Kshitij Polyline Ltd (KSHITIJPOL) Quarterly Report Analysis & Insights | Dhanarthi

Kshitij Polyline Ltd

| Standalone Balance Sheet as of March 31, 2026

⬤24th Apr 26

Summary : Kshitij Polyline returned to profit, but faces internal control and compliance issues.

Quarterly Report Analysis & Insights

Financial Disclosures

Cost of Material Consumed
Changes in Inventories of Finished Goods & Work-in Progress
Employee Benefit Expenses
Financial Costs
Depreciation and Amortization Expense
Other expenses
Revenue from Operations (Standalone 2026: 4,475.05 Lacs; Consolidated 2026: 4,475.05 Lacs).
Other Income (Standalone 2026: 217.40 Lacs; Consolidated 2026: 218.46 Lacs).
Standalone Net cash inflow from operating activities 2026: (89.93) Lacs (2025: (1,042.89) Lacs).
Standalone Net cash outflow from investing activities 2026: (2,738.97) Lacs (2025: (20.79) Lacs).
Standalone Net cash inflow from financing activities 2026: 2,830.62 Lacs (2025: 1,075.43 Lacs).
Consolidated Net cash inflow from operating activities 2026: (91.13) Lacs (2025: (863.07) Lacs).
Consolidated Net cash outflow from investing activities 2026: (2,737.92) Lacs (2025: 1,557.19) Lacs).
Consolidated Net cash inflow from financing activities 2026: 2,831.83 Lacs (2025: (735.59) Lacs).
No pending litigations impacting financial position.
Standalone Total Assets 2026: 8,819.28 Lacs (2025: 5,276.84 Lacs).
Standalone Total Equity 2026: 6,274.26 Lacs (2025: 3,337.80 Lacs).
Consolidated Total Assets 2026: 8,894.46 Lacs (2025: 5,669.17 Lacs).
Consolidated Total Equity 2026: 6,304.91 Lacs (2025: 3,671.94 Lacs).
All related party transactions comply with Companies Act.
Both standalone and consolidated financial statements are provided and audited.

Corporate Overview

Registered Office: Mumbai, India
Manufacturing Unit: Silvassa, Dadra and Nagar Haveli, Daman and Diu, India
Internal control weaknesses identified by auditors.
Pending statutory filings (FLA Return, DPT-3, MSME-1, 61A).
Non-compliance with employer's professional tax contribution.
Unmaterialized agreement for property acquisition (Rs. 220 Lacs).
Manufacturing of PP, PVC, HIPS/PS, ABS, HDPE sheets and films.
Production of PVC profiles and other stationery items.
Single reportable segment: plastic sheets and film manufacturing.
Formal and compliant tone in reporting financial results.
Revenue from Operations
Other Income
Advance of Rs. 220 Lacs for property acquisition, agreement not materialized.

Risk Factors

Weaknesses in internal financial controls.
Pending statutory filings and non-compliance.
Unmaterialized property acquisition agreement.
Negative cash flow from operations.

Key Drivers

Company returned to profitability this year.
Significant growth in total assets.
Equity base substantially strengthened.
New internal auditor appointed for 2026-27.

Auditor’s Report

Unmodified opinion on Standalone Financial Statements.
Unmodified opinion on Consolidated Financial Statements.
Inadequate reliability, integrity, security of information.
Lack of standard operating policies for accounting.
Untimely follow-up on outstanding claims (GST credit).
Improper stacking of raw materials and finished goods.
PPE assets lack identifiable markings/tagging.
Pending statutory filings (FLA, DPT-3, MSME-1, 61A).
Non-compliance with employer's professional tax contribution.

Board Commentary

Appointment of M/s. Valawat & Associates as Internal Auditor for FY 2026-27.
No dividend declared or paid during the year.
No final dividend proposed for the year.
Internal control weaknesses identified by auditors.
Pending statutory filings and non-compliance.
Unmaterialized property acquisition agreement.
Pending statutory filings (FLA Return, DPT-3, MSME-1, 61A).
Non-compliance with employer's professional tax contribution.
Advance of Rs. 220 Lacs for property acquisition, agreement not materialized.

Corporate Governance

Company complies with Code of Ethics.
Audit Committee reviewed and recommended financial results.
Inadequate information reliability and security in Tally.
Lack of standard operating policies for accounting.
PPE assets not properly tagged or marked.
Pending statutory filings and non-compliance.

Management Discussion & Analysis

Operational Focus Areas

Strengthening internal controls over PPE.
Ensuring timely statutory filings.
Compliance with professional tax requirements.

Performance Drivers

Return to profitability in current fiscal year.

Risk Control Measures

Management states pending filings are in process.

Critical Risks

Inadequate internal financial controls.
Non-compliance with statutory filings.
Unmaterialized property acquisition agreement.
Negative cash flow from operating activities.