Pursuant to regulation 33 of SEBI LODR 2015 audited financial result for quarter ending march 2025 and year ending 2024-25
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Nilachal Refractories Ltd reported audited results for FY25 with a net loss of Rs. 2,201.77 lakhs, sharply wider than the Rs. 649.66 lakhs loss in FY24. Total income collapsed to Rs. 106.45 lakhs from Rs. 314.91 lakhs, a roughly 66% year-on-year decline. The company booked an exceptional impairment loss of Rs. 1,933.88 lakhs on long-stagnant Capital Work-in-Progress (CWIP), reducing CWIP from Rs. 3,147.04 lakhs to Rs. 939.27 lakhs. Net worth turned deeply negative at Rs. (2,793.91) lakhs versus Rs. (592.13) lakhs a year earlier, and current liabilities exceed current assets by Rs. 1,257 lakhs. The auditor (Jain Saraogi & Co LLP) issued a Qualified Opinion citing three issues — questionable CWIP valuation, missing actuarial valuation for employee benefits, and unprovided redemption premium and cumulative dividends on preference shares. Operating cash flow was negative at Rs. (115.19) lakhs.
This is a deeply negative filing: qualified audit opinion, material going-concern uncertainty, ballooning losses, wiped-out net worth, and a collapsing top line signal serious financial distress. Shareholders should view this as a high-risk situation where the company's ability to continue operations is in significant doubt.