Williamson Magor Board Approves Q3 FY26 Results, Reappoints Auditors
Williamson Magor & Company Limited's Board approved un-audited financial results for Q3 FY26. The company re-appointed M/s. R. Dugar & Associates as Internal Auditors for FY27. Auditors' reports highlighted material uncertainties regarding going concern, non-recognition of interest expenses, and defaults in loan repayments.
The qualified audit report, material uncertainty about going concern, and significant financial irregularities highlighted by the auditors have a substantial impact on the company's financial health and investor confidence.
The financial results are qualified by the auditors due to significant concerns including material uncertainty about the company's ability to continue as a going concern, non-recognition of interest expenses, defaults on loans, and overstatement of deferred tax assets. These factors indicate severe 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 for the quarter and nine months ended December 31, 2025, both on a standalone and consolidated basis. The company also received the Limited Review Report from its statutory auditors, M/s. V. Singhi & Associates.
Furthermore, the board approved the re-appointment of M/s. R. Dugar & Associates as the Internal Auditors for the financial year 2026-2027. The meeting commenced at 1:00 PM and concluded at 4:35 PM on February 12, 2026.
The accompanying auditor's reports highlighted several critical issues including a material uncertainty related to going concern due to fully eroded net worth, non-recognition of significant interest expenses, lack of reconciliation for certain balances, default in repayment of debt securities and loans, and overstatement of deferred tax assets. The company is also evaluating the impact of new Labour Codes effective November 21, 2025. An arbitration award dated September 29, 2025, for a joint liability of ₹50,89,591 thousand due to a loan default is being challenged by the company in the Delhi High Court.
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Williamson Magor & Company Limited filed this with the NSE as a statutory disclosure, categorised under quarterly 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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