Financial Results Summary (₹ in lacs)
Quarter Ended March 31, 2026 (Audited)
- Revenue from operations: ₹0.00
- Other income: ₹0.00
- Total expenses: ₹24.30
- Employee benefits expenses: ₹0.60
- Finance cost: ₹13.04
- Depreciation and amortization expenses: ₹8.43
- Other expenses: ₹2.23
- Loss before exceptional and extraordinary items: ₹(24.30)
- Exceptional items: ₹0.00
- Extraordinary items: ₹0.15 (Depreciation on Revaluation Reserve on Building)
- Loss before tax: ₹(24.14)
- Tax expenses: ₹0.00
- Loss for the period: ₹(24.14)
- Other comprehensive income: ₹(3.36)
- Total comprehensive income: ₹(27.50)
- Earnings per share (basic and diluted): ₹(0.18)
Financial Year Ended March 31, 2026 (Audited)
- Revenue from operations: ₹0.00
- Other income: ₹0.00
- Total expenses: ₹107.43
- Employee benefits expenses: ₹2.40
- Finance cost: ₹51.08
- Depreciation and amortization expenses: ₹33.73
- Other expenses: ₹20.23
- Loss before exceptional and extraordinary items: ₹(107.43)
- Exceptional items: ₹0.00
- Extraordinary items: ₹0.62 (Depreciation on Revaluation Reserve on Building)
- Loss before tax: ₹(106.82)
- Tax expenses: ₹0.00
- Loss for the period: ₹(106.82)
- Other comprehensive income: ₹(9.02)
- Total comprehensive income: ₹(115.84)
- Earnings per share (basic and diluted): ₹(0.79)
Comparative Figures (FY25 Audited)
- Other income: ₹569.50
- Total revenue: ₹569.50
- Total expenses: ₹304.92
- Profit before tax: ₹1,157.84
- Profit for the period: ₹1,157.84
- Total comprehensive income: ₹1,153.03
- Earnings per share: ₹0.70
Balance Sheet as of March 31, 2026 (₹ in lacs)
- Total non-current assets: ₹856.83
- Current assets: ₹26.40
- Financial assets: ₹25.59 (Trade receivables: ₹0.81, Cash and cash equivalents: ₹0.81, Other financial assets: ₹0.49)
- Other current assets: ₹0.49
- Total assets: ₹883.23
- Equity share capital: ₹135.92
- Other equity: ₹(148.88)
- Total equity: ₹(12.96)
- Non-current liabilities: ₹826.81 (Financial liabilities: ₹826.81)
- Current liabilities: ₹69.39 (Other current liabilities: ₹69.39)
- Total equity and liabilities: ₹883.23
Cash Flow Statement for FY26 (₹ in lacs)
- Net cash from operating activities: ₹(5.24)
- Net cash from investing activities: ₹0.00
- Net cash used in financing activities: ₹(17.64)
- Net decrease in cash and cash equivalents: ₹(22.88)
- Cash and cash equivalents at beginning of period: ₹23.68
- Cash and cash equivalents at end of period: ₹0.81
Key Notes and Context
1. Corporate Insolvency Resolution Process (CIRP): The company underwent CIRP since February 2020. A resolution plan submitted by Surbhika Steels Private Limited through its unit Nikunj Udyog was approved by NCLT Allahabad on July 27, 2023, and NCLAT Delhi on October 15, 2024.
2. New Management: A Monitoring Committee handed over control to new management effective February 7, 2025. Surbhika Steels Private Limited and Daga Infrastructure Private Limited became new promoters effective April 24, 2025, after being allotted 203,877 and 990,913 shares respectively at face value of ₹10 each.
3. Share Capital Extinguishment: 99% of the existing issued, subscribed and paid-up share capital was cancelled and extinguished on April 24, 2025, pursuant to the resolution plan implementation.
4. Operations: The company is engaged in manufacturing toner and toner-related products but operations are temporarily closed due to the CIRP process. New promoters are in the process of implementing the resolution plan, and operations are yet to be revived.
5. Quarterly Data Limitation: Quarterly results for the quarter ended March 31, 2025, are not available as the new management started complying with statutory requirements post-takeover.
6. Audit Details: The results were reviewed by the Audit Committee and approved by the Board of Directors on May 29, 2026. The statutory auditors, HG & CO. (Firm Registration No. 013074C), issued an unmodified opinion.
7. Regulatory Compliance: The financial results are prepared in accordance with IND AS and comply with Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
8. Labor Codes Impact: The company has estimated and recognized the impact of implementation of New Labour Codes under employee benefits expense for FY26, which is not material to the results.