Financial Results for Quarter Ended September 30, 2026

  • Revenue from operations: ₹1.04 lakh (compared to ₹253.95 lakh in Q2 FY26 and ₹109.66 lakh in Q1 FY27)
  • Other income: ₹22.73 lakh
  • Total income: ₹23.77 lakh
  • Total expenses: ₹57.21 lakh
  • Loss before tax: ₹33.44 lakh
  • Net loss for the quarter: ₹33.44 lakh
  • Basic and diluted EPS: (₹0.06) per share
  • Total comprehensive income: (₹46.85) lakh

Financial Results for Half Year Ended September 30, 2026

  • Revenue from operations: ₹110.70 lakh (compared to ₹415.34 lakh in H1 FY26)
  • Other income: ₹65.16 lakh
  • Total income: ₹175.86 lakh
  • Total expenses: ₹227.96 lakh
  • Loss before tax: ₹52.10 lakh
  • Net loss for half year: ₹52.10 lakh
  • Basic and diluted EPS: (₹0.10) per share
  • Total comprehensive income: ₹23.79 lakh

Balance Sheet Position as at September 30, 2026

  • Property, plant and equipment: ₹1,629.73 lakh
  • Investments: ₹991.92 lakh
  • Cash and cash equivalents: ₹15.75 lakh
  • Other bank balances: ₹364.00 lakh
  • Assets held for sale: ₹1,098.10 lakh
  • Total assets: ₹4,431.11 lakh
  • Equity share capital: ₹2,612.12 lakh
  • Other equity: negative ₹2,206.94 lakh
  • Total equity: ₹405.18 lakh
  • Current borrowings: ₹2,176.50 lakh
  • Total current liabilities: ₹4,025.93 lakh

BSE Fine and Resolution

The Board noted that BSE had imposed a fine of ₹1,04,000 plus GST of ₹18,720 (total ₹1,22,720) for delay in filing the Annual Report under Regulation 34. The company paid a processing fee of ₹11,800 (inclusive of GST of ₹1,800) for waiver application, with net professional fee payable of ₹10,800 after TDS deduction of ₹1,000. BSE withdrew the fine via email dated November 11, 2026, after receiving the company's response with clarifications and corrective actions.

Going Concern Status

The financial statements have been prepared on an "Other than Going Concern" basis due to material uncertainties regarding operational viability. The company's net worth has been substantially eroded, and current liabilities exceed current assets as of September 30, 2026.

Asset Disposal Plan

Management has initiated a structured plan for orderly disposal of remaining assets. The company owns industrial land expected to take 2-3 years to realize due to complexities in finding buyers. Other assets including plant, machinery, and investments are anticipated to be realized in the near future.

Loan Reclassification

An interest-free ECB loan of USD 13.85 million from a 29% shareholder, with partial repayments of USD 0.50 million (2009) and USD 1.23 million (2016), has been reclassified as other equity as at March 31, 2025. Lenders agreed to a moratorium with repayment schedule starting April 2030. These loans carry no interest.

Audit Review

The financial results were reviewed by the Audit Committee and approved by the Board on November 13, 2026. Statutory auditors Laxminiwas & Co. issued an unmodified limited review report with an Emphasis of Matter regarding the "Other than Going Concern" basis.

Board Meeting Details

The board meeting commenced at 4:00 PM and concluded at 5:15 PM on November 13, 2026.