Submission of Newpaper cutting of Financial Results quarter ended and year ended 31 march,2024.
Awaiting price reaction for this filing.
RCI Industries & Technologies Ltd has filed newspaper cuttings (published on 19 September 2025 in Financial Express and Jansatta) of its consolidated audited financial results for Q4 FY24 and FY24. Revenue from operations collapsed to Rs. 229.50 lakhs in FY24 from Rs. 2,301.89 lakhs in FY23, a drop of about 90%. The company reported a net loss of Rs. 922.01 lakhs in FY24, narrower than the Rs. 1,719.34 lakh loss in FY23. EPS stood at Rs. (5.88). Critically, the company's net worth has been fully eroded and it is under Corporate Insolvency Resolution Process (CIRP) following an NCLT order, with a Resolution Plan approved by the Committee of Creditors but awaiting NCLT approval (hearings concluded 31 July 2025, orders reserved). The Resolution Professional noted that the suspended directors, auditors and compliance officer were uncooperative, forcing him to file an intervention application under Section 19(2) of the IBC.
Very negative for shareholders — the company is under insolvency proceedings with fully eroded net worth, collapsing revenues and continued losses. The stock remains highly risky; outcome hinges on pending NCLT approval of the Resolution Plan, which will determine recovery for shareholders.