Outcome of RP & Directors Meeting held on 8th August, 2025
Awaiting price reaction for this filing.
Hindusthan National Glass & Industries Ltd, currently under Corporate Insolvency Resolution Process (CIRP) since October 2021, announced unaudited financial results for Q1 FY26 (quarter ended June 30, 2025) approved at a board meeting chaired by the Resolution Professional. Revenue from operations fell sharply to ₹41,172 lakhs from ₹55,361 lakhs in the year-ago quarter, while net profit dropped to ₹213 lakhs (₹0.24 EPS) versus ₹4,649 lakhs (₹5.19 EPS) earlier. The company remains in severe financial distress with a negative net worth of approximately ₹4,18,576 lakhs, total debt of ₹2,26,369 lakhs, and 9 of 13 furnaces currently non-operational. The joint auditors (Lodha & Co and JKVS & Co) flagged multiple qualifications, including doubts on the going concern assumption. The 79th Annual General Meeting is scheduled for September 23, 2025 via video conference. The INSCO resolution plan, approved by the CoC with 96.16% voting share, has been filed with NCLT Kolkata and order is reserved.
Despite a marginal net profit this quarter, shareholders face deeply negative equity, ongoing insolvency proceedings, and significant operational contraction. The near-term investment outcome hinges on the pending NCLT approval of the INSCO resolution plan, which will determine share valuation and recovery for equity holders.