Publication of Audited Standalone Financial Results for the quarter and year ended 31st March, 2026 in Business Standard and Makkal Kural newspapers.
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The company reported a turnaround with net profit of ₹655.22 lakhs for FY2026 compared to a loss of ₹677.96 lakhs in FY2025. Total Comprehensive Income stood at ₹693.57 lakhs versus a loss of ₹722.69 lakhs previously. However, the company faces severe financial distress with accumulated losses of ₹1,535.18 lakhs fully eroding net worth, and current liabilities exceeding current assets by ₹733.64 lakhs. The Board has flagged material uncertainty regarding the Going Concern assumption. Significant corporate changes include a share purchase agreement (Jan 2026) where new acquirers BBU Enterprises, Touristas Horizons and Mr. Nikhil Pujari are acquiring 37.63% stake from Gunther America Inc for ₹276.60 lakhs. On May 14, 2026, two of these acquirers completed purchase of 20.64% shareholding. The company has also entered a Business Transfer Agreement with Canolli Manufacturing Pvt Ltd to sell its business as a going concern for ₹425 lakhs (₹300 lakhs already received), and expanded its object clause to include food processing.
While the company returned to profitability, the eroded net worth and negative working capital raise serious going concern doubts. The incoming promoters and business transfer agreement signal a potential restructuring, which could be positive for shareholders if successfully implemented, but carries execution risk.