Revised Financial Statement for the period ended on 31st March, 2025
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MPF Systems, which recently came out of the insolvency process (CIRP concluded after NCLT order dated Oct 15, 2024), reported its FY25 audited results showing a complete collapse in operations. Revenue from operations for the full year was nil (vs Rs. 7 lakh in FY24), while other income was just Rs. 0.05 lakh (vs Rs. 25.55 lakh). The company swung to a net loss of Rs. 169.89 lakh for FY25 (vs Rs. 3.89 lakh loss in FY24), driven largely by one-time claim expenses of Rs. 46.72 lakh and legal/professional expenses of Rs. 49.41 lakh tied to the insolvency proceedings. EPS worsened to Rs. (6.25) from Rs. (2.29). The auditor issued an unmodified opinion but flagged a material going concern uncertainty and emphasis of matter around the CIRP and resolution plan. Under the approved resolution plan, Onix Renewable Limited has infused Rs. 2.60 crore via preferential allotment of 26.05 lakh equity shares (FV Rs. 10) to promoters and non-promoters. Equity remains negative at Rs. (34.81) lakh even after the fresh capital, and borrowings stand at Rs. 260 lakh.
For shareholders, this is a deeply distressed micro-cap — zero operating revenue, ballooning losses, negative book value, and an explicit going concern flag from the auditor mean the stock remains high-risk despite the resolution plan. The fresh Rs. 2.6 crore infusion is a lifeline but execution of the revival plan is critical; expect continued volatility and illiquidity.