Binny posts profit but auditor flags ₹29 cr in unverified advances
A delayed Q2 filing brings a qualified opinion. The auditor still can't vouch for money advanced to RRB Energy.
What's new
- Binny finally filed Q2 results for the quarter ended Sept 30, 2025, over 8 months late.
- Auditor again issued a qualified opinion on ₹29.18 cr advances to RRB Energy and revenue recognition with Sanklecha Infra.
- Revenue rose sequentially to ₹14.43 cr; profit before tax was ₹12.79 cr.
Why this matters
The numbers themselves are fine. The problem is the audit. A qualified opinion means the auditor found specific things it could not verify, and this is the second time those same ₹29.18 cr advances have been flagged. For a nano-cap company, repeated qualifications erode whatever credibility the financials are supposed to carry.
What we're watching
- Whether SEBI acts on the 8-month filing delay.
- If the ₹29.18 cr RRB Energy advances are ever clarified or written down.
- Any movement on the Sanklecha Infra revenue recognition issue.
The full read
Binny Ltd. finally filed its Q2 results, 8 months late. Revenue for the quarter ended Sept 30, 2025, was ₹14.43 cr, up from ₹9.41 cr in Q1. Profit before tax stood at ₹12.79 cr. The numbers show sequential improvement, but the auditor's qualified opinion is the real story. It is the second time the auditor has flagged ₹29.18 cr in advances to RRB Energy, meaning it cannot verify what that money is for or whether it will come back. A separate revenue recognition issue with Sanklecha Infra also remains unresolved. For a nano-cap, these are not minor accounting quibbles. They are the kinds of qualifications that keep a stock out of any serious institutional portfolio.
Questions answered
- Why are the Q2 results arriving so late?
- The filing is over 8 months delayed, which itself is a governance flag. The source does not state the reason for the delay.
- What is the auditor's main concern?
- The auditor repeated a qualified opinion on ₹29.18 crore in advances to RRB Energy, meaning it cannot verify the recoverability or purpose of that money. There is also an unresolved issue with revenue recognition related to Sanklecha Infra.
- Are the financial results themselves strong?
- On a sequential basis, yes. Revenue jumped from ₹9.41 cr to ₹14.43 cr, and the company reported profit before tax of ₹12.79 cr.
- Is this the first time the auditor has raised these issues?
- No. The analyst rationale states the auditor has 'again' issued a qualified opinion on these specific items. The ₹29.18 cr advances are a recurring qualification.