Thinkink Picturez Limited reported a standalone net loss of ₹21.16 lakh for the quarter ended June 30, 2026, marking a sharp reversal from the ₹53.36 lakh profit recorded in the same period last year. The financial results, approved by the Board on August 11, 2026, were accompanied by a disclaimer of opinion from statutory auditors, raising significant concerns about the reliability of the reported figures due to pervasive gaps in audit evidence.

The Board considered and approved the unaudited standalone financial results pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were reviewed by the Audit Committee on August 11, 2026, before board approval. However, M/s. Chandabhoy & Jassoobhoy, Chartered Accountants, the statutory auditors, stated they were unable to express an opinion on the financial statements due to material and pervasive adjustments required across multiple elements.

Financial Performance

The company recorded zero revenue from operations in Q1FY26, down from nil in Q1FY25 but significantly lower than the ₹247.75 lakh revenue reported in FY25. Total income stood at ₹10.00 lakh, driven entirely by other income, compared to ₹105.50 lakh in the prior year quarter. Expenses totaled ₹22.80 lakh, including employee benefit expenses of ₹6.82 lakh and depreciation of ₹1.39 lakh.

The net loss was primarily driven by exceptional items amounting to ₹(21.16) lakh, whereas the prior year saw exceptional items contributing ₹77.05 lakh to profits. Earnings per share came in at ₹(0.00) basic and diluted, compared to ₹0.01 in Q1FY25.

Auditor’s Disclaimer: Key Concerns

The statutory auditors cited eight specific areas where sufficient and appropriate audit evidence was unavailable, leading to the disclaimer:

• GST Reconciliation: No reconciliation with the GST Online Portal was provided, affecting the accuracy of input credits and government liabilities.
• MSME Compliance: Trade payables were not bifurcated between Micro, Small, and Medium Enterprises, violating the MSMED Act, 2006.
• Supplier Advances: Advances paid to suppliers remained unconfirmed, raising doubts about liability completeness.
• Fixed Assets: The company failed to maintain a Fixed Assets Register, preventing verification of property, plant, and equipment existence.
• Bank Balances: Management did not provide bank statements or reconciliation statements, leaving cash balances unverifiable.
• Inventory Verification: No evidence of ownership or lease arrangements for storage premises was provided, and physical verification of inventory was not permitted.
• TDS Receivables: Lack of TDS certificates and reconciliations prevented verification of tax deducted at source balances.
• Unsecured Loans: Loan agreements were unavailable, and interest-free status of unsecured loans could not be verified due to missing confirmations.

What the Numbers Show

The complete absence of revenue from operations combined with a total reliance on other income highlights a lack of core business activity during the quarter. More critically, the auditor’s disclaimer suggests that the balance sheet may not reflect the true financial position of the company. The inability to verify basic elements such as bank balances, inventory, and fixed assets indicates severe internal control weaknesses. Investors should note that the reported loss of ₹21.16 lakh is based on unaudited figures that the auditors explicitly state they cannot vouch for due to missing documentation and unconfirmed liabilities.

Thinkink Picturez has accepted the resignation of Chetan Jayantilal Chauhan from the position of Chief Executive Officer (CEO) and Director, effective July 27, 2026. The Board of Directors approved the resignation during a meeting held on July 28, 2026, following a recommendation from the Nomination and Remuneration Committee. This leadership change marks the end of Chauhan’s tenure at the Mumbai-based media and entertainment company.

The resignation was accepted pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board meeting commenced at 5:00 P.M. and concluded at 6:30 P.M. on July 28, 2026. Vijay Ghanshyambhai Pujara, Managing Director of Thinkink Picturez, signed the disclosure submitted to BSE Limited.

Chauhan cited "other commitments" and "personal reasons" in his resignation letter dated July 27, 2026. He requested the Board to relieve him of his duties effective July 27, 2026, and to submit the necessary forms to the Registrar of Companies. The company acknowledged receipt of the resignation letter and confirmed that there are no material reasons for his resignation other than those stated in his letter.

Resignation Details

The following details were disclosed in Annexure-A of the regulatory filing:

Chauhan expressed gratitude for the support and cooperation provided by the Board during his tenure. In its acknowledgement letter, Thinkink Picturez appreciated Chauhan’s association with the company and wished him well in his future endeavors. The company is registered at A 206 Eversum CHS, Sahakar Nagar, JP Road, Andheri West, Mumbai, with its corporate office located in Ahmedabad.