Outcome of Board meeting held on May 23, 2025.
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 2.5 pts less than Nifty Microcap 250 and 2.0 pts less than its Other Textile Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The board approved audited standalone and consolidated financial results for the quarter and year ended March 31, 2025. Consolidated revenue from operations fell sharply to Rs 9,847.21 lakhs from Rs 13,105.90 lakhs in FY24 (~25% decline), while consolidated net loss widened to Rs 4,273.00 lakhs (vs Rs 1,943.40 lakhs loss in FY24). The company booked exceptional expenses of Rs 1,213.36 lakhs, comprising Rs 879.63 lakhs in debt-refinancing costs from a new Rs 17,325 lakhs IREDA term loan and provisions for damages from five fire incidents at its 40MW solar power plant (affecting ~20MW capacity). The auditors (Batliboi & Purohit) issued an unmodified opinion but flagged a 'Material Uncertainty Related to Going Concern,' noting the company's net worth is fully eroded (accumulated losses of Rs 28,081.21 lakhs), current liabilities exceed current assets by Rs 3,895.57 lakhs, and continuity depends on financial support from promoter Shapoorji Pallonji (SPCPL). The board also appointed KDSH & Associates LLP as Secretarial Auditor (FY26–FY30) and re-appointed T R Chadha & Co LLP as Internal Auditor and M R Dekhtawala as Cost Auditor for FY26.
Despite an unmodified audit opinion, this is a deeply negative outcome for shareholders — losses have more than doubled, revenue has collapsed by a quarter, net worth is fully wiped out, and the company is effectively dependent on its promoter group (SPCPL) to stay solvent. Expect heightened stock-price pressure and elevated credit/distress risk; the solar plant fire and insurance recovery timeline will be key near-term triggers.