Outcome of board meeting
Awaiting price reaction for this filing.
The Board approved the unaudited standalone financial results for Q1 FY26 (quarter ended June 30, 2025). Revenue from operations collapsed sharply to Rs. 80.60 lakhs, down from Rs. 462.21 lakhs in the same quarter last year — an over 80% drop. The company reported a net loss of Rs. 20.68 lakhs in Q1 FY26, narrower than the Rs. 246.29 lakhs loss in Q1 FY25. The Limited Review Report notes that the results are prepared by management 'authorized by the Liquidator,' indicating the company is under liquidation proceedings. The Board also appointed M/s. Shrenik Nagaonkar & Associates as Secretarial Auditor for a five-year term, subject to shareholder approval. FY25 (full year) results showed a massive loss of Rs. 2,528.52 lakhs, including exceptional items of Rs. 2,158.70 lakhs.
The sharp revenue decline and ongoing liquidation proceedings point to severe business stress, leaving shareholders facing significant uncertainty. The stock is likely to remain highly volatile and illiquid, with recovery prospects dependent on the liquidation process outcome.