City Crops Agro reports net loss of ₹393.21 lakh in FY26
City Crops Agro reported a net loss of ₹393.21 lakh for FY26 against a profit of ₹247.69 lakh in FY25, with revenue falling to ₹1,953.94 lakh. The loss was primarily due to the write-down of perishable stock to nil value. V S S B & Associates issued a qualified opinion citing outstanding tax liabilities of ₹125.36 lakh, inactive GST registration, and the absence of an ECL policy for trade receivables and advances.
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City Crops Agro reported a net loss of ₹393.21 lakh for the financial year ended March 31, 2026, compared to a net profit of ₹247.69 lakh in the previous year. Revenue from operations fell to ₹1,953.94 lakh from ₹5,591.71 lakh in FY25. The decline in financial performance was attributed to the write-down of perishable opening stock-in-trade to nil value, which was destroyed as it became non-saleable. The board approved the audited financial results for the half-year and year ended March 31, 2026, in a meeting held on May 27, 2026.
The company's statutory auditor, V S S B & Associates, issued a qualified opinion on the financial statements. Key qualifications include outstanding income tax liabilities of ₹125.36 lakh for FY23, FY24, and FY25, and an inactive GST registration leading to unfiled returns and unrecognised Reverse Charge Mechanism liabilities. The auditor also noted the absence of an Expected Credit Loss (ECL) policy under Ind AS 109 for assessing trade receivables and advances, and outstanding advances of ₹300.25 lakh towards agricultural land development activities lacking adequate documentation.
Financial Performance
| Particulars | Year Ended 31-03-26 (₹ in Lacs) | Year Ended 31-03-25 (₹ in Lacs) |
|---|---|---|
| Revenue from Operations | 1,953.94 | 5,591.71 |
| Total Income | 1,953.94 | 5,591.71 |
| Total Expenses | 2,347.13 | 5,333.94 |
| Profit/(Loss) for the Period | (393.21) | 247.69 |
| Earnings Per Share (Basic) | (2.41) | 1.52 |
The board also appointed M/s. Jay Pandya & Associates as the Secretarial Auditor for FY26. The meeting was held at the company's registered office in Ahmedabad, and the intimation was submitted to BSE Limited.
Historical Stock Returns for City Crops Agro
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| 0.0% | +21.47% | +54.08% | +48.51% | +16.46% | +9.95% |
What specific measures will management implement to prevent future inventory write-offs and restore revenue growth?
How does the company plan to settle the outstanding income tax liabilities of ₹125.36 lakh and reactivate its GST registration?
Will the adoption of an Expected Credit Loss (ECL) policy under Ind AS 109 lead to a significant reassessment of trade receivables in the next fiscal year?
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