Submission of Un-audited Financial Results Quarter and Nine Months Ended 31.03.2023
Awaiting price reaction for this filing.
RCI Industries and Technologies Limited filed its delayed un-audited financial results for Q3 FY24 and nine months ended December 31, 2023, signed by Resolution Professional Mr. Brijesh Singh Bhadauriya on September 10, 2025 — nearly two years late. The company is under Corporate Insolvency Resolution Process (CIRP) since November 2022, and a resolution plan submitted by M/s JTL Industries has been approved by the Committee of Creditors but is pending NCLT approval. Revenue from operations collapsed to ₹48.86 lakhs in Q3 FY24 (from ₹566.59 lakhs a year ago), and the company posted a net loss of ₹237.17 lakhs for the quarter and ₹702.87 lakhs for the nine months. The auditor issued qualified conclusions flagging major issues: improper fixed asset records, missing/overvalued plant and machinery, unverified investments, and unrecoverable borrowings. A forensic audit also uncovered fraudulent, preferential, and undervalued transactions worth ₹369.71 crores, with investigations underway by SFIO, ED, DGGST, and the Income Tax Department over alleged fake ITC claims of ₹214 crores.
The stock remains a high-risk bet — shareholders face severe uncertainty around the resolution plan outcome, and the equity could be significantly diluted or wiped out depending on NCLT approval and treatment under IBC. Existing investors are unlikely to see value recovery unless the JTL Industries resolution plan is approved on favourable terms.