To consider and approve the Unaudited Financial Results of the Company for the quarter ended on June 30, 2025.
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Awaiting price reaction for this filing.
The Board approved unaudited financial results for Q1 FY26 on August 13, 2025. On a standalone basis, revenue from operations fell to ₹723.99 lakhs from ₹761.62 lakhs in Q1 FY25, and the company swung to a net loss of ₹72.20 lakhs (vs. a profit of ₹114.40 lakhs YoY), with EPS at ₹(0.66). On a consolidated basis, the net loss widened sharply to ₹1,737.02 lakhs (vs. ₹857.83 lakhs YoY), driven by a ₹762.30 lakh exceptional penalty from the Madhya Pradesh Mandi Board levied on subsidiary KMLL and high finance costs of ₹834.71 lakhs. The auditors (Chandabhoy & Jassoobhoy) issued a qualified conclusion on both standalone and consolidated results, citing defaults by subsidiary KMLL on bank loans of ₹17,757.06 lakhs, fully eroded net worth, pending IBC proceedings, and an ongoing DPT lease/land litigation. The consolidated report includes a specific 'Emphasis of Matter' on going-concern uncertainty for KMLL, although management is hopeful of a divestment to DP World (Long Stop Date August 31, 2025).
Negative for shareholders — the company slipped into losses on a standalone basis and the consolidated loss ballooned due to subsidiary-level issues and an exceptional penalty. Continued uncertainty around the KMLL subsidiary (potential corporate guarantee invocation and IBC proceedings) and unresolved DPT lease litigation are key overhangs. Investors should watch the KMLL divestment to DP World and any further impairment provisions.