as per attached letter
Awaiting price reaction for this filing.
The Board approved standalone and consolidated unaudited results for Q2 and H1 FY26 (ended Sep 30, 2025). Revenue from operations stood at ₹412.33 lakhs for the quarter (H1 FY26: ₹857.87 lakhs), but the company reported a steep net loss of ₹8,890.55 lakhs in Q2 and ₹11,098.90 lakhs for H1 FY26, driven mainly by a sudden spike of ₹6,707.84 lakhs in 'Other expenses'. The auditor (ASKM & Co.) issued a QUALIFIED conclusion, flagging that no impairment test was done despite indicators like accumulated losses and negative net worth, and emphasising continued oversight needed for the NCLT-approved Resolution Plan. Operationally, the company is post-CIRP: NCLT approved the Preca-led Resolution Plan on Oct 23, 2024, and the board allotted 50.89 crore equity shares (90% of reduced capital, ₹50.89 crore) to new promoter Preca Structures Pvt Ltd. Three wholly-owned subsidiaries — Neueon Power, Neueon Enterprises and Neueon Global — have been approved for incorporation, with up to ₹100 crore investment/loan each. The board also gave in-principle approval to raise about ₹1,000 crore via debt/equity mix for growth. One additional director was appointed and the Wholetime Director resigned.
Despite the Resolution Plan being implemented, the company is still bleeding heavily — large losses, negative operating cash flow and a qualified auditor's report raise concerns about asset valuations and the going concern assumption. For existing shareholders, the 90% allotment to the new promoter is highly dilutive but is part of the resolution process; the planned ₹1,000 crore fund raise and new subsidiaries signal an intent to restart the business, though execution risk and continued losses make this a high-risk, closely-watched stock in the short term.