Outcome Of The Meeting Of The Board Of Directors held on May 26th, 2026
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Super Spinning Mills Limited's board approved audited financial results for FY ended March 2026. Revenue from continuing operations (rental services) declined to Rs. 630.91 lakhs from Rs. 662.73 lakhs in FY2025. The company reported a total comprehensive loss of Rs. 580.19 lakhs, heavily impacted by discontinued textile operations showing a loss of Rs. 620.78 lakhs. The board noted a significant power billing dispute with Southern Power Distribution Company Limited (SPDCL) where Rs. 8,324.06 lakhs has been claimed as arrears, though management has estimated only Rs. 1,907.56 lakhs as payable (with Rs. Nil provision made vs Rs. 852.24 lakhs previous year). The 64th AGM is scheduled for August 28, 2026. Additionally, the company entered a joint venture for developing land at Puliakulam, Coimbatore, and took additional depreciation of Rs. 139.42 lakhs due to revised asset useful lives.
The company continues to bleed losses from discontinued textile operations while its remaining rental business shows declining profitability. The large disputed power claim of Rs. 8,324.06 lakhs represents a material contingent liability that could significantly impact future financials if ruled against the company. The reduction in provisions despite higher claims raises concerns about earnings quality.