Board Meeting Details

  • Meeting held on Saturday, May 30, 2026
  • Commenced at 3:00 PM and concluded at 6:35 PM
  • Approved Audited Financial Results for quarter and year ended March 31, 2026
  • Approved Audit Reports on Financial Statements for year ended March 31, 2026

Key Decisions and Financial Results

Financial Performance (Standalone)

  • FY26 Profit after tax: ₹2,599.61 lakh (vs. FY25 loss of ₹6,399.04 lakh)
  • Exceptional items gain: ₹7,737.15 lakh (from debt settlement under resolution plan)
  • Profit before exceptional items and tax: Loss of ₹5,137.54 lakh
  • Total comprehensive income: ₹2,678.11 lakh
  • Basic & diluted EPS: ₹5.38 (vs. FY25 loss per share of ₹16.36)
  • Revenue from operations: Nil for FY26
  • Other income: ₹16.48 lakh for FY26 (vs. ₹60.85 lakh in FY25)

Financial Performance (Consolidated)

  • FY26 Profit after tax: ₹2,596.44 lakh
  • Total comprehensive income: ₹2,674.94 lakh
  • Attributable to owners: ₹2,675.90 lakh
  • Non-controlling interest: Negative ₹0.94 lakh
  • Basic & diluted EPS: ₹5.38

Balance Sheet Position (Standalone as of March 31, 2026)

  • Total assets: ₹323.34 lakh (vs. ₹1,402.25 lakh in FY25)
  • Property, plant and equipment: ₹1.35 lakh (vs. ₹222.60 lakh in FY25)
  • Investments: ₹128.60 lakh
  • Cash and cash equivalents: ₹0.80 lakh (vs. ₹187.56 lakh in FY25)
  • Other bank balance: ₹36.80 lakh (vs. ₹750.00 lakh in FY25)
  • Equity: Negative ₹797.06 lakh (vs. negative ₹89,363.60 lakh in FY25)
  • Share capital: ₹769.13 lakh (vs. ₹3,911.41 lakh in FY25)
  • Other equity: Negative ₹1,566.19 lakh (vs. negative ₹93,275.01 lakh in FY25)
  • Borrowings (non-current): ₹1,105.25 lakh (vs. ₹49,231.33 lakh in FY25)

Dividend Declaration

  • No dividend recommended for the year ended March 31, 2026

NCLT Resolution Plan Implementation

Approval and Effective Date

  • Hon'ble NCLT approved resolution plan on November 4, 2025
  • Plan submitted by Successful Resolution Applicant (SRA)
  • Selected by Committee of Creditors (CoC) with 100% majority
  • Implemented during FY26

Financial Impact

  • Exceptional gain of ₹7,737.15 lakh recognized from de-recognition of financial and operational creditors
  • Accounting treatment follows Ind AS 109 - Financial Instruments

Capital Restructuring

  • Existing equity shares: 3,91,14,100 equity shares of ₹10 each consolidated after reduction in value to 39,11,410 equity shares of ₹1 each
  • Reduction of equity share capital and cancellation of preference share capital credited to Capital Reserve account
  • New equity issuance: 7,30,02,000 equity shares of face value ₹1 each issued to Resolution Applicants for cash consideration of ₹7,30,02,000
  • Listing status: New shares listing approval with NSE & BSE is under process

Preference Share Issuance

  • Instrument: 1,00,00,000 0.01% Non-Cumulative Redeemable Preference Shares of face value ₹1 each Category "E"
  • Issue premium: ₹603 per share
  • Total issue size: ₹6,04,00,00,000
  • Issued to: Edelweiss Asset Reconstruction Company Limited (EARCL)
  • Consideration: Settlement of residual admitted financial claim under Resolution Plan
  • Redemption terms: Redeemable at face value on or before 20 years from issuance date
  • Accounting treatment: Measured at amortized cost using effective interest method per Ind AS 109

Impact on Going Concern

  • Financial statements prepared on going concern basis due to successful implementation of resolution plan

Audit and Compliance Matters

Audit Opinions

  • Standalone financial statements: Unmodified opinion
  • Consolidated financial statements: Unmodified opinion
  • Auditor: O. Aggarwal & Co., Chartered Accountants (Firm Registration No. 005755N)
  • Audit partner: Om Prakash Aggarwal (Membership No. 083862)

Previous Audit Qualification Addressed

  • FY25 audit report had qualification regarding non-provision of liability towards interest & part of principal loan waived earlier (₹212,917.26 lakh)
  • All liabilities towards creditors settled as per resolution plan in FY26
  • Qualification no longer applicable in FY26 financial statements

Segment Information

  • Only one reportable segment: Textile Segment
  • Segment-wise reporting not applicable as per Ind AS 108

Related Party Transactions

  • Disclosures provided pursuant to Regulation 23(9) of SEBI (LODR)
  • Transactions include share application money, unsecured loans, sitting fees, and salaries
  • All transactions claimed to be at arm's length price
  • Two subsidiary companies: Alps Energy Private Limited and Alps USA Inc (both non-operative)
  • No material transactions with subsidiaries

Key Audit Matters

Effects of Resolution Plan

  • Accounting treatment for resolution plan effects was key audit matter
  • Auditors verified management's implementation process, payment of funds, and compliance with Ind AS

Litigations and Contingent Liabilities

  • Prior to resolution plan approval, company was party to certain litigations
  • No amounts payable post-resolution plan implementation as litigations extinguished/paid for

Internal Financial Controls

  • Auditors expressed unmodified opinion on adequacy and operating effectiveness of internal financial controls
  • Controls operating effectively as of March 31, 2026

Corporate Governance

  • Company used accounting software with audit trail facility throughout FY26
  • Audit trail preserved as per statutory requirements
  • No instance of audit trail tampering detected

#Tags: #AlpsIndustries #NCLTResolution #SEBIDisclosure #FinancialResults #DebtRestructuring #PositiveTurnaround