Hindusthan National Glass & Industries Limited has informed the Exchange regarding Board meeting held on May 20, 2025.
Awaiting price reaction for this filing.
The company, which is under Corporate Insolvency Resolution Process (CIRP) since October 2021, announced audited results for Q4 and FY25 along with board meeting outcomes. Revenue from operations fell sharply to ₹1,81,749 lakhs in FY25 from ₹2,55,235 lakhs in FY24. The company reported a net profit of ₹2,595 lakhs for FY25 (vs ₹16,337 lakhs prior year), but swung to a Q4 net loss of ₹2,593 lakhs due to exceptional items of ₹1,583 lakhs linked to a fire at its Sinnar unit. Auditors issued a qualified opinion, flagging that the company does not appear to be a going concern with eroded net worth of ₹(80,494) lakhs against debt of ₹2,26,369 lakhs and 8 of 13 furnaces non-operational. The board appointed Shri Babu Lal Patni as Secretarial Auditor for 5 years and re-appointed Grant Thornton Bharat LLP as Internal Auditors and Lodha & Co. as Tax Auditors. The Supreme Court set aside the AGI Greenpac resolution plan in January 2025, and the INSCO resolution plan is now pending NCLT approval.
This is a deeply distressed company under insolvency with eroded net worth, massive debt, and most furnaces shut down. Shareholders face significant uncertainty as the resolution plan moves through courts. The Q4 loss, qualified audit opinion, and going concern doubt make this a high-risk stock with no near-term recovery in sight.