interest accrual, which significantly impacts the perceived financial health and reliability of the reported numbers.
Supreme Infrastructure India Limited announced the outcome of its Board Meeting held on November 13, 2026. The Board approved the Unaudited Financial Results (Standalone and Consolidated) for the quarter and half-year ended September 30, 2026. The meeting commenced at 6:30 p.m. and concluded at 7:55 p.m.
However, the Limited Review Reports from auditors Borkar & Muzumdar highlighted significant concerns. These include substantial outstanding trade receivables and unbilled revenue of ₹75,648.58 lakhs and ₹650.24 lakhs respectively, with no movement and subject to confirmation, for which the management's assessment of no expected credit loss (ECL) was questioned. Additionally, non-current investments and trade receivables amounting to ₹1,42,556.84 lakhs and ₹2,221.36 lakhs related to Supreme Infrastructure BOT Private Limited (SIBPL), which is under Corporate Insolvency Resolution Process (CIRP), were deemed fully recoverable by management without sufficient evidence. Investments and receivables related to Supreme Panvel Indapur Tollways Private Limited (SPITPL), also under CIRP, totaling ₹15,677.22 lakhs, ₹3,814.98 lakhs, and ₹3,201.67 lakhs, similarly raised concerns due to ongoing arbitration and lack of cash flows.
Furthermore, the auditors noted that the non-accrual of interest amounting to ₹44,440.34 lakhs, ₹11,704.44 lakhs, and ₹23,003.55 lakhs for the quarter and half-year ended September 30, 2026, and ₹5,641.99 lakhs for the quarter on amounts outstanding, was not in accordance with Ind AS 109, leading to an understatement of loss and overstatement of net worth. The auditors also drew attention to corporate guarantees totaling ₹1,51,347.85 lakhs issued to subsidiaries/group companies that have defaulted on their borrowings, with the company not recognizing any financial liability despite the defaults.
The company reported a net profit of ₹367.79 lakhs for the quarter and a net loss of ₹5,546.52 lakhs for the half-year ended September 30, 2026. Accumulated losses stood at ₹1,04,949.45 lakhs with a net worth of ₹18,176.71 lakhs. The auditors highlighted that after considering the impact of the interest non-accrual, the net loss for the half-year would be ₹34,192.05 lakhs, accumulated losses ₹4,33,937.68 lakhs, and a negative net worth of ₹3,10,711.49 lakhs. However, the management prepared the statement on a going concern basis, supported by the implementation of a Scheme of Compromise and Arrangement on October 31, 2026, and receipt of No Dues Certificates from lenders.
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