Please find attached Revised Audited Financial Results for March 2025 together with relevant disclosures/statements
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On the reaction day the stock moved 2.4 pts less than Nifty Microcap 250 and 1.5 pts less than its Industrial Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The company filed revised audited results for FY25 on a standalone and consolidated basis after an earlier submission only included consolidated numbers. Net sales fell sharply to Rs. 1,091.52 lakhs from Rs. 1,505.19 lakhs in FY24, a drop of roughly 27%. The company swung to a much deeper net loss of Rs. 2,748.22 lakhs (standalone), compared with a loss of Rs. 312.73 lakhs in FY24, with EPS turning to negative Rs. 15.52. Reserves turned negative at Rs. (2,607.54) lakhs and net worth slipped to Rs. (836.81) lakhs, while short-term borrowings rose to Rs. 5,167.61 lakhs. The statutory auditor issued a Disclaimer of Opinion, flagging 8 issues including unverifiable inventory, unrecoverable long-term loans and advances, unsettled trade balances, and a one-time settlement (OTS) process with banks. The auditor also explicitly highlighted material uncertainty on the company's ability to continue as a going concern due to cash losses of Rs. 1,665.68 lakhs and a negative net worth. Operating cash flow was negative at Rs. (193.78) lakhs against a positive Rs. 91.15 lakhs last year.
Very negative for shareholders — the company is in severe financial distress with negative net worth, a disclaimer of opinion from auditors, NPA-classified bank loans, ongoing OTS negotiations, and large pending tax/GST demands of over Rs. 6,000 lakhs. Existing equity holders face significant dilution and solvency risk, and the stock is likely to remain under heavy pressure.