Elgi Rubber Company Limited has informed the Exchange regarding Outcome of Board Meeting held on May 28, 2026.
ELGIRUBCO · price
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Elgi Rubber Company reported its audited Q4 and full year FY26 results with a standalone net loss of Rs. 11,494.55 lakhs, primarily due to exceptional items of Rs. 9,100.11 lakhs including full impairment of Rs. 3,658.47 lakhs investment and Rs. 5,441.64 lakhs expected credit loss on loans to its step-down subsidiary Rubber Resources B.V., Netherlands, which entered liquidation in January 2026. Revenue from operations grew 4% year-on-year to Rs. 23,627.06 lakhs. The Board also approved reversal of Rs. 16.43 million interest receivable from two overseas subsidiaries (USA: Rs. 2.07 million, Brazil: Rs. 14.36 million) to reduce their interest burden. Key management re-appointments include Sudarsan Varadaraj as Chairman and Managing Director (from Jan 1, 2027) and Harsha Varadaraj as Executive Director (from Nov 6, 2026), both for 5 years subject to shareholder approval. The 20th AGM is scheduled for August 27, 2026. Statutory auditors issued an unmodified opinion.
The company reported a significant net loss due to one-time impairments from the Netherlands subsidiary liquidation, which could negatively impact the stock in the short term. However, core operations showed revenue growth, and the interest reversal for subsidiaries signals support for their financial health. Long-term impact depends on recovery from the liquidation proceedings.