Financial Results (₹ in Lakh)

Quarter Ended March 31, 2026:

  • Total Income: ₹803.14
  • Total Expenses: ₹1,168.74
  • Loss Before Tax: ₹298.64
  • Loss After Tax: ₹298.70
  • Other Comprehensive Income: ₹(34.49)
  • Total Comprehensive Income: ₹(333.19)
  • Basic EPS: ₹(0.30)
  • Diluted EPS: ₹(0.28)

Financial Year Ended March 31, 2026:

  • Total Income: ₹2,427.27
  • Total Expenses: ₹3,502.55
  • Loss Before Tax: ₹1,008.32
  • Loss After Tax: ₹1,008.38
  • Other Comprehensive Income: ₹0.88
  • Total Comprehensive Income: ₹(1,007.59)
  • Basic EPS: ₹(3.89)
  • Diluted EPS: ₹(3.76)
  • Paid-up Equity Share Capital: ₹2,640.67
  • Other Equity: ₹(384.78)

Segment-wise Performance (Q4 FY26)

Eco Build (Particle Board):

  • Revenue: ₹602.84 lakh
  • Profit before interest and tax: ₹(294.34) lakh

Eco Energy (Bio System):

  • Revenue: ₹185.94 lakh
  • Profit before interest and tax: ₹(67.48) lakh

Cash Flow Statement (FY2026)

  • Net cash from operating activities: ₹(1,753.57) lakh
  • Net cash used in investing activities: ₹(383.76) lakh
  • Net cash from financing activities: ₹2,130.23 lakh
  • Net decrease in cash: ₹(7.10) lakh
  • Closing cash balance: ₹31.40 lakh

Board Appointments

1. Ms. Ritu Mandore (Membership No.: A79457) appointed as Whole Time Company Secretary and Compliance Officer effective May 23, 2026. She is an Associate Member of ICSI with experience in corporate compliance.

2. M/s. R Kabra & Co LLP (LLPIN: AAV 7116), Mumbai appointed as Internal Auditor for Financial Year 2026-27. The firm provides multidisciplinary professional services including audit, taxation, and advisory.

Utilization of Issue Proceeds

Preferential Allotment 1 (09/04/2025):

  • Issued 51,33,323 equity shares at ₹30/share for ₹1,539.99 lakh
  • Utilization: Capital expenditure ₹900.39 lakh, Working capital ₹574.31 lakh, General corporate purpose ₹65.29 lakh

Preferential Allotment 2 (10/01/2026):

  • Issued 34,41,417 equity shares at ₹33.50/share for ₹1,152.88 lakh
  • Includes 16,25,000 shares to Mr. Ramakrishna Raju Gottumukkala towards debt repayment of ₹544.38 lakh
  • Utilization: Working capital requirement ₹526.86 lakh, General corporate purpose ₹81.64 lakh

Convertible Warrants 1 (09/04/2025):

  • Allotted 59,48,000 warrants at ₹30/warrant (total value ₹1,784.40 lakh)
  • Received ₹470.10 lakh (25% application money)
  • Utilization: Repayment of unsecured loan ₹50.00 lakh, Working capital ₹420.10 lakh

Convertible Warrants 2 (10/01/2026):

  • Allotted 18,07,835 warrants to Mr. Ramakrishna Raju Gottumukkala at ₹33.50/warrant for debt repayment of ₹605.62 lakh
  • Received ₹9.00 lakh as application money

Operational Updates

1. Successfully installed 8'x4' production line at Velapur plant with commercial production starting August 1, 2025. Planning to install 9'x6' production line replacing existing 13'x6' line.

2. Sold 28.31 acres of excess land at Velapur, Solapur (carrying amount ₹1,000.12 lakh) as per 2019 shareholder approval. Received ₹245.16 lakh advance with execution pending.

3. Additional 20 acres of land classified as held for sale (carrying cost ₹784.08 lakh) to M/s Western Bio Systems Private Limited (related party) in repayment of ICD. Execution pending lender bank approval.

Tax and Excise Demands

1. Excise Duty Demand: CESTAT confirmed demand of ₹1,114.64 lakh (excluding interest and penalties) for years 2008-09 to 2017-18. Rectification application dismissed. Appeal filed before Supreme Court of India.

2. Income Tax Demand AY 2017-18 & 2018-19: ₹510.44 lakh demand raised. Appeal filed before ITAT, which remanded matter to CIT(A) for de novo adjudication.

3. Income Tax Demand AY 2023-24: ₹179.45 lakh demand raised. Appeal filed before CIT(A).

No provision made for these liabilities pending appeal outcomes.

Other Matters

  • No income tax liability due to unabsorbed depreciation and accumulated taxable business losses
  • Directors waived interest on unsecured loans and remuneration for current financial year
  • Labour Code implementation estimated to have minimal financial impact
  • Figures for quarters are balancing figures between audited annual and published quarterly results

Board Meeting Details

  • Held on May 18, 2026 through video conferencing
  • Commenced at 4:30 PM, concluded at 4:45 PM
  • Audit Report issued by Chaturvedi SK & Fellows LLP with unmodified opinion