Financial Results Highlights

Quarter Ended September 30, 2026:

  • Total Income: ₹0.28 lakh (Revenue from operations: ₹0.00, Other Income: ₹0.28 lakh)
  • Total Expenses: ₹4.83 lakh
  • Loss before tax: ₹(4.56) lakh
  • Loss after tax: ₹(4.56) lakh
  • Basic EPS: ₹(0.03)
  • Diluted EPS: ₹(0.03)

Half Year Ended September 30, 2026:

  • Total Income: ₹0.55 lakh (Revenue from operations: ₹0.00, Other Income: ₹0.55 lakh)
  • Total Expenses: ₹15.58 lakh
  • Loss before tax: ₹(15.03) lakh
  • Loss after tax: ₹(15.03) lakh
  • Basic EPS: ₹(0.09)
  • Diluted EPS: ₹(0.09)

Comparative Figures (Quarter Ended September 30, 2025):

  • Revenue from operations: ₹69.38 lakh
  • Total Income: ₹69.70 lakh
  • Profit before tax: ₹0.73 lakh
  • Profit after tax: ₹0.62 lakh

Capital Structure

  • Paid-up Equity Share Capital: ₹1,710.00 lakh (Face Value: ₹10 per share)
  • Other Equity: ₹(7,761.37) lakh
  • Total Equity: ₹(6,051.37) lakh

NCLT Resolution Plan Update

The Hon'ble NCLT, Mumbai Bench vide its order dated September 22, 2026, partly allowed the company's application to modify the approved resolution plan to ensure compliance with minimum public shareholding requirement of 5% as per Rule 19A(5) of Securities Contracts (Regulation) Rules, 1957.

Key Modifications Approved:

  • Record Date fixed: November 5, 2026 for reducing existing paid-up equity shares & issuing new fully paid-up equity shares of ₹10 each to financial creditors
  • Proposed post-restructuring shareholding:
  • Existing public shareholders: 1,09,353 equity shares (6.40%)
  • Solar Copyer Limited (Successful Resolution Applicant): 13,62,500 equity shares (79.71%)
  • Rutwik Sales Private Limited (Financial Creditor): 2,37,500 equity shares (13.89%)
  • Total proposed post-restructuring share capital: 17,09,353 equity shares
  • The number of shares to be retained by existing public shareholders may change on Record Date as underlying BENPOS data was as of May 2, 2025
  • Next NCLT hearing scheduled: December 4, 2026

Outstanding Debt Treatment

As per Clause 12 & 13 of Approved Resolution Plan, outstanding debt of Financial Creditors amounting to ₹160.00 lakh shall not carry interest and has been measured at cost. The Resolution Plan has overriding effect on Ind AS requirements.

Arbitration Proceedings

The company has initiated arbitration proceedings against Ambernath Municipal Council (AMC) for recovery of substantial outstanding contractual dues, which remains unpaid. The arbitration matter is currently pending before the Sole Arbitrator.

The LED & maintenance contract with AMC got completed on December 31, 2025, and the company opted out of the contract. Contractual dues are still pending from AMC, and the escrow arrangement with Solar Copyer will continue till realization of total contract proceeds.

Board Meeting Details

The Board of Directors meeting was held on November 13, 2026 (commenced at 5:00 PM, concluded at 6:00 PM) and approved:

1. Unaudited Financial Results for quarter and half year ended September 30, 2026

2. Limited Review Report from Statutory Auditor for the same period

Auditor's Limited Review

SharpAarth & Co. LLP conducted limited review and provided unmodified conclusion except for drawing attention to:

1. NCLT order dated September 22, 2026 modifying the resolution plan for minimum public shareholding compliance

2. Arbitration proceedings against Ambernath Municipal Council for recovery of outstanding contractual dues

Related Party Transactions (Half Year Ended September 30, 2026)

  • Solar Copyer Limited: Labour Charges - Ambarnath: ₹26,74,770 (Closing balance)
  • Reprolite Paper (I) Private Limited: Factory Rent: ₹30,000 (Transaction during period)
  • Directors: Sitting Fees totaling ₹84,000 (Mohit Gurnani: ₹39,000; Simoli Kalpesh Raval: ₹45,000)
  • CS Sanskriti Agarwal: Salary Expenses: ₹4,50,000

Additional Information

  • The company operates in a single business segment "LED Products"
  • Figures for Q2 are balancing figures between YTD figures and Q1 figures
  • Previous period figures have been regrouped/reclassified where necessary
  • The financial results were reviewed by Audit Committee and approved by Board of Directors