Audited standalone financials of the company for the quarter and year ended 31-03-2025
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Midland Polymers Limited reported virtually no operating business for FY25, with revenue from operations at just Rs. 0.55 lakhs and total income of Rs. 0.55 lakhs versus Rs. 0.62 lakhs a year earlier. The company swung to a wider net loss of Rs. 14.77 lakhs for FY25 compared to a loss of Rs. 4.57 lakhs in FY24, driven mainly by a jump in other expenses to Rs. 11.04 lakhs from Rs. 5.19 lakhs. Basic EPS worsened to Rs. (2.21) from Rs. (0.68). The balance sheet shows completely eroded equity at negative Rs. 197.70 lakhs, against current borrowings of Rs. 237.53 lakhs and just Rs. 0.76 lakhs in cash. Operating cash flow was negative Rs. 9.20 lakhs. The statutory auditor issued an unqualified opinion but flagged an Emphasis of Matter, noting that investments of Rs. 40 lakhs were transferred to Gowrisetty Arts Pvt Ltd with sale proceeds still pending receipt.
This is a deeply distressed micro-cap with effectively no revenue, widening losses, negative net worth, and continuous cash burn. Shareholders face the risk of further equity dilution or insolvency-like outcomes, though the company has previously undergone NCLT resolution proceedings that reduced its capital significantly in FY24. The stock is likely to remain highly speculative.