i. Unaudited Financial Results (including Segment-wise Results) for the 1st quarter ended June 30, 2025, of FY26, both on standalone and consolidated basis; ii. Alteration in Objects Clause ....
Awaiting price reaction for this filing.
The Board approved unaudited Q1 FY26 results (quarter ended June 30, 2025). Standalone revenue from operations jumped to ₹400 lakhs from ₹196 lakhs YoY (~104% growth), but the company posted a pre-tax loss of ₹148 lakhs and total comprehensive loss of ₹150 lakhs. On a consolidated basis, revenue declined ~7% to ₹1,674 lakhs with a loss after tax of ₹761 lakhs. The statutory auditor issued a material uncertainty note on going concern (net worth fully eroded at both levels) and a qualified opinion on consolidated results due to inability to verify ₹449.43 lakhs of liabilities and ₹1,125 lakhs of prior-year write-backs at two subsidiaries. One subsidiary (SEI Tejas) was put on a liquidation basis, and FEMA/RBI compliance gaps were flagged at another. The Board also approved amending the Objects Clause to enter the organic/bio-fertilizer business under the 'Refex – Biodhanic' brand, set the 31st AGM for September 18, 2025, re-appointed the secretarial auditor, and designated 9 senior managerial personnel.
The going-concern doubt, qualified audit opinion, fully eroded net worth, and subsidiary-level FEMA and liquidation issues are serious red flags that could weigh on the stock. Standalone revenue growth is encouraging but losses persist; shareholders should watch closely whether promoter support and the new fertilizer/digestate business line can stabilise the company. AGM on September 18, 2025 will be the next key event, especially the vote on the MOA amendment.