Glaam Up Jwel Limited reported a net profit of ₹11.87 lakh for the financial year ended March 31, 2026, a significant increase from ₹1.01 lakh in the previous year. However, the statutory auditors, Kapish Jain & Associates, issued a qualified opinion on the standalone financial results, citing a material uncertainty regarding the company's ability to continue as a going concern due to a substantial Goods and Services Tax (GST) penalty and outstanding bank dues.

Financial Performance

Revenue from operations for FY26 stood at ₹1,239.28 lakh, compared to ₹1,226.17 lakh in FY25. Total income for the year was ₹1,239.28 lakh, while total expenses were ₹1,222.95 lakh. The company reported a profit before tax of ₹16.33 lakh for the year ended March 31, 2026. For the half-year ended March 31, 2026, the company recorded a net profit of ₹8.01 lakh on revenue of ₹453.43 lakh.

Audit Qualifications

The auditors highlighted two major issues. First, the Joint Commissioner, Adjudication, CGST Delhi North, levied a penalty of ₹2,223.54 lakh on the company, alleging it is a non-genuine taxable entity involved in fraudulent Input Tax Credit (ITC) availment. The management has not recognized any provision for this liability, stating it intends to pursue legal remedies. The auditors disagreed with this stance, noting that if the provision were recognized, the profit for the year would be reduced by ₹2,223.54 lakh, turning the net profit into a substantial loss and casting significant doubt on the company's status as a going concern.

Second, the company defaulted on a credit facility of ₹2 crore with Axis Bank Limited, with an outstanding aggregate amount of ₹2.06 crore as of the balance sheet date. The bank has applied to the Debt Recovery Tribunal (DRT) for recovery, and the company is restrained from selling a mortgaged property. The next hearing is scheduled for July 28, 2026. The company has not made any provision for the interest payable on this outstanding amount.

Operational Details

The board meeting to approve these results was held on May 30, 2026. The auditors also noted that stock worth ₹304.44 lakh is located at premises sealed by Axis Bank, preventing physical verification. Additionally, the company's GST registration in Delhi was cancelled in August 2021, and it has since established operations in Gujarat.

Glaam Up Jwel Limited has notified the Bombay Stock Exchange regarding the non-applicability of the Annual Secretarial Compliance Report for the financial year ended March 31, 2026. The company, formerly known as Gleam Fabmat Limited, cited regulatory exemptions available to SME-listed entities under SEBI regulations.

Regulatory Exemption Details

The company has claimed exemption under Regulation 15(2) of Chapter IV of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This exemption applies specifically to listed entities that have listed their specified securities on the SME Exchange.

SME Exchange Benefits

The relaxation provided to SME listed companies under SEBI regulations exempts them from submitting the Annual Secretarial Compliance Report to the stock exchange. This regulatory relief is designed to reduce compliance burden on smaller enterprises listed on the SME platform.

Company Information

Glaam Up Jwel Limited operates with its registered office in New Delhi and corporate office in Ahmedabad, Gujarat. The notification was signed by Director Mayabhai Bhikhabhai Kotar and submitted to BSE on April 16, 2026.

The company has requested BSE to take note of this exemption claim and maintain it in their records. This regulatory communication ensures transparency regarding the company's compliance obligations and exemptions under current SEBI guidelines for SME-listed entities.