Wardwizard Foods and Beverages Limited reported a financial turnaround for the year ended March 31, 2026, posting a net profit of ₹1.31 crore compared to a net loss of ₹13.69 crore in the prior year. Revenue from operations surged 156.23% year-on-year to ₹237.73 crore from ₹92.78 crore in FY25. The Board of Directors approved the standalone audited financial results at a meeting held on May 30, 2026. The company clarified that the Cash Flow Statement and Segment Reporting were inadvertently omitted from the initial filing and have now been submitted.

Financial Performance: FY26 vs FY25

The company recorded a total comprehensive income of ₹1.36 crore for FY26 against a total comprehensive loss of ₹13.54 crore in the previous year. For the fourth quarter ended March 31, 2026, revenue from operations stood at ₹40.45 crore, with a net profit of ₹2.99 crore. EBITDA for the year improved to ₹7.76 crore from a negative EBITDA of ₹5.66 crore in FY25, with an EBITDA margin of 3.23%.

Balance Sheet Highlights

Total assets increased to ₹2,042.98 crore as of March 31, 2026, from ₹1,362.22 crore a year earlier. Trade receivables rose substantially to ₹836.40 crore from ₹250.68 crore, while trade payables increased to ₹788.64 crore from ₹210.45 crore. Total equity stood at ₹816.05 crore compared to ₹802.45 crore in FY25.

Qualified Audit Opinion

Statutory auditors M/s. Mahesh Udhwani & Associates issued a qualified opinion on the standalone financial results. The auditors cited two main areas of concern:

• Outstanding Advances: "Other Current Non-Financial Assets" includes outstanding advances of ₹760 lacs classified under Current Assets. The company has not recognised any impairment provision, and auditors stated there was insufficient evidence regarding recoverability.
• Other Current Financial Assets: The balance includes ₹108 lacs on which the company has not recognised any Expected Credit Loss (ECL) provision. Auditors noted insufficient evidence supporting recoverability.

Additionally, the auditors included an Emphasis of Matter regarding borrowings of ₹2,941.99 lacs payable to Indian Credit Co-operative Society, for which balance confirmations and loan statements were not made available for verification.

Management Response

Management stated that the advances of ₹760 lacs were given in the ordinary course of business and are not considered doubtful of recovery. Regarding the ₹108 lacs in financial assets, management asserted they are recoverable and no material adverse circumstances were observed. The company assessed the impact on financial statements as NIL for both qualifications. The auditors, however, maintained that the amounts are not recoverable and that provisions should be made.

Segment Reporting

The company reported segment information for the first time, as it was operating a single segment in the prior period. Segment B (Food Commodities) was the primary revenue driver, contributing ₹225.46 crore for the year ended March 31, 2026. Segment A (Sale of RTE, Frozen, Sauces & Mayo) reported a loss of ₹7.02 crore, while Segment C (Services) reported a profit of ₹6.08 crore.

Wardwizard Foods and Beverages Limited has appointed Devam J. Jayaswal, Chartered Accountant, as its Internal Auditor for the financial year 2026-2027. The Board of Directors approved the appointment at a meeting held on May 30, 2026, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The appointment is effective from May 30, 2026, and aims to ensure compliance with Section 138 of the Companies Act, 2013, and Rule 13 of the Companies (Accounts) Rules, 2014.

Auditor Profile

Devam J. Jayaswal brings over 11 years of professional experience to the role, including seven years in independent practice. His expertise covers statutory, tax, internal, and bank audits, as well as internal financial control reviews and project financing. He has also handled special engagements such as labour law audits, stock verification, and cost analysis across diverse sectors.

Appointment Details

The appointment was made on the recommendation of the Audit Committee. Jayaswal's membership number is 184987, and his office is located in Vadodara. The internal audit function will cover the company's operations for the financial year 2026-2027, ensuring adherence to regulatory requirements and strengthening internal controls.