CMI Limited has filed its unaudited financial results for the quarter and nine months ended December 31, 2025, while under the Corporate Insolvency Resolution Process (CIRP) initiated by the National Company Law Tribunal (NCLT), Delhi Bench.
Financial Results (All amounts in Indian Rupees Lakhs)
Quarter Ended December 31, 2025:
- Revenue from Operations: ₹1,185.31
- Other Income: ₹11.87
- Total Income: ₹1,197.18
- Total Expenses: ₹1,376.49
- Loss before tax: ₹(179.30)
- Net Loss for the period: ₹(179.30)
- Basic EPS: ₹(0.11)
- Diluted EPS: ₹(0.11)
Nine Months Ended December 31, 2025:
- Revenue from Operations: ₹4,061.24
- Other Income: ₹34.29
- Total Income: ₹4,095.53
- Total Expenses: ₹4,882.23
- Loss before tax: ₹(786.70)
- Net Loss for the period: ₹(786.70)
- Basic EPS: ₹(0.49)
- Diluted EPS: ₹(0.49)
Comparative Figures (Quarter Ended):
- September 30, 2025: Net Loss of ₹(478.88)
- December 31, 2024: Net Loss of ₹(818.05)
Capital Structure:
- Paid-up equity share capital (Face value ₹10 each): ₹1,602.74 lakhs (unchanged across all periods)
Key Operational Metrics
Expense Breakdown for Quarter Ended December 31, 2025:
- Cost of Raw Materials Consumed: ₹1,023.10
- Employee Benefits Expenses: ₹90.19
- Finance Costs: ₹3.33
- Depreciation and amortization Expenses: ₹186.23
- Other Expenses: ₹73.63
Regulatory and Process Context
The Corporate Insolvency Resolution Process (CIRP) was initiated by NCLT, Delhi Bench vide order dated July 28, 2023 (pronounced on August 1, 2023) on application filed by Canara Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Deepak Maini was appointed as the Interim Resolution Professional/Resolution Professional (IRP/RP) to conduct the CIRP. During CIRP, the power of the board is suspended and the company operates under the guidance of the Resolution Professional.
Approval and Review Process
The financial results were approved by the Board of Directors (Power Suspended) at its meeting held on September 15, 2026, which commenced at 03:00 PM and concluded at 04:25 PM. The meeting was conducted upon authorization from Mr. Deepak Maini, Resolution Professional of the company.
The statutory auditors, Kumar Pramod & Associates, carried out a limited review of the unaudited financial results under Regulation 33 of SEBI (LODR) Regulations 2015.
Auditor's Qualifications and Concerns
The auditors issued a review report with significant qualifications:
1. Going Concern Concerns: Accumulated losses of ₹17,043.21 lakhs have totally eroded the net worth of the company (against paid-up capital of ₹1,603.07 lakhs). The company has been incurring continued losses for many years.
2. Accounting Framework Non-Compliance: The financial statements are prepared in accordance with accounting principles generally accepted in India under Rule 7 of the Companies (Accounts) Rules, 2014, and not in accordance with Indian Accounting Standard 34 (Ind AS 34) "Interim Financial Reporting".
3. Multiple Verification Limitations:
- Fixed assets register not available; values taken at book value from previous years
- Bank and investment confirmations not available; balances subject to reconciliation
- Inventory quantitative details not available; values taken at book value from previous years
- Reconciliations and valuations (PPE, inventories, receivables, payables) not made available for review
- Pending litigations not independently verified
- Contingent liabilities from income tax, TDS disputes, and GST department could not be ascertained
4. Disclaimer of Opinion: Due to the CIRP and the limitations described, the auditors were unable to obtain sufficient appropriate audit evidence and therefore do not express an opinion on the financial statements.
Additional Information
The financial results are available on the company's website (www.cmilimited.in) and on stock exchange websites (www.bseindia.com and www.nseindia.com).