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Latest filing: 2026-09-22 18:25
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Raama Paper Reports Q1 Loss of ₹1.41 Cr; Zero Revenue as Plant Remains Inoperative Under CIRP
Raama Paper Mills reported standalone revenue from operations of ₹0.00 for the quarter ended June 30, 2026, compared to ₹12.38 lakhs in Q1 FY26. The company posted a net loss of ₹140.97 lakhs (₹1.41 crore) for the quarter, bringing accumulated losses to ₹7,390.23 lakhs against a negative net worth of ₹5,256.45 lakhs. The manufacturing plant at Kiratpur remains non-operational, and the company continues under Corporate Insolvency Resolution Process (CIRP). Auditors issued a qualified opinion noting ₹136.10 lakhs in unprovided interest for the quarter, while a fresh resolution plan approved by the CoC is pending approval from the NCLT.
Confidence: HIGH
What changedRaama Paper Mills released its delayed Q1 FY27 financial results while operating under CIRP, reporting zero operational revenue.
Why it mattersThe company's core operations are shut, net worth is deeply negative at -₹52.56 crore, and survival is entirely dependent on NCLT resolution plan approval.
Q1 Revenue from operations: ₹0.00Q1 Net Loss: ₹140.97 lakhsAccumulated Losses: ₹7,390.23 lakhsNegative Net Worth: ₹5,256.45 lakhsUnprovided Interest (Quarter): ₹136.10 lakhs
📅 Short termOperations remain halted and the stock is distressed; immediate price action will strictly depend on legal news from NCLT hearings.
📈 Long termStructural viability is critically challenged due to negative net worth and zero production; outcome hinges entirely on the CIRP resolution plan implementation.
⚠ Risk flags
- Plant non-operational with no physical inventory verification conducted
- Insolvency/CIRP proceedings with pending NCLT resolution plan
- Auditor qualification regarding unprovided interest liabilities of ₹11.27 Cr
Key Highlights
Revenue from operations stood at ₹0.00 for Q1 ended June 30, 2026, down from ₹12.38 lakhs in the prior-year period
Net loss for the quarter was ₹140.97 lakhs, driving accumulated losses to ₹7,390.23 lakhs
Auditors issued a qualified opinion for unprovided interest of ₹136.10 lakhs on ICDs (cumulative ₹1,126.82 lakhs unprovided)
Negative net worth worsened to ₹5,256.45 lakhs, with current liabilities exceeding total assets by ₹3,632.96 lakhs
Fresh resolution plan approved by the Committee of Creditors is currently pending final approval from NCLT
👀 What to Watch
Track the NCLT proceedings regarding the approval or rejection of the CoC-approved fresh resolution plan, which is crucial for determining whether equity holders face complete dilution or write-offs.
Raama Paper Mills reports ₹6.14 Cr FY26 Net Loss; Net Worth remains negative at ₹51.15 Cr
Raama Paper Mills, currently under Corporate Insolvency Resolution Process (CIRP), reported a net loss of ₹6.14 crore for FY26. The company's financial position is critical, with a negative net worth of ₹51.15 crore and accumulated losses reaching ₹72.49 crore. Auditors have issued a qualified opinion due to unprovided interest of ₹9.91 crore on inter-corporate deposits and lack of physical verification for inventories worth ₹1.16 crore. The company's survival as a going concern is entirely dependent on the approval of a new resolution plan after the previous one was set aside by the NCLT in January 2026.
Confidence: HIGH
What changedThe company has released its audited FY26 results while remaining under the control of a Resolution Professional, confirming continued deep financial distress.
Why it mattersThe results and the auditor's qualified opinion underscore severe liquidity issues and accounting non-compliance, making the stock highly speculative and dependent on insolvency resolution.
Net Loss (FY26): ₹614.49 lakhsNegative Net Worth: ₹5,115.48 lakhsAccumulated Losses: ₹7,249.26 lakhsUnprovided Interest (ICDs): ₹990.72 lakhsCurrent Liabilities: ₹9,041.39 lakhsTotal Assets: ₹5,529.34 lakhs
📅 Short termThe stock is likely to remain under pressure or face trading restrictions given the negative net worth and ongoing insolvency proceedings.
📈 Long termThe long-term viability is uncertain; structural recovery is only possible if a successful resolution plan is implemented under the IBC framework.
⚠ Risk flags
- Ongoing Corporate Insolvency Resolution Process (CIRP)
- Negative Net Worth of ₹51.15 crore
- Qualified Audit Opinion with multiple accounting lapses
- Material uncertainty regarding Going Concern status
Key Highlights
Net Loss of ₹614.49 lakhs for FY26, though improved from a loss of ₹1,644.36 lakhs in FY25
Negative Net Worth of ₹5,115.48 lakhs as of March 31, 2026
Unprovided interest of ₹990.72 lakhs on secured Inter Corporate Deposits for the period June 2024 to March 2026
Current liabilities of ₹9,041.39 lakhs significantly exceed total assets of ₹5,529.34 lakhs
Auditors highlighted the absence of physical verification for inventories valued at ₹116.33 lakhs
👀 What to Watch
Investors should closely monitor NCLT Allahabad Bench proceedings regarding the new resolution plan, as the company's ability to continue operations depends on this outcome.
