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DCM Limited (DCM)

₹71.67 +0.66% last close, 16 Oct

📊 NSE: DCM 🏢 Castings & Forgings 📢 Latest filing: 28 Sep 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q4 FY26)

In its latest reported quarter, Q4 FY26, DCM's revenue was ₹18.9 Cr (+13.5% year on year, +6.7% on the previous quarter), and net profit ₹-1.5 Cr (against a profit a year earlier); the operating margin was -5.0%.

Q4 FY26 (₹ Cr)	Value	YoY vs Q4 FY25	QoQ
Revenue	₹18.9	+13.5%	+6.7%
Operating profit	₹-0.9	loss narrowed	loss widened
Net profit	₹-1.5	to loss	loss narrowed
EPS (₹)	-0.81	to loss	loss widened
Operating margin	-5.0%	—	—

Full quarterly financials → Results calendar →

DCM delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 96.9% of the DCM shares traded on NSE were taken to delivery, against the stock's own 20-session average of 86.78%. That is close to its usual level. Turnover was under ₹1 lakh, so a handful of trades can move this figure. Volume was under a tenth of its average.

96.9%Delivery, 16 Oct

86.78%Own 20-session average

<0.1×Volume vs its average

₹71.67NSE close · +0.66%

Delivery in the last 5 sessions: 69.6% · 99.7% · 81.4% · 98.4% · 96.9%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

DCM Limited Concludes 136th AGM; All Resolutions Passed Including MD Re-appointment

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Sep 2026, 05:40 PM

DCM Limited conducted its 136th Annual General Meeting on September 28, 2026, through video conferencing with 72 members attending. All ordinary resolutions on the agenda were passed with near-unanimous majority (>99.99% votes in favor). Key approvals included the adoption of FY26 financial statements, re-appointment of retiring directors, cost auditor remuneration ratification, and the re-appointment and remuneration of Mr. Vinay Sharma as Managing Director. The engineering division continues to face operational challenges with long-standing lockouts, leaving company performance reliant on its IT services subsidiary.

136th AGM concluded on September 28, 2026, attended by 72 members via VC
Approval for re-appointment and remuneration of Mr. Vinay Sharma as Managing Director passed with 99.9995% votes in favor (10,734,463 votes)
Re-appointment of directors Mr. Yuv Bharat Ram and Mr. Rahil Bharat Ram passed with over 99.99% voting approval
Remote e-voting was held from September 25 to September 27, 2026, alongside e-voting during the AGM

💡 Track subsequent quarterly financial updates and any operational disclosures regarding the ongoing lockout status in the core engineering division.

DCM Applies for Voluntary Strike-Off of Two Inactive Realty Subsidiaries Contributing Nil Revenue

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Sep 2026, 04:31 PM

DCM Limited has filed Form STK-2 with the Registrar of Companies (RoC), New Delhi, for the voluntary strike-off of two wholly owned subsidiaries: DCM Realty and Infrastructure Limited and DCM Infinity Realtors Limited. The subsidiaries have had no active business operations for the past few years. Both entities contributed NIL turnover, revenue, income, and net worth during the last financial year. The action is an administrative cleanup of defunct entities under Section 248 of the Companies Act, 2013.

Voluntary strike-off filed for 2 wholly owned subsidiaries: DCM Realty and Infrastructure Ltd and DCM Infinity Realtors Ltd
Both subsidiaries contributed NIL revenue, turnover, and net worth in the last financial year
Application filed under Form STK-2 pursuant to Section 248 of the Companies Act, 2013
No consideration is received as the entities are being struck off due to lack of operations for past few years

💡 Track statutory RoC approval for completion of the strike-off; operational focus remains on core revival and IT services subsidiary performance.

DCM Dispatches KYC Notice to Physical Shareholders; 136th AGM Set for Sep 28, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Sep 2026, 04:51 PM

DCM Limited has issued communications to shareholders holding shares in physical form regarding mandatory submission of PAN, KYC details, and Aadhaar linking in compliance with SEBI master circulars. The company has also provided the web link to its FY2025-26 Annual Report. Additionally, DCM confirmed its 136th Annual General Meeting (AGM) will be held on September 28, 2026, via Video Conferencing.

136th Annual General Meeting scheduled for Monday, September 28, 2026 at 12:30 PM IST via VC/OAVM
Notices dispatched to physical shareholders to update KYC, PAN, and bank details per SEBI norms
Mandatory electronic dividend payments applicable since April 01, 2024
Access provided to the FY 2025-26 Annual Report via the company website

💡 Physical shareholders should submit Forms ISR-1 and ISR-2 to RTA MCS Share Transfer Agent to ensure uninterrupted services; general investors may monitor the upcoming AGM on September 28, 2026.

DCM Limited Dispatches FY26 Annual Report Access Notice; 136th AGM Set for September 28, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 03 Sep 2026, 04:48 PM

DCM Limited has issued a communication under Regulation 36(1)(b) of SEBI LODR to demat shareholders whose email addresses are unregistered, providing web access paths to its FY 2025-26 Annual Report. The company also announced that its 136th Annual General Meeting (AGM) will be conducted via Video Conferencing on Monday, September 28, 2026, at 12:30 PM IST. This is a standard statutory compliance filing without any operational or financial impact.

136th Annual General Meeting scheduled for Monday, September 28, 2026, at 12:30 PM IST via VC/OAVM
Communication dispatched pursuant to SEBI LODR Regulation 36(1)(b) for unregistered demat holders
Annual Report for FY 2025-26 made accessible via company website (https://dcm.in/147-2/) and exchange portals
Letter dated September 02, 2026, notified to stock exchanges on September 03, 2026

💡 Shareholders may review the FY26 Annual Report online and register their email addresses with their respective Depository Participants to receive future corporate notices electronically.

DCM Schedules 136th AGM for September 28, 2026; Proposes Re-appointment of MD

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Sep 2026, 07:14 PM

DCM Limited has dispatched the Notice and Annual Report for its 136th Annual General Meeting (AGM), scheduled for September 28, 2026, via Video Conferencing. Key agenda items include the adoption of FY26 audited financial statements and the re-appointment of Managing Director Mr. Vinay Sharma for a 3-year term starting August 4, 2027, at an annual base salary of Rs 15,30,000 plus allowances. The cut-off date for shareholder e-voting entitlement is set for September 21, 2026.

136th AGM scheduled on Monday, September 28, 2026, at 12:30 PM IST via VC/OAVM
E-voting window opens September 25, 2026 (9:00 AM) and closes September 27, 2026 (5:00 PM)
Cut-off date for e-voting eligibility fixed as Monday, September 21, 2026
Proposed re-appointment of MD Mr. Vinay Sharma for 3 years with annual basic salary of Rs 15,30,000

💡 Eligible shareholders as of September 21, 2026, can participate in e-voting between September 25 and September 27, 2026, regarding regular business and director appointments.

Delhi High Court Orders Status Quo on DCM's Project Land in Dispute with GCD Prime

🔵 WATCH ⭐ 7/10

LEGAL 📅 13 Aug 2026, 06:39 PM

DCM Limited's legal dispute with developer GCD Prime has seen a reversal as the Delhi High Court Division Bench stayed a previous order favoring the company. On August 12, 2026, the court directed a status quo on the project land, effectively halting DCM's ability to move forward after it terminated the 2022 Joint Development Agreement (JDA). This litigation is critical as DCM's core engineering business has been under lockout since 2019, leaving real estate and IT services as its primary value drivers. The company, with a TTM revenue of Rs 37 Cr and a thin net worth of Rs 4 Cr, now faces prolonged uncertainty regarding this asset.

Joint Development Agreement (JDA) with GCD Prime was originally signed on August 11, 2022
DCM issued a Notice of Forfeiture and Termination to the developer on November 1, 2025
Division Bench stayed the July 28, 2026, order that had initially dismissed the developer's petition
Court directed to maintain status quo on the project land as of the August 12, 2026, hearing
A sole arbitrator has been appointed, though formal arbitration proceedings are yet to commence

💡 Investors should monitor the final adjudication by the Division Bench and the commencement of arbitration, as the ability to unlock value from land assets is vital for the company's stressed balance sheet.

DCM Limited Settles Stock Exchange Fines for Delayed RPT Disclosures

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 13 Aug 2026, 06:34 PM

DCM Limited's Board has formally addressed fines levied by the NSE and BSE regarding delayed compliance with Related Party Transaction (RPT) disclosures for the period ended March 31, 2026. The company attributed the delay to technical difficulties during XBRL file validation and confirmed that all fines, including GST, were paid by July 10, 2026. The Board reviewed the matter on August 13, 2026, and has directed management to strengthen internal processes to prevent future lapses. This is a procedural resolution for a company currently operating with a small revenue base of Rs 37 Cr and a net worth of only Rs 4 Cr.

Fines were levied by NSE and BSE on June 30, 2026, for non-compliance with Regulation 23(9) of SEBI LODR.
The company completed the payment of fines, including applicable GST, on July 10, 2026.
The Board of Directors reviewed the non-compliance in a meeting held on August 13, 2026.
The delay was specifically related to the financial year and quarter ended March 31, 2026.
Management cited technical difficulties in XBRL validation as the primary cause for the delay.

💡 Investors should monitor the company's future filing consistency to ensure that internal control improvements are effectively implemented, as repeated compliance lapses can attract higher scrutiny.

DCM Reports Q1 Loss of ₹1.63 Cr; MD Re-appointed Amid ₹30.8 Cr Unprovided Wage Liability

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 13 Aug 2026, 06:30 PM

DCM Limited reported a standalone net loss of ₹1.63 crore for Q1 FY27, compared to a loss of ₹1.93 crore in the previous year's corresponding quarter. Revenue remains extremely low at ₹24 lakh as the core Engineering Division has been under lockout since October 2019. The company faces a massive contingent liability of ₹30.80 crore in unprovided wages for the lockout period, which is significantly higher than its reported net worth of ₹4 crore. The board has re-appointed Mr. Vinay Sharma as Managing Director for a three-year term starting August 2027.

Standalone net loss of ₹163 lakh for the quarter ended June 30, 2026.
Unprovided wage liability of ₹3,080 lakh (₹30.8 Cr) for the lockout period from Oct 2019 to June 2026.
Revenue from operations remains negligible at ₹24 lakh for the quarter.
MD Vinay Sharma re-appointed for a 3-year term effective August 4, 2027.
Engineering Division assets of ₹28.95 crore remain largely idle due to ongoing industrial unrest.

💡 Investors should closely monitor the legal outcome of the Engineering Division lockout and any updates regarding the monetization or development of the 68.35-acre Hisar land following the JDA termination.

DCM Q1 FY27 Results: Net Loss of ₹1.63 Cr; Unprovided Wage Liability Reaches ₹30.8 Cr

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 13 Aug 2026, 06:24 PM

DCM Limited reported a standalone net loss of ₹1.63 crore for Q1 FY27, a slight improvement from the ₹1.93 crore loss in the previous year's corresponding quarter. The company's core Engineering Division remains under a lockout that began in October 2019, resulting in a massive unprovided wage liability of ₹30.80 crore. This liability is approximately 7.7 times the company's total net worth of ₹4 crore, posing a significant solvency risk. Revenue for the quarter was negligible at ₹24 lakh, while the board approved the re-appointment of Mr. Vinay Sharma as Managing Director for a three-year term starting August 2027.

Standalone net loss of ₹1.63 crore for the quarter ended June 30, 2026.
Unprovided wage liability for the lockout period (Oct 2019 - June 2026) stands at ₹30.80 crore.
Quarterly revenue from operations was only ₹24 lakh, primarily from non-core segments.
Managing Director Vinay Sharma re-appointed for a 3-year term effective August 4, 2027.
Engineering Division segment assets are valued at ₹28.95 crore despite zero production since 2019.

💡 Investors should closely monitor the legal proceedings regarding the Engineering Division lockout and any updates on the terminated Hisar land development agreement, as these are the primary factors affecting the company's valuation.

DCM Ltd Reports Rs 1.63 Cr Q1 Loss; Unprovided Lockout Wages Reach Rs 30.8 Cr

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 13 Aug 2026, 06:22 PM

DCM Limited continues to face severe operational distress, reporting a standalone net loss of Rs 1.63 Cr for Q1 FY27 compared to a loss of Rs 1.93 Cr in Q1 FY26. Revenue remains negligible at Rs 24 lakh as the core Engineering Division has been under lockout since October 2019. A critical risk remains the unprovided liability for workmen wages during the lockout period, which has now accumulated to Rs 30.80 Cr. Furthermore, the company's 67-acre Hisar land project remains stalled following the termination of its Joint Development Agreement in late 2025.

Standalone net loss of Rs 1.63 Cr for the quarter ended June 30, 2026.
Unprovided liability for lockout wages (Oct 2019 to June 2026) stands at Rs 30.80 Cr.
Quarterly revenue from operations was just Rs 24 lakh, primarily from non-engineering segments.
Engineering division recorded a segment loss of Rs 91 lakh with zero production or sales.
Managing Director Vinay Sharma re-appointed for a 3-year term effective August 4, 2027.

💡 Investors should closely monitor the sub-judice labor dispute regarding the lockout legality and any regulatory updates on the suspended Hisar land license, as these are the primary determinants of the company's solvency.

DCM Litigation: Developer Appeals Dismissal of Stay on 67.27-Acre Land JDA Termination

🔵 WATCH ⭐ 7/10

LEGAL 📅 07 Aug 2026, 05:24 PM

DCM Limited has been served an appeal by GCD Prime (Developer) challenging a Delhi High Court order dated July 28, 2026. The original order dismissed the Developer's petition to stay DCM's termination of a Joint Development Agreement (JDA) for a 67.275-acre land parcel in Hisar, Haryana. DCM had terminated the JDA on November 1, 2025, citing inordinate delays and breaches by the Developer. While the High Court initially ruled in DCM's favor, the Developer is now seeking to set aside that order through an appeal and separate arbitration.

Litigation involves a 67.275-acre land parcel intended for an affordable residential colony in Hisar, Haryana.
DCM issued a Notice of Forfeiture and Termination to the Developer on November 1, 2025.
Delhi High Court dismissed the Developer's Section 9 petition on July 28, 2026, vacating interim stay orders.
Developer filed an appeal under Section 37(1)(b) of the Arbitration Act on August 7, 2026.
A sole Arbitrator has been appointed with party consent, though proceedings have not yet commenced.

💡 Monitor the Delhi High Court appeal outcome and the commencement of arbitration. The resolution is critical as the company's engineering division is inactive, making real estate monetization a primary value driver.

Delhi High Court dismisses developer's plea against DCM's termination of 68.35-acre JDA

🟢 POSITIVE ⭐ 7/10

LEGAL 📅 29 Jul 2026, 04:22 PM

DCM Limited has received a favorable order from the Delhi High Court dismissing a Section 9 petition filed by GCD Prime (Developer). The developer sought to stay DCM's November 1, 2025, termination of a Joint Development Agreement (JDA) for a 68.35-acre land parcel in Hisar, Haryana. The court's dismissal vacates interim stays, potentially allowing DCM to regain control of the land intended for an affordable housing project. While a sole arbitrator has been appointed, the court's refusal to grant interim relief to the developer is a significant procedural milestone for DCM.

Delhi High Court dismissed the developer's petition on July 28, 2026, vacating the interim stay on JDA termination.
The dispute involves a 68.35-acre land parcel in Village Bir Hisar, Sector-23, Haryana.
DCM originally issued the Notice of Forfeiture and Termination on November 1, 2025, citing inordinate delays.
The project's license (No. 179 of 2022) has been under suspension by the Haryana Government since April 18, 2023.
A sole arbitrator has been appointed with the consent of both parties, though proceedings have not yet commenced.

💡 Watch for the commencement of formal arbitration proceedings and any regulatory updates regarding the revocation of the license suspension by the Haryana Government, which is critical for the land's development value.

DCM Clarifies XBRL Discrepancies in FY26 Audited Financial Results

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 22 Jul 2026, 11:30 AM

DCM Limited has responded to a clarification request from the National Stock Exchange (NSE) regarding discrepancies in its XBRL filings for the quarter and year ended March 31, 2026. The company acknowledged clerical errors where Consolidated PAT and EPS figures did not match, and Standalone reserves were missing. Rectified filings were submitted on July 15, 2026, and the company confirmed that all other financial figures remain unchanged. This is a procedural correction and does not impact the company's underlying financial performance, which remains under pressure with a TTM PAT of Rs -6 Cr.

Rectified financial results in XBRL format were uploaded on July 15, 2026, following an NSE query.
Discrepancies involved Consolidated PAT and EPS figures not matching in the initial electronic filing.
Standalone XBRL filing initially omitted 'Reserves excluding revaluation reserve'.
Company maintains that all other financial figures for the period ended March 31, 2026, remain unchanged.
The Engineering Division remains under a continuous lockout since October 22, 2019, resulting in 0 MT production.

💡 Investors should focus on the company's ability to resolve the long-standing lockout in its Engineering Division rather than these clerical reporting errors. Monitor the next quarterly results to see if IT services growth can offset engineering losses.

DCM Shareholders Approve Appointment of Maj. Gen. Shailendra Singh as Independent Director

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 16 Jul 2026, 04:15 PM

DCM Limited shareholders have approved the appointment of Maj. Gen. Shailendra Singh, SM (Retd.) as a Non-Executive Independent Director for a five-year term. The resolution was passed via postal ballot with 99.75% of votes in favor. This appointment occurs while the company faces significant operational challenges, including a continuous lockout at its Engineering Division since 2019 and a TTM net loss of Rs 6 Cr. The move is a routine governance step to maintain board composition.

Appointment of Maj. Gen. Shailendra Singh for a fixed term of 5 years.
Total votes polled reached 1,06,81,453, representing 57.19% of the total share capital.
The resolution received 1,06,55,028 votes in favor, accounting for 99.75% of valid votes.
Public non-institutional participation in the voting was 15.24% of their total holding.
The voting period concluded on July 15, 2026, with results declared on July 16, 2026.

💡 Investors should monitor if the refreshed board can provide a roadmap for resolving the Engineering Division lockout (active since 2019) or scaling the IT services subsidiary, DCM Infotech.

DCM Limited Submits Routine Share Dematerialization Certificate for Q1 FY27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jul 2026, 05:08 PM

DCM Limited has filed its quarterly compliance certificate under SEBI (Depositories and Participants) Regulations for the quarter ended June 30, 2026. The document confirms that the Registrar and Share Transfer Agent, MCS Share Transfer Agent Limited, processed all dematerialization requests within the mandated 15-day window. This filing is a standard procedural requirement for listed entities and does not reflect any change in the company's business operations or financial health. Given the company's TTM revenue of Rs 37 Cr and ongoing losses, this administrative update is non-material to its valuation.

Quarterly compliance certificate submitted for the period ended June 30, 2026
Confirmation that securities were processed and listed within 15 days of receipt
Registrar and Share Transfer Agent identified as MCS Share Transfer Agent Limited
Company maintains compliance with Regulation 74(5) of SEBI (Depositories and Participants) Regulations

💡 No action required on this specific filing; investors should instead monitor the company's ability to restart its Engineering Division, which has been under lockout since October 2019.

View All DCM Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The Engineering Division's sales and other income declined by 75.68% YoY, falling from INR 374.41 lakh in FY24 to INR 91.06 lakh in FY25. Standalone revenue from operations for the full year FY25 was reported at INR 26.80 lakh. However, recent unaudited results for the half-year ended September 30, 2025, show a significant increase to INR 2,274.60 lakh, suggesting a recovery or new revenue streams compared to the INR 2,136.95 lakh in the corresponding previous half-year.

Geographic Revenue Split

The company operates in India and the USA, particularly within its IT and Engineering segments. Specific percentage splits per region are not disclosed in the provided documents.

Profitability Margins

The Operating Profit Margin improved significantly to 12.03% in FY25 from 0.37% in FY24. The Net Profit Ratio also turned positive at 5.66% in FY25 compared to -0.19% in FY24, primarily driven by an increase in net profit despite the operational challenges in the engineering segment.

EBITDA Margin

The Engineering Division reported a negative EBITDA (Profit/loss before finance cost, depreciation, and tax) of INR -298.70 lakh in FY25, worsening from INR -195.36 lakh in FY24. This decline is attributed to the continued lockout and lack of production volume.

Capital Expenditure

The company maintained property, plant, and equipment records, but specific planned CAPEX figures for future expansions were not disclosed. Depreciation for the Engineering Division was INR 304.32 lakh in FY25.

Credit Rating & Borrowing

CRISIL Ratings has migrated the company's bank facilities to 'CRISIL D/CRISIL D Issuer not cooperating' as of 2025. This rating indicates default or high risk of default, exacerbated by a lack of management cooperation and inadequate information for credit assessment.

⚙️ Operational Drivers

Raw Materials

The Engineering Division primarily requires grey iron for the manufacturing of castings, including cylinder heads and blocks. However, due to the lockout, raw material consumption for production was zero in FY25.

Capacity Expansion

The Engineering Division has 0 MT of production and sales as of FY25 due to a continuous lockout since October 22, 2019. No specific expansion plans for the engineering unit are mentioned given the industrial unrest.

Raw Material Costs

Raw material costs are currently negligible for the engineering segment due to the production halt. Revenue in this segment is primarily derived from scrap sales, which saw a significant volume reduction in FY25.

Manufacturing Efficiency

Manufacturing efficiency is currently non-existent in the Engineering Division with 0 MT production. Capacity utilization is 0% due to the ongoing lockout.

📈 Strategic Growth

Growth Strategy

The company is focusing on its IT services through its material subsidiary, DCM Infotech Limited, which provides infrastructure services like system administration and disaster management. It also maintains a presence in real estate to diversify away from the stalled engineering business.

Products & Services

Final products include grey iron castings, cylinder heads, cylinder blocks, and housing for the auto industry (currently inactive). Services include IT infrastructure management, system administration, storage management, and backup recovery.

Brand Portfolio

DCM, DCM Infotech.

Market Expansion

The company has a presence in India and the USA for its IT services, but specific expansion timelines are not provided.

Market Share & Ranking

The Engineering Division was historically one of India's large independent manufacturers of grey iron castings, but its current market share is negligible due to the operational halt.

Strategic Alliances

The company operates through five subsidiaries and one associate company, including the material subsidiary DCM Infotech Limited.

🌍 External Factors

Industry Trends

The engineering industry for auto castings is mature, but DCM is currently displaced due to internal labor issues. The IT services industry is evolving toward cloud and disaster management, where DCM Infotech is positioned.

Competitive Landscape

Key competitors include other independent iron foundries and IT infrastructure service providers, though specific names were not listed.

Competitive Moat

The company's historical moat in engineering (established in 1889) has been eroded by a 5-year lockout. Its current survival depends on the IT services subsidiary and real estate assets.

Macro Economic Sensitivity

The company is sensitive to the economic outlook in India and the USA, as well as changes in government purchase procedures and tax regimes.

Consumer Behavior

Demand is driven by auto players (cars, tractors, earth-moving equipment) for the engineering side and corporate infrastructure needs for the IT side.

Geopolitical Risks

Operations are subject to changes in international regulations and economic outlooks in the USA, which could affect the IT services segment.

⚖️ Regulatory & Governance

Industry Regulations

The company must comply with the SARFAESI Act regarding debt recovery and NHB guidelines for NPA classification. It also faces regulations related to industrial labor laws which led to the declared lockout.

Taxation Policy Impact

The company is subject to Indian corporate tax laws; however, it reported a loss before tax of INR 603.02 lakh in its engineering division for FY25.

Legal Contingencies

Pending litigation includes a matter before the Punjab VAT Tribunal, Chandigarh, and the Deputy Commissioner Appeal, Mohali. Additionally, a SARFAESI Act notice was issued on November 7, 2025, following an NPA classification on October 29, 2025.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the 'continued situation of lockout' at the Engineering Business Undertaking since 2019, which continues to adversely affect key financials. There is also a risk of asset seizure under the SARFAESI Act.