Financial Results Overview
Quarter Ended September 30, 2026 (Unaudited):
- Revenue from Operations: ₹151.05 lakhs
- Other Income: ₹1.88 lakhs
- Total Income: ₹152.93 lakhs
- Total Expenses: ₹296.58 lakhs
- Loss before tax from continuing operations: ₹(143.65) lakhs
- Exceptional Item Gain from discontinued operations: ₹332.96 lakhs
- Net Profit for the period: ₹186.03 lakhs
- Earnings Per Share (Total): ₹0.57
Half Year Ended September 30, 2026 (Unaudited):
- Revenue from Operations: ₹326.95 lakhs
- Other Income: ₹4.60 lakhs
- Total Income: ₹331.55 lakhs
- Total Expenses: ₹618.39 lakhs
- Loss before tax from continuing operations: ₹(286.84) lakhs
- Exceptional Item Gain from discontinued operations: ₹332.96 lakhs
- Net Profit for the period: ₹6.30 lakhs
- Earnings Per Share (Total): ₹0.01
Comparative Performance
Quarterly Comparison (Continuing Operations):
- September 2026: Loss of ₹(143.65) lakhs
- June 2026: Loss of ₹(143.19) lakhs
- September 2025: Loss of ₹(133.41) lakhs
Half-Yearly Comparison (Continuing Operations):
- September 2026: Loss of ₹(286.84) lakhs
- September 2025: Loss of ₹(272.71) lakhs
Discontinued Operations
The Board decided on November 13, 2024 to discontinue the manufacturing of Paper & Paperboards situated at Ambivali. The results are presented as discontinued operations as required by IND AS 105.
Discontinued Operations Performance (Quarter Ended September 30, 2026):
- Revenue from Operations: ₹43.55 lakhs
- Other Income: Not specified
- Total Expenses: ₹46.83 lakhs
- Loss before exceptional item: ₹(3.28) lakhs
- Exceptional Item Gain: ₹332.96 lakhs
- Net Profit: ₹329.68 lakhs
Exceptional Items
The exceptional gain of ₹332.96 lakhs for the quarter and half year ended September 30, 2026 represents profit on sale of assets held for disposal.
Financial Position
As at September 30, 2026 (Unaudited):
- Total Assets: ₹751.37 lakhs
- Total Liabilities: ₹18,289.09 lakhs
- Negative Net Worth: ₹(17,537.72) lakhs
- Equity Share Capital: ₹3,221.95 lakhs (face value ₹10 per share)
- Other Equity: ₹(20,759.67) lakhs
Key Balance Sheet Items:
- Property, plant and equipment: ₹37.34 lakhs
- Trade receivables: ₹124.13 lakhs
- Cash and cash equivalents: ₹60.55 lakhs
- Borrowings (Non-current): ₹13,250.00 lakhs
- Borrowings (Current): ₹2,735.00 lakhs
- Other financial liabilities: ₹1,750.00 lakhs
Cash Flow Statement (Half Year Ended September 30, 2026)
- Net cash used in Operating Activities: ₹(120.25) lakhs
- Net cash from Investing Activities: ₹1,225.13 lakhs (mainly from sale of property, plant and equipment: ₹1,089.67 lakhs and sale of investment: ₹135.46 lakhs)
- Net cash from Financing Activities: ₹(1,063.72) lakhs (repayment of long-term borrowings: ₹1,000.00 lakhs, finance cost paid: ₹443.03 lakhs)
- Net increase in cash: ₹41.16 lakhs
Going Concern Consideration
The Company's net worth stands at negative ₹17,537.72 lakhs as at September 30, 2026. The management states that the company is engaged in trading of paper and paperboards and achieved sales turnover of ₹326.95 lakhs in H1 FY2026-27 compared to ₹213.27 lakhs in the corresponding period previous year. Management is optimistic about improving business operations and intends to explore available resources and business opportunities to support future operations and cash flow generation.
Audit Qualification
The statutory auditors, M/s D S M R & Co, issued a qualified opinion noting the material uncertainty regarding the company's ability to continue as a going concern due to negative net worth and discontinuance of manufacturing operations. The impact of this qualification on financial figures is unascertainable.
Additional Information
- The company does not have any subsidiary/associate/joint ventures as on September 30, 2026
- The company reviews its business as a single operating segment: trading of paper and paper board
- Trading of plastic & packaging materials ceased from April 1, 2026
- Previous period's figures have been regrouped/reclassified wherever necessary