Kesar India Ltd (543542) Quarterly Report Analysis & Insights

Kesar India Ltd

| Audited Financial Results Q4 & FY 2025–26

⬤8th Apr 26

Summary : Kesar India Limited reported strong financial growth, raised capital via warrants, and is migrating to the Main Board, despite auditor's going concern note.

Quarterly Report Analysis & Insights

Financial Disclosures

Cost of Goods Sold
Employee benefits expense
Finance cost
Depreciation and amortisation expense
Other expenses
Revenue from operations (Standalone: 14,654.10 Lacs, Consolidated: 17,645.18 Lacs)
Other income (Standalone: 364.97 Lacs, Consolidated: 303.30 Lacs)
Segment-wise revenue: Real Estate/Share Trading and Advertising/Marketing/Consultancy
Net cash flow from operating activities (Standalone: -11,304.00 Lacs, Consolidated: -12,812.84 Lacs)
Net cash flow from investing activities (Standalone: -5,591.99 Lacs, Consolidated: -5,164.35 Lacs)
Net cash flow from financing activities (Standalone: 17,040.52 Lacs, Consolidated: 18,027.90 Lacs)
Cash and cash equivalents at year end (Standalone: 2,943.06 Lacs, Consolidated: 3,124.36 Lacs)
Total Assets (Standalone: 35,182.42 Lacs, Consolidated: 43,876.44 Lacs)
Total Equity (Standalone: 24,737.77 Lacs, Consolidated: 24,922.61 Lacs)
Significant increase in inventories, trade receivables, and cash equivalents
Both standalone and consolidated financial results are presented
Consolidated results include subsidiaries and an associate

Corporate Overview

In India
In Abroad
Real Estate Activity
Share Trading Activity
Advertising Requisites
Marketing and Consultancy Activity
Real Estate Including Share Trading Activity
Advertising Requisites, Marketing and Consultancy Activity
Approved issuance of equity warrants on preferential basis
Allotted equity shares to employees under ESPS
Purchased and sold land parcels

Risk Factors

Auditor's concern about company's going concern ability
Uncertainty in recovering balance land sale consideration
Significant outstanding equity warrants yet to be converted
Reliance on other auditors for subsidiary financial statements

Key Drivers

Strong revenue and profit growth year-over-year
Successful capital raising through equity warrants
Company migrating to Main Board of Stock Exchange
Strategic land transactions generating significant revenue

Auditor’s Report

Unmodified opinion on standalone and consolidated financial results
Material uncertainty regarding company's ability to continue as a going concern
Reliance on other auditors for subsidiaries' financial statements
Quarterly results are balancing figures between audited full year and unaudited nine months

Board Commentary

Re-appointment of M/s M.C. Asawa & Co., Chartered Accountants as Internal Auditors for FY 2026-27
Material uncertainty regarding company's ability to continue as a going concern
Balance consideration from land sale subject to due diligence and approvals
Compliance with SEBI Listing Obligations and Disclosure Requirements Regulations, 2015
Approved issuance of equity warrants on preferential basis
Allotted equity shares to employees under ESPS
Purchased and sold land parcels

Corporate Governance

Auditors adhere to Code of Ethics issued by ICAI
Audit Committee and Board of Directors reviewed financial results

Management Discussion & Analysis

Critical Risks

Material uncertainty regarding company's ability to continue as a going concern
Balance consideration from land sale subject to due diligence and approvals