Approval of the Un-Audited Financial Results for the Quarter ended as on 30th September, 2025.
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On the reaction day the stock moved 4.1 pts more than Nifty Microcap 250 and 4.8 pts more than its Paper & Paper Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The Board (currently suspended, with an Insolvency Resolution Professional acting in its place) approved unaudited financial results for Q2 and H1 FY26 (ended September 30, 2025). The company is under Corporate Insolvency Resolution Process (CIRP) since June 7, 2024, and manufacturing operations have been suspended since Q1 FY26, with revenue limited to sale of scrap and raw materials. Q2 FY26 revenue was only ₹109.86 lakhs versus ₹603.33 lakhs in Q2 FY25, and the company posted a net loss of ₹166.27 lakhs for the quarter and ₹311.38 lakhs for H1 FY26 (compared to a ₹767.37 lakh loss in H1 FY25). Accumulated losses stand at ₹6,946.15 lakhs, the company has a negative net worth of ₹4,812.37 lakhs, and current liabilities exceed total assets by ₹3,200.54 lakhs. The auditor issued a qualified opinion citing non-provisioning of interest on inter-corporate deposits (₹718.51 lakhs cumulative), no physical inventory verification, and non-bifurcation of MSME trade payables, and flagged a material uncertainty on going concern.
This is an extremely high-risk situation for shareholders. The equity appears effectively worthless given the negative net worth and suspended operations, with the company's survival hinging entirely on NCLT approval of the resolution plan already cleared by the Committee of Creditors in April 2025. The qualified audit opinion and going concern warning reinforce that any stock movement is speculative and tied to insolvency outcome rather than business performance.