Omkar Speciality Chemicals Interim Results Reviewed Citing Losses and Going Concern Basis

Omkar Speciality Chemicals Interim Results Reviewed Citing Losses and Going Concern Basis​

Omkar Speciality Chemicals Ltd.'s interim financial results, reviewed across multiple quarters ending up to December 31, 2025, reflect ongoing operational challenges as the company continues under a resolution plan.

The review reports indicate that Omkar Speciality Chemicals was operating under CIRP during the initial periods analyzed. The company has reported losses throughout these reviews, and due to the prevailing circumstances, financial results have been prepared on a going concern basis. Comparative quarterly figures are unavailable as the company had not yet prepared financial results for the first three quarters of the financial year 2024-25.

Across all reviewed periods, the management confirmed that the interim financial statements were prepared in accordance with Indian Accounting Standard 34 (Ind AS 34) and other recognized accounting practices.

A key development noted in the company’s financials was the approval of a Resolution Plan by the Hon'ble NCLT on July 31, 2025, which occurred subsequent to the reporting period for the first quarter analyzed. This matter was specifically highlighted in the emphasis of matter section of all reports.

The limited review conducted by R. R. TIBREWALA & CO. maintained a qualified conclusion regarding these statements. The auditors stated that except for possible effects stemming from the matters described in the basis for qualified conclusion, nothing came to their attention that suggested the accompanying statements had not been prepared in all material respects according to applicable Indian Accounting Standards and other recognized accounting practices and policies.