Submission of Financial Results (Standalone & Consolidated) quarter and year ended March 31, 2025.
Awaiting price reaction for this filing.
RCI Industries & Technologies, currently under Corporate Insolvency Resolution Process (CIRP) since November 2022, submitted its delayed audited financial results for FY25 signed by the Resolution Professional. The company reported a full-year net loss of Rs 644.04 lakhs on total income of Rs 117.72 lakhs, with Q4 FY25 loss of Rs 204.88 lakhs. Net worth is fully eroded (negative Rs 15,440.47 lakhs) against total borrowings of about Rs 23,584 lakhs. The auditor issued a qualified opinion citing major issues — a forensic audit flagged fraudulent and preferential transactions worth Rs 369.71 crores, and the company faces investigations by SFIO, ED, DGGST, CBI, and Income Tax over alleged fake ITC of Rs 214 crores. A resolution plan submitted by JTL Industries has been approved by the Committee of Creditors and is awaiting NCLT approval.
The stock remains under insolvency cloud with severe going-concern doubt, fully eroded net worth, and ongoing fraud and tax investigations — shareholders face high uncertainty as value now depends entirely on the pending NCLT approval of the JTL Industries resolution plan.