Outcome of Board Meeting held today i.e. 16.02.2026 for approval of Unaudited Financial Results for the quarter ended on 31st December, 2025
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On the reaction day the stock moved 6.0 pts less than Nifty Microcap 250 and 5.2 pts less 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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Rama Paper Mills' board meeting (adjourned from 13 Feb to 16 Feb 2026) approved unaudited Q3FY26 results. The company remains under Corporate Insolvency Resolution Process (CIRP) since the NCLT order dated 7 June 2024, with an Insolvency Resolution Professional managing operations and the Board of Directors' powers suspended. The company reported a net loss of Rs. 162.19 lakhs for the quarter and Rs. 473.57 lakhs for the nine months ended 31 Dec 2025, with accumulated losses of Rs. 7,108.34 lakhs and a negative net worth of Rs. 4,974.56 lakhs. Current liabilities exceeded total assets by Rs. 3,355.91 lakhs. The auditor (Jagdish Chand & Co.) issued a qualified review report citing non-provisioning of interest of Rs. 856.11 lakhs on inter-corporate deposits, absence of physical inventory verification, and non-compliance with MSME disclosure norms. A previously approved resolution plan by the CoC was set aside by NCLT Allahabad on 7 Jan 2026, leaving the company's future dependent on a new resolution plan.
Existing shareholders face severe uncertainty — the company is under insolvency, deeply insolvent on a balance sheet basis, and the earlier resolution plan was rejected. The stock is likely to remain highly volatile and risky until a fresh resolution plan is approved by NCLT, with a real possibility of significant dilution or loss of equity value.