Financial Results 31st March, 2023
Awaiting price reaction for this filing.
Futura Polyesters Limited submitted its audited financial results for FY2023, covering a period during which the company was under liquidation proceedings. The Bombay High Court had ordered winding up in June 2018, a Liquidator took possession in November 2020, and the matter was later transferred to NCLT. The CIRP was withdrawn in August 2023 and the company regained possession in October 2023. In January 2025, consortium lenders accepted a One-Time Settlement (OTS) of Rs. 243.45 crores against outstanding bank dues of Rs. 83.65 crores, which was paid on 23 June 2025. The company reported a net loss of Rs. 556.15 lakhs on total income of just Rs. 9.42 lakhs, with net worth completely eroded at Rs. (41,822) lakhs and total borrowings of around Rs. 26,576 lakhs.
This is a deeply distressed stock with negative net worth, defaulted loans, and an auditor's qualified opinion flagging material going-concern uncertainty. While the OTS settlement is a positive step toward revival, the company's polyester operations remain discontinued and shareholders face significant risk of dilution or total loss. The qualified audit opinion and going-concern flag suggest the stock remains highly speculative.