Key Financial Figures (Rs. in Lakhs)

Quarter Ended June 30, 2026 (Unaudited):

  • Revenue from operations: ₹6,749.03
  • Other Income: ₹15.33
  • Total Income: ₹6,764.36
  • Total Expenses: ₹6,989.11
  • Loss before exceptional items and tax: ₹(224.75)
  • Exceptional Items: ₹(310.62) [gain]
  • Profit before tax: ₹85.87
  • Net Profit after tax: ₹85.87
  • Paid-up equity share capital: ₹3,613.95
  • Face value per share: ₹10.00

Earnings Per Share (EPS):

  • Basic EPS (before exceptional items): ₹(0.62)
  • Diluted EPS (before exceptional items): ₹(0.62)
  • Basic EPS (after exceptional items): ₹0.24
  • Diluted EPS (after exceptional items): ₹0.24

Comparative Figures:

  • Q4 FY26 (March 31, 2026) Net Loss: ₹(534.79) lakh
  • Q1 FY26 (June 30, 2025) Net Profit: ₹220.73 lakh
  • FY26 (March 31, 2026) Net Loss: ₹(1,596.91) lakh

Exceptional Items Breakdown

Exceptional items for Q1 FY27 comprise:

  • Gain on disposal of assets: ₹5.98 lakh
  • Balances written back: ₹2.35 lakh
  • Gain on lease termination: ₹302.29 lakh

Operational and Structural Changes

The company underwent significant operational changes:

  • Manufacturing activities discontinued completely after termination of license agreement for plant, machinery, land, and building on April 1, 2026
  • Company commenced dealing/trading in steel and allied products effective April 1, 2026
  • Closing raw material and finished goods as at March 31, 2026 reclassified into stock-in-trade as at April 1, 2026
  • Capital work-in-progress transferred on June 6, 2026 due to enforcement of charge by M/s Ess Enn Investments Pvt. Ltd. for non-repayment of outstanding dues

Legal and Regulatory Matters

Insolvency Proceedings:

  • M/s MN Corporation filed application u/s 7 of Insolvency and Bankruptcy Code, 2016 before NCLT Cuttack on February 5, 2026
  • Application is pending before NCLT
  • Company has entered into a settlement agreement with MN Corporation, with partial payment made

Enforcement Directorate Actions:

  • Received three Provisional Attachment Orders from Directorate of Enforcement under Section 5(1) of Prevention of Money Laundering Act, 2002:
  • Order No. 15/2026 dated June 25, 2026
  • Order No. 17/2026 dated July 8, 2026
  • Order No. 21/2026 dated August 7, 2026
  • Total attachment value: ₹728.40 crore
  • Company's immovable properties valued at ₹1.11 crore attached
  • Balance attachment comprises equity shares of company held by certain shareholders and immovable properties not held in company's name
  • Orders are provisional and subject to confirmation by Adjudicating Authority
  • Company contesting the matter based on legal advice
  • No adjustment made in financial results

Auditor's Review and Qualifications

Qualified Opinion:

  • Company has not recognized interest on borrowings outstanding with respect to certain lenders within finance costs
  • Impact is unascertainable due to lack of required information
  • Conclusion on financial results is qualified regarding this matter

Material Uncertainty Related to Going Concern:

  • Company lost manufacturing base including capital work-in-progress due to charge enforcement by various lenders
  • Pending litigations including IBC application and provisional attachments indicate material uncertainty exists
  • Management prepared statements on going concern basis as they have started repaying dues and commenced trading activities

Board and Audit Committee Approval

  • Financial results reviewed by Audit Committee and approved by Board of Directors on September 11, 2026
  • Board meeting commenced at 4:00 PM and ended at 6:45 PM
  • Statutory auditors conducted limited review pursuant to Regulation 33 of SEBI LODR

Financial Results Preparation

  • Prepared in accordance with Indian Accounting Standards (Ind AS) prescribed under Section 133 of Companies Act, 2013
  • Figures for previous periods regrouped/reclassified where applicable