Outcome of the Board Meeting held on June 01, 2026 inter alia for consideration and approval of Audited Financial Statements for the year ended March 31, 2026
Awaiting price reaction for this filing.
Punj Lloyd's board, meeting on June 1, 2026, approved the audited financial results for the year ended March 31, 2026, and also approved a scheme to demerge its entire Indian EPC business into Adani Infra (India) Ltd in exchange for unlisted preference shares (no cash consideration). The demerged unit had a turnover of Rs. 209.13 crore. Two new independent directors, Mrs. Sushama Oza and Mrs. Toral Rajput, were appointed for a 3-year term. The company, which was in liquidation after CIRP, saw Adani's acquisition plan approved by NCLT in February 2026, leading to a massive Rs. 13,117.63 crore of financial creditor debt being converted to equity and then cancelled. Standalone revenue rose to Rs. 195.69 crore from Rs. 164.43 crore, but the company posted a loss of Rs. 1,211.30 crore (vs Rs. 147.58 crore loss last year) mainly due to one-time IBC-related adjustments. Total equity turned positive at Rs. 43.27 crore from a deeply negative Rs. 17,221.38 crore. Notably, the company claims the auditor gave an 'unmodified' opinion, but the attached auditor's report is actually a 'qualified' opinion flagging issues like inventory NRV not determined and missing bank balance confirmations.
The demerger into Adani Infra is a major restructuring event that will reshape what is left of Punj Lloyd for remaining shareholders, though the preference shares to be issued are unlisted and have no assured value. Existing shareholders effectively get diluted to near-zero value as old equity was extinguished under the IBC process, and the company's own filings note a cash loss of Rs. 1,203.36 crore this year, so the stock is likely to remain thinly traded and risky for retail investors.