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 net profit of Rs. 655.22 Lakhs for FY26 compared to a loss of Rs. 677.96 Lakhs in FY25, with total comprehensive income of Rs. 693.57 Lakhs. Revenue from operations stood at Rs. 192.77 Lakhs. Despite the turnaround, the company faces significant financial distress with accumulated losses of Rs. 1535.18 Lakhs eroding its entire net worth, and current liabilities exceeding current assets by Rs. 733.64 Lakhs, raising going concern doubts. Major changes are underway: a share purchase agreement was signed on January 24, 2026 for acquisition of 37.63% stake by BBU Enterprises, Touristas Horizons and Nikhil Pujari for Rs. 2.77 Crore, followed by actual acquisition of 20.64% stake on May 14, 2026. The company also received Rs. 300 Lakhs as partial payment for transferring its business to Canolli Manufacturing Private Limited, with total deal value of Rs. 425 Lakhs. Additionally, the board approved entry into food processing business.
The profit turnaround is positive but overshadowed by going concern risks and massive accumulated losses. The change in control and new promoters suggest potential business transformation. The slump sale of existing business and entry into food processing indicates a strategic pivot that could revive the company.