Summary of Key Information:

Reporting Period (Quarter/Year): Quarter and Half Year ended September 30, 2026 (Q2 FY27, H1 FY27)

Nature of Filing / Announcement: Outcome of Board Meeting and Unaudited Financial Results

Date of Board Meeting / Approval: November 13, 2026

Audit Opinion: Unmodified opinion (clean)

Auditor’s Comment: The statutory auditor, N Kumar Chhabra and Co., stated that based on their review, nothing has come to their attention that causes them to believe the statement contains any material misstatement.

Key Financial Highlights [₹ in Lakhs]

Standalone Results:

Quarter Ended September 30, 2026 (Q2 FY27):

  • Revenue from Operations: ₹2,754.80 Lakhs (₹3,111.26 Lakhs in Q2 FY25 | -11.5% YoY)
  • Total Income: ₹2,773.24 Lakhs (₹3,205.01 Lakhs in Q2 FY25 | -13.5% YoY)
  • Profit/ (loss) before tax & Exceptional Items: (₹386.64) Lakhs ( (₹251.20) Lakhs in Q2 FY25)
  • Exceptional Items: Loss on discard of paper machinery 3: ₹50.78 Lakhs [Non-Recurring]
  • Profit/ (loss) before tax for the period: (₹437.42) Lakhs ( (₹251.20) Lakhs in Q2 FY25)
  • Total Tax Expense: (₹162.52) Lakhs ( (₹6.03) Lakhs in Q2 FY25)
  • Profit/ (loss) for the period: (₹274.90) Lakhs ( (₹245.17) Lakhs in Q2 FY25)
  • EPS - Basic: (₹2.75) ( (₹2.45) in Q2 FY25)
  • EPS - Diluted: (₹2.75) ( (₹2.45) in Q2 FY25)
  • Other Equity: Not Specified for quarter

Half Year Ended September 30, 2026 (H1 FY27):

  • Revenue from Operations: ₹6,372.95 Lakhs (₹6,820.47 Lakhs in H1 FY25 | -6.6% YoY)
  • Total Income: ₹6,501.96 Lakhs (₹6,977.15 Lakhs in H1 FY25 | -6.8% YoY)
  • Profit/ (loss) before tax & Exceptional Items: (₹95.44) Lakhs (₹56.70 Lakhs in H1 FY25)
  • Exceptional Items: Loss on discard of paper machinery 3: ₹50.78 Lakhs [Non-Recurring]
  • Profit/ (loss) before tax for the period: (₹146.22) Lakhs (₹56.70 Lakhs in H1 FY25)
  • Total Tax Expense: ₹299.88 Lakhs ( (₹14.15) Lakhs in H1 FY25)
  • Profit/ (loss) for the period: (₹446.10) Lakhs (₹70.86 Lakhs in H1 FY25)
  • EPS - Basic: (₹4.46) (₹0.71 in H1 FY25)
  • EPS - Diluted: (₹4.46) (₹0.71 in H1 FY25)
  • Other Equity: ₹10,780.19 Lakhs (as at March 31, 2026)

Consolidated Results:

Not Applicable. The company stated it does not have any subsidiary/ associate/ joint venture company as of September 30, 2026.

Segment-wise Performance [₹ in Lakhs]:

The Company has two reportable segments: a) Paper and b) Agriculture.

Quarter Ended September 30, 2026 (Q2 FY27):

  • Paper Segment:
  • Segment Revenue: ₹2,754.80 Lakhs
  • Segment Results (Profit/ loss before Interest and Tax): (₹398.86) Lakhs
  • Agriculture Segment:
  • Segment Revenue: ₹0.00 Lakhs
  • Segment Results (Profit/ loss before Interest and Tax): ₹3.60 Lakhs

Half Year Ended September 30, 2026 (H1 FY27):

  • Paper Segment:
  • Segment Revenue: ₹6,368.45 Lakhs
  • Segment Results (Profit/ loss before Interest and Tax): (₹79.21) Lakhs
  • Agriculture Segment:
  • Segment Revenue: ₹4.50 Lakhs
  • Segment Results (Profit/ loss before Interest and Tax): ₹11.93 Lakhs

Statement of Assets and Liabilities as at September 30, 2026 [₹ in Lakhs]:

Assets:

  • Total Assets: ₹15,632.85 Lakhs (₹15,578.09 Lakhs as at March 31, 2026)
  • Non-current assets: ₹12,160.57 Lakhs
  • Current assets: ₹3,472.28 Lakhs
  • Cash and cash equivalents: ₹34.42 Lakhs (₹42.97 Lakhs as at March 31, 2026)

Liabilities:

  • Total Liabilities: ₹5,248.42 Lakhs (₹4,697.90 Lakhs as at March 31, 2026)
  • Total Equity: ₹10,384.43 Lakhs (₹10,880.19 Lakhs as at March 31, 2026)
  • Borrowings (Non-current + Current): ₹3,448.59 Lakhs (₹2,982.16 Lakhs as at March 31, 2026)

Corporate Actions:

Not Specified

Other Significant Information:

Change in Tax Regime: The company opted for the concessional tax regime under Section 200 of the Income-tax Act, 2025 (effective FY 2026-27). Consequently, it is no longer eligible to claim deduction under Section 80-IA for its Cogeneration Division. This transition resulted in a significant one-time, non-cash deferred tax charge which adversely impacted PAT for the half year.

Exceptional Item - Machinery Shutdown: Production and profitability in the quarter were adversely impacted by a planned shutdown of Paper Machine 3 (PM 3) for refurbishment and modernisation. The machine has been successfully recommissioned. A loss of ₹50.78 Lakhs on the disposal of the old paper machine 3 was recognized and classified as an exceptional item due to its one-time nature.

Segment Reporting Change: The Cogeneration Division is no longer presented as a separate reportable segment following the change in tax regime, as it is an integral captive utility with no external sales. Previous period segment information has been reclassified for comparability.

Labour Codes: The company had previously accounted for the statutory impact of new Labour Codes (₹66.73 Lakhs for gratuity and leave encashment) as an exceptional item in the year ended March 31, 2026.