Approved of Un-Audited Financial Results for the Quarter ended June 30, 2025, Approved Audited Financial Results for the year ending 31st March 2016, and matters mentioned in attachment.
Awaiting price reaction for this filing.
Mysore Paper Mills Ltd, a Karnataka government undertaking, approved its unaudited financial results for Q1 FY26 (quarter ended June 30, 2025) and unusually its audited results for FY15-16 at a board meeting on October 15, 2025. Revenue from operations doubled year-on-year to Rs 543.17 lakhs (vs Rs 270.44 lakhs in Q1 FY25), but the company still posted a net loss of Rs 1,898.51 lakhs due to total expenses of Rs 2,441.68 lakhs, driven largely by finance costs of Rs 2,152.18 lakhs. Mill operations have been shut since October 2021 following a government closure order, and the state is attempting to lease out operations to a private party. The FY15-16 audit was finalised with a disclaimer of opinion, and the 81st AGM is scheduled for November 29, 2025.
This is negative for shareholders — the company is loss-making, heavily indebted (finance costs alone are nearly 4x its quarterly revenue), and its core paper mill business is closed with a privatisation/lease process ongoing. The delayed FY15-16 audit approval signals years of financial reporting backlogs and weak governance visibility.