Outcome of the Board Meeting held on November 14, 2025.
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 3.5 pts less than Nifty Microcap 250 and 2.9 pts less than its Fertilizers peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The Board approved unaudited financial results for Q2 FY26 (quarter ended September 30, 2025) showing revenue from operations of Rs. 538.12 lakhs, down from Rs. 656.75 lakhs in the same quarter last year, and a net loss of Rs. 204.11 lakhs (EPS of -Rs. 0.39). The statutory auditor issued a qualified review report flagging Rs. 10.34 Crores of unprovided old overdue trade receivables and the fertiliser segment's near-zero capacity utilisation without any impairment study. Internal auditor M/s. PSRD & Co. resigned citing pre-occupation and was replaced by M/s. A Chaturvedi & Associates on the same day. The company also highlighted upcoming positives: a government subsidy hike on SSP fertiliser effective October 1, 2025, expansion of its Anchaviyo Resort to 125 keys, and progress on the Wembely-60 realty project in Thane.
Negative near-term: continued quarterly losses, falling revenue, a qualified auditor's report, and an internal auditor change raise governance concerns for shareholders. However, the subsidy hike for SSP, resort expansion, and realty project progress offer potential recovery catalysts over the next few quarters.