Dear Sir/Madam, Pursuant to Regulation 30 and Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Board of Directors ....
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Awaiting price reaction for this filing.
The Board approved unaudited standalone and consolidated financial results for Q3 FY26 on February 12, 2026. On a standalone basis, the company reported zero revenue with a net loss of Rs 9.84 lakhs in Q3 and Rs 15.11 lakhs for the 9-month period, as the parent entity has wound down operations. On a consolidated basis, Q3 revenue from operations was Rs 1,969.02 lakhs (down from Rs 2,072.47 lakhs YoY), while 9M revenue jumped to Rs 6,497.27 lakhs (up ~73% from Rs 3,760.36 lakhs); 9M profit after tax was nearly flat at Rs 89.19 lakhs vs Rs 88.40 lakhs. The auditor (Batliboi & Purohit) issued a qualified review, flagging interest-free loans of Rs 356.78 lakhs to a subsidiary as a violation of Section 186 of the Companies Act — this matter was also qualified by the predecessor auditor in FY25. There has been a change of statutory auditor, with the predecessor reviewing prior periods. Major corporate actions include the company's pivot from paper to alcoholic beverages (object clause amended on Jan 14, 2026), sale of its material subsidiary Banganga Paper Mills for Rs 11.21 crore, approval to acquire 78.90% of CMJ Breweries Pvt Ltd, and proposed preferential issues of equity shares and convertible warrants totaling over 23 crore securities at Rs 1.45 each.
Negative near-term signals from standalone losses, auditor qualification, and Section 186 violation, alongside an auditor change. However, the company is undergoing a major business pivot into the alcoholic beverages space via the CMJ Breweries acquisition and brand change, but this comes with substantial expected equity dilution from the preferential and warrant issues at Rs 1.45 per share.