Panther Industrial Products reported a standalone net loss of ₹8.13 lakh for the quarter ended June 30, 2026, widening from a loss of ₹5.26 lakh in the corresponding period of FY25. The company logged zero revenue from operations for the quarter, marking its third consecutive quarter of nil operating income following similar figures in Q4FY26 and the full fiscal year.

Total expenses rose to ₹8.13 lakh from ₹5.26 lakh in Q1FY26, driven primarily by higher operating and other expenses, which increased to ₹7.23 lakh from ₹4.10 lakh in the prior year quarter. Depreciation expense declined significantly to ₹0.05 lakh from ₹0.31 lakh, while listing fees remained stable at ₹0.81 lakh. Basic earnings per share stood at a loss of ₹0.58, compared to a loss of ₹0.38 in Q1FY26.

What the Numbers Show

The company’s balance sheet reflects a deepening equity deficit. Reserves and surplus deteriorated to -₹50.05 lakh as of June 30, 2026, from -₹41.91 lakh at the end of March 2026. This erosion is directly attributable to the quarterly loss, as no other comprehensive income was recorded. With tangible fixed assets valued at just ₹0.28 lakh and cash balances dwindling to ₹0.65 lakh from ₹2.17 lakh three months prior, the firm’s operational runway appears constrained by persistent losses against minimal asset base.

Auditor Concerns

Statutory auditors Rajesh H. Gupta & Co. issued a limited review report highlighting specific reservations. They noted that a bank balance of ₹7,154 with Canara Bank lacked adequate documentary evidence, such as bank statements, preventing independent verification of its existence or accuracy. Additionally, the auditors flagged an unsecured borrowing of ₹23.20 lakh from Scion, described by management as relating to an incentive scheme. The auditors stated that the prolonged outstanding nature of this liability requires assessment for compliance with Ind AS 109 and Ind AS 1 regarding classification, measurement, and interest accrual.

The company also disclosed that it is in the process of amalgamation with Shivang Edibles Oils Limited. Public shareholding remained unchanged at 50.98%, while promoters held 49.02% of the equity, with no shares pledged.

Panther Industrial Products reported a narrowed net loss of ₹23.06 lakh for the financial year ended March 31, 2026, compared to a loss of ₹45.76 lakh in the previous year. The company's total revenue for FY26 stood at ₹0.11 lakh, a sharp decline from ₹20.18 lakh in FY25, as per the audited standalone financial results submitted to the exchange.

The Board of Directors approved the audited financial results for the quarter and year ended March 31, 2026, at a meeting held on May 27, 2026. M/s Rajesh H. Gupta & Co., Chartered Accountants, the statutory auditors, provided an audit report with an unmodified opinion on the results.

Financial Performance

For the quarter ended March 31, 2026, the company reported a net loss of ₹7.91 lakh on total income of ₹0.11 lakh. Total expenditure for the quarter was ₹8.02 lakh, comprising operating and other expenses, communication costs, depreciation, and listing fees. The basic and diluted earnings per share (EPS) for the quarter were reported at (₹0.56).

Key Financial Metrics (FY26 vs FY25)

Auditor Observations and Corporate Developments

The statutory auditors noted that the company reflected a borrowing of ₹23.20 lakh in its financial statements, which is actually a liability for sales tax outstanding for more than 15 years. The auditors stated they were unable to determine whether adjustments were required due to insufficient audit evidence regarding the existence and completeness of these balances. Additionally, the company continued to carry investments at historical cost without appropriate fair valuation as per Ind AS 109 requirements.

The auditors further stated that the company is in the process of amalgamation with Shivang Edibles Oils Limited. The paid-up equity share capital remained unchanged at ₹140 lakh for the year ended March 31, 2026. Reserves excluding revaluation reserves stood at a negative balance of ₹41.91 lakh, widening from the negative balance of ₹18.85 lakh in the previous year.