Key Quantitative Figures

Financial Performance (Year Ended 31st March 2026)

  • Consolidated Net Loss: ₹6,853.50 lakhs (FY25: ₹10,628.69 lakhs loss)
  • Loss from Continuing Operations (Water Bottle Division): ₹3,394.94 lakhs (Revenue: ₹3,271.86 lakhs)
  • Loss from Discontinued Operations (Paper Division): ₹3,458.56 lakhs
  • Total Comprehensive Loss: ₹6,853.02 lakhs
  • Earnings Per Share (Basic & Diluted): (₹4.64) from continuing and discontinued operations

Financial Position (as at 31st March 2026)

  • Paid-up Equity Share Capital: ₹14,752.20 lakhs (Face value ₹10 each)
  • Other Equity: Negative ₹23,015.02 lakhs (Negative ₹16,162.00 lakhs in FY25)
  • Total Equity: Negative ₹8,262.82 lakhs (Negative ₹1,409.80 lakhs in FY25)
  • Total Assets: ₹46,460.88 lakhs (₹51,474.23 lakhs in FY25)
  • Total Liabilities: ₹54,723.70 lakhs (₹52,884.03 lakhs in FY25)
  • Current Liabilities (continuing ops) exceed Current Assets (continuing ops) by: ₹12,152.60 lakhs
  • Non-Current Borrowings: ₹35,000.00 lakhs
  • Current Borrowings: ₹2,627.22 lakhs
  • Assets Classified as Held for Sale: ₹10,057.96 lakhs (₹14,623.63 lakhs in FY25)

Quarterly Performance (Q4 FY26)

  • Net Loss: ₹3,791.21 lakhs (Q4 FY25: ₹535.46 lakhs loss)
  • Loss from Continuing Operations: ₹992.68 lakhs
  • Loss from Discontinued Operations: ₹2,798.53 lakhs

Dates of Action

  • Board Meeting Date: 25th May 2026 (11:00 AM to 11:45 AM)
  • Financial Period: Quarter and Year ended 31st March 2026
  • Director Appointment Effective: 25th May 2026
  • Director Term: 25th May 2026 to 24th May 2031
  • Auditor's Report Date: 25th May 2026

Parties Involved

  • Statutory Auditors: M/s Batliboi & Purohit, Chartered Accountants (FRN: 101048W)
  • New Director: Mr. Alok Jain (DIN: 06950769)
  • Stock Exchanges: BSE Limited, National Stock Exchange of India Limited
  • Signatories: Shubham Ajmera (Company Secretary), Siddharth Chowdhary (Whole-Time Director)

Purpose or Rationale

The board meeting was held to approve and disclose the audited financial results as a regulatory requirement and to appoint a new independent director to the board.

Financial & Operational Impact

Material Uncertainty - Going Concern

The auditor's report highlights a material uncertainty regarding the company's ability to continue as a going concern. This is due to:

  • Accumulated losses and negative net worth.
  • Current liabilities exceeding current assets by ₹12,152.60 lakhs for continuing operations.
  • The management's plan to address this involves disposing of non-core assets to improve the financial position.

Discontinued Operations & Impairment

The Paper Division was classified as a discontinued operation in FY23. During FY26:

  • The company reassessed the fair value of these assets based on a valuer's report and requirements of Ind AS 105.
  • A further impairment loss of ₹2,784.33 lakhs was recognized on these assets.
  • The company continues to dispose of these assets on a piecemeal basis.

Taxation

No provision for income tax or recognition of deferred tax assets was made due to current year losses, unabsorbed depreciation, and brought forward business losses. There is uncertainty regarding the availability of future taxable profits.

Labour Codes

The Government of India notified four Labour Codes on 21st November 2025. The company has assessed the incremental impact based on available information and draft rules, ascertaining no significant financial impact at this stage.

Capital Structure Impact

No change in paid-up equity share capital was reported during the period. The capital structure remains impacted by the significant accumulated losses reflected in the negative other equity.

Forward-Looking Commentary

Management commentary is limited to the assessment of the going concern basis. The financial results have been prepared on this basis, supported by management's plans to dispose of certain non-core assets and explore funding options to strengthen the working capital position. The management believes these plans will enable the company to meet its obligations.