Audited Financial Results for Quarter and year ended March, 2025
Awaiting price reaction for this filing.
XL Energy, a company under Corporate Insolvency Resolution Process (CIRP) since March 2023, has filed its audited FY25 results, which were restated after the NCLT-approved Resolution Plan by the consortium of Karishma Jain, Jupiter City Developers and Adwaita Navigations. The company reported a total surplus of Rs. 2,965.96 lakhs in the P&L, but this is almost entirely a one-time non-operating gain of Rs. 2,950.02 lakhs from extinguishment of legacy liabilities under Section 31 of the IBC; operating profit before working capital changes was actually a loss of Rs. 55.76 lakhs. Total equity remains deeply negative at Rs. (86,266.31) lakhs, and the company continues to default on borrowings of Rs. 74,193.17 lakhs. The auditor issued a qualified opinion flagging that Rs. 957.51 lakhs of old non-current assets are carried at book value with no confirmed recoverability, and that bank borrowings are not reconciled with bank records. The stock is currently suspended (formerly delisted) on BSE and NSE, and the filing was delayed because exchange login credentials were only retrieved in June 2025.
For existing public shareholders, the situation is severe: their shareholding was cancelled without consideration under the resolution plan, with only token replacement shares (80,100 shares in total) issued to retain listing compliance. The headline profit is an accounting illusion driven by one-time liability write-offs, not real business performance — operating cashflows are negative, borrowings are in default, and equity is deeply negative, meaning this stock remains highly distressed and speculative.