Outcome of the Board Meeting held on May 30, 2025
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Awaiting price reaction for this filing.
The Board of Tulsyan NEC approved the audited standalone and consolidated financial results for FY25 (year ended March 31, 2025). Standalone total income fell to Rs. 80,083 lakhs from Rs. 97,353 lakhs in FY24, a drop of around 17.7%, while the net loss widened sharply to Rs. 7,269.61 lakhs (FY24 loss: Rs. 5,017.05 lakhs), translating to a basic EPS of Rs. (44.16). Finance costs surged to Rs. 6,414.63 lakhs from Rs. 3,895.34 lakhs the prior year. On the consolidated basis, total income declined to Rs. 87,178 lakhs with a net loss of Rs. 7,255.89 lakhs. The statutory auditors issued a qualified opinion because balance confirmations were not received for trade receivables older than 180 days (roughly 65% of total receivables by value). The auditors also highlighted an emphasis of matter: the company defaulted on Non-Convertible Debenture repayments from December 2024, with an agreed moratorium running through March 2025, and the power plant was shut for 8 months during the year. The Board also appointed M/s. M. Damodaran & Associates as Secretarial Auditors for FY26–FY30 and reappointed the Internal and Cost Auditors for FY26.
Shareholders should view this as a negative filing. Losses have deepened, revenue has fallen, finance costs have ballooned, the auditor has qualified the accounts due to unconfirmed receivables, and the company has needed a lender-agreed moratorium on its NCD obligations. These factors raise material concerns about earnings stability and debt-servicing capacity, and the lack of confirmations on large old receivables keeps the risk of further write-offs hanging over the stock.