Milestone Furniture Limited has released its unaudited standalone financial results for the half-year ended September 30, 2025, showing a net loss of ₹17.05 lakhs. While the company continues to report losses, the current period's performance represents an improvement compared to the ₹27.55 lakhs loss recorded in the same period of the previous year.

Financial Performance Overview

The company's financial results reveal no revenue generation from operations during the reporting period. The total expenses for the half-year amounted to ₹17.05 lakhs, resulting in an equivalent net loss after tax.

Expense Breakdown

The company's expense structure for the half-year period was dominated by depreciation and amortization expenses, which accounted for ₹16.03 lakhs of the total ₹17.05 lakhs in expenses. Other expenses contributed ₹1.02 lakhs to the total cost base. Notably, the company reported no employee benefit expenses during this period, compared to ₹0.66 lakhs in the previous year's corresponding period.

Balance Sheet Position

As of September 30, 2025, Milestone Furniture maintained total assets of ₹2,500.96 lakhs, slightly down from ₹2,516.99 lakhs as of March 31, 2025. The company's equity base remained stable with paid-up equity share capital of ₹929.70 lakhs and other equity of ₹1,500.22 lakhs.

Corporate Developments

During the Board meeting held on December 16, 2025, the directors approved several key decisions beyond the financial results. The Board sanctioned the opening of a new branch office at "401, Makhija Royale, S. V. Road, Khar West, Mumbai - 400052," which represents a strategic expansion of the company's operational footprint.

Regulatory Compliance

The company informed the stock exchange that it is not required to submit disclosures related to related party transactions under Regulation 23(9) of SEBI (LODR) Regulations, 2015. This exemption applies because the company's paid-up equity share capital and net worth do not exceed the prescribed threshold limits of ₹10 crores and ₹25 crores respectively.

Auditor's Qualified Opinion

The independent auditor's review report highlighted significant concerns regarding the financial statements. R. Daga & Company, the statutory auditors, were unable to complete a standard review due to a standoff between new and old management. The auditors noted that the new management has not been able to provide evidence or information on all assets and liabilities recorded in the financial statements, as they are still seeking clarity on the company's financial position from the previous management.

Milestone Furniture Limited, a BIFMA certified company, has announced significant corporate developments following its board meeting held on November 17, 2025. The company has approved its audited standalone financial results for the year ended March 31, 2025, and made a key appointment to its leadership team.

Financial Results Approval and Auditor's Opinion

The board of directors approved the audited standalone financial results for the half-year and year ended March 31, 2025. However, the company's auditors, M/s R Daga and Company, Chartered Accountants, have issued a disclaimer of opinion on these financial statements. This step was taken due to ongoing disputes between the new and old management, which prevented adequate verification of the company's assets and liabilities.

Despite this disclaimer, Milestone Furniture has stated that the auditors have expressed an unmodified opinion on the standalone financial statements for the 2024-2025 financial year. This apparent contradiction may require further clarification from the company.

New Company Secretary Appointment

In a move to strengthen its corporate governance, Milestone Furniture has appointed Mr. Abhishek Pokharna as the new Company Secretary and Compliance Officer. Mr. Pokharna, who holds the membership number A52100 from the Institute of Company Secretaries of India (ICSI), will assume his role effective November 1, 2025.

Mr. Pokharna brings eight years of experience in corporate secretarial and compliance functions across various industries. His appointment is in accordance with Section 203 of the Companies Act, 2013, and he will serve as a Key Managerial Personnel (KMP) of the company.

Other Board Meeting Outcomes

The board meeting, which lasted from 3:00 PM to 5:30 PM, also addressed several other matters:

1. The company took on record the Statement of Related Party Transactions as of March 31, 2025.
2. The board noted that the company is not required to submit a "Disclosure of Related Party Transactions" under Regulation 23(9) of SEBI (LODR) Regulations, 2015, due to its current paid-up equity share capital and net worth falling below the specified thresholds.
3. Several items, including the approval of the Director's Report, fixing the date for the 11th Annual General Meeting, and appointing a scrutinizer for the AGM, were deferred for discussion in future board meetings.

Looking Ahead

While Milestone Furniture has taken steps to address its corporate governance with the new appointment, the disclaimer of opinion from the auditors raises concerns about the company's financial transparency. The ongoing management disputes and their impact on financial reporting will likely be a key focus for investors and regulators in the coming months.

As the company prepares for its 11th Annual General Meeting, stakeholders will be watching closely for any resolutions to the current management issues and for more clarity on the company's financial position.

Milestone Furniture Limited is listed on the BSE Limited.