Williamson Magor Board Approves Q3 FY26 Results; Reappoints Auditors
Williamson Magor & Company Limited's Board approved Q3 FY26 results on Feb 12, 2026. Unaudited standalone and consolidated results for the period ending Dec 31, 2025, were approved. Auditors flagged concerns about going concern, non-recognition of interest expenses, and defaults. M/s R. Dugar & Associates were reappointed as Internal Auditors for FY27.
The auditor's qualified conclusion and the numerous critical issues raised, such as the erosion of net worth and potential going concern issues, have a significant impact on the company's financial health and investor confidence.
The financial results were accompanied by a qualified conclusion from the auditors, highlighting significant concerns regarding the company's going concern status, non-recognition of interest expenses, and defaults in loan repayments. These factors indicate substantial financial distress.
Williamson Magor & Company Limited announced the outcome of its Board of Directors meeting held on February 12, 2026. The Board approved the un-audited Financial Results (Standalone and Consolidated) for the quarter and nine months ended December 31, 2025. The company also re-appointed M/s R. Dugar & Associates as its Internal Auditors for the financial year 2026-2027.
The financial results, along with the Limited Review Report from statutory auditors M/s. V. Singhi & Associates, were submitted as per SEBI regulations. The detailed financial disclosures are also available on the company's website, www.wmtea.com.
The auditor's report highlighted several critical issues, including a material uncertainty related to the company's ability to continue as a going concern due to a fully eroded net worth and the non-recognition of significant interest expenses on secured and inter-corporate borrowings. The report also noted defaults in repayment of principal and interest on debt securities and loans. Furthermore, the auditor expressed concerns regarding the recognition of deferred tax assets, stating they might be overstated. The company is also evaluating the impact of new Labour Codes effective from November 21, 2025.
The meeting commenced at 1:00 PM and concluded at 4:35 PM.
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