IFL Enterprises Limited has submitted a revised Limited Review Report for the quarter ended December 31, 2025, addressing compliance issues identified by BSE regarding the SEBI prescribed format. The company's Managing Director and CFO, Didawala Akshay Kumar Shailendra, submitted the corrected documentation on March 27, 2026.

Regulatory Compliance Issue

The revision was necessitated following BSE's observation regarding non-compliance of the original Limited Review Report with the prescribed format as per SEBI Circular No. CIR/CFD/CMD1/44/2019 dated March 29, 2019, specifically concerning Point No. 4. The company had initially disclosed its unaudited financial results on February 13, 2026, which were reviewed by the Audit Committee and approved by the Board of Directors.

Auditor's Disclaimer of Opinion

Chandabhoy & Jassoobhoy Chartered Accountants, the company's statutory auditors, issued a disclaimer of opinion for both standalone and consolidated financial results. The auditors cited six major areas of concern that prevented them from expressing an opinion on the financial statements:

Key Audit Limitations

Standalone Financial Performance

The company's standalone financial results for Q3FY26 showed challenging performance metrics compared to the previous year:

The company reported no revenue from operations during Q3FY26, resulting in a loss of ₹28.60 lakhs compared to a profit of ₹46.37 lakhs in the corresponding quarter of the previous year. However, the nine-month period showed significantly improved performance with a profit of ₹576.61 lakhs compared to ₹28.93 lakhs in the previous year.

Consolidated Results

The consolidated financial results, which include subsidiary Yamunashtakam Tradeventures Private Limited, showed similar trends:

Business Operations

IFL Enterprises Limited operates exclusively in the agriculture segment. The company's registered office is located at Office No. 412, 4th Floor Shilp Zaveri, Samruddhi Soc., NR. Shyamal Cross Road, Satellite, Ahmedabad. The financial results were prepared in accordance with Companies (Indian Accounting Standard) Rule, 2015 as prescribed under Section 133 of the Companies Act, 2013.

The company's paid-up equity share capital increased significantly from ₹7,454.06 lakhs to ₹12,401.25 lakhs, indicating a capital expansion during the period. The face value of shares remains at ₹1 per share, with earnings per share calculations reflecting the dilutive effect of the increased share capital.

IFL Enterprises Limited reported its unaudited financial results for the third quarter ended December 31, 2025, revealing a challenging quarter with zero revenue and a net loss, contrasting sharply with the previous year's performance. The Board of Directors approved these results on February 13, 2026, following a limited review by statutory auditors.

Quarterly Financial Performance

The company's standalone results for Q3FY26 showed a significant decline compared to the corresponding quarter of the previous year. The absence of revenue during the quarter resulted in operational challenges and a net loss.

The company incurred total expenses of ₹38.22 lakhs during Q3FY26, primarily comprising employee benefit expenses of ₹0.85 lakhs, depreciation and amortization expenses of ₹5.53 lakhs, and other expenses of ₹31.84 lakhs.

Year-to-Date Performance

Despite the quarterly challenges, IFL Enterprises demonstrated strong year-to-date performance for the nine-month period ended December 31, 2025. The company achieved substantial growth in profitability compared to the corresponding period in the previous year.

The remarkable year-to-date profit growth of 1,893% was driven by improved operational efficiency and significantly higher other income, which increased from ₹32.25 lakhs to ₹222.63 lakhs.

Consolidated Results

The consolidated financial results mirrored the standalone performance trends, showing quarterly losses but strong year-to-date profitability.

Capital Structure and Operations

The company's paid-up equity share capital increased significantly to ₹12,401.25 lakhs as of December 31, 2025, compared to ₹7,454.06 lakhs in the previous year, indicating a substantial capital expansion. IFL Enterprises operates exclusively in the agriculture segment, focusing on this single business vertical.

Auditor Observations

The statutory auditors, Chandabhoy & Jassoobhoy, issued a disclaimer of opinion for both standalone and consolidated results, citing several concerns:

• Lack of satisfactory supporting documents for sales, purchases, and inventory valuation
• Absence of fixed assets register affecting depreciation verification
• Unconfirmed trade receivables and payables
• Missing loan agreements for unsecured loans
• Non-compliance with MSME classification requirements

The auditors noted that these issues may have material impact on the financial statements' fair presentation, though they found no other matters requiring attention beyond the documented concerns.

The financial results were reviewed by the Audit Committee and approved by the Board of Directors on February 13, 2026, with the company maintaining its operations from its registered office in Ahmedabad, Gujarat.