Hindusthan National Glass & Industries Limited has submitted to the Exchange, the financial results for the period ended March 31, 2025.
Awaiting price reaction for this filing.
Hindusthan National Glass & Industries, which has been under the Corporate Insolvency Resolution Process (CIRP) since October 21, 2021, submitted its audited results for FY25. Revenue from operations fell sharply to Rs 1,81,749 lakhs from Rs 2,55,235 lakhs in FY24, a drop of about 29%. Profit after tax for the year dropped to Rs 2,595 lakhs from Rs 16,337 lakhs, an 84% decline. The company reported a net loss of Rs 2,593 lakhs in Q4 FY25 versus a Rs 3,321 lakh loss a year ago. The statutory auditors issued a qualified opinion, flagging that the company does not appear to be a going concern given eroded net worth of negative Rs 80,494 lakhs, debt of Rs 2,26,369 lakhs, and 8 of its 13 furnaces being non-operational. An emphasis of matter was raised on the December 2023 fire at the Sinnar plant, which caused exceptional losses of Rs 1,583 lakhs in FY25 and Rs 10,158 lakhs in FY24. On the insolvency front, the Supreme Court in January 2025 set aside the earlier approval of AGI Greenpac's resolution plan and directed reconsideration of INSCO's plan, which is now pending NCLT approval.
This is a high-risk situation for shareholders as the company's survival hinges on NCLT approval of the INSCO resolution plan, with no certainty of outcome. The negative net worth, qualified audit, going concern doubts, and large non-operating capacity signal continued distress. Shareholders should expect stock price volatility tied to insolvency milestones rather than operational performance.