Simbhaoli Sugars Limited has submitted to the Exchange, the financial results for the period ended March 31, 2025.
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Awaiting price reaction for this filing.
Simbhaoli Sugars has filed its audited standalone results for FY25 under ongoing Corporate Insolvency Resolution Process (CIRP) initiated by NCLT in July 2024, with an Interim Resolution Professional (IRP) currently managing the company. Revenue from operations fell to ₹1,144 crore in FY25 from ₹1,324 crore in FY24, a decline of about 13.6%, while the company reported a net profit of ₹24 crore (vs a loss of ₹12 crore last year). However, this profit is significantly overstated as the company has not provided for interest expense of ₹639 crore on borrowings for the year (cumulative unprovided interest is ₹1,750 crore). The auditor (Mittal Gupta & Co.) issued a qualified opinion citing six separate qualifications and explicitly flagged material uncertainty on the going concern assumption, noting negative net worth, current liabilities exceeding current assets, and defaults to lenders and cane farmers. NCLAT has stayed the CIRP proceedings with the next hearing scheduled for July 21-22, 2025, and consolidated results were not filed due to pending audited accounts of subsidiaries.
Extremely negative for shareholders — the company is in active insolvency proceedings with negative net worth (₹47 crore), borrowings of ₹1,011 crore vastly exceeding equity, and unprovided liabilities running into thousands of crores. Equity holders face a high probability of significant dilution or near-total write-off depending on the final resolution plan approved under IBC. The stock remains a high-risk, speculative bet tied entirely to the outcome of the CIRP process.