Summary of Key Information:

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

Nature of Filing / Announcement: Outcome of IRP Meeting and Standalone Unaudited Financial Results under SEBI Listing Regulations

Audit Opinion:

Adverse Conclusion - The auditors issued an adverse opinion stating the financial results have not been prepared in accordance with applicable financial reporting frameworks and do not give a true and fair view.

Key Financial Highlights [₹ Lakhs]:

Standalone Results:

Revenue from Operations: ₹14,434.51 (vs. ₹22,882.57 in Q1 FY26 - decrease of 36.9% YoY)

Total Income: ₹15,052.19

Net Loss: ₹1,263.69 (vs. loss of ₹1,035.74 in Q1 FY26)

EPS: ₹(3.06) per share

Other Equity: Negative ₹11,653.54 as of March 31, 2026

Financial Position:

The company has negative net worth and negative working capital. Significant unprovided interest expenses aggregate to ₹2,19,371.02 Lakhs up to June 30, 2026.

Segment-wise Performance:

Not specifically disclosed, but the company operates in sugar, molasses, rectified spirit, IMFL & other by-products on a limited scale.

Corporate Actions:

No dividend declarations, share splits, bonus issues, buybacks, or capital raising activities announced.

Other Significant Information:

Operational Challenges:

  • Substantially lower availability of sugarcane and under-utilization of plant capacity
  • Zero allotment of sugarcane at Chilwariya sugar mill
  • Suspension of manufacturing at distillery units due to CPCB orders
  • 28 cane centres diverted from Simbhaoli and 11 from Brijnathpur units

Legal and Regulatory Issues:

  • Punjab National Bank declared company, suspended board, ex-CEO & CFO as fraudulent in loan account
  • Enforcement Directorate attachment order on assets worth ₹109.80 Crore
  • Multiple cases pending before NCLT, NCLAT, Supreme Court, and High Courts
  • Tax demand of ₹999.23 Lakhs for AY 2018-19 not provided for

Subsidiary Issues:

  • Exposure to Simbhaoli Power Private Limited: ₹23,419.76 Lakhs
  • Exposure to Integrated Casetech Consultants Pvt. Ltd.: ₹657.73 Lakhs
  • Disputes with SPPL over charges and bagasse supply rates
  • No impairment assessment on investments in subsidiaries

CIRP Status:

  • First meeting of Committee of Creditors convened on July 23, 2026
  • CIRP costs of ₹121.57 Lakhs approved by CoC on August 5, 2026
  • Supreme Court dismissed appeal seeking dismissal of CIRP process on August 7, 2026

Accounting Irregularities:

  • No provision for interest expenses on bank borrowings: ₹9,350.66 Lakhs for the quarter
  • No provision for interest on unsecured loans: ₹10.92 Lakhs for the quarter
  • No provision for interest on delayed cane payments: ₹12,163.25 Lakhs claimed
  • No provision for MSE interest liabilities under MSMED Act
  • No impairment assessment on property, plant and equipment
  • No provision for obsolete and non-moving stores and spares
  • No deferred tax liability recognition

Governance Issues:

  • Remuneration paid without lender consent as required under Section 197 of Companies Act
  • CFO tenure expired February 14, 2025, extended by IRP without proper ratification