Considered and approved the Unaudited Standalone Financial Results of the Company for the quarter ended on 30th June, 2025 & Considered and approved the fundraising via issuance of equity ....
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The board approved unaudited Q1FY26 results showing revenue from operations of Rs. 341 lakhs, up about 24% from Rs. 275 lakhs in Q1FY25, but the company posted a net loss of Rs. 133 lakhs, narrower than the Rs. 227 lakh loss a year ago. The statutory auditor flagged a material uncertainty on the company's ability to continue as a going concern, citing accumulated losses and current liabilities far exceeding current assets, with reliance on a previously implemented NCLT-approved resolution plan and expected investor funds. Cumulative reserves stood deeply negative at Rs. (2,888) lakhs as of June 30, 2025. The board also approved raising authorized share capital to Rs. 47.5 crore and a preferential issue of up to 1.27 crore equity shares to 12 investors, of which 46 lakh shares will be issued by converting existing promoter and non-promoter unsecured loans into equity. Routine items included appointing secretarial and cost auditors, re-appointing two independent directors for a second 5-year term, and scheduling the 45th AGM for September 10, 2025.
The preferential issue and loan-to-equity conversion will dilute existing shareholders (issued capital will rise from 2.80 crore to about 4.08 crore shares) but should ease debt and bring in fresh funds, while the auditor's going-concern flag and deeply negative reserves indicate the stock remains under financial stress.