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Latest filing: 2026-08-12 17:53
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Pasari Spinning Reports Rs 1.42 Lakh Total Income in Q1; Rs 6.39 Cr Contingent Liability Disclosed
Pasari Spinning Mills reported a sharp decline in Q1 FY27 total income to Rs 1.42 Lakhs, down from Rs 16.93 Lakhs in the same quarter last year. The company recorded zero revenue from core operations (Net Sales), with the entire income derived from other operating sources. A major concern for investors is the ongoing legal dispute with the Cotton Corporation of India (CCI), involving a contingent liability of Rs 639.23 Lakhs, which is approximately 80% of the company's total market capitalization. Additionally, the statutory auditor noted that the Chief Financial Officer (CFO) did not sign the financial statements, a significant compliance observation.
Confidence: HIGH
What changedThe company reported its Q1 FY27 results showing a near-total collapse in revenue and reappointed its internal auditor.
Why it mattersThe company is currently operating with zero core sales and faces a legal claim that could potentially wipe out its net worth if the stay on execution proceedings is lifted.
Total Income (Q1 FY27): Rs 1.42 LakhsNet Profit (Q1 FY27): Rs 3.62 LakhsContingent Liability: Rs 639.23 LakhsLiability vs Market Cap: ~79.9%Net Sales: Nil
📅 Short termNegative sentiment is expected due to the lack of core revenue and the auditor's observation regarding the CFO's signature.
📈 Long termThe long-term viability is highly dependent on the resolution of the CCI litigation and the company's ability to restart its textile operations.
⚠ Risk flags
- Massive contingent liability vs Market Cap
- Zero revenue from core operations
- CFO signature missing on financial statements
- High Debt/Equity ratio (3.88)
Key Highlights
Total Income for Q1 FY27 fell to Rs 1.42 Lakhs from Rs 16.93 Lakhs YoY.
Net Profit for the quarter stood at Rs 3.62 Lakhs, down from Rs 11.15 Lakhs in the previous year's quarter.
Disclosed a contingent liability of Rs 639.23 Lakhs related to a dispute with Cotton Corporation of India.
High Court of Karnataka has granted an interim stay on execution proceedings for recovery of Rs 703.12 Lakhs.
Auditor highlighted that the Chief Financial Officer (CFO) did not sign the financial results as required by Section 134.
👀 What to Watch
Investors should closely monitor the legal proceedings in the Karnataka High Court regarding the CCI dispute and watch for any clarification regarding the CFO's missing signature on the financials.
