Board Meeting Details

The Board of Directors meeting was held on Friday, November 13, 2026, commencing at 12:45 PM and concluding at 2:05 PM. The Board considered, noted, and approved the following matters:

  • Un-audited Financial Results of the Company for the quarter and half year ended September 30, 2026
  • Limited Review Report on the un-audited financial results for the quarter and half year ended September 30, 2026

Financial Results Summary (Rupees in Lakhs)

Quarterly Performance (Q2 FY27 vs Q2 FY26 vs Q1 FY27)

  • Revenue from operations: ₹1,537.09 (Q2 FY27) vs ₹2,043.74 (Q2 FY26) vs ₹2,279.04 (Q1 FY27)
  • Other income: ₹9.67 (Q2 FY27) vs ₹0.34 (Q2 FY26) vs ₹0.01 (Q1 FY27)
  • Total income: ₹1,546.76 (Q2 FY27) vs ₹2,044.08 (Q2 FY26) vs ₹2,279.05 (Q1 FY27)
  • Net loss: ₹(2,643.46) (Q2 FY27) vs ₹(2,375.44) (Q2 FY26) vs ₹(2,298.41) (Q1 FY27)
  • Basic EPS: ₹(0.67) (Q2 FY27) vs ₹(0.60) (Q2 FY26) vs ₹(0.58) (Q1 FY27)

Half-Yearly Performance (H1 FY27 vs H1 FY26)

  • Revenue from operations: ₹3,816.13 (H1 FY27) vs ₹3,648.10 (H1 FY26)
  • Other income: ₹9.68 (H1 FY27) vs ₹2.18 (H1 FY26)
  • Total income: ₹3,825.81 (H1 FY27) vs ₹3,650.28 (H1 FY26)
  • Net loss: ₹(4,941.87) (H1 FY27) vs ₹(4,445.98) (H1 FY26)
  • Basic EPS: ₹(1.25) (H1 FY27) vs ₹(1.13) (H1 FY26)

Expense Breakdown (Q2 FY27)

  • Cost of material consumed: ₹29.28
  • Purchase of stock-in-trade: ₹85.00
  • Changes in inventories: ₹(239.45)
  • Employee benefits expense: ₹679.36
  • Finance costs: ₹2,023.21
  • Depreciation & amortization: ₹716.16
  • Other expenses: ₹896.66
  • Total expenses: ₹4,190.22

Key Financial Position (as of September 30, 2026)

  • Paid-up equity share capital: ₹394.95 lakhs (Face value ₹1 each)
  • Other equity: ₹(4,479.21) lakhs
  • Net worth: ₹(4,084.26) lakhs (debit balance)
  • Total assets: ₹3,048.21 lakhs
  • Total liabilities: ₹7,132.47 lakhs

Auditor's Review Report Qualifications

Chatterjee & Chatterjee, Chartered Accountants (Firm registration no: 001109C) issued a qualified review report with the following key observations:

Basis for Qualified Conclusion

  • Trade payables, trade receivables, and other loans and advances continue to be subject to reconciliation and confirmation
  • Term loan accounts with banks and financial institutions are subject to reconciliation/confirmation
  • Similar qualifications were made in the audit report for FY26 (dated May 26, 2026) and review report for Q1 FY27 (dated August 12, 2026)

Material Uncertainty Related to Going Concern

The auditor highlighted:

  • Net loss of ₹2,643.46 lakhs for Q2 FY27 and ₹4,941.87 lakhs for H1 FY27
  • Net worth erosion to ₹4,084.26 lakhs (debit balance) as of September 30, 2026
  • Current liabilities significantly exceed current assets
  • Outstanding loans of ₹61,607.10 lakhs (including interest accrued and due) classified as non-performing assets (NPA) by lenders
  • These conditions indicate material uncertainty about the company's ability to continue as a going concern

Emphasis of Matter

1. NPA Status: Outstanding loans of ₹61,607.10 lakhs (including interest) have been declared as NPA by lenders due to overdue repayments. The company is actively engaged in discussions with lenders for resolution through One-time settlement (OTS) proposals and has deposited upfront amounts with concerned lender banks. All borrowings from Banks and Financial Institutions are classified as Current liabilities.

2. ED Attachment: Certain immovable properties held in the company's name and shares held by the promoter company have been provisionally attached by the Deputy Director, Gurugram Zonal office, Directorate of Enforcement, New Delhi under Prevention of Money Laundering Act, 2002 vide order no. 09/2024 dated September 13, 2024. The order was confirmed by Adjudicating Authority, but the company has filed an appeal before the Appellate Authority which is pending. Management believes this does not affect business operations or ongoing activities.

Balance Sheet Position (as of September 30, 2026 vs March 31, 2026)

Assets

  • Property, plant and equipment: ₹1,463.91 lakhs (vs ₹1,602.78 lakhs)
  • Other financial assets: ₹2.94 lakhs (vs ₹6.91 lakhs)
  • Deferred tax assets (net): ₹658.17 lakhs (vs ₹658.17 lakhs)
  • Inventories: ₹392.19 lakhs (vs ₹316.62 lakhs)
  • Trade receivables: ₹263.11 lakhs (vs ₹227.65 lakhs)
  • Cash and cash equivalents: ₹40.49 lakhs (vs ₹90.11 lakhs)
  • Current Tax Assets (Net): ₹13.85 lakhs (vs ₹21.60 lakhs)
  • Other current assets: ₹213.46 lakhs (vs ₹216.66 lakhs)

Liabilities

  • Equity share capital: ₹394.95 lakhs (vs ₹394.95 lakhs)
  • Other equity: ₹(4,479.21) lakhs (vs ₹(3,985.02) lakhs)
  • Non-current borrowings: ₹291.04 lakhs (vs ₹291.34 lakhs)
  • Other financial liabilities (non-current): ₹274.19 lakhs (vs ₹249.72 lakhs)
  • Current borrowings: ₹2,106.75 lakhs (vs ₹2,126.36 lakhs)
  • Trade payables:
  • Micro & Small enterprises: ₹39.78 lakhs (vs ₹42.17 lakhs)
  • Others: ₹326.79 lakhs (vs ₹289.39 lakhs)
  • Other financial liabilities (current): ₹4,054.80 lakhs (vs ₹3,686.27 lakhs)
  • Other current liabilities: ₹26.60 lakhs (vs ₹32.53 lakhs)

Cash Flow Statement (H1 FY27 vs H1 FY26)

  • Net cash from operating activities: ₹(242.22) lakhs (vs ₹670.00 lakhs)
  • Net cash from investing activities: ₹(25.50) lakhs (vs ₹(14.02) lakhs)
  • Net cash from financing activities: ₹(228.44) lakhs (vs ₹(445.12) lakhs)
  • Net cash flows during the period: ₹(496.16) lakhs (vs ₹210.86 lakhs)
  • Cash & cash equivalents at beginning: ₹902.14 lakhs (vs ₹504.38 lakhs)
  • Cash & cash equivalents at end: ₹405.98 lakhs (vs ₹715.24 lakhs)

Additional Information

The unaudited financial results are available on the company's website (www.aiml.in) and BSE website (www.bseindia.com).