SS Retail Limited revised lender stock statements after 8% gaps

SS Retail Limited revised monthly stock-and-receivable statements submitted to banks in Fiscal 2024-25 and Fiscal 2025-26 after initial filings differed from its books by as much as 8.0%. SS Retail attributed the variations to stock-valuation errors and debtor reconciliations, while its revised statements were presented as matching the books.

Why did SS Retail revise its lender stock statements?

SS Retail revised its lender stock statements because monthly accounts and stock valuations were finalised after the initial statements had been sent to banks. SS Retail said month-end stock statements and trade-receivable details are submitted within seven days after the close of the succeeding month, whereas account finalisation and valuation occur subsequently.

The filings cover stocks and receivables, which the disclosure identifies as current assets in relation to borrowings secured by current assets. For Fiscal 2025-26, SS Retail said the variations were mainly caused by stock-valuation errors and debtor reconciliation. A debtor reconciliation is the process of matching receivable balances in company records with amounts due from customers or counterparties.

SS Retail stated that it submits a revised stock-and-receivable statement if final valuation identifies a variation. The mechanism therefore depends on completing month-end accounts, valuing inventory and reconciling receivables after the initial seven-day submission window. SS Retail described the revised Fiscal 2025-26 monthly statements as being in agreement with its books of account.

How large were initial lender stock statement differences in Fiscal 2025-26?

SS Retail’s largest initial Fiscal 2025-26 difference was Rs 20.525 crore in April 2025, when the filing was 8.0% below the books. SS Retail initially submitted stocks and receivables of Rs 236.298 crore, compared with Rs 256.823 crore in its books, creating the largest percentage variance in the 12-month period.

Initial filings were below the books in nine of 12 months in Fiscal 2025-26: April through October 2025 and March 2026. The pattern reversed in November 2025, December 2025, January 2026 and February 2026, when submitted balances exceeded the book balances by 1.5%, 2.3%, 1.4% and 0.6%, respectively. The largest positive difference was Rs 6.171 crore in December 2025.

After revision, SS Retail’s Fiscal 2025-26 table showed a zero difference in every month from April 2025 to March 2026. The revised April 2025 amount was Rs 256.823 crore and the revised September 2025 amount was Rs 361.313 crore, each equal to the corresponding book balance in the revised table. The revised table lists January 2026 stocks and receivables at Rs 291.901 crore.

How did Fiscal 2024-25 compare with Fiscal 2025-26?

SS Retail reported persistent initial discrepancies in both Fiscal 2024-25 and Fiscal 2025-26, while the peak percentage variance increased to 8.0% from 7.3%. In Fiscal 2024-25, every initial monthly filing was below the book balance, with differences ranging from 2.7% in December 2024 to 7.3% in February 2025 and March 2025.

The largest Fiscal 2024-25 rupee difference was Rs 17.236 crore in March 2025. SS Retail submitted Rs 217.642 crore to the bank in that month against book stocks and receivables of Rs 234.878 crore. October 2024 had a Rs 15.006 crore gap, or 5.2%, while February 2025 recorded a Rs 15.382 crore gap, or 7.3%.

The revised Fiscal 2024-25 table reported a zero difference for all 12 months. It showed an April 2024 revised balance of Rs 145.610 crore, an October 2024 balance of Rs 287.776 crore and a March 2025 balance of Rs 234.878 crore, each matching the book figure displayed in that table. This differed from Fiscal 2023-24, when most initial gaps ranged from negative 0.2% to positive 0.4%, except for March 2024 at positive 2.3%.

What does the Fiscal 2023-24 comparison show?

SS Retail’s disclosed lender stock statement variance became larger in Fiscal 2024-25 than in Fiscal 2023-24. Fiscal 2023-24 had a maximum absolute percentage difference of 2.3% in March 2024, equal to Rs 3.344 crore, when the bank submission of Rs 149.043 crore exceeded book stocks and receivables of Rs 145.699 crore.

Fiscal 2024-25 began with a 4.4% shortfall in April 2024 and ended with a 7.3% shortfall in March 2025. The largest absolute gap rose from Rs 3.344 crore in March 2024 to Rs 17.236 crore in March 2025. The increase therefore reflected both a larger percentage difference and a larger rupee difference in the disclosed monthly balances.

SS Retail gave a separate explanation for the March 2024 variance, saying it was mainly due to an inadvertent error involving non-reporting of stock in transit. Stock in transit is inventory moving between locations or counterparties that has not reached its destination. For Fiscal 2024-25 and Fiscal 2025-26, SS Retail instead identified stock-valuation errors and debtor reconciliations as the main causes.

What must occur for the statements to match the books?

SS Retail’s lender stock statements will match its books after revision only if it completes stock valuation and debtor reconciliation after the initial filing and sends corrected statements when variations are identified. The disclosed process is corrective: it does not state that each first statement filed within seven days already matches final monthly accounts.

The scale of the balances also changed during Fiscal 2025-26. Initial submissions rose from Rs 236.298 crore in April 2025 to Rs 327.942 crore in March 2026, reaching Rs 348.743 crore in September 2025. Continued agreement after revision requires SS Retail to reconcile both inventory valuation and receivable balances across monthly current-asset statements exceeding Rs 200 crore.

SS Retail’s financial statements were evaluated for events after March 31, 2026 through August 30, 2026, the stated issue date of the financial statements. SS Retail said it was not aware of events or transactions requiring recognition or disclosure other than those already mentioned. That statement does not provide later monthly lender stock statement data beyond March 2026.

Conclusion

SS Retail’s disclosures show that initial bank reporting of stocks and receivables did not consistently match subsequent book balances in Fiscal 2024-25 or Fiscal 2025-26. The largest disclosed variance was the April 2025 shortfall of 8.0%, or Rs 20.525 crore, while the revised monthly tables showed zero differences from the books in both fiscal years.

The next disclosed evidence to watch is whether later statements show smaller differences in first filings, rather than agreement only after revisions. SS Retail’s stated process remains to submit statements within seven days after the succeeding month closes, finalise accounts and stock valuation subsequently, and revise stock-and-receivable statements when a variation is identified.