Outcome of RP & Directors Meeting held on 20th May, 2025
Awaiting price reaction for this filing.
Hindusthan National Glass & Industries reported audited FY25 results with revenue falling sharply to Rs 1,81,749 lakhs from Rs 2,55,235 lakhs a year ago, posting a Q4 net loss of Rs 2,593 lakhs while showing a small FY25 net profit of Rs 2,595 lakhs helped by prior-year exceptional items. The company remains under CIRP since October 2021; the Supreme Court in January 2025 set aside the earlier CoC approval of AGI Greenpac's resolution plan and directed reconsideration of INSCO's plan, with the LOI now issued to INSCO and its plan pending before NCLT Kolkata. The auditor issued a qualified opinion flagging serious going-concern doubts — 8 of 13 furnaces are non-operational, net worth is deeply negative at Rs (82,285) lakhs against total debt of Rs 2,26,369 lakhs, and Rs 68,638 lakhs of post-CIRP interest remains unaccounted. The board also approved appointment of a new Secretarial Auditor for 5 years and re-appointed Grant Thornton Bharat as Internal Auditor and Lodha & Co as Tax Auditor.
Shares remain a high-risk insolvency play — operations are crippled, net worth is wiped out, and the stock's outcome hinges entirely on NCLT approval of the INSCO resolution plan, which is still contested through pending Supreme Court review petitions. Near-term price action is likely driven by legal updates rather than fundamentals.