Summary of Key Information:

Reporting Period (Quarter/Year): Quarter ended June 30, 2026 (Q1 FY27)

Nature of Filing / Announcement: Outcome of Board Meeting under Regulation 30 of SEBI Listing Regulations

Date of Board Meeting / Approval: August 13, 2026

Audit Opinion: Qualified Review Opinion

Auditor's Comment: Multiple qualifications affecting earnings quality, including non-provision of employee benefits, impairment issues, and unrecoverable receivables

Key Financial Highlights [₹ lakhs]:

Standalone Results:

Revenue from Operations: ₹1,832.59 lakhs (compared to ₹1,126.44 lakhs in Q1 FY26 and ₹672.04 lakhs in Q4 FY26)

Total Income: ₹3,186.30 lakhs

Net Profit: Loss of ₹256.80 lakhs (compared to loss of ₹1,249.40 lakhs in Q1 FY26 and loss of ₹196.01 lakhs in Q4 FY26)

EPS: (₹0.97) per share of ₹10 each

Paid-up equity share capital: ₹2,644.16 lakhs

Financial Performance Analysis:

The company recorded a net loss of ₹256.80 lakhs during Q1 FY27, showing improvement from the loss of ₹1,249.40 lakhs in the same quarter previous year. The accumulated loss as on June 30, 2026 is ₹13,165.67 lakhs, resulting in erosion of net worth.

Corporate Actions:

Appointment of Mr. Pavan Kumar Duvva as Additional Director under the category of Non-Executive Independent Director of the Company effective August 13, 2026, for a period of 3 years, subject to shareholder approval.

Auditor Qualifications:

The statutory auditors, K.S. Rao & Co., issued a qualified review report with the following material concerns:

  • Financial statements prepared without considering impairment in value of Property Plant and Equipment
  • Non-provision of provisional liability towards salary, wages and other benefits to factory employees since lock-out from January 31, 2012
  • Non-provision for liability towards Gratuity and leave encashment in accordance with Ind AS-19
  • Absence of proper information regarding Debtors, Creditors, Loans and Advances preventing confirmation from respective parties
  • Long pending Trade Receivables and advances aggregating to ₹1,736.94 lakhs where limitation period has expired
  • Long pending Trade payables aggregating to ₹1,138.86 lakhs
  • Non-provision of interest on Unsecured loans received from Directors and Body Corporates
  • Non-provision of interest on overdue amounts payable to Micro, Small and Medium Enterprises suppliers
  • Non-provision of liability towards interest and penalties payable on account of old statutory dues
  • Unable to comment on accuracy of inventory valuation

Significant Accounting Adjustments:

  • Written off Trade Receivables: ₹6,82,71,567
  • Written back Trade Payables: ₹13,36,59,310
  • Inventory Written off: ₹2,53,11,414

Other Significant Information:

Operational Status:

The company experienced industrial violence on January 27, 2012 resulting in deaths and destruction of property, leading to lock-out from January 31, 2012. A Memorandum of Settlement was signed on October 24, 2019 providing house sites to displaced workers at Yanam.

The company has refurbished one manufacturing line in the plant and is ready to recommence plant operations in Yanam. The company has entered into an exclusive manufacturing arrangement to produce glazed vitrified tiles at a facility in Andhra Pradesh, with operations ongoing for the last 21 months.

Legal Matters:

The Hon'ble Arbitral Tribunal pronounced an award in March 2022 in favour of the company for ₹133.30 crores + interest regarding insurance claim for loss/damage to company's property. The Insurance Company filed a set-aside petition before the Court of Principal District Judge, Puducherry, which largely confirmed the Arbitral Award.

Segment Information:

Segment reporting is not applicable since entire operations relate to one segment - Manufacturing of Ceramic Tiles.

Consolidation Status:

The company does not have any Subsidiaries / Associates / Joint Venture Companies as on June 30, 2026.