DJ Mediaprint’s seven-year run of unqualified audit opinions sits alongside a cash-flow record that has turned sharply negative: cumulative operating cash flow over the last three years is negative at -0.74 times reported profit, and free cash flow has been negative in every year since FY2024 even as dividends and transfers to reserves rose.
Key findings
- A single ₹2.99 crore GST dispute sits unchanged with no provision
Minor- The company received GST show-cause notices and adjudication orders aggregating ₹2.99 crore for alleged ITC mismatch and ineligible ITC from a supplier with a cancelled registration for the period July 2017 to March 2023. It deposited ₹2.24 crore under protest, but management has made no provision, stating it is confident of a favourable outcome. The auditor included an Emphasis of Matter, a special call-out in the audit report, on this matter in the FY2024 standalone audit report without modifying the opinion. - Audit opinions are clean, but TDS arrears recur and the software lacks an audit trail
Minor- The statutory auditor has issued unqualified opinions on both standalone and consolidated financial statements every year from FY2020 through FY2026, with no Key Audit Matters reported in any year. Undisputed TDS payable outstanding for more than six months was ₹10.15 lakh as at March 2026, ₹45.17 lakh as at March 2025, and ₹22.70 lakh as at March 2024. The FY2026 standalone audit report states that the accounting software “does NOT have a feature of recording audit trail (edit log) facility, and the same has operated throughout the year for all relevant transactions.” - Two directors need annual age-limit waivers and independent directors turned over completely
Minor- Mr. Devadas Alva, Non-Executive Director born in 1942, and Mr. Navinchandra Rama Sanil, Independent Director born in 1952, have each required a special resolution at every AGM since FY2021 to continue beyond SEBI’s age limit of 75. All four independent directors who served as of March 2024 had resigned or ceased by June 2025, and a 21-year-old was appointed as Independent Director on 18 June 2025. Promoter Dinesh Muddu Kotian holds 55.69% with zero pledge, and the promoter group voted 100% in favour of all resolutions at every AGM from September 2020 through July 2026. - No capital-market penalties, but CSR obligations were missed and a warrant issue drew exchange observations
Minor- No penalties or strictures were imposed by SEBI, BSE, or NSE on capital-markets matters during the three years to FY2026. The company stated in FY2024 that it had not established a CSR Committee or formulated a CSR Policy despite profit after tax exceeding ₹5 crore, triggering the obligation under Section 135 of the Companies Act. In October 2024, NSE and BSE issued observations on the company’s application for in-principle approval of a preferential issue of Convertible Warrants, requiring a corrigendum to the Postal Ballot Notice. - The group added one 51%-owned subsidiary in FY2025 with no associates or JVs
Clean- The company had no subsidiary, joint venture, or associate from FY2020 through FY2024. It acquired a 51% stake in Sai Links, a partnership firm, effective 22 January 2025, making it the sole subsidiary. As at March 31, 2026, the group comprised the parent and Sai Links, with no associates or joint ventures, and the investment is measured at cost with a fair value of ₹7.71 crore as at March 31, 2025.
What to watch
- Dividend approval. Whether the FY2026 final dividend of ₹0.15 per share is approved at the 17th AGM and paid despite negative operating and free cash flows.
- Receivable ageing. The next annual report for FY2027 will show whether the 139-day receivable cycle and ₹22.0 crore consolidated receivable build in FY2026 reverse or lead to ageing beyond six months. (D1 period: FY2025-26)
- GST dispute resolution. Resolution of the ₹2.99 crore GST show-cause notices, with ₹2.24 crore deposited under protest; no scheduled hearing date is disclosed in the FY2026 Annual Report.
- Audit-trail deficiency. The FY2026 standalone audit report flags the absence of an audit-trail feature in the accounting software; the next annual report will show whether this is remedied.
- Director age limits. Mr. Devadas Alva attains age 84 on 10 September 2026 and will require another special resolution at the next AGM; Mr. Navinchandra Rama Sanil attains age 75 on 9 May 2027 during his second five-year term.
Bottom line: This is a disclosed and consistently audited record with a clean governance surface. The strain sits beneath it: reported profits that do not convert to cash, a receivable book that has stretched to 139 days in FY26, and a board that relies on annual shareholder waivers to keep two directors past SEBI’s age limit. Watch whether the cash-flow gap narrows in FY2027 and whether the GST dispute and audit-trail deficiency are resolved.