Annual Report for the Financial Year 2023-24
Awaiting price reaction for this filing.
RCI Industries & Technologies Limited has filed its Annual Report for FY 2023-24 along with the notice for its 33rd AGM, scheduled for February 11, 2026 at 11:00 AM via video conferencing. The company was under Corporate Insolvency Resolution Process (CIRP) from November 25, 2022 to October 9, 2025, after which JTL Industries Limited's Resolution Plan was approved by NCLT. The new management took control on December 9, 2025. As part of capital restructuring, existing promoter holdings were extinguished, public shareholding was reduced to 5%, and 1,00,00,000 fresh equity shares (Rs. 10 crore) were allotted to JTL Industries Limited. Financial performance shows revenue falling sharply to Rs. 229.50 lakhs (from Rs. 2,301.89 lakhs) with a loss after tax of Rs. 922.01 lakhs (vs Rs. 1,719.34 lakhs loss in FY23). EPS stood at Rs. (5.88) versus Rs. (10.97).
Existing shareholders face significant dilution as their holdings have been slashed to 5% of the post-restructuring capital, with JTL Industries now the controlling shareholder. The reported financials reflect the pre-acquisition period and have been disclaimed by the new management, who took over on a 'clean slate' basis under IBC. Stock may see re-rating based on the new management's revival plans, though historical financials offer limited guidance on future performance.