Outcome of Board Meeting held on June 01, 2026 inter alia for consideration and approval of Audited Financial Statements for the year ended March 31, 2025
Awaiting price reaction for this filing.
Punj Lloyd's board approved audited standalone and consolidated financial results for FY25 on June 1, 2026. The company is under liquidation following an NCLT order dated May 27, 2022, but was acquired as a going concern by Adani Infra (India) Limited after NCLT approved the acquisition plan on February 12, 2026. The auditor, Kashyap Sikdar & Co., issued a qualified opinion flagging nine issues including non-determination of inventory net realisable value, absence of impairment assessment on property and equipment, unreconciled statutory dues and payroll, unverified bank confirmations, and investments not measured at fair value. Revenue from operations fell sharply to Rs. 164.43 crore from Rs. 321.52 crore, while net loss widened to Rs. 147.58 crore from Rs. 26.73 crore. Net worth stands deeply negative at Rs. (17,221) crore and current liabilities of Rs. 18,234 crore vastly exceed current assets of Rs. 802 crore. The company has been declared a willful defaulter by Central Bank of India and IDBI Bank, with IDBI also classifying the account as fraud.
Despite the NCLT-approved acquisition by Adani Infra providing a going-concern basis, the standalone financial health is severely impaired with fully eroded net worth, massive unpaid liabilities frozen under IBC, and serious governance and audit concerns. Shareholders face significant uncertainty as outcomes will depend on how the approved acquisition plan resolves existing claims and creditors.