Results-Financial Results for June 30, 2025
Awaiting price reaction for this filing.
Hindusthan National Glass & Industries reported Q1 FY26 revenue from operations of ₹41,172.19 lakhs, down ~25.6% from ₹55,360.76 lakhs in Q1 FY25, mainly because 9 out of its 13 furnaces are currently shut. The company posted a small profit after tax of ₹213.42 lakhs versus ₹4,649.04 lakhs a year ago, while operating margin slipped from 7% to negative 1%. The company remains under Corporate Insolvency Resolution Process (CIRP) since October 21, 2021, and the Committee of Creditors has approved INSCO's revised resolution plan with 96.16% voting share; the plan is now awaiting NCLT Kolkata's order, which has been reserved. Net worth is fully eroded at negative ₹80,245.51 lakhs against debt of ₹2,26,369.06 lakhs. Joint auditors Lodha & Co LLP and JKVS&Co flagged multiple qualifications, including that the company 'does not appear to be a going concern' and drew attention to large unreconciled balances, non-recognition of post-CIRP interest of ₹73,608.33 lakhs, and pending transaction audit matters under IBC Sections 43-50 and 66.
For shareholders, the stock's fate hinges entirely on the NCLT's approval of the INSCO resolution plan — until then, the business is in legal limbo with shrinking operations and an explicit going-concern doubt from auditors. Equity holders face near-total loss risk given the negative net worth, though a successful resolution plan could revive the company.