Board Meeting outcome for considered and approved Unudited Financial Results of the Company along with Auditors Limited Review Report for the 1st quarter ended June 30, 2025.
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Gaekwar Mills Ltd's Board approved its Q1 FY26 unaudited financial results on August 12, 2025, along with an unqualified Limited Review Report from M.D. Pandya & Associates. The company reported zero revenue from operations, with only ₹10.88 lakhs of other income, and swung to a small profit of ₹5.88 lakhs versus a loss of ₹11.08 lakhs in the year-ago quarter. The profit swing is entirely because the company did NOT book the 'Premium on Debenture Redemption' write-off this quarter (₹469.88 lakhs was charged in Q1 FY25). A critical note reveals that ₹30 crore (Series A) and ₹5 crore (Series B) of Secured Non-Convertible Debentures, which were due for redemption on March 31, 2025, have not been redeemed, and negotiations with debenture holders for an extension are still ongoing and unfinalized.
This is a serious red flag for shareholders — the company has defaulted on ₹35 crore of debenture repayments and is essentially a non-operating shell surviving only on other income. The apparent return to profitability is cosmetic, driven by the absence of a one-time accounting charge rather than any real business improvement. The stock carries significant solvency and going-concern risk.