Unaudited Financial Results of the Company along with the Auditor''s Limited Review Report for the quarter and half year ended on September 30, 2025
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Ecoboard Industries reported a loss of Rs 295.38 lakh for Q2 FY26 and Rs 631.67 lakh for H1 FY26, with revenue from operations of Rs 653.36 lakh in H1 FY26 versus Rs 803.28 lakh in H1 FY25. Loss per share for the half year was Rs (2.27). The auditor issued a qualified opinion, flagging that the company did not make a Rs 70.85 lakh provision for expected credit loss on receivables and advances, which would have further increased the reported loss. The auditor also drew attention to large pending tax disputes — excise duty demand of Rs 1,114.64 lakh at the Supreme Court stage and income-tax demands of Rs 510.44 lakh and Rs 179.45 lakh under appeal — totaling roughly Rs 1,805 lakh in contingent liabilities. Two independent directors stepped down after completing their 10-year tenure. The company has negative other equity of Rs 1,423.28 lakh, has been funding operations through preferential share/warrant allotments to non-promoter public, and is selling non-core land (including to a related party, M/s Wester Bio Systems Pvt Ltd) to raise Rs 1,000 lakh.
Shareholders face a weak picture — continued losses, a qualified audit report, and very large contingent tax liabilities that are not provided for in the books. The stock may remain under pressure until revenue stabilizes, the tax appeals are resolved, and the company returns to profitability. Governance is also affected by the exit of both independent directors.