Desi Farms finally posts audited FY26 results, auditor flags zero headcount

Desi Farms India finally got its FY26 audited results approved on July 3, after months of deferrals that had the market wondering if the numbers would ever come. They did — and the story is about what isn't there. The auditor, A N K H & Associates, signed off with an unmodified opinion but drew attention to three things: the entire management team changed during the year, all employees left, and a ₹50,000 stamp duty on increased authorised capital was claimed as revenue expense using a judicial precedent that tax authorities might reject. The financials themselves are tiny: full-year revenue of ₹55.30 lakh, a net loss of ₹0.24 lakh, cash of ₹20.21 lakh, and equity of just ₹4.21 lakh. With zero headcount and a completely new management, Desi Farms is effectively a shell — a ₹63 cr market cap company with no employees and negligible operations. The auditor's remarks don't change the numbers, but they confirm that this company has been hollowed out and reassembled in a single year. What comes next is the open question.