Board Meeting Details

The Meeting of the Board of Directors was held on Wednesday, May 27, 2026, commencing at 5:00 PM and concluding at 9:15 PM.

Matters Approved by the Board

1. Approval of Financial Results: The Standalone and Consolidated Audited Financial Results of the Company for the quarter and financial year ended March 31, 2026, along with the Audited Auditor Report, pursuant to Regulation 33 of SEBI LODR. The results and auditor reports are enclosed as 'Annexure-A'.

2. Directors Report: Approval of the Directors Report and annexures for the financial year ended March 31, 2026.

3. Appointment of Scrutinizer: Appointment of Ashita Kaul & Associates, Practicing Company Secretary, as scrutinizer for conducting the E-Voting process at the 47th Annual General Meeting.

4. Re-appointment of Internal Auditor: Re-appointment of I.P. Mehta & Co. as Internal Auditor of the Company for the Financial Year 2026-27.

5. Increase in Borrowing Powers: Proposal to increase borrowing powers of the Company under Section 180(1)(c) of the Companies Act, 2013, subject to member approval.

6. Increase in Investment Limits: Proposal to increase limits for giving loans/guarantees/providing securities under section 186 of the Companies Act, 2013, subject to member approval.

Trading Window Closure

The trading window of the Company will open 48 hours after the announcement of the results, in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015.

Standalone Financial Results (Audited)

For the Quarter Ended March 31, 2026 (₹ in lakhs):

  • Other Income: 4.121
  • Total Revenue: 4.121
  • Employee Benefit Expense: 2.976
  • Other Expenses: 5.115
  • Total Expenses: 8.091
  • Loss Before Exceptional Items and Tax: (3.970)
  • Exceptional Items: (178.717)
  • Loss Before Tax: (182.686)
  • Loss for the Period: (182.686)
  • Other Comprehensive Loss: (0.166)
  • Total Comprehensive Loss: (182.852)
  • Paid-up Equity Share Capital: 915.230
  • Basic/Diluted EPS (₹): (0.998)

For the Year Ended March 31, 2026 (₹ in lakhs):

  • Other Income: 15.641
  • Total Revenue: 15.641
  • Employee Benefit Expense: 9.613
  • Other Expenses: 23.591
  • Total Expenses: 33.205
  • Loss Before Exceptional Items and Tax: (17.564)
  • Exceptional Items: (178.717)
  • Loss Before Tax: (196.281)
  • Loss for the Period: (196.281)
  • Other Comprehensive Loss: (0.161)
  • Total Comprehensive Loss: (196.442)
  • Paid-up Equity Share Capital: 915.230
  • Basic/Diluted EPS (₹): (1.072)

Standalone Balance Sheet (as of March 31, 2026, ₹ in lakhs)

Assets:

  • Non-current Assets: 2,362.444
  • Property, Plant and Equipment: 1,921.097
  • Capital WIP: 20.303
  • Investments: 421.044
  • Current Assets: 1,102.773
  • Inventory: 396.737
  • Other Financial Assets: 702.851
  • Cash and Cash Equivalents: 1.353
  • Other Current Assets: 1.832
  • Total Assets: 3,465.217

Liabilities and Equity:

  • Equity: 2,257.927
  • Equity Share Capital: 915.230
  • Other Equity: 1,342.70
  • Current Liabilities: 1,207.290
  • Borrowings: 1,171.113
  • Trade Payables: 20.008
  • Other Financial Liabilities: 10.000
  • Provisions: 6.169
  • Total Equity and Liabilities: 3,465.217

Key Audit Matter - Standalone (Auditor: D P Sarda & Co.)

The key audit matter was the valuation and provisioning of investments in and loans to two entities undergoing strike-off process:

1. Ladam Foods Private Limited (Subsidiary): Investment of ₹4.50 lakhs; Loan of ₹168.26 lakhs.

2. Lacon India Limited (Associate): Investment of ₹3.90 lakhs; Loan of ₹2.06 lakhs.

  • Total Provision Recognized: ₹178.72 lakhs (₹1.78 crore) as impairment.
  • The subsidiary has filed Form STK-2 (status: 'Under Process'). The associate has not yet filed STK-2, and no public notice is visible on the MCA portal.
  • The auditor verified the status via the MCA portal, reviewed board minutes, and obtained management representations.

Consolidated Financial Results (Audited)

For the Quarter Ended March 31, 2026 (₹ in lakhs):

  • Other Income: 11.691
  • Total Revenue: 11.691
  • Employee Benefit Expense: 3.836
  • Depreciation: 0.268
  • Other Expenses: 11.427
  • Total Expenses: 15.531
  • Loss Before Exceptional Items and Tax: (3.840)
  • Exceptional Items: (10.459)
  • Loss Before Tax: (14.299)
  • Tax Expense: 0.180
  • Loss for the Period: (14.479)
  • Other Comprehensive Loss: (0.166)
  • Total Comprehensive Loss: (14.645)
  • Net Loss Attributable to Owners: (98.762)
  • Paid-up Equity Share Capital: 915.230
  • Basic/Diluted EPS (₹): (0.079)

For the Year Ended March 31, 2026 (₹ in lakhs):

  • Other Income: 25.395
  • Total Revenue: 25.395
  • Employee Benefit Expense: 11.762
  • Depreciation: 0.268
  • Other Expenses: 30.417
  • Total Expenses: 42.448
  • Loss Before Exceptional Items and Tax: (17.052)
  • Exceptional Items: (10.459)
  • Loss Before Tax: (27.511)
  • Tax Expense: 0.180
  • Loss for the Period: (27.691)
  • Other Comprehensive Loss: (0.161)
  • Total Comprehensive Loss: (27.852)
  • Net Loss Attributable to Owners: (112.142)
  • Paid-up Equity Share Capital: 915.230
  • Basic/Diluted EPS (₹): (0.151)

Key Audit Matter - Consolidated (Auditor: D P Sarda & Co.)

The key audit matter was the accounting impact of deconsolidating the subsidiary and derecognizing the associate, leading to a net group-level loss. The auditor noted a complex adjustment was required for a loan waiver within the subsidiary, which was initially omitted but later corrected via consolidation entries. The total group-level impact of the exceptional item was ₹104.59 lakhs (₹1.05 crore).

Declaration of Unmodified Opinion

A separate declaration confirms that the statutory auditors, D.P. Sarda & Associates, issued audit reports on both the standalone and consolidated financial statements with an unmodified opinion.

Additional Information from Annexure-B

  • Re-appointment of Internal Auditor: I.P. Mehta & Co. (a partnership firm established in 1983, converted from a proprietary concern in 2014) was re-appointed for FY 2026-27.
  • Scrutinizer: Ashita Kaul & Associates was appointed for e-voting at the 47th AGM.

Financial Impact

A significant financial impact is quantified through the recognition of an exceptional item totaling ₹178.72 lakhs (₹1.79 crore) in the standalone results and ₹104.59 lakhs (₹1.05 crore) in the consolidated results, pertaining to the impairment of investments in and loans to a subsidiary and an associate.