Summary of Key Information:

Reporting Period (Quarter/Year): Quarters ended June 30, 2025; September 30, 2025; December 31, 2025; and year ended March 31, 2026

Nature of Filing / Announcement: Outcome of IRP convened meeting and financial results under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Date of Board Meeting / Approval: May 29, 2026 (Meeting convened by IRP from 02:30 P.M. to 05:25 P.M.)

Audit Opinion: Adverse Opinion on all quarterly consolidated results and annual standalone results

Auditor's Comment: Multiple material qualifications affecting earnings quality, going concern assumption, and compliance with accounting standards

Key Financial Highlights [₹ Lakhs]:

Consolidated Results:

Quarter ended June 30, 2025:

  • Revenue from Operations: 23,247.21
  • Total Income: 23,392.40
  • Net Loss: (2,243.24)
  • EPS: (4.00)
  • Other Equity: Not specified

Quarter ended September 30, 2025:

  • Revenue from Operations: 23,403.39
  • Total Income: 23,491.91
  • Net Loss: (3,121.84)
  • EPS: (6.48)
  • Other Equity: Not specified

Quarter ended December 31, 2025:

  • Revenue from Operations: 21,964.16
  • Total Income: 22,312.11
  • Net Loss: (1,421.34)
  • EPS: (2.33)
  • Other Equity: Not specified

Year ended March 31, 2026 (Standalone):

  • Revenue from Operations: 85,589.96
  • Total Income: 87,956.98
  • Net Loss: (3,039.62)
  • EPS: (7.36)
  • Other Equity: (11,653.54)
  • Cash and Cash Equivalents: 3,424.44
  • Debt: 1,01,074.49 (borrowings)

Material Financial Qualifications:

  • Unprovided interest on bank borrowings: ₹2,10,020.35 Lakhs cumulative up to March 31, 2026
  • Unprovided interest on unsecured loans: ₹75.51 Lakhs from July 11, 2024 to March 31, 2026
  • Unprovided interest on cane dues: ₹12,163.25 Lakhs claimed as of July 11, 2024
  • Unprovided CIRP costs: Partial disbursement of ₹72 Lakhs + GST from PNB, total unascertained
  • No impairment assessment on investments in subsidiaries: SPPL ₹22,862.61 Lakhs, ICCPL ₹655.72 Lakhs
  • No impairment assessment on Property, Plant and Equipment

Segment-wise Performance [₹ Lakhs]:

For Quarter ended December 31, 2025:

  • Sugar Revenue: 17,055.94 (Standalone)
  • Distillery Revenue: 6,183.41 (Standalone)
  • Power Revenue: Not operational
  • Sugar Segment Loss: (377.43)
  • Distillery Segment Loss: (420.58)

Corporate Actions:

  • Appointment of Cost Auditor: M/s Cheena & Associates for FY 2025-26 (Sugar and Distillery)
  • Appointment of Secretarial Auditor: M/s Amit Gupta & Associates for five years from FY 2025-26 to FY 2029-30
  • Dividend: None declared
  • No share split, bonus issue, buyback, or capital raising

Other Significant Information:

  • Going Concern: Financials prepared on going concern basis despite eroded net worth and negative working capital
  • Legal Proceedings: Multiple cases at NCLT, NCLAT, DRT, High Courts, and Supreme Court
  • Environmental Issues: CPCB directives to stop operations at both distilleries (January and February 2026)
  • Cane Supply Issues: Cane commissioner diverted cane centers; zero allotment to Chilwaria unit
  • Operational Issues: Turbine breakdown at Brijnathpur unit affecting operations
  • Subsidiary Issues: SPPL received disclaimer of opinion; ICCPL received adverse opinion
  • Managerial Remuneration: Paid without lender consent as required under Section 197 of Companies Act, 2013
  • CFO Tenure: Mr. D.C. Popli's tenure expired February 14, 2025; extended by IRP subject to CoC ratification

Entities Included in Consolidation:

  • Simbhaoli Power Private Limited (SPPL) - 51% subsidiary
  • Integrated Casetech Consultants Private Limited (ICCPL) - subsidiary
  • Simbhaoli Specialty Sugars Private Limited (SSSPL) - subsidiary

Exceptional Items:

  • Impact of Labour Laws: ₹48.93 Lakhs for year ended March 31, 2026

Forward-looking Guidance:

  • No forward-looking guidance provided due to CIRP uncertainty