Tirupati Innovar Ltd Reports Q4 Results; Statutory Auditors Issue Modified Opinion Over Financials

Tirupati Innovar Ltd Reports Q4 Results; Statutory Auditors Issue Modified Opinion Over Financials​

Tirupati Innovar Ltd, formerly known as Tirupati Tyres Limited, announced its audited Standalone Financial Results for the quarter and year ended March 31, 2026. The results include a qualified opinion from the company's statutory auditors.

The Board of Directors held a meeting on June 8, 2026, to consider and approve the audited standalone financial results for the quarter and year ended March 31, 2026.

Financial Performance Highlights​

The company’s performance across the periods reflects significant operational metrics. Total revenue from operations stood at 7319.95 Lacs for the three months ended on March 31, 2026. For the full financial year ending March 31, 2026, total revenue reached 14422.55 Lacs.

The following table presents key figures from the audited standalone financial results (in Rupees in Lacs):

Balance Sheet and Financial Position​

As of March 31, 2026, the company reported total assets of 20955.78 Lacs. Key components of the balance sheet include trade receivables at 15194.23 Lacs and cash and cash equivalents at 9.48 Lacs.

The equity side showed Equity Share capital of 2444.35 Lacs, with Other Equity standing at 3120.63 Lacs. Liabilities included creditors other than micro and small enterprises amounting to 14746.18 Lacs.

Audit Qualifications Issued by Statutory Auditors​

The statutory auditors expressed a Modified opinion on the Audited Standalone Financial Results for the quarter and year ended March 31, 2026. The audit report contained several disclaimers concerning various aspects of the financial statements:

Key Disclaimers:

• Trade Payables & MSME Status: The company wrote off certain trade payables without providing supporting documentation or management justification. Additionally, the company did not provide the bifurcation of trade payables relating to Micro, Small, and Medium Enterprises (MSME).
• Receivables Verification: Significant trade receivable balances were reported at the balance sheet date, but external balance confirmations for major outstanding balances and parties involving substantial debit transactions were unavailable for verification.
• Stock Transactions: The company reported substantial sales and purchase transactions while reflecting nil closing stock as at the balance sheet date. Management represented that these goods are directly transferred from suppliers to customers without being held as inventory, which is noted as inconsistent with industry practice.
• Loans and Advances: Outstanding loans and advances were reported; however, no corresponding interest income was recognized during the year, nor were loan agreements or repayment terms provided for verification.
• Documentation Gaps: Certain sales transactions lacked supporting records such as E-Way Bills or delivery challans. Similarly, regarding purchases, the company did not provide Goods Inward Reports or other supporting evidence, despite management representing that goods are directly traded from suppliers to customers without being held as inventory.

The Statement on Impact of Audit Qualifications showed that Total Revenue/Total Income stood at 14422.55 Lacs and Net Profit/(Loss) was 87.12 Lacs for the financial year ended March 31, 2026.

Stock Price Movement​

Tirupati Innovar Ltd settled at ₹9.22 after trading down 4.95% today, closing near its opening price. The stock remained completely flat throughout the session, with the intraday high and low both hitting ₹9.22.