Williamson Magor and Co. Limited Approves Unaudited Financial Results for Quarter Ended June 30, 2026; Qualified Concerns Raised by Auditors

Williamson Magor and Co. Limited Approves Unaudited Financial Results for Quarter Ended June 30, 2026; Qualified Concerns Raised by Auditors​

Williamson Magor & Company Limited announced the approval of its unaudited financial results (both standalone and consolidated) for the quarter ended June 30, 2026. The results were reviewed by V. Singhi & Associates, Chartered Accountants, who issued a qualified opinion regarding key aspects of the company's financial standing.

The Board of Directors held a meeting on August 12, 2026, during which the unaudited standalone and consolidated financial results, along with a Limited Review Report by M/s V. Singhi & Associates, were approved.

Standalone Financial Performance and Auditor Findings​

For the quarter ended June 30, 2026, Williamson Magor recorded significant income from other sources despite limited operational revenue. The company reported total income of 1,654 thousand, primarily driven by Other Income of 1,564 thousand, against a Revenue from Operations of 2 thousand. Total expenses for the period were reported at 4,986 thousand, resulting in a Profit (Loss) before Tax of 6,570 thousand. The net result showed a loss after tax amounting to 125,432 thousand.

The Independent Auditor's Review Report highlighted several critical points leading to the qualified conclusion:

• Going Concern Uncertainty: Auditors noted that the company's net worth as of June 30, 2026, has been fully eroded, casting significant doubt on its ability to continue as a going concern. This uncertainty is compounded by the fact that the company is unable to get its NBFC Registration restored, contrary to RBI instructions.
• Interest Expense Non-Recognition: A material issue identified was the non-recognition of interest expenses on secured and unsecured borrowings totaling 1,10,386 thousand for the quarter ended June 30, 2026. This debt pertains to a secured lender, HDFC Bank Limited (covering April 2021 to June 2026), and inter-corporate borrowings, constituting a departure from accounting standards.
• Defaulting Dues: The review pointed to default in the repayment of principal and interest on Non-Convertible Debentures issued to IL&FS Financial Services Limited (formerly known as KKR Financial Services Limited). The company had previously recognized a liability related to these debentures, but due to ongoing litigation regarding a petition filed in the Delhi High Court, no further liability has been ascertained.
• Asset Recognition: Deferred Tax Assets totaling 11,06,332 thousand were noted. However, given the management's assessment of the going concern assumption, the threshold for recognizing these assets as per Indian Accounting Standard 12 was not met, meaning the total comprehensive income for the quarter is overstated by that amount.

Consolidated Results and Operational Context​

The consolidated results for the quarter ended June 30, 2026, also showed a net loss after tax of 125,432 thousand, with Total Income at 11,656 thousand. Similar to the standalone review, the qualified conclusion emphasized material uncertainty related to the going concern and non-recognition of interest expenses on secured and unsecured borrowings totaling 1,10,386 thousand.

The consolidated statement included results from associates and a jointly controlled entity:


Settlement and Debt Status:
In terms of past financial commitments, the company noted that a one-time settlement agreement dated May 5, 2023, related to debt securities was partially settled. The balance intended for settlement involves the collateral security of Neemrana Land, which was sold on May 9, 2026, for proceeds amounting to Rs. 9,02,500 (in thousands).

The company also noted that it has provided unsecured loans totaling 32,20,920 thousand, on which a provision of 32,20,920 thousand was recorded in the financial statements, with accrued interest standing at 242,114 thousand.

WILLAMAGOR Stock Price Movement​

Williamson Magor & Company Limited shares settled today, gaining 3.35% and closing at ₹26.25 after a positive session. The equity finished the day well within its trading range, having been tested between a low of ₹25.85 and a high of ₹26.8.