What’s new

• FY26 revenue jumped to ₹88.06 cr from ₹2.47 cr; net profit rose to ₹3.34 cr from ₹0.19 cr.
• Auditor Marks & Co gave a qualified opinion: supporting docs for GST, TDS, and trade receivables were never provided.
• Net worth ballooned to ₹118 cr after ₹112 cr in warrants were converted into equity.

Why it matters

A company reporting 35x revenue growth whose auditor can't get the documents to verify it is a walking contradiction. The warrant conversion funded the expansion, but the qualified opinion means an independent party won't sign off on the numbers behind it. For a nano-cap, that's a credibility gap that can wipe out a rally.

What we’re watching

• Whether management provides the missing documentation and gets the qualification cleared.
• How the market prices a 35x revenue story with a qualified audit opinion.
• SEBI's response if the 'significant variations' flagged earlier lead to a formal inquiry.

The full read

SC Agrotech just reported a ₹88.06 crore revenue year, up from ₹2.47 crore the year before. The money came after ₹112 crore in warrants were converted into equity, ballooning net worth to ₹118 crore from ₹2.68 crore. The problem: the statutory auditor can't verify it. Marks & Co issued a qualified opinion because the company never provided supporting documents for GST, TDS, related-party transactions, or trade receivables. There was no audit-trail evidence either. Management said funds weren't misused. But that's management's word, not the auditor's, and the auditor is the one who couldn't get the receipts. A 35x revenue jump with a qualified audit opinion is a test of credibility the market has to price now.

Primary source: BSE · NSE