What’s new

• Khyati reported a Q4 profit of ₹30.10 lakhs, reversing a ₹22.29 lakh loss a year ago.
• FY25 profit came in at ₹18.82 lakhs versus a ₹91.44 lakh loss the prior year.
• The auditor qualified the report over unregistered land advances, a polo-event revenue issue, and deposit-rule violations.

Why it matters

The profit turnaround is the first for the nano-cap in recent memory. But the auditor's qualifications are not cosmetic. They flag unrecorded real-estate commitments and questionable revenue booking, which is exactly the kind of governance gap that triggers regulator interest in small companies.

What we’re watching

• Whether SEBI questions the unregistered land advances.
• How the company responds to the auditor's qualification on the polo-championship revenue.
• If the deposit-rule non-compliance leads to any enforcement action.

The full read

Khyati is finally in the black. Q4 profit of ₹30.10 lakhs reverses a ₹22.29 lakh loss, and the full-year swings to a ₹18.82 lakh profit from a ₹91.44 lakh loss. For a company with a ₹4 crore market cap, that's real progress. But the auditor's report cuts it short. The qualifications are specific: unregistered land advances, a polo-championship revenue line that doesn't add up, and deposit-rule violations. The profit is welcome, but the filings leave the balance sheet with more questions than answers. The auditor couldn't stand behind the numbers cleanly. That's a problem for a company that needs capital markets to work.

Primary source: BSE · NSE