Key Financial Results (Quarter Ended September 30, 2026)

  • Total Revenue: ₹1.50 lakh (consisting entirely of Other Income; Revenue from Operations was ₹0)
  • Total Expenses: ₹11,397.50 lakh
  • Loss Before Tax: ₹(1,138.25) lakh
  • Net Loss for the Period: ₹(1,138.25) lakh
  • Basic and Diluted EPS: ₹(6.97)

Key Financial Results (Half Year Ended September 30, 2026)

  • Total Revenue: ₹2.50 lakh
  • Loss Before Tax: ₹(2,700.05) lakh
  • Net Loss for the Period: ₹(2,700.05) lakh
  • Basic and Diluted EPS: ₹(16.53)

Auditor's Limited Review Report Observations

MASR & Co., Chartered Accountants, issued a limited review report with the following key observations:

  • The Company's Cash Credit facilities from Axis Bank (₹60.08 crore) and Yes Bank (₹219.68 crore), along with a term loan from HDFC Bank (₹4.07 crore), have been classified as Non-Performing Assets (NPA) by the respective banks in the previous quarter.
  • An amount of ₹64.21 crore outstanding to financiers remains unpaid and is under litigation.
  • Manufacturing operations were temporarily suspended due to multiple factors and remained suspended through the end of the quarter.
  • The Board has proposed monetization of assets for repayment of bank dues, which may significantly affect future operations and indicates material uncertainty regarding the company's ability to continue as a going concern.
  • The Company recognized a provision for bad and doubtful debts of ₹9.96 crore during the quarter (13.27% of disputed trade receivables), with cumulative provision representing approximately 34% of disputed trade receivables. The auditor was unable to determine whether further adjustments are required due to insufficient appropriate evidence.

Operational Status

Manufacturing operations have been suspended since the Board meeting dated April 10, 2026, due to:

  • Income-tax search proceedings commenced on December 15, 2025
  • Invocation of GRAP Stage IV restrictions in NCR by CAQM
  • Suo-moto amendment of Consent to Operate (CTO) by RSPCB dated January 16, 2026
  • Significant increase in power tariffs by Jaipur Vidyut Vitran Nigam Limited (JVVNL)

Financial Position (As of September 30, 2026)

Assets:

  • Total Assets: ₹23,012.14 lakh
  • Non-current Assets: ₹3,965.70 lakh (including Property, Plant and Equipment: ₹3,943.30 lakh)
  • Current Assets: ₹19,046.44 lakh (including Trade Receivables: ₹6,517.24 lakh; Loans & Advances: ₹12,387.04 lakh)

Liabilities and Equity:

  • Total Equity: ₹5,796.70 lakh (Equity Share Capital: ₹1,633.04 lakh; Other Equity: ₹4,163.66 lakh)
  • Non-current Liabilities: ₹842.49 lakh
  • Current Liabilities: ₹16,372.95 lakh (including Borrowings: ₹8,377.42 lakh)

Default Disclosure

  • Total outstanding loans from banks/financial institutions: ₹8,576.82 lakh
  • Amount of default: ₹169.94 lakh
  • Total financial indebtedness including short and long-term debt: ₹8,576.82 lakh

Additional Information

  • The trading window was closed from October 1, 2026, until 48 hours after the declaration of results
  • The company has not discontinued any operations during the reporting periods
  • Tax expense/provision has been made on an annual basis only
  • Previous period figures have been re-arranged/re-grouped where necessary