Key Financial Figures (₹ in Lakhs)

Continuing Operations:

  • Revenue from operations: 3,271.86 (FY25: 4,413.21)
  • Other Income: 691.57 (FY25: 466.38)
  • Loss before Interest, Depreciation and Tax: 713.30 (FY25: 1,168.25)
  • Finance Cost: 3,690.96 (FY25: 3,612.35)
  • Loss before Depreciation and Tax: (2,977.66) (FY25: (2,444.10))
  • Depreciation: 417.28 (FY25: 417.29)
  • Loss before Tax: (3,394.94) (FY25: (2,861.39))
  • Tax Expenses: Nil (FY25: Nil)
  • Net Loss from Continuing Operations: (3,394.94) (FY25: (2,861.39))

Discontinued Operations (Paper Division):

  • Loss before tax: (3,458.56) (FY25: (7,767.30))
  • Net Loss from Discontinued Operations: (3,458.56) (FY25: (7,767.30))

Consolidated Performance:

  • Total Comprehensive Loss for the period: (6,853.02) (FY25: (10,627.76))
  • Loss for the period: (6,853.50) (FY25: (10,628.69))

Earnings Per Share (₹ per share):

  • Basic EPS from Continuing Operations: (2.30) (FY25: (1.94))
  • Basic EPS from Discontinued Operations: (2.34) (FY25: (5.27))
  • Total Basic EPS: (4.64) (FY25: (7.21))

Capital Structure

Authorized Share Capital:

  • ₹70,000 lakhs divided into 30,00,00,000 equity shares of ₹10 each and 4,00,00,000 preference shares of ₹100 each

Issued, Subscribed and Paid-up Capital:

  • Equity Share Capital: ₹14,752.20 lakhs (14,75,22,032 equity shares of ₹10 each fully paid-up)
  • Preference Share Capital: 3,50,00,000 Non-Convertible Redeemable Preference Shares of ₹100 each issued to Riddhi Siddhi Gluco Biols Limited (Holding Company) aggregating ₹35,000 lakhs

Operational Performance

Paper Division (Discontinued Operations):

  • No production during FY 2025-26 and previous year
  • Division was shut down from December 18, 2021, due to unviable operations
  • All workmen retrenched effective December 17, 2022
  • Assets held for sale with additional impairment loss of ₹2,784.33 lakhs recognized during FY25-26
  • Total assets classified as held for sale: ₹10,057.96 lakhs (FY25: ₹14,623.63 lakhs)
  • Total liabilities related to assets held for sale: ₹5,051.12 lakhs (FY25: ₹8,946.19 lakhs)

Packaged Water Bottling Segment (Continuing Operations):

  • Production: 32.71 lakh cases (1,092.12 lakh bottles) (FY25: 42.37 lakh cases)
  • Sales: 32.46 lakh cases (1,081.92 lakh bottles) (FY25: 42.39 lakh cases)
  • Turnover: ₹3,271.86 lakhs (FY25: ₹4,413.21 lakhs)

Finance Costs and Borrowings

Key Components:

  • Dividend on Non-Convertible Redeemable Preference Shares: ₹3,500.00 lakhs (recurring provision)
  • Interest on ICD/Other Interest: ₹190.28 lakhs
  • Working Capital Interest: ₹0.66 lakhs

Debt Repayment:

  • Repaid term loan of ₹931.86 lakhs to ICICI Bank Limited
  • Repaid first installment of Zero Coupon Non-Convertible Debentures having face value of ₹2,412.17 lakhs
  • No term loan outstanding as of March 31, 2026

Significant Events and Updates

Board and Management Changes:

  • Mr. Kanhaiyalal Chandak (Independent Director) completed his second and final term on February 8, 2026
  • Mr. Harshadbhai Baldevbhai Patel appointed as Additional Director (Non-Executive Independent) on February 7, 2026, but resigned on April 2, 2026
  • Mr. Shubham Ajmera appointed as Company Secretary and Compliance Officer effective May 29, 2025
  • Mr. Alok Jain appointed as Additional Director (Non-Executive Independent) on May 25, 2026, confirmed by members via Postal Ballot on July 3, 2026

AGM Details:

  • 35th Annual General Meeting to be held on Friday, September 25, 2026, at 12:00 Noon through Video Conferencing
  • Record Date for AGM: Friday, September 18, 2026
  • Remote e-voting period: September 22, 2026 (9:00 AM) to September 24, 2026 (5:00 PM)
  • Scrutinizer: Mr. Kinjal Shah, Practicing Company Secretary

Legal and Regulatory Matters:

  • Received Order dated May 1, 2025, from Collector Surat asking Company to surrender 121,302 sq. meters of land
  • Company challenged the order before Secretary (Dispute) Revenue Department, Government of Gujarat
  • Appellate Authority granted interim relief staying the effect of the impugned order
  • Final order dated February 6, 2026, allowed revision application and remanded to Collector Surat for reconsideration
  • Matter pending before Collector Surat, reserved for final order

Compliance Issues:

  • Received notices from BSE and NSE imposing fine for non-compliance with Regulation 6 of SEBI LODR Regulations
  • 24-day delay in appointing Company Secretary and Compliance Officer
  • Penalty paid to both stock exchanges
  • Delay attributed to candidate completing mandatory ICSI pre-membership training

Audit Qualifications

Statutory Auditors (Batliboi & Purohit):

  • No qualifications, reservations, or adverse remarks in audit report
  • Emphasis of Matter regarding paper division classification as held for sale and additional impairment loss of ₹2,784.33 lakhs
  • Material Uncertainty Related to Going Concern highlighted

Secretarial Auditor (Kinjal Shah):

  • Qualification regarding 24-day delay in appointing Company Secretary as Compliance Officer
  • Company paid necessary fines to stock exchanges
  • Board explained delay was due to ICSI training requirements

Corporate Governance

Board Composition:

  • Six Directors: One Executive Director and Five Non-Executive Directors (including Four Independent Directors)
  • Four Board Meetings held during FY25-26 on May 29, 2025; August 12, 2025; November 13, 2025; and February 7, 2026

Committee Structure:

  • Audit Committee: Mr. Kanhaiyalal Chandak (Chairperson), Mrs. Meenu Singhvi, Mr. Siddharth G. Chowdhary, Mr. Harshadbhai Baldevbhai Patel, Mr. Ambalal C Patel
  • Nomination and Remuneration Committee: Mr. Kanhaiyalal Chandak (Chairman), Mrs. Meenu Singhvi, Mr. Ganpatraj L. Chowdhary, Mr. Harshadbhai Baldevbhai Patel
  • Stakeholders Relationship Committee: Mr. Kanhaiyalal Chandak (Chairman), Mr. Harshadbhai Baldevbhai Patel, Mr. Siddharth G. Chowdhary, Mrs. Meenu Singhvi

Related Party Transactions

Material Transactions:

  • Purchase/supply of goods with Energy Beverages Private Limited: ₹150 crores per annum limit
  • Purchase/supply of goods with Bluecraft Agro Private Limited: ₹200 crores per annum limit
  • Purchase/sale of fixed assets: Not exceeding ₹10 crores
  • Provision/rendering of services: Not exceeding ₹10 crores per annum

Key Transactions during FY25-26:

  • Dividend on NCRPS to Riddhi Siddhi Gluco Biols Limited: ₹3,500.00 lakhs
  • Sale of goods to Energy Beverages Private Limited: ₹3,540.80 lakhs
  • Sale of goods to Bluecraft Agro Private Limited: ₹148.13 lakhs
  • Purchase of goods from Energy Beverages Private Limited: ₹1,163.21 lakhs

Going Concern Consideration

Material Uncertainty:

  • Company incurred total comprehensive loss of ₹6,853.02 lakhs for FY25-26
  • Current liabilities (continuing operations) exceeded current assets by ₹12,152.60 lakhs
  • Financial statements prepared on going concern basis based on management's assessment
  • Management plans include disposal of non-core assets to improve financial position

Other Key Information

Credit Rating:

  • CARE Ratings Limited as of April 6, 2026:
  • Long Term/Short Term Bank Facilities: CARE BB; Stable/ CARE A4
  • Amount: ₹35.16 crores

Shareholding Pattern:

  • Promoters (Riddhi Siddhi Gluco Biols Limited): 74.76%
  • Public Holding: 25.24%
  • Dematerialized Shares: 98.34% of total paid-up share capital

Employee Strength:

  • 42 permanent employees as on March 31, 2026 (same as previous year)

Dividend:

  • No dividend recommended for FY25-26 due to losses