Board Meeting Details

The Board of Directors meeting was held on May 22, 2026, commencing at 05:35 PM and concluding at 06:33 PM. The trading window was closed from April 1, 2026, until 48 hours after results declaration.

Key Approvals

1. Approved Audited Standalone Financial Results for quarter and year ended March 31, 2026

2. Approved Audited Consolidated Financial Results for quarter and year ended March 31, 2026

3. Appointed M/s. Todarwal & Todarwal LLP as Internal Auditor for FY 2026-2027

Financial Results - Standalone (Amount in ₹ Lakhs)

Quarterly Performance
  • Q4 FY26: Total Income ₹6,316.91, Net Loss ₹(3,766.76)
  • Q3 FY25: Total Income ₹1,094.83, Net Loss ₹(4,207.94)
  • Q4 FY25: Total Income ₹296.35, Net Loss ₹(3,028.08)
Annual Performance
  • FY26: Total Income ₹7,792.98, Net Loss ₹(13,466.76)
  • FY25: Total Income ₹(6,266.97), Net Loss ₹(8,675.70)
Key Metrics
  • Paid-up equity share capital: ₹5,500.00 lakhs (FY26), ₹6,500.00 lakhs (FY25)
  • EPS (Basic): ₹(24.49) for FY26, ₹(12.21) for FY25
  • Reserves: ₹27,286.36 lakhs (FY26), ₹40,659.63 lakhs (FY25)

Balance Sheet Position (Standalone)

  • Total Assets: ₹1,30,307.27 lakhs (Mar 2026), ₹1,25,180.46 lakhs (Mar 2025)
  • Property, Plant & Equipment: ₹73,938.47 lakhs (Mar 2026), ₹58,316.30 lakhs (Mar 2025)
  • Assets classified as held for sale: ₹44,372.11 lakhs (Mar 2026), ₹49,509.02 lakhs (Mar 2025)
  • Borrowings: ₹39,172.90 lakhs (Non-current), ₹39,044.79 lakhs (Current) as of Mar 2026

Cash Flow (Standalone)

  • Net cash used in operating activities: ₹(569.48) lakhs (FY26), ₹(345.34) lakhs (FY25)
  • Net cash used in investing activities: ₹(175.53) lakhs (FY26), ₹(731.21) lakhs (FY25)
  • Net cash from financing activities: ₹667.91 lakhs (FY26), ₹838.46 lakhs (FY25)

Auditor's Report - Standalone

Qualified Opinion by M/s. Batliboi & Purohit (Firm Reg. No: 101048W) for following reasons:

1. Stock Exchange Penalties: NSE and BSE imposed fines for delayed compliance from June 2020 to September 2024. NSE waived SOP fines till March 2023. Company filed IA with NCLT seeking extension/exemption for statutory filings including financial statements for period ended March 2025. Pending NCLT approval, no provision made for penalties of ₹5,000 per day per exchange. Loss understated and reserves overstated.

2. Material Uncertainty on Going Concern: New management infused funds to settle creditors under resolution plan. Commercial production started from December 1, 2025. Management believes sufficient cash flows will be generated.

Emphasis of Matter:

1. Non-current assets of ₹44,372.11 lakhs classified as held for sale for over one year

2. Sale of land parcel with carrying amount ₹4,356.38 lakhs during quarter

3. Unpaid dividend accounts aggregating ₹16.24 lakhs require transfer to IEPF

Consolidated Financial Results

  • FY26 Revenue from operations: ₹7,697.08 lakhs
  • FY26 Total Income: ₹12,501.61 lakhs
  • FY26 Net Loss: ₹(28,943.70) lakhs
  • EPS (Basic): ₹(52.58) for FY26

Auditor's Report - Consolidated

Disclaimer of Opinion due to:

1. Same stock exchange penalty issue as standalone

2. Unavailable financials for subsidiaries: BILT General Trading FZE, Mirabelle Trading Pte. Ltd, Avantha Agritech Limited

3. Reliance on unsigned provisional statements for associate BGPPL (₹765 lakhs share of profit)

Subsidiaries and Associates

Consolidation includes:

  • Parent: Ballarpur Industries Limited
  • Subsidiaries: Avantha Agritech Limited, Ballarpur International Holdings B.V., Ballarpur Speciality Paper Holdings B.V.
  • Step-down subsidiaries: SILT Paper B.V., Mirabelle Trading Pte. Ltd, SILT General Trading FZE
  • Associate: Ballarpur Paper Holdings B.V.

Going Concern Issues

Multiple entities show significant going concern uncertainties:

  • Ballarpur International Holdings B.V.: Accumulated losses ₹171,951 lakhs, negative net worth
  • Ballarpur Speciality Paper Holdings B.V.: Accumulated losses ₹602 lakhs, negative net worth
  • SILT Paper B.V.: Current liabilities exceed current assets by ₹269,035 lakhs

Other Material Information

1. Corporate Insolvency Resolution Process: CIRP initiated on January 17, 2020, concluded with resolution plan approval on March 31, 2023 with Finquest Financial as successful applicant

2. Dividend Accounts: ₹16.24 lakhs in unpaid dividend accounts require transfer to IEPF

3. Segment Information: Single business segment - manufacturing of Paper and Paper Products

4. Exceptional Items: Profit on sale of land ₹1,754.62 lakhs (FY26), Impairment of land ₹(1,244.73) lakhs (FY25)

5. Debentures: Outstanding NCDs of ₹232.57 crores as of March 31, 2026

6. Security Cover: Certificate provided showing security cover for listed NCDs

Financial Impact Assessment

  • Stock exchange penalties: Financial impact not quantified in disclosure
  • Subsidiary data unavailability: Impact on consolidated results not determinable
  • Going concern: No adjustments made based on management's assessment of future cash flows