Key Quantitative Figures

Financial Performance (Quarter Ended September 30, 2026):

  • Total Income: ₹2.09 lakh (all from Other Income)
  • Total Expenses: ₹70.09 lakh
  • Loss from Continuing Operations (before tax): ₹68.00 lakh
  • Loss from Discontinued Operations (before tax): ₹24.57 lakh
  • Net Loss (total operations): ₹92.57 lakh
  • Basic EPS (total): (₹0.45) per share of ₹10 face value

Financial Performance (Half Year Ended September 30, 2026):

  • Total Income: ₹17.31 lakh (all from Other Income)
  • Total Expenses: ₹138.31 lakh
  • Loss from Continuing Operations (before tax): ₹120.99 lakh
  • Loss from Discontinued Operations (before tax): ₹302.24 lakh (includes ₹183.62 lakh loss on measurement of disposal group)
  • Net Loss (total operations): ₹406.41 lakh
  • Basic EPS (total): (₹2.00) per share of ₹10 face value

Comparative Figures (Year Ended March 31, 2026):

  • Total Income: ₹33.78 lakh
  • Net Loss (total operations): ₹485.25 lakh
  • Basic EPS (total): (₹2.38) per share

Dates of Action

  • Board Meeting Date: November 13, 2026 (commenced 4:00 PM, concluded 7:40 PM)
  • Audit Committee Meeting Date: November 13, 2026
  • Period Ended: September 30, 2026
  • Extraordinary General Meeting Date: May 18, 2026 (approved disposal of manufacturing undertaking)

Parties Involved

  • Auditors: Jain Saraogi & Co LLP (FRN: 305004E/E300281)
  • Authorized Signatory: Mr. Vimal Prakash (Director, DIN: 00174915)
  • Compliance Officer: Mr. Mukesh Kumar Shaw (Company Secretary, ACS No.: 80201)
  • Stock Exchanges: BSE Limited (Scrip Code: 502294), CSE Limited

Discontinued Operations Details

  • Manufacturing operations classified as discontinued operations pursuant to shareholder approval dated May 18, 2026
  • Assets related to manufacturing operations classified as held for sale
  • During H1 FY27, company entered into agreements for sale of Plant and Machinery, Capital Work-in-Progress and inventories
  • Aggregate remeasurement/write-down of ₹243.34 lakh recognized:
  • ₹59.72 lakh write-down of inventories (included in discontinued operations profit/loss)
  • ₹183.62 lakh remeasurement of non-current assets (presented separately)
  • Depreciation not provided on depreciable assets classified as held for sale

Auditor Qualifications

Matter of Emphasis:

1. Employee Benefits: Company has not obtained actuarial valuation for employee benefit obligations as required under Ind AS 19. Obligations are unfunded and recognized based on applicable legislation. Impact on loss and liabilities cannot be quantified.

2. Preference Shares: 11% Redeemable Cumulative Preference Shares due for redemption on or before September 2000 have not been redeemed. No provision made for cumulative dividends amounting to ₹75.03 lakh up to March 31, 2026 and ₹0.82 lakh for H1 FY27.

3. Going Concern: Material uncertainty exists regarding company's ability to continue as going concern due to:

  • Disposal of manufacturing assets
  • Proposed diversification into ferro-alloys sector
  • Dependence on successful implementation of new business plan and adequate financing
  • Despite uncertainty, financial results prepared on going concern basis

Capital Structure

  • Equity Share Capital: ₹2,036.15 lakh (unchanged from previous year)
  • Other Equity: Negative ₹5,721.72 lakh (was negative ₹5,315.31 lakh as of March 31, 2026)

Cash Flow Highlights (H1 FY27)

  • Net Cash from Operating Activities: ₹28.05 lakh
  • Net Cash used in Investing Activities: ₹39.68 lakh
  • Net Cash from Financing Activities: ₹14.24 lakh
  • Net Increase in Cash: ₹2.61 lakh
  • Closing Cash Balance: ₹4.55 lakh