Financial Results for 31st March, 2021, 2022, 2023 and 2024.
Awaiting price reaction for this filing.
Futura Polyesters, whose polyester business has been shut since December 2012, got its board to approve four years of delayed audited results on July 10, 2025. The company was ordered wound up by the Bombay High Court in June 2018; the matter moved to NCLT, then CIRP was withdrawn in August 2023 and the winding-up was disposed off in October 2023. For FY2021, the company posted a total comprehensive loss of Rs. 2,103.75 lakhs on Rs. 1,547.16 lakhs of revenue (discontinued operations), with negative net worth of Rs. 40,462 lakhs. The auditor (V.S. Somani & Co.) gave a Qualified Opinion, flagging material uncertainty on going concern due to fully eroded net worth, overdue debt, and unprovided finance cost on NPA accounts. In January 2025, lenders accepted a One Time Settlement (OTS) of Rs. 243.45 crores against old bank dues of Rs. 93.65 crores, and the company says it paid this OTS to all consortium secured lenders on June 23, 2025.
Despite clearing the bank OTS, the company's net worth remains deeply negative with continuing losses, a qualified audit opinion, and ongoing going-concern doubts — making this a high-risk, speculative situation for shareholders. Large pending tax disputes (several thousand lakhs across Income Tax, Service Tax, and Sales Tax) add further uncertainty to any recovery story.