Approval of the Un-Audited Financial Results for the Quarter ended as on 30th June, 2025.
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
The board, currently managed by an Insolvency Resolution Professional (IRP), approved unaudited results for the quarters ended June 30, 2025 and September 30, 2025. For Q1 FY26, revenue from operations was just ₹12.39 lakhs (up from ₹2.33 lakhs in Q1 FY25) because manufacturing operations remain suspended and revenue is only from sale of scrap and raw material. The company posted a net loss of ₹145.11 lakhs in the quarter (vs ₹401.39 lakhs loss in Q1 FY25), with EPS of ₹(1.50). Accumulated losses stand at ₹6,779.88 lakhs, current liabilities exceed total assets by ₹3,042.67 lakhs, and net worth is deeply negative at ₹(4,646.10) lakhs. The company is under CIRP since June 7, 2024; the Committee of Creditors approved a resolution plan on April 16, 2025 which is awaiting NCLT approval. The statutory auditor issued a qualified opinion (citing non-provision of ₹580.91 lakhs of cumulative interest on inter-corporate deposits, no inventory verification, and MSMED Act non-compliance) along with a material uncertainty note on going concern.
This is a high-risk situation for shareholders. The company is operationally shut and financially insolvent, with survival entirely dependent on NCLT approving the creditors' resolution plan. If approved, existing equity is likely to face significant dilution or write-down as part of the restructuring.