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Antarctica Ltd Q3 Revenue Rises to ₹22.48 Cr; Auditor Issues Severe Disclaimer of Opinion
Antarctica Limited reported a revenue of ₹22.48 crore for Q3 FY26, up from ₹17.83 crore in the previous year's corresponding quarter. Despite the revenue growth, net profit for the quarter dropped significantly to ₹21.56 lakhs from ₹59.06 lakhs YoY. Critically, the statutory auditor issued a 'Disclaimer of Opinion,' stating they could not verify sales, purchases, inventory, or fixed assets due to a lack of supporting documentation. While the 9-month performance shows a turnaround to a profit of ₹1.36 crore, the reliability of these figures is highly questionable given the audit qualifications.
Key Highlights
Revenue from operations grew 26% YoY to ₹2248.11 Lakhs in Q3 FY26.
Net profit for the quarter declined by 63.5% YoY to ₹21.56 Lakhs.
Statutory auditors issued a Disclaimer of Opinion citing lack of evidence for sales, purchases, and inventory.
The company failed to provide a Fixed Asset Register and loan agreements for verification by auditors.
9-month FY26 net profit stands at ₹135.82 Lakhs compared to a loss of ₹57.40 Lakhs in the previous year.
💼 Action for Investors
Investors should exercise extreme caution as the auditor's disclaimer indicates a severe lack of internal controls and transparency. It is advisable to avoid the stock until the company provides verifiable financial data and addresses the auditor's concerns.
Antarctica Ltd Q3 Revenue Surges to ₹22.46 Cr; Auditor Issues Disclaimer of Opinion
Antarctica Limited reported a sharp increase in revenue to ₹2,246.11 Lakhs for Q3 FY26, compared to ₹1,782.88 Lakhs in the same period last year. Despite the top-line growth, net profit declined significantly to ₹21.56 Lakhs from ₹59.06 Lakhs YoY. Critically, the statutory auditors have issued a 'Disclaimer of Opinion,' stating they were unable to verify sales, purchases, inventory, or fixed assets due to a lack of supporting documentation. This raises severe concerns regarding the reliability of the company's financial reporting and internal controls.
Key Highlights
Revenue from operations rose to ₹2,246.11 Lakhs in Q3 FY26 from ₹1,782.88 Lakhs in Q3 FY25.
Net profit dropped to ₹21.56 Lakhs for the quarter, down from ₹59.06 Lakhs in the previous year.
Auditors issued a Disclaimer of Opinion citing missing records for sales, purchases, and inventory valuation.
Fixed Assets Register was not provided, preventing verification of depreciation and deferred tax liabilities.
Unsecured loans and granted loans lack formal agreements and third-party confirmations, impacting liability accuracy.
💼 Action for Investors
Investors should exercise extreme caution as the auditor's disclaimer of opinion indicates that the financial statements may not be a true and fair representation of the company's health. The lack of basic documentation for core transactions is a major corporate governance red flag.
Antarctica Ltd Appoints Aryan Prajapati as MD; Director Renu Kuthari Resigns
Antarctica Limited has announced a major leadership overhaul effective January 9, 2026. Mrs. Renu Kuthari, aged 78, has resigned from her directorship to pursue social activities, vacating her positions on the Nomination and Stakeholders’ Relationship Committees. To fill the leadership gap, the board has appointed Mr. Aryan Arvindbhai Prajapati (a 2022 graduate) as the new Additional cum Managing Director. Additionally, Mr. Nitinbhai Babubhai Karan (a 2017 graduate) has been appointed as an Independent Director, subject to shareholder approval.
Key Highlights
Mrs. Renu Kuthari (78 years old) resigned as Director effective close of business on January 9, 2026.
Mr. Aryan Arvindbhai Prajapati, a 2022 graduate, appointed as Additional cum Managing Director.
Mr. Nitinbhai Babubhai Karan, a 2017 graduate, appointed as an Independent Director.
The outgoing director, Mrs. Renu Kuthari, held 2,000 shares in the company at the time of her resignation.
All new appointments are subject to the formal approval of the company's shareholders.
💼 Action for Investors
Investors should monitor the company's operational performance under the new, significantly younger leadership team. It is important to evaluate if the new Managing Director has the necessary experience to navigate the company's strategic challenges.
Antarctica Ltd Shareholders Reject Appointment of Managing Director and Independent Director
In a significant move, shareholders of Antarctica Limited have voted against the appointment of Mr. Sandip Dineshbhai Goti as Managing Director and Mr. Vaghela Digvijay Arjunsinh as an Independent Director. The decision was finalized through a postal ballot that concluded on December 25, 2025, with results officially declared on December 29, 2025. This rare rejection of key board members by shareholders suggests a lack of confidence in the proposed leadership or potential governance concerns. The company will now need to identify and appoint new candidates to these critical board positions to ensure operational stability.
Key Highlights
Shareholders disapproved the appointment of Mr. Sandip Dineshbhai Goti as Managing Director effective Dec 25, 2025.
Appointment of Mr. Vaghela Digvijay Arjunsinh as Independent Director was also rejected by shareholders.
The cessations follow a postal ballot where the majority of voting shareholders voted against the resolutions.
Both directors ceased to hold their respective positions from the close of business hours on December 25, 2025.
💼 Action for Investors
Investors should exercise caution as shareholder rejection of a Managing Director indicates potential governance issues or lack of trust in management. Monitor the company's next steps for filling these vacancies and any further disclosures regarding shareholder discontent.
Antarctica Ltd Shareholders Reject Appointment of MD and Independent Director with 78% Against
Antarctica Limited's shareholders have overwhelmingly rejected two key special resolutions during a postal ballot. The proposals to regularise Mr. Sandip Dineshbhai Goti as Managing Director and Mr. Vaghela Digvijay Arjunsinh as an Independent Director both failed to pass. Out of 1,006,648 votes polled, approximately 78.64% were cast against the appointments, while only 21.36% were in favour. This significant rejection by public non-institutional shareholders indicates a major governance hurdle and lack of confidence in the proposed leadership.
Key Highlights
Special resolution for regularisation of Managing Director Sandip Dineshbhai Goti was defeated.
Special resolution for regularisation of Independent Director Vaghela Digvijay Arjunsinh was defeated.
A total of 791,655 votes (78.64%) were cast against both resolutions.
Only 214,993 votes (21.36%) were in favour, failing to meet the criteria for a special resolution.
The voting results were dominated by Public Non-Institutional shareholders as promoter voting was recorded as zero.
💼 Action for Investors
Investors should exercise caution as the massive shareholder rejection of board appointments is a significant red flag regarding corporate governance. Monitor for further announcements on how the company intends to fill these critical leadership positions and address shareholder grievances.