Kothari Industrial Corporation Limited revised its annual financial results for the financial year ended March 31, 2026, to incorporate the accounting impact of its 30% stake in associate company Phoenix Kothari Footwear Limited. The company submitted the revised results to BSE Limited on June 03, 2026, following an inadvertent omission identified during the final verification process. The correction significantly widened the consolidated net loss to ₹8,989.20 lakh from the previously reported figure, while the standalone net loss stood at ₹3,121.44 lakh for the year.

Audit Qualifications and Financial Impact

M/s. Ray & Ray, Statutory Auditors, issued an audit report with a qualified opinion on both standalone and consolidated financial results. The auditors highlighted a government subsidy receivable of ₹80 lakhs outstanding for over eight years without documentary evidence. Additionally, year-end balance confirmations for promoters amounting to ₹1.80 crores, trade receivables of ₹33.49 crores, and other significant balances were not provided for verification. The auditors also noted unreconciled GST input credits of ₹10.41 crores and output liabilities of ₹10.55 crores with the GST portal, alongside the unavailability of detailed stock valuation reports for inventory worth ₹10.98 crores.

Operational and Disciplinary Updates

During the quarter ended March 31, 2026, the company availed unsecured loan facilities totaling ₹36 crores at an interest rate of 24% per annum to support business operations. This included ₹34 crores from Satluj Credit Holdings Private Limited and ₹2 crores from Transworld Breweries and Distilleries Private Limited. The company also disclosed receiving a notice from the Income Tax Department under Section 148A(1) proposing a demand of ₹1,16,26,892 for the assessment year 2022-23, against which no provision has been made. Proceedings initiated by the Collector of Nilgiris for land repossession in Coonoor are currently pending adjudication before the Madras High Court.

Kothari Industrial Corporation Limited has received approval from the Calcutta Stock Exchange (CSE) to voluntarily delist its equity shares effective June 02, 2026. The move ensures the company's securities remain listed only on BSE Limited, streamlining its market presence. The delisting was granted under the SEBI (Delisting of Equity Shares) Regulations, 2021.

The CSE issued the approval via letter no. CSE/LD/DL/18098/2026 dated June 01, 2026. This decision follows the company's compliance with the necessary regulatory framework for voluntary delisting. Consequently, the shares will be removed from the official list of the Exchange starting the specified date.

Delisting Details

The following table outlines the key details of the delisting:

The company's scrip code on BSE Limited remains 509732. The voluntary delisting from CSE does not impact the listing status on BSE Limited, where trading will continue as usual. The disclosure was made to BSE Limited pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.