Outcome of the meeting of the Board of Directors held on May 21, 2026: Approval of the Audited Financial Results for the 4th quarter and financial year ended March 31, 2026, both on standalone ....
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Refex Renewables reported significant losses for FY26 with standalone loss of Rs 1,200 lakhs (vs Rs 919 lakhs loss in FY25) and consolidated loss of Rs 4,296 lakhs (vs Rs 3,639 lakhs loss in FY25). Standalone revenue declined sharply to Rs 990 lakhs from Rs 1,876 lakhs (47% drop). The auditors issued unmodified opinion on standalone but qualified opinion on consolidated results due to unsupported liabilities of Rs 375.51 lakhs in two subsidiaries and undocumented long-term borrowing of Rs 1,270.25 lakhs. Both standalone and consolidated auditors raised material uncertainty about the company's ability to continue as a going concern as net worth has been fully eroded. One subsidiary (SEI Tejas) is being liquidated. Management claims new business opportunities and has a promoter support letter.
Shareholders face substantial risk as the company has negative reserves of Rs 6,918 lakhs on standalone basis, significant negative cash flow from operations (Rs 945 lakhs outflow), and ongoing NCLT disputes. The qualified audit opinion on consolidated results indicates potential hidden liabilities and weak internal controls at subsidiary level.