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Latest filing: 2026-08-14 17:55
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📊 Last 7 days — analysed filings by sentiment
Note: These are AI-generated, educational summaries of public NSE
filings — grounded in each document, but not investment advice and possibly incomplete.
Verify against the original filing and consult a SEBI-registered adviser before acting.
3 announcements match the current filters (relevance ≥ 5).
Garnet Intl Q1 Loss at ₹0.32 Cr; Forfeits 27L Warrants Adding ₹8.84 Cr to Reserves
Garnet International reported consolidated revenue from operations of ₹53.59 Lakhs for Q1 FY27 (quarter ended June 30, 2026), down 74.8% YoY from ₹212.81 Lakhs in Q1 FY26. The company slipped into a consolidated net loss of ₹31.59 Lakhs compared to a net profit of ₹129.16 Lakhs in the previous year, impacted by lower revenue and a ₹33.30 Lakh loss contribution from associates. Additionally, the board approved the forfeiture of 27,00,000 unexercised convertible warrants, transferring ₹8.84 Cr in upfront application money directly to the Capital Reserve.
Confidence: HIGH
What changedGarnet International swung into a consolidated net loss for Q1 FY27 and cancelled 27.0 lakh expired warrants, adding ₹8.84 Cr to capital reserves.
Why it mattersCore revenue declined steeply by ~75% YoY, but the ₹8.84 Cr warrant forfeiture bolsters the company's net worth (representing ~21% of existing net worth of ₹42 Cr) with zero equity dilution.
Consolidated Revenue (Q1): ₹53.59 LakhsConsolidated Net Loss (Q1): ₹(31.59) LakhsAmount Forfeited to Reserves: ₹8,84,25,000Forfeited amount vs Net Worth: ~21%Forfeited Warrants: 27,00,000
📅 Short termDismal quarterly operational performance and net losses are likely to dampen short-term sentiment despite the capital reserve addition.
📈 Long termOperating performance remains volatile due to heavy reliance on fair value changes and associate performance; structural revival hinges on meaningful operational scale-up.
⚠ Risk flags
- Steep drop in revenue and switch to operating/net loss
- Auditor noted trade receivables, deposits, and payables balances are subject to confirmations/reconciliation
- Volatile associate earnings profile
Key Highlights
Consolidated revenue from operations fell 74.8% YoY to ₹53.59 Lakhs vs ₹212.81 Lakhs in Q1 FY26.
Swung to a consolidated net loss of ₹31.59 Lakhs (EPS of -₹0.16) compared to a net profit of ₹129.16 Lakhs in Q1 FY26.
Approved forfeiture of 27,00,000 warrants and transfer of ₹8,84,25,000 (upfront ₹32.75/warrant) to Capital Reserve.
Share of loss from associate company stood at ₹33.30 Lakhs for the quarter.
👀 What to Watch
Track operational recovery and revenue generation following machinery upgrades at its subsidiary, along with performance updates from its associate entities in subsequent quarters.
Garnet Posts Q1 Net Loss of ₹0.32 Cr; Forfeits ₹8.84 Cr Unexercised Warrants
Garnet International reported a consolidated net loss of ₹31.59 Lakhs for Q1 ended June 30, 2026, compared to a net profit of ₹129.16 Lakhs in Q1 FY26. Consolidated revenue from operations fell 74.8% YoY to ₹53.59 Lakhs from ₹212.81 Lakhs. Separately, the Board approved the forfeiture and cancellation of all 27,00,000 convertible warrants as investors did not exercise conversion options within 18 months, transferring ₹8.84 Cr of upfront money to the Capital Reserve.
Confidence: HIGH
What changedGarnet reported a consolidated net loss for Q1 FY27 and formally cancelled 2.7M expired preferential warrants, forfeiting ₹8.84 Cr into reserves.
Why it mattersThe operational slowdown hit top-line performance, while non-conversion of warrants (issued at ₹131 vs market price ~₹62) avoided equity dilution and added ₹8.84 Cr (~21% of net worth) to capital reserves.
Consolidated Revenue (Q1 FY27): ₹53.59 LakhsConsolidated Net Loss (Q1 FY27): ₹(31.59) LakhsForfeited Warrant Amount: ₹8,84,25,000Forfeited Amount vs Net Worth: ~21.1%Warrants Lapsed: 27,00,000
📅 Short termWeak operational performance and associate losses in Q1 are likely to weigh on sentiment, despite the non-dilutive addition to capital reserves.
📈 Long termStructural revival depends on the completion of machinery upgrades at the subsidiary and consistent investment income generation.
⚠ Risk flags
- Sharp drop in revenue from operations down 74.8% YoY
- Unexercised warrants indicate market price remained substantially below issue price of ₹131
- Losses from associate company of ₹33.30 Lakhs in the quarter
Key Highlights
Q1 FY27 consolidated revenue dropped 74.8% YoY to ₹53.59 Lakhs compared to ₹212.81 Lakhs in Q1 FY26
Net loss stood at ₹31.59 Lakhs for Q1 FY27 versus a net profit of ₹129.16 Lakhs in the prior-year period
Forfeited ₹8.84 Cr (₹32.75 per warrant) received upfront across 27,00,000 unexercised convertible warrants
Transferred the entire forfeited amount of ₹8.84 Cr to the company's Capital Reserve Account
Zero out of 27,00,000 warrants were converted into equity shares from the original ₹35.37 Cr warrant issuance
👀 What to Watch
Track operational recovery and output normalization following machinery upgrades at the subsidiary, alongside the 44th AGM proceedings on September 30, 2026.
₹8.84 Cr Forfeiture: Garnet International Lapses 27 Lakh Warrants as Subscribers Default
Garnet International has announced the lapse of 27,00,000 convertible warrants after subscribers failed to pay the 75% balance consideration within the 18-month window. The warrants were issued in February 2025 at ₹131 per share, which is significantly higher than the current market price of ₹61.4, likely leading to the default. As a result, the company will forfeit the 25% upfront payment totaling ₹8.84 crore and transfer it to the Capital Reserve. This forfeiture amount is material, representing approximately 21% of the company's current net worth of ₹42 crore.
Confidence: HIGH
What changedA planned equity infusion of ₹35.37 crore has been cancelled due to warrant expiry, resulting in the forfeiture of ₹8.84 crore in deposits and no change in the paid-up share capital.
Why it mattersWhile the company gains ₹8.84 crore in non-refundable cash (strengthening reserves), the failure of promoters and strategic investors to exercise warrants at ₹131 indicates a lack of confidence in the previous valuation relative to the current market price.
Total Warrants Lapsed: 27,00,000Amount Forfeited: ₹8.84 crForfeiture vs Net Worth: 21.05%Warrant Issue Price: ₹131Current Market Price: ₹61.4Promoter Default Units: 5,30,000
📅 Short termThe stock may face sentiment pressure as the failure to convert warrants, especially by promoters, signals that the current market price is perceived as more realistic than the earlier ₹131 target.
📈 Long termLimited. While the company avoids equity dilution, it misses out on ₹26.5 crore of fresh capital that could have been used for business expansion or investments.
⚠ Risk flags
- Promoter default on warrant exercise
- Significant valuation gap between issue price and market price
- One-year restriction on preferential issues for key participants
Key Highlights
27,00,000 convertible warrants lapsed due to non-payment of the remaining ₹98.25 per warrant balance.
₹8,84,25,000 in upfront application money will be forfeited and moved to the Capital Reserve Account.
Promoter group entities defaulted on 5,30,000 warrants, while non-promoters defaulted on 21,70,000 warrants.
Defaulting allottees are now ineligible for any preferential issue by the company for a period of one year.
The issue price of ₹131 per warrant stands at a ~113% premium to the current market price of ₹61.4.
👀 What to Watch
Investors should monitor the formal board approval for forfeiture on August 14, 2026, and observe if the company seeks alternative fundraising methods given the failure of this ₹35.37 crore capital infusion plan.
