Announcement undeer Reg 30 LODR - Intimation of temporary suspension of operations in factory.
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Awaiting price reaction for this filing.
SPEL Semiconductor has voluntarily suspended manufacturing operations at its IC Assembly & Test factory in Maraimalai Nagar, Chennai, effective the close of business on Jan 14, 2026. The reason is a persistent shortage of working capital — the company cannot procure raw materials, pay for utilities, or cover operational overheads. Administrative, sales, and support functions will continue to run normally. The Board is exploring several options to raise funds and restart operations, including selling non-core assets and surplus land, raising debt, lease rental discounting, applying for subsidies under the India Semiconductor Mission, and seeking strategic capital alliances. The company warns of a significant impact on revenue and profitability for the coming quarters until production resumes, with the exact financial hit to be assessed in future quarterly results.
This is a clearly negative development for shareholders — the company has effectively run out of cash to run its factory, meaning no revenue from manufacturing until a funding solution is found. Expect pressure on the stock price and heightened uncertainty around the timing and cost of a restart.