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Apt Packaging Ltd

| Audited Financial Results for the Quarter and Year Ended March 31, 2026

Report Source

⬤28th Apr 26

Summary : APT Packaging reported qualified FY26 results with audit concerns on GST, receivables, and doubtful debts, while appointing a new CEO and raising funds for expansion.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Total Expenses for FY26: Rs. 2081.33 Lakhs (Purchases, Materials, Employee benefits, Depreciation, Other)
  2. Trade receivables balances subject to confirmations and reconciliation
  3. Total Income for FY26: Rs. 2250.11 Lakhs (Income from Operations, Other Operating Income)
  4. Net cash from operating activities (FY26): Rs. 120.17 Lakhs
  5. Net cash used in investment activities (FY26): Rs. (353.22) Lakhs
  6. Net cash from financial activities (FY26): Rs. 235.75 Lakhs
  7. Cash and Cash equivalent closing balance (FY26): Rs. 21.23 Lakhs
  8. Pending litigations disclosed in Note 30
  9. GST liability of Rs. 20.70 Lakhs under appeal
  10. Total Assets (31/03/2026): Rs. 2,617.59 Lakhs
  11. Equity Share Capital (31/03/2026): Rs. 1,235.40 Lakhs
  12. Other Equity (31/03/2026): Rs. 427.08 Lakhs
  13. Property, Plant and Equipment (31/03/2026): Rs. 1,574.27 Lakhs
  14. Trade Receivables (31/03/2026): Rs. 583.08 Lakhs
  15. Total Borrowings (31/03/2026): Rs. 653.53 Lakhs (Non-Current: 348.41, Current: 305.12)
  16. Remuneration and loans to Managing Director (Arvind K Machhar)
  17. Loans to Director (Sandeep Machhar)
  18. Other transactions with Son of Managing Director (Arpit Machhar)
  19. Inter-corporate deposits with promoter companies
  20. Standalone financial statements

Corporate Overview

  1. Maharashtra, India (Registered Office)
  2. Significant audit qualifications on GST, receivables, doubtful debts
  3. Internal audit system needs strengthening
  4. Manufacturing Co-extruded Tubes
  5. Packaging industry expertise (new CEO)
  6. Positive, forward-looking with new CEO appointment for strategic growth
  7. Funds raised for expansion and modernization projects

Risk Factors

  1. Unresolved GST and income tax liabilities.
  2. Unconfirmed trade balances, doubtful debts.
  3. Weaknesses in internal audit system.
  4. Potential impact of pending litigations.

Key Drivers

  1. New CEO to drive strategic growth.
  2. Funds raised for expansion, modernization.
  3. Improved cash flow from operations.
  4. Resolution of pending tax disputes.

Auditor’s Report

  1. Qualified Opinion
  2. Non-provisioning of GST liability (Rs. 20.70 Lakhs) for FY 2019-20
  3. Balances of Trade Receivable, Trade Payable, Employees, Loans and Advances subject to confirmations and reconciliation
  4. Non-provisioning of doubtful debts amounting to Rs. 11.45 Lakhs
  5. Internal audit system needs strengthening

Board Commentary

  1. Appointment of Mr. Avnish Kr. Srivastava as Chief Executive Officer (KMP)
  2. Company has not declared any dividend, including interim dividend
  3. Unresolved GST liability and other tax disputes
  4. Unconfirmed trade receivables and payables
  5. Non-provisioning of doubtful debts
  6. Pending GST liability of Rs. 20.70 Lakhs for FY 2019-20 (under appeal)
  7. Pending Income Tax disputes aggregating Rs. 3.32 Lakhs
  8. Funds raised for working capital, debt repayment, expansion, modernization
  9. Preferential allotment of shares for Rs. 19.65 crores

Corporate Governance

  1. Auditors complied with ethical requirements and ICAI Code of Ethics
  2. Audit Committee mentioned in financial approvals
  3. Internal audit system needs strengthening to be commensurate with business size

Management Discussion & Analysis

Future Strategy

  1. Focus on strategic growth and operational efficiency with new CEO
  2. Expansion and modernization through raised funds

Operational Focus Areas

  1. Strengthening internal audit system
  2. Reconciliation of trade balances and debt recovery

Performance Drivers

  1. New CEO appointed to drive strategic growth and operational efficiency

Risk Control Measures

  1. Management appealing GST order
  2. Reconciliation process for accounts underway
  3. Recovery process for doubtful debts underway
  4. Strengthening internal audit system

Critical Risks

  1. Unresolved GST liability and other tax disputes
  2. Unconfirmed trade receivables and payables
  3. Non-provisioning of doubtful debts
  4. Inherent limitations of internal financial controls
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Apt Packaging Ltd (506979) Quarterly Report Analysis & Insights | Dhanarthi