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Patspin India Reports ₹34.34 Cr Loan Default as on September 30, 2026
Patspin India has disclosed a total loan default of ₹34.34 crore as on September 30, 2026, comprising ₹23.33 crore of principal and ₹11.01 crore of interest. The defaults pertain to working capital term loans across three lenders: Central Bank of India, State Bank of India, and Karur Vysya Bank. Total financial indebtedness of the company stands at ₹56.67 crore. The default amount is severe, exceeding the company's current market capitalization of ₹20 crore and representing about 73% of its TTM revenue of ₹47 crore.
Confidence: HIGH
What changedPatspin India formally disclosed defaults amounting to ₹34.34 crore on its bank loan facilities as of September 30, 2026.
Why it mattersThe company's net worth is deeply negative at -₹45 crore and it remains loss-making; ongoing debt defaults heighten the risk of legal action, asset attachment, or insolvency proceedings by lenders.
Total default amount: 34.34 CroreTotal indebtedness: Rs. 56.67 CrorePrincipal defaulted: 23.33 CroreInterest defaulted: 11.01 CroreDefault vs TTM Revenue: ~73%Default vs Market Cap: ~172%
📅 Short termShort-term pressure is acute as the company faces liquidity stress and potential legal notices from consortium lenders.
📈 Long termStructural viability is under significant threat unless a formal debt resolution, equity infusion, or one-time settlement (OTS) is concluded.
⚠ Risk flags
- Severe liquidity distress and debt default exceeding market cap
- Risk of insolvency proceedings (IBC) by lenders
- Negative net worth (-₹45 crore) and persistent operational losses
Key Highlights
Total default amount stands at ₹34.34 crore (Principal: ₹23.33 crore, Interest: ₹11.01 crore)
Total financial indebtedness from banks/financial institutions reported at ₹56.67 crore
Lender-wise exposure includes Central Bank of India (₹33.00 crore O/s), State Bank of India (₹20.77 crore O/s), and Karur Vysya Bank (₹2.91 crore O/s)
Date of default recorded as September 30, 2026
👀 What to Watch
Track whether lenders initiate debt recovery proceedings or insolvency processes under the IBC, and monitor for any restructuring or resolution proposals submitted by the company.
Rs 2.54 Cr Net Loss in Q1; Auditor Flags Going Concern Uncertainty for Patspin India
Patspin India reported a net loss of Rs 2.54 crore for the quarter ended June 30, 2026, compared to a loss of Rs 2.36 crore in the year-ago period. Revenue remained stagnant at Rs 11.01 crore as the company is forced to operate solely on a job-work basis due to a total lack of working capital. The company's net worth is completely eroded, and auditors have issued a 'Going Concern' warning, noting that accounts have been sub-standard since March 2021. While a debt restructuring proposal is under review, lenders have already initiated recovery measures under the SARFAESI Act.
Confidence: HIGH
What changedThe company continues to report losses and remains under severe financial stress, with lenders now actively pursuing recovery through SARFAESI and DRT petitions.
Why it mattersWith a negative net worth of Rs 45 crore and debt of Rs 82 crore (4.1x market cap), the company is in a debt trap. Its survival depends entirely on lender approval of a restructuring plan and a moratorium on interest payments.
Net Loss (Q1): Rs 2.54 crRevenue (Q1): Rs 11.01 crFinance Cost: Rs 1.75 crDebt vs Market Cap: 410%Net Worth: Rs -45 cr
📅 Short termNegative. The combination of persistent losses, auditor warnings, and active bank recovery measures will likely weigh heavily on the stock price.
📈 Long termHighly uncertain. The company's future depends on a successful debt resolution; without it, the risk of liquidation or total capital loss is high.
⚠ Risk flags
- Eroded net worth
- Going concern uncertainty
- SARFAESI Act recovery proceedings
- Sub-standard asset classification by lenders
Key Highlights
Net loss of Rs 2.54 crore for Q1 FY27 vs Rs 2.36 crore loss in Q1 FY26
Revenue from operations stood at Rs 11.01 crore, down 1.6% from Rs 11.19 crore YoY
Finance costs of Rs 1.75 crore consumed 15.9% of total revenue
Negative 'Other Equity' reported at Rs 127 crore as of June 30, 2026
Lenders have issued possession notices under Section 13(4) of the SARFAESI Act 2002
👀 What to Watch
Investors should monitor the outcome of the debt restructuring proposal and legal proceedings at the Debt Recovery Tribunal (DRT). The company's ability to transition from low-margin job work back to own manufacturing is critical for survival.
Rs 2.54 Cr Net Loss in Q1; Patspin India Faces SARFAESI Recovery Actions
Patspin India reported a net loss of Rs 2.54 crore for Q1 FY27, compared to a loss of Rs 2.36 crore in the year-ago period. Revenue remained stagnant at Rs 11.01 crore as the company continues to operate solely on a job-work basis due to a total lack of working capital. The company's net worth is fully eroded at Rs -45 crore, and its Rs 82 crore debt has been classified as sub-standard since March 2021. Lenders have initiated recovery measures under the SARFAESI Act, including possession notices and petitions to the Debt Recovery Tribunal (DRT).
Confidence: HIGH
What changedThe company has transitioned from potential restructuring talks to active legal recovery proceedings by lenders under the SARFAESI Act and DRT.
Why it mattersWith a negative net worth of Rs 45 crore and debt over 4x its market cap, the company is in severe financial distress and cannot resume its more profitable own-manufacturing model without lender support.
Q1 Net Loss: Rs 2.54 CrQ1 Revenue: Rs 11.01 CrDebt vs Market Cap: 410%Net Worth: Rs -45 CrFinance Cost (Q1): Rs 1.75 Cr
📅 Short termNegative sentiment is expected to persist as the company remains loss-making and faces immediate legal threats to its assets from lenders.
📈 Long termThe long-term survival is uncertain; structural recovery depends entirely on a successful debt hair-cut or restructuring and a shift back from job-work to own manufacturing.
⚠ Risk flags
- Going concern uncertainty
- Eroded net worth
- SARFAESI Act recovery proceedings
- Sub-standard debt classification
Key Highlights
Net loss of Rs 2.54 crore for the quarter ended June 30, 2026, vs Rs 2.36 crore in Q1 FY26
Revenue from operations stood at Rs 11.01 crore, representing a marginal 1.6% decline YoY
Debt of Rs 82 crore remains sub-standard; bankers have issued notices under Section 13(2) and 13(4) of SARFAESI Act
Techno-Economic Viability (TEV) study confirmed restructuring viability, but bankers demand clearance of past dues first
35th Annual General Meeting (AGM) scheduled for September 28, 2026
👀 What to Watch
Investors should monitor the outcome of the debt restructuring negotiations and any further legal developments regarding the SARFAESI recovery notices. The company's ability to continue as a 'going concern' is highly dependent on securing fresh working capital and settling with lenders.
