Nilachal Refractories Ltd (502294)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Nilachal Refractories' revenue was ₹0.0 Cr (-100.0% year on year, -100.0% on the previous quarter), and net profit ₹-3.1 Cr (a bigger loss than a year earlier).
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹0.0 | -100.0% | -100.0% |
| Operating profit | ₹-0.5 | loss widened | loss narrowed |
| Net profit | ₹-3.1 | loss widened | loss widened |
| EPS (₹) | -1.54 | loss widened | loss widened |
📢 Recent Corporate Announcements
Nilachal Refractories announced the cessation of two Independent Directors, Mrs. Bindu Jain and Mr. Sundaresan Radhakrishnan, effective August 31, 2026. The departures are due to the completion of their respective tenures on the Board. Both directors confirmed normal tenure completion with no other concerns raised.
- Resignation of 2 Independent Directors effective 31st August 2026
- Mrs. Bindu Jain (DIN: 07159504) completed her tenure as Independent Director
- Mr. Sundaresan Radhakrishnan (DIN: 00009818) ceased office following term expiration
- Cessation reported under Regulation 30 of SEBI LODR Regulations, 2015
Nilachal Refractories Limited announced that Independent Directors Mrs. Bindu Jain and Mr. Sundaresan Radhakrishnan have stepped down from the Board with effect from August 31, 2026. The cessations are due to the completion of their designated tenures as Independent Directors. Both directors confirmed there were no contentious reasons behind their resignations, citing standard tenure completion. Financially, the company remains under pressure with a TTM revenue of Rs 1 Cr, net worth of Rs -33 Cr, and debt of Rs 46 Cr.
- Resignation of 2 Independent Directors effective August 31, 2026
- Mrs. Bindu Jain (DIN: 07159504) completed her tenure as Independent Director
- Mr. Sundaresan Radhakrishnan (DIN: 00009818) completed his tenure as Independent Director
- Both resignations are attributed directly to the natural expiration of their terms
Nilachal Refractories announced the outcome of its Board Meeting held on August 25, 2026. The Board approved convening the 49th Annual General Meeting (AGM) on September 26, 2026, setting the record date as September 19, 2026. Key board additions include appointing Mr. Bijay Kumar and Ms. Priyanka Poddar as Non-Executive Independent Directors, alongside approving the continuation of Mr. Pradip Kumar Mohapatra past age 75 until September 2028, all subject to shareholder approval.
- 49th AGM scheduled for September 26, 2026, at 11:30 AM via VC/OAVM
- Record date fixed as September 19, 2026; Book closure from September 19 to September 26, 2026
- Appointment of Ms. Priyanka Poddar as Independent Director for a 5-year term (Aug 25, 2026 to Aug 24, 2031)
- Continuation of Mr. Pradip Kumar Mohapatra as Independent Director up to September 24, 2028 upon attaining 75 years
Nilachal Refractories Ltd has informed the stock exchange that a meeting of its Board of Directors is scheduled for August 25, 2026. The meeting will primarily consider and approve the notice and date for convening the upcoming Annual General Meeting (AGM) and the appointment of a scrutinizer. The company currently has a market capitalization of ₹79 Cr with TTM revenue of ₹1 Cr and negative net worth of ₹-33 Cr. This announcement is a routine administrative compliance under SEBI LODR Regulations.
- Board meeting scheduled for Tuesday, August 25, 2026, at 11:30 AM in Kolkata
- Agenda includes approval of the notice and date for convening the Annual General Meeting
- Board to consider and approve the appointment of a scrutinizer for voting processes
- Filing submitted pursuant to Regulation 29 of SEBI LODR Regulations, 2015
Nilachal Refractories reported a net loss of ₹3.14 Cr for Q1 ended June 30, 2026, compared to a loss of ₹0.42 Cr in Q1 FY26, driven by a ₹2.43 Cr asset write-down and fair value loss on its discontinued manufacturing operations. Continuing operations generated zero revenue from operations, with other income standing at ₹15.23 lakhs and an operating loss of ₹55.45 lakhs. The company has classified its core manufacturing facilities as held for sale following shareholder approval to dispose of the undertaking, proposing a pivot into the ferro-alloys sector. Statutory auditors highlighted a material uncertainty regarding going concern along with overdue unredeemed preference shares since 2000.
- Total net loss widened sharply to ₹313.84 lakhs (₹3.14 Cr) vs a loss of ₹42.10 lakhs in Q1 FY26.
- Revenue from operations from continuing business was ₹0.00, with total income of ₹15.23 lakhs strictly from other income.
- Recognised ₹243.34 lakhs in remeasurement losses, including ₹59.72 lakhs inventory write-down and ₹183.62 lakhs fair value reduction on assets held for sale.
- Auditors issued a going concern warning and flagged unprovided cumulative dividends of ₹95.44 lakhs on 11% preference shares overdue for redemption since September 2000.
Nilachal Refractories reported a total net loss of ₹3.14 crore (₹313.84 lakhs) for the quarter ended June 30, 2026, compared to a net loss of ₹0.42 crore (₹42.10 lakhs) in Q1 FY26. Continuing operations generated zero revenue from operations, with expenses running at ₹68.22 lakhs. Discontinued manufacturing operations recorded a loss of ₹2.58 crore, driven by a ₹183.62 lakh fair value measurement loss on disposal assets and a ₹59.72 lakh inventory write-down. Auditors highlighted material uncertainty over going concern as the company pivots to ferro-alloys amidst an ongoing Open Offer-cum-Delisting process.
- Total quarterly net loss widened to ₹313.84 lakhs compared to ₹42.10 lakhs in Q1 FY26
- Zero revenue from continuing operations, incurring ₹68.22 lakhs in continuing expenses
- Recognized ₹183.62 lakhs loss on fair value measurement of disposal assets and ₹59.72 lakhs inventory write-down
- Auditor flagged unprovided cumulative preference share dividends of ₹75.03 lakhs up to March 2026 and ₹20.41 lakhs for Q1
- Company is undergoing an Open Offer-cum-Delisting from BSE and CSE under SEBI Delisting Regulations
Nilachal Refractories Ltd has scheduled a board meeting for August 14, 2026, to approve the unaudited financial results for the quarter ended June 30, 2026. The company is currently facing severe financial stress, with a negative net worth of ₹33 Cr and a TTM revenue of only ₹2 Cr against a debt of ₹46 Cr. Recent quarterly performance shows persistent losses, with a net loss of ₹0.36 Cr in the March 2026 quarter. Investors should focus on whether the company can stabilize its operations given the TTM operating margin of -301.9%.
- Board meeting scheduled for August 14, 2026, at 04:00 P.M. in Kolkata.
- Agenda includes approval of unaudited financial results for the quarter ended June 30, 2026.
- Company reported a TTM revenue of only ₹2 Cr against a market cap of ₹76 Cr.
- Financial health is critical with a negative net worth of ₹33 Cr and debt of ₹46 Cr.
- Promoter holding remains stable at 70.61% as of June 2026.
Nilachal Refractories has scheduled an EGM on August 4, 2026, to seek shareholder approval for the slump sale of its idle movable assets to Deol Engineers LLP. The transaction is valued at a minimum of ₹5 crore, which is significant given the company's TTM revenue of only ₹2 crore. The company intends to use the proceeds to repay liabilities and strengthen working capital, addressing its distressed financial state characterized by a negative net worth of ₹-33 crore and debt of ₹46 crore. Manufacturing operations have remained non-operational for a considerable period, making these assets a recurring maintenance drain.
- Minimum aggregate consideration of ₹5,00,00,000 (₹5 Cr) for the slump sale of movable assets.
- Sale value represents 250% of the company's TTM revenue of ₹2 Cr.
- Extra-Ordinary General Meeting (EGM) scheduled for August 4, 2026, to approve the special resolution.
- Proceeds targeted at reducing the ₹46 Cr debt and addressing the negative net worth of ₹-33 Cr.
- Assets being sold on an 'As Is Where Is' basis to Deol Engineers LLP.
Nilachal Refractories has approved a proposal to sell, transfer, or dispose of its movable assets, which constitutes 'substantially the whole of the undertaking' under Section 180(1)(a) of the Companies Act. This move is critical given the company's distressed financial state, featuring a negative net worth of ₹-33 Cr and TTM revenue of just ₹2 Cr against a debt of ₹46 Cr. The transaction involves related parties and requires shareholder approval at an EGM scheduled for August 4, 2026. The specific sale value and buyer identity were not disclosed in the initial filing.
- Board approved the disposal of movable assets constituting the whole undertaking on July 22, 2026.
- Extra-Ordinary General Meeting (EGM) scheduled for August 4, 2026, to seek shareholder approval.
- Transaction involves Related Party Transactions (RPT) as per SEBI and Companies Act regulations.
- Company currently operates with a negative net worth of ₹-33 Cr and a high debt of ₹46 Cr.
- TTM revenue of ₹2 Cr is significantly lower than the total debt, indicating severe liquidity stress.
Nilachal Refractories has scheduled a board meeting for July 22, 2026, to evaluate the monetization, sale, or disposal of its assets and business undertakings. The proposal includes potential slump sales or asset purchase agreements involving plant, machinery, and capital work-in-progress. The board will also determine if this constitutes a disposal of a substantial part of the company's undertaking under Section 180 of the Companies Act. An Extra-Ordinary General Meeting (EGM) is being considered on shorter notice to seek shareholder approval for these transactions.
- Board meeting scheduled for July 22, 2026, to approve monetization of plant, machinery, and business undertakings.
- Transaction structures under consideration include Slump Sale, Business Transfer Agreement (BTA), and Asset Purchase Agreement (APA).
- Proposal includes disposal of 'substantially the whole' of an undertaking, requiring shareholder approval under Section 180.
- Company seeks to convene an EGM on shorter notice, requiring consent from members holding 95% of voting power.
- Monetization scope covers movable assets, inventories, scrap, and capital work-in-progress.
Nilachal Refractories has scheduled a board meeting for July 22, 2026, to evaluate the monetization or sale of its assets, including plant, machinery, and business undertakings. The board will consider various structures such as a Business Transfer Agreement (BTA) or slump sale, which may involve 'substantially the whole' of an undertaking. An Extra-Ordinary General Meeting (EGM) is proposed to seek shareholder approval, potentially on shorter notice requiring 95% consent from voting members. This move suggests a major strategic shift or potential divestment of core operations.
- Board meeting scheduled for July 22, 2026, to consider monetization of plant, machinery, and inventories.
- Proposed transaction structures include Slump Sale, Business Transfer Agreement (BTA), or Asset Purchase Agreement (APA).
- Seeking shareholder consent under Section 180 of the Companies Act for disposal of substantial undertakings.
- Proposal to convene an EGM on shorter notice, requiring consent from 95% of voting power.
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