Outcome of the Board Meeting
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
The Board approved unaudited standalone and consolidated financial results for Q2 and H1 FY26 (ended Sept 30, 2025). Standalone operations reported zero revenue, while consolidated net sales fell to Rs 168.77 lakhs in Q2 (vs Rs 179.21 lakhs YoY) and Rs 294.54 lakhs for H1 FY26 (vs Rs 386.91 lakhs in H1 FY25, a ~24% decline). Standalone net loss widened to Rs (487.79) lakhs in Q2 and Rs (975.34) lakhs for H1; consolidated net loss was Rs (1,392.63) lakhs for H1 FY26, including a Rs 1,140 lakh exceptional item. Standalone net worth is deeply negative at Rs (83,629) lakhs against short-term borrowings of Rs 43,215 lakhs. The auditor issued a qualified conclusion citing multiple defaults: the company has been declared a wilful defaulter by Bank of India, FCCBs of EUR 42 million (Rs ~38,695 lakhs) remain unpaid since 2011, bank facilities are NPA since 2009, a winding-up petition has been filed, statutory dues are unpaid, RBI guidelines have not been complied with since 2011, and a CBI chargesheet has been filed against the company and directors.
Shareholders face severe distress signals — deeply negative reserves, mounting losses, auditor qualifications on ECL and FCCB interest, wilful defaulter status, and active CBI/winding-up proceedings raise serious going-concern and solvency concerns. The stock carries very high risk; near-term recovery prospects appear bleak given unresolved legacy defaults and ongoing legal actions.