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Latest filing: 2026-08-18 17:42
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3 announcements match the current filters (relevance ≥ 5).
Eureka Industries Q1 Revenue Plunges to ₹4 Lakh; NCLT Admits Pre-Packaged Insolvency Process
Eureka Industries reported a steep collapse in standalone revenue from operations to ₹4.00 lakh for Q1 FY27 (quarter ended June 30, 2026), down from ₹37.51 crore (₹3,751.06 lakh) in Q1 FY26. The company posted a net loss of ₹21.17 lakh for the quarter compared to a net profit of ₹8.32 lakh in the year-ago period. Crucially, the company disclosed that the NCLT Ahmedabad Bench admitted its petition under Section 54C of the IBC, commencing a Pre-Packaged Insolvency Resolution Process (PPIRP) effective August 14, 2026. Under the proposed resolution plan, Onix Renewable Limited is proposed to be amalgamated into the company along with a name change.
Confidence: HIGH
What changedThe company entered into formal PPIRP insolvency proceedings on August 14, 2026, alongside reporting an operational standstill with Q1 revenues dropping to just ₹4.00 lakh.
Why it mattersThe company's core operations have nearly halted, but the pending resolution plan proposing reverse merger/amalgamation with Onix Renewable Limited could fundamentally alter the business model and equity structure if approved.
Q1 FY27 Revenue from Operations: ₹4.00 lacsQ1 FY26 Revenue from Operations: ₹3751.06 lacsQ1 FY27 Net Loss: ₹(21.17) lacsNCLT PPIRP Admission Date: 14.08.2026Basic EPS (Q1 FY27): ₹(0.24)
📅 Short termTrading sentiment will be driven by the legal and procedural developments surrounding the PPIRP admission and the resolution professional's filings.
📈 Long termSurvival and future trajectory entirely depend on the successful execution and NCLT approval of the Base Resolution Plan involving Onix Renewable Limited.
⚠ Risk flags
- Admission into Pre-Packaged Insolvency Resolution Process (PPIRP) under IBC
- Severe collapse in operating revenue and persistent quarterly losses
- Negative net worth and potential equity restructuring/dilution under the resolution plan
Key Highlights
Q1 FY27 revenue from operations collapsed to ₹4.00 lakh from ₹3,751.06 lakh in Q1 FY26 and ₹2,429.88 lakh in Q4 FY26
Net loss stood at ₹21.17 lakh versus a net profit of ₹8.32 lakh in Q1 FY26
Pre-Packaged Insolvency Resolution Process (PPIRP) admitted by NCLT order dated August 14, 2026 under Section 54C of IBC
Base Resolution Plan involves amalgamation of Onix Renewable Limited with the company and renaming to Onix Renewable Limited, subject to approvals
👀 What to Watch
Track the proceedings of the Pre-Packaged Insolvency Resolution Process (PPIRP) under NCLT Ahmedabad, including statutory approvals and shareholder/creditor actions regarding the proposed merger with Onix Renewable Limited.
Eureka Q1 Revenue Drops to Rs 0.04 Cr; NCLT Admits Pre-Pack Insolvency & Merger Plan
Eureka Industries reported a sharp collapse in standalone revenue from operations to Rs 4.00 lakh (Rs 0.04 crore) for Q1 ended June 30, 2026, compared to Rs 3,751.06 lakh in Q1 FY26. Standalone net loss stood at Rs 21.17 lakh, down from a net profit of Rs 8.32 lakh in the corresponding prior-year quarter. Crucially, the NCLT Ahmedabad Bench admitted the company under the Pre-Packaged Insolvency Resolution Process (PPIRP) on August 14, 2026. The proposed Base Resolution Plan includes a scheme of amalgamation of Onix Renewable Limited into the company along with a corporate name change.
Confidence: HIGH
What changedOperating revenues almost entirely stalled in Q1, and NCLT formally admitted the company into the Pre-Packaged Insolvency Resolution Process (PPIRP) on August 14, 2026.
Why it mattersThe company's legacy operations have effectively ground to a halt, making future corporate value wholly dependent on the insolvency resolution and reverse-merger with Onix Renewable.
Revenue from Operations (Q1): 4.00 lacsNet Profit/Loss (Q1): (21.17) lacsPrior Year Q1 Revenue: 3751.06 lacsPPIRP Admission Date: 14th August, 2026
📅 Short termThe scrip will remain dominated by news flow regarding the PPIRP proceedings, RP appointments, and NCLT hearings.
📈 Long termBusiness survival and future direction depend entirely on successful sanctioning and implementation of the Onix Renewable Limited amalgamation scheme.
⚠ Risk flags
- Active Pre-Packaged Insolvency Resolution Process (PPIRP) under IBC 2016
- Severe collapse in revenue and operational activity to near-zero levels
- Significant potential equity dilution or capital reduction under the proposed resolution plan
- Negative net worth of Rs -1 Cr as per latest financials
Key Highlights
Revenue from operations plunged to Rs 4.00 lakh in Q1 from Rs 3,751.06 lakh in Q1 FY26
Net loss for the quarter stood at Rs 21.17 lakh versus a profit of Rs 8.32 lakh in Q1 FY26
NCLT Ahmedabad Bench admitted company under PPIRP via order dated August 14, 2026
Base Resolution Plan proposes amalgamation of Onix Renewable Limited into the company and name change
Basic and diluted EPS for the quarter fell to Rs (0.24) from Rs 0.10 in the year-ago period
👀 What to Watch
Monitor NCLT proceedings for the Base Resolution Plan approval and specific restructuring/equity dilution terms associated with the Onix Renewable amalgamation.
NCLT Admits Eureka Industries for Pre-Packaged Insolvency Resolution Process
The National Company Law Tribunal (NCLT), Ahmedabad Bench, has admitted Eureka Industries' petition under Section 54C of the IBC, commencing the Pre-Packaged Insolvency Resolution Process (PPIRP) effective August 14, 2026. Mr. Bimal Ashok Desai has been appointed as the Resolution Professional, and the list of creditor claims is scheduled to be released from August 17, 2026. Under Section 54H of the IBC, the management of the company continues to remain vested with the existing Board of Directors. This restructuring follows ongoing financial stress, with the company reporting a negative net worth of Rs -1 Cr and TTM revenue of Rs 125 Cr.
Confidence: HIGH
What changedEureka Industries has officially entered the Pre-Packaged Insolvency Resolution Process (PPIRP) under NCLT order dated August 14, 2026.
Why it mattersEnables legal debt restructuring under the IBC framework to address distressed balance sheet conditions while retaining existing management control.
PPIRP Commencement Date: 14th August, 2026Claims Availability Date: August 17, 2026Company Net Worth: Rs -1 CrTotal Debt: Rs 2 Cr
📅 Short termMoratorium protections under Section 54E take effect immediately while the Resolution Professional verifies creditor claims.
📈 Long termFuture viability depends on whether a debt restructuring plan is agreed upon and sanctioned by NCLT without escalating to standard CIRP or liquidation.
⚠ Risk flags
- Potential equity dilution or capital reduction under the resolution plan
- Negative net worth of Rs -1 Cr
- Risk of transition to full CIRP if PPIRP fails
Key Highlights
NCLT Ahmedabad Bench admitted petition CP (IB&PP) No. 01/54C (AHM) 2026 on August 14, 2026.
Commencement of Pre-Packaged Insolvency Resolution Process (PPIRP) under Section 54C of IBC.
Bimal Ashok Desai appointed as Resolution Professional (Reg No. IBBI/IPA-001/IP-P00748/2017-2018/11281).
Management of company affairs remains with the existing Board under Section 54H.
List of creditor claims to be made available starting August 17, 2026.
👀 What to Watch
Track the compilation of creditor claims starting August 17, 2026, and monitor progress on the submission and approval of the base resolution plan under PPIRP guidelines.
