Tulsyan NEC Limited has released its unaudited standalone financial results for the quarter and six months ended September 30, 2026. The review by SRBR & Associates LLP resulted in a qualified conclusion due to uncertainties surrounding the recoverability of outstanding trade receivables from earlier periods. This means the true and fair view of the financial statements might be affected by potential adjustments required for these receivables.
Tulsyan NEC Limited Releases Q2 FY27 Financials with Qualified Auditor Opinion
Tulsyan NEC Limited announced its unaudited standalone financial results for the quarter and half-year ended September 30, 2026. The review conducted by SRBR & Associates LLP, Chartered Accountants, has resulted in a qualified conclusion. The auditors highlighted an inability to obtain sufficient audit evidence regarding the recoverability of outstanding trade receivables pertaining to earlier periods. Consequently, they could not determine if further adjustments, such as additional provisioning or write-offs, were necessary for these receivables.
Key Financials and Auditor Concerns
For the quarter ended September 30, 2026, Tulsyan NEC Limited reported a Net Sales/Income from operations of ₹22,785.60 Lakhs. However, the company incurred a Net Loss for the period of ₹1,608.49 Lakhs. The accompanying financial statements and notes indicate the auditors’ inability to confirm the carrying value of trade receivables, leading to the qualification. This uncertainty affects the overall true and fair view of the company’s financial position and results of operations as of September 30, 2026.
Emphasis of Matter: Non-Convertible Debentures
The auditors also drew attention to a matter regarding Non-Convertible Debentures (Note 3). This involves a revised repayment schedule with a moratorium on coupon payments from April 1, 2026, to August 31, 2026. The principal, coupon, and redemption premium are proposed to be paid at the final redemption date of September 30, 2027. Another note (Note 6) mentions that Sapient Packaging Private Limited has ceased to be a subsidiary.
Consolidated Financials Also Reviewed
In addition to the standalone results, SRBR & Associates LLP also reviewed the consolidated unaudited and condensed interim financial results for the same period. The consolidated results also faced a similar qualified conclusion due to the same concerns regarding trade receivables. The review of subsidiaries’ financial statements was also based on information provided by the management.
Segment Performance Highlights
The standalone segment-wise reporting shows the Steel Division as a significant contributor to revenue, with ₹16,362.48 Lakhs for the quarter. The Power segment also reported substantial revenue of ₹5,281.67 Lakhs. However, the overall profit/(loss) before tax and finance cost across all segments for the quarter was a loss of ₹1,608.49 Lakhs.
Balance Sheet Snapshot
As of September 30, 2026, the company’s Total Assets stood at ₹86,045.36 Lakhs. Trade receivables were reported at ₹14,889.87 Lakhs. Total Equity and Liabilities amounted to ₹86,045.36 Lakhs, with Borrowings (non-current liabilities) at ₹33,524.62 Lakhs.
Source: BSE