Outcome of Board meeting held on 14th November 2025.
Awaiting price reaction for this filing.
The Board approved unaudited standalone financial results for Q2 and H1 FY26 (ended September 30, 2025). Revenue from operations was NIL for the quarter and half year (vs Rs. 7,550 lakhs in FY25), with total income entirely from 'other income' at Rs. 1,414 lakhs for the quarter and Rs. 2,813 lakhs for the half year. Net profit plunged to Rs. 4 lakhs (Q2) and Rs. 51 lakhs (H1), sharply down from Rs. 91 lakhs and Rs. 309 lakhs respectively a year ago, as finance costs of Rs. 2,751 lakhs in H1 ate into other income. The balance sheet remains deeply stressed with negative net worth of Rs. (12,792) lakhs and total liabilities of Rs. 1,04,474 lakhs exceeding total assets of Rs. 91,683 lakhs. The company, which emerged from CIRP via resolution plan approved in June 2023, also disclosed related-party inter-corporate deposits of over Rs. 8,800 lakhs with sister concerns without prior Audit Committee approval, as Independent Directors are yet to be appointed.
For shareholders, these results are concerning — the company has zero operational revenue, deeply eroded equity, and is entirely dependent on other income to barely cover interest costs. The lack of an Audit Committee due to incomplete board composition, combined with large related-party transactions, raises governance red flags that could weigh on the stock.