Ashapura Intimates Fashion Limited has published its financial results for the quarter and year ended March 31, 2026, in Active Times Mumbai and Mumbai Lakshdweep. The disclosure was made pursuant to Regulation 47 of the SEBI (LODR) Regulations, 2015, to ensure wide public dissemination of the company's performance data.

The company submitted the intimation to the stock exchanges on June 2, 2026. The filing confirmed that the financial results for the period ended March 31, 2026, have been disseminated to the public through the designated newspapers.

Publication Details

The publication of the financial results was carried out in compliance with regulatory requirements. The results were published in an English newspaper, Active Times Mumbai, and a Marathi newspaper, Mumbai Lakshdweep.

Regulatory Compliance

The intimation was addressed to the Listing Departments of both BSE Limited and the National Stock Exchange of India Limited. The document was signed by Nikunj Shah, Managing Director of Ashapura Intimates Fashion Limited.

Ashapura Intimates Fashion Limited has reported a net profit of ₹4.88 lakh for the financial year ended March 31, 2026, marking a significant turnaround from the net loss of ₹1,397.27 lakh recorded in the previous fiscal year. The company's board approved the audited standalone financial results at its meeting held on May 16, 2026, at its Ahmedabad venue, which commenced at 01:15 PM and concluded at 02:40 PM. Despite the return to profitability, statutory auditors N.K. Sarraf & Associates issued a disclaimer of opinion on the standalone Ind AS financial statements, citing the unavailability of sufficient appropriate audit evidence regarding opening balances and supporting documents. The disclaimer of opinion has been continuing for the seventh time since March 31, 2019.

Financial Performance

Revenue from operations remained nil for the year, while other income stood at ₹2.31 lakh. Total expenses were reported at ₹86.87 lakh, comprising depreciation and amortization of ₹34.37 lakh, finance costs of ₹0.00 lakh, and other expenses of ₹52.50 lakh. The turnaround to profitability was driven by exceptional items totaling ₹89.43 lakh, primarily relating to impairment and diminution in the value of investments, advances, and receivables, as well as adjustments pursuant to National Company Law Tribunal (NCLT) orders. No tax expenses were recognized given the suspension of operations and continuing losses.

The following table presents the audited standalone financial results for the year ended March 31, 2026, compared with the previous year:

The standalone balance sheet as at March 31, 2026, reflects total assets of ₹517.99 lakh, with equity share capital of ₹2,521.14 lakh and total equity of ₹54.87 lakh. Total current liabilities stood at ₹463.11 lakh.

Auditor's Disclaimer of Opinion

N.K. Sarraf & Associates declined to express an opinion on the accompanying Ind AS standalone financial statements, citing multiple significant limitations. The auditors were unable to obtain sufficient appropriate audit evidence regarding the opening balances as of April 1, 2025, due to unavailability of relevant supporting documents. Multiple irregularities and suspected fraudulent transactions were noted during the year ended March 31, 2018, based on a preliminary assessment conducted by the Liquidator/Resolution Professional (RP) during the Corporate Insolvency Resolution Process (CIRP). The auditors also flagged the inability to independently verify reconciliation of trade payables and other receivables outstanding as on March 31, 2026.

Key financial documents, including bank statements, cash credit account statements, loan account statements, and fixed deposit schedules, were not made available for verification. The company had not deposited various statutory dues — including Provident Fund (PF), Employees' State Insurance (ESIC), Goods and Services Tax (GST), Tax Deducted at Source (TDS), and Income Tax — for financial years 2017–18 through 2024–25, with no provision made for related interest and penalties. While statutory dues for FY 2025–26 were reported as generally settled, the auditors noted the absence of sufficient supporting documentation to independently verify this. Additional qualifications covered the absence of actuarial valuations under Ind AS 19, non-availability of secretarial audit reports and signed board minutes, absence of inventory records and physical verification, inability to verify deferred tax provisions, and non-compliance with Ind AS 21 regarding foreign currency restatements.

Corporate Insolvency and Asset Sale

The company has been undergoing insolvency proceedings since June 28, 2019, when the NCLT admitted the petition filed by IDFC First Bank Limited under the Insolvency and Bankruptcy Code, 2016 (IBC). Mr. Kashyap Vaidya was appointed as the Interim Resolution Professional and subsequently confirmed as the Resolution Professional by the Committee of Creditors. As no resolution plan was received, the NCLT ordered liquidation on October 5, 2020, appointing Mr. Bhavesh Rathod (Registration No. IBBI/IPA-001/IPP01200/2018-19/11910) as the Liquidator.

The Liquidator conducted an e-auction on December 21, 2024, to sell the company as a whole on an "as is where is basis." Grow House Agro Limited was declared the successful bidder on December 23, 2024, and a sale certificate was issued on March 1, 2025. The key details of the transaction are as follows:

As shares have not yet been issued to Grow House Agro Limited, the sum received of ₹21.30 crore has been recorded under current liabilities as an advance received against the sale of shareholding. As per the Tri-Party MOU, Grow House Agro Ltd. is participating only as a facilitator/mediator, with beneficial ownership, control, and economic interest in the corporate debtor vesting with Pervasive Commodities Ltd. and/or its nominated shareholders/SPV. Additionally, during FY 2025–26, fixed assets were sold to M/s. Namharatna Infra LLP, with the resulting profit recognized in the Statement of Profit and Loss.

Going Concern and Impact of Qualifications

The auditors drew attention to the material uncertainty relating to going concern, noting that the company's net worth was fully eroded by accumulated losses as on March 31, 2019. However, from FY 2025–26 onwards, pursuant to the CIRP, the company is considered a going concern once again. The Statement on Impact of Audit Qualifications filed under Regulation 33/52 of SEBI (LODR) Regulations, 2016, indicates that since the impact of qualifications could not be ascertained, the adjusted figures are considered the same as the audited figures. Operational activities of the company have been suspended since the third quarter of FY 2018–19, and no provision for current or deferred tax has been recognized.

Source: None/Company/INE428O01016/b96c4effc0504dc9.pdf