Shree Krishna's auditor disclaims the books. The board says the audit was clean.
Statutory auditor NKSC & Co. cannot verify the company's records after a management change. The board's own filing contradicts the auditor's conclusion.
— 1 earlier story on Shree Krishna Infrastructure Ltd. →What's new
- Auditor NKSC & Co. issued a disclaimer of opinion, citing a lack of records after a management change.
- Revenue from operations collapsed to ₹3.44 lacs from ₹79.55 lacs; net profit of ₹9.32 lacs was driven by ₹51.93 lacs in other income.
- The board's filing contains a contradictory declaration claiming the auditor issued an unmodified opinion.
Why this matters
A disclaimer of opinion is the most severe finding short of an adverse one. It means the auditor cannot vouch for any of the figures. The board's contradictory claim of a clean audit signals administrative control has broken down alongside the business itself.
What we're watching
- Whether the stock exchange seeks clarification on the contradictory audit declarations.
- If SEBI initiates a probe into the documentation gaps and the 'management change' the auditor cited.
- Any further disclosure on the nature of the missing records that left the audit unverifiable.
The full read
Shree Krishna Infrastructure's audited results for FY26 are a study in administrative disarray. Revenue from operations collapsed to just ₹3.44 lacs from ₹79.55 lacs. The ₹9.32 lacs net profit is almost entirely a product of ₹51.93 lacs in other income. But the real news is the audit. Statutory auditor NKSC & Co. issued a disclaimer of opinion, stating it could not verify the company's books because the new management provided no documentation. In the same filing, the board declares the auditor issued an unmodified opinion. These are opposite conclusions. The company is reporting numbers while its auditor says the numbers are unverifiable. That is not a disagreement. It is a void.
Questions answered
- What does the auditor's disclaimer of opinion mean?
- It means NKSC & Co. did not receive sufficient financial records from the current management to verify the company's transactions or financial position. The auditor is explicitly stating it cannot vouch for the reported figures.
- How did the company report a profit if revenue was only ₹3.44 lacs?
- The ₹9.32 lacs net profit was driven almost entirely by ₹51.93 lacs booked as other income, which is separate from the core operations that generated the minimal revenue.
- Why does the filing contain two opposite statements about the audit opinion?
- The filing includes the auditor's disclaimer of opinion and a separate board declaration claiming an unmodified opinion was issued. This direct contradiction suggests a significant breakdown in the company's internal reporting processes.
- What is the scale of the operational collapse?
- Revenue from operations fell to ₹3.44 lacs from ₹79.55 lacs in the previous year, a decline of over 95% in the company's core business activity.
Story so far
All notes on SKIFL →- 29 May 2026 · 6:06 PM IST Shree Krishna's auditor disclaims the books. The board says the audit was clean.
- 1d ago Shree Krishna's auditor can't find the books. Its board says the audit is clean.