Outcome of the Board Meeting held today is enclosed
Awaiting price reaction for this filing.
The Board approved audited standalone and consolidated financial results for Q4 and FY25. Standalone revenue jumped sharply to Rs. 540.77 lakhs in Q4 FY25 (vs Rs. 5.38 lakhs in Q4 FY24) and total income for the full year rose to Rs. 556.61 lakhs (vs Rs. 152.72 lakhs in FY24). However, the company still posted a standalone net loss of Rs. 9,073.68 lakhs for FY25 (marginally better than Rs. 9,369.77 lakhs loss in FY24) and an EPS of Rs. (16.05). The auditor M/s. RPSV & Co. issued a Qualified Opinion flagging non-conduct of impairment testing on PPE/investments, uncertainty over Rs. 13,993.47 lakhs investment in subsidiary, and an Emphasis of Matter on going concern. The company emerged from CIRP in October 2024 with a new Board taking charge on November 6, 2024 after a resolution plan by PRECA Solutions-led consortium, which wiped out old borrowings (from Rs. 1,31,023.76 lakhs to Rs. 5,309.25 lakhs) and turned negative net worth positive at Rs. 91,335.16 lakhs. Operating cash flow remained deeply negative at Rs. (1,22,231.13) lakhs. M/s. PVRM & Associates was appointed as Internal Auditor for FY26.
The stock remains a high-risk bet: though the IBC resolution rescued it from insolvency and reset its balance sheet, the company continues to make large losses, has a qualified audit opinion, weak operating cash flows, and its survival still depends on successfully completing the remaining 50% of creditor settlements under the resolution plan. Short-term price action may be volatile on small volumes; long-term value depends entirely on execution of the new management's revival plan.