Premier Limited reported a net loss of ₹587 lakh for the financial year ended March 31, 2026, as operations remain suspended due to a lack of working capital. The company, currently under the Corporate Insolvency Resolution Process (CIRP), disclosed that its net worth has been completely eroded, casting significant doubt on its ability to continue as a going concern. M/s. Jayesh Dadia & Associates LLP, the Statutory Auditors, issued a qualified opinion on the standalone and consolidated financial results, citing material uncertainties and non-compliance with certain accounting standards and regulatory provisions.

Financial Performance

For the year ended March 31, 2026, the company reported a total income of ₹280 lakh, compared to ₹107 lakh in the previous year. Total expenses for the period stood at ₹867 lakh, lower than the ₹921 lakh recorded in FY25. The basic and diluted earnings per share (EPS) for the year were reported at a loss of ₹1.93, an improvement from the loss of ₹2.68 in the prior year. The company’s manufacturing activities at its Chakan plant have been suspended since March 3, 2020.

Audit Qualifications and Compliance Issues

The auditors highlighted several key areas of concern in their report. The company has not assessed the impairment of tangible assets, capital work in progress, and intangible assets in accordance with Indian Accounting Standard 36, nor has it made provisions for employee benefits in compliance with Ind-AS 19. Additionally, the company failed to appoint an internal auditor as required under Section 138 of the Companies Act, 2013, and did not appoint a whole-time Company Secretary for a period exceeding six months, violating Section 203 of the Act.

Going Concern and CIRP Status

The financial statements have been prepared on a going concern basis, as required under Section 20 of the Insolvency and Bankruptcy Code, despite the material uncertainties. The Committee of Creditors (CoC) had previously approved a resolution plan submitted by Fab Metals Pvt. Ltd., with the approval petition currently pending before the National Company Law Tribunal (NCLT), Mumbai Bench. The auditors also noted a delay in transferring unclaimed matured fixed deposits and interest amounting to ₹46.55 lakh to the Investor Education & Protection Fund (IEPF), which was due for transfer as of March 31, 2026.

Key Financial Metrics

The following table summarizes the standalone financial results for the year ended March 31, 2026:

The meeting to approve these results commenced at 02:30 P.M. and concluded at 05:00 P.M. on May 27, 2026. The results were signed by Kanak Jani, the Resolution Professional for the company.

Premier Limited (In CIRP) has submitted its quarterly compliance certificate to stock exchanges for the quarter ended March 31, 2026, fulfilling regulatory requirements under the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018.

Regulatory Compliance Filing

Resolution Professional Kanak Jani filed the certificate on April 15, 2026, with both BSE Limited and National Stock Exchange of India Limited. The submission was made pursuant to Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018.

Registrar Confirmation

MUFG Intime India Private Limited (formerly Link Intime India Private Limited), serving as the company's Registrar and Share Transfer Agent, issued a confirmation certificate dated April 06, 2026. The registrar confirmed that all securities received from depository participants for dematerialization during Q4FY26 were properly processed.

Key confirmations from the registrar include:

• All dematerialization requests were confirmed (accepted/rejected) to depositories within prescribed timelines
• Securities comprised in certificates have been listed on stock exchanges where earlier issued securities are listed
• Security certificates received for dematerialization were mutilated and cancelled after due verification
• Depository names were substituted in the register of members as registered owners

Dematerialization Activity

The registrar reported no rematerialization requests during the quarter ended March 31, 2026. All securities processing activities were completed in accordance with regulatory requirements and prescribed timelines.

Corporate Insolvency Process Status

Premier Limited continues to operate under the Corporate Insolvency Resolution Process (CIRP), with Kanak Jani serving as the Resolution Professional. The company maintains its registered office at Kharghar, Navi Mumbai, with correspondence office at Colaba, Mumbai.

The quarterly compliance filing demonstrates the company's continued adherence to regulatory requirements despite being under insolvency proceedings, ensuring transparency and proper governance for stakeholders and market participants.