Gangotri Textiles Limited (GANGOTRI)
Q2 FY27 results
📅 Next results: 31 Oct 2026 (board meeting)Gangotri Textiles Limited's board meets on 31 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Gangotri Textiles' revenue was ₹0.0 Cr, and net profit ₹-0.0 Cr (a bigger loss than a year earlier).
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹0.0 | — | — |
| Operating profit | ₹-0.0 | loss widened | loss widened |
| Net profit | ₹-0.0 | loss widened | loss widened |
| EPS (₹) | -0.01 | loss narrowed | — |
📢 Recent Corporate Announcements
NCLT Chennai has admitted Gangotri Textiles into Corporate Insolvency Resolution Process (CIRP) under Section 10 of the IBC vide order dated August 7, 2026. The powers of the Board of Directors stand suspended, and Interim Resolution Professional (IRP) Mr. G. Gunasekaran has taken control of the company and compliance duties from Manoj Kumar Tibrewal. Gangotri Textiles has non-operational units, zero TTM revenue, negative net worth of Rs -237 Cr, and debt obligations of Rs 246 Cr.
- NCLT Chennai admitted insolvency petition CP(IBC) 310/CHE/2025 via order dated 7-8-2026
- Powers of the Board of Directors suspended with effect from 7-8-2026
- Mr. G. Gunasekaran appointed as Interim Resolution Professional (IRP Regn No IBBI/IPA-001/IP-P00681/2017/2018/11178)
- IRP replaces Manoj Kumar Tibrewal to act and sign as the Compliance Officer
The National Company Law Tribunal (NCLT), Chennai Bench, has admitted the voluntary insolvency petition filed by Gangotri Textiles Limited under Section 10 of the IBC, 2016. The petition follows a total default of Rs 240,46,84,989 (Rs 240.47 Cr) owed to financial creditors including State Bank of India consortium and IDBI Bank, with defaults dating back to October 2005. The company's operations have been discontinued since its entire manufacturing assets and windmills were sold by lenders in 2015, leaving tangible assets of only Rs 2.25 lakh against negative net worth.
- NCLT Chennai allowed CIRP application CP(IB)/310(CHE)/2025 under Section 10 of IBC on 07.08.2026
- Total financial debt in default stands at Rs 240,46,84,989 (Rs 240.47 Cr) with initial default dated 24.10.2005
- Proposed Interim Resolution Professional is Mr. G. Gunasekaran
- Current tangible assets stand at Rs 2,25,237 against negative reserves and surplus of Rs (343.54) Cr
- All primary operating assets (9 manufacturing units, 5 windmills, 3 land parcels) were liquidated by lenders in 2015
The NCLT Chennai Bench has allowed Gangotri Textiles Limited's voluntary insolvency application under Section 10 of the IBC, 2016, initiating the Corporate Insolvency Resolution Process (CIRP). The company reported a total default of ₹240,46,84,989 (₹240.47 Cr) towards financial creditors, dating back to October 24, 2005. Operations have been discontinued after lenders liquidated the company's operating assets (including 9 manufacturing units and 5 wind mills) in 2015. An Interim Resolution Professional (IRP), Mr. G. Gunasekaran, has been proposed to take over management control.
- NCLT Chennai Bench allowed the Section 10 petition CP(IB)/310(CHE)/2025 on August 7, 2026
- Total financial debt in default stands at ₹240,46,84,989 (₹240.47 Cr)
- Default date listed as 24.10.2005, with major lenders including SBI Consortium and IDBI Bank
- Company disclosed outstanding statutory liabilities, including ₹55.90 Cr to JDGFT and ₹7.30 Cr income tax penalties
- Board and shareholders approved the voluntary insolvency filing on 08.11.2023 and 15.12.2023 respectively
Gangotri Textiles Limited announced that the NCLT Chennai Bench admitted an application for the initiation of Corporate Insolvency Resolution Process (CIRP) against the company on 7 August 2026. As a result, the powers of the Board of Directors stand suspended, and management has been transferred to Interim Resolution Professional (IRP) CA. G. Gunasekaran. The scheduled 37th Annual General Meeting on 21 August 2026 will proceed under the supervision and chairmanship of the IRP.
- NCLT Chennai Bench admitted CIRP application under Case No: CP(IB)/310(CHE)2025 vide order dated 7 August 2026
- Powers of the Board of Directors suspended with effect from 7 August 2026 pursuant to Section 17 of the IBC
- Company management transferred to Interim Resolution Professional (IRP) CA. G. Gunasekaran
- 37th Annual General Meeting on 21 August 2026 will be chaired and conducted under the authority of the IRP
Gangotri Textiles continues to report zero revenue from operations for the quarter ended June 30, 2026, as its manufacturing facilities remain discontinued. The company posted a net loss of Rs 2.39 lakhs, primarily driven by administrative 'Other expenses'. Lenders have already seized and sold all company assets, and no interest has been provided on the massive Rs 240.47 Cr debt since September 2015. With a negative net worth of Rs 237 Cr and zero active operations, the company remains a shell entity with no current business activity.
- Revenue from operations remained at Rs 0 for the quarter ended June 30, 2026
- Net loss for the quarter stood at Rs 2.39 lakhs, slightly higher than the Rs 2.37 lakh loss in the year-ago period
- Total borrowings remain at Rs 240.47 Cr with no interest provided since September 2015 as assets were sold by lenders
- Promoter group has pledged 75% of their total 24.48% shareholding
- Tangible assets are valued at only Rs 2.25 lakhs against a negative net worth of Rs 237 Cr
Gangotri Textiles Limited reported zero revenue from operations for the financial year ended March 31, 2026, as all company assets have been seized and sold by lenders. The company recorded a net loss of ₹6.71 lakhs for the full year, primarily due to administrative expenses and depreciation. It continues to report under 'discontinued operations' and has not provided for interest on its ₹246.18 crore borrowings since September 2015. The company's net worth is deeply negative with accumulated losses of ₹343.56 crores.
- Revenue from operations remained at zero for the entire financial year ended March 31, 2026.
- Net loss for FY26 stood at ₹6.71 lakhs, slightly lower than the ₹7.16 lakh loss in the previous year.
- The company has total borrowings of ₹246.18 crores but has stopped providing for interest since September 2015.
- Accumulated losses (Other Equity) have reached a staggering negative ₹343.56 crores against a share capital of ₹106.73 crores.
- All assets have been taken over and sold by lenders, leaving the company with no active business operations.
Gangotri Textiles Limited held a board meeting on May 15, 2026, to approve the audited financial results for the fiscal year ended March 31, 2026. The board has decided not to recommend any dividend for the year, reflecting potential liquidity constraints or reinvestment needs. Significantly, the board addressed Show Cause Notices (SCN) received from both NSE and BSE, indicating ongoing regulatory scrutiny. The 36th Annual General Meeting is scheduled for August 21, 2026, with book closure starting from August 15, 2026.
- Audited financial results for the quarter and year ended March 31, 2026, were approved.
- No dividend was recommended for the financial year 2025-2026.
- The 36th Annual General Meeting (AGM) is scheduled for August 21, 2026.
- Book closure for the purpose of the AGM is set from August 15, 2026, to August 21, 2026.
- The Board discussed and recorded Show Cause Notices received from NSE and BSE and the company's subsequent replies.
Gangotri Textiles Limited reported zero revenue for the quarter ended December 31, 2025, as the company has no active operations. The net loss for the quarter stood at ₹1.24 lakhs, primarily driven by minimal administrative expenses. Crucially, the company disclosed that all its assets have been seized and sold by lenders, and it has stopped providing for interest since September 2015.
- Revenue from operations remained at ₹0 for the quarter and nine-month period ended December 31, 2025.
- Net loss for Q3 FY26 was ₹1.24 lakhs, compared to a loss of ₹1.98 lakhs in the previous quarter.
- All company assets have been seized and sold by lenders; interest provisions have been suspended since September 2015.
- Promoter holding stands at 24.53%, with 75% of the promoter stake (18.36% of total capital) currently pledged.
- The company operates in a single segment (Textiles) but currently reports results under discontinued operations.
Financial Performance
Revenue Growth by Segment
Revenue from operations was INR 0 for the quarter and half-year ended September 30, 2025, as well as for the full year ended March 31, 2025, representing a 0% growth rate as operations are discontinued.
Geographic Revenue Split
Not disclosed in available documents as the company reported zero revenue across all regions.
Profitability Margins
Gross, Operating, and Net margins are not applicable due to zero revenue. The company reported a net loss of INR 7.49 lakhs for the year ended March 31, 2025, and a net loss of INR 4.36 lakhs for the half-year ended September 30, 2025.
EBITDA Margin
EBITDA margin is not applicable. The operating loss before working capital changes was INR 4.36 lakhs for the half-year ended September 30, 2025, compared to a loss of INR 7.13 lakhs in the previous year period.
Capital Expenditure
Capital expenditure is minimal; tangible assets decreased by 1.58% from INR 2.29 lakhs on September 30, 2024, to INR 2.25 lakhs on September 30, 2025. No major planned CAPEX is disclosed.
Credit Rating & Borrowing
CRISIL suspended its ratings on bank facilities totaling INR 295.02 Cr (2950.2 Million) on June 17, 2014, due to non-cooperation. Current borrowings (other than debt securities) stand at INR 240.47 Cr as of September 30, 2025.
Operational Drivers
Raw Materials
Textile raw materials (typically cotton and yarn), but currently represent 0% of costs as manufacturing operations are discontinued.
Import Sources
Not disclosed in available documents as operations are currently halted.
Capacity Expansion
Current tangible assets are valued at only INR 2.25 lakhs; no expansion plans are mentioned as the company lacks resources to maintain existing operations.
Raw Material Costs
Raw material costs were INR 0 for the half-year ended September 30, 2025, reflecting the cessation of production.
Manufacturing Efficiency
Capacity utilization is 0% as the company reported zero revenue from operations and zero cost of materials consumed.
Logistics & Distribution
Distribution costs were 0% of revenue as no products were sold during the period.
Strategic Growth
Expected Growth Rate
0%
Growth Strategy
The company currently has no active growth strategy; operations are discontinued. Any future growth would require a complete financial restructuring of the INR 240.47 Cr debt and a restart of manufacturing facilities, for which the company currently lacks resources.
Products & Services
Textiles and textile-related products (historically), though operations are currently discontinued.
Brand Portfolio
GANGOTRI
New Products/Services
No new product launches were disclosed; expected revenue contribution is 0%.
Market Expansion
No market expansion plans are currently in place.
Market Share & Ranking
The company currently holds a 0% active market share due to discontinued operations.
External Factors
Industry Trends
The textile industry is moving toward sustainable manufacturing and automation; however, Gangotri is unable to participate in these trends due to its non-operational status and financial distress.
Competitive Landscape
The company is currently non-competitive in the textile landscape, which is dominated by active players with modern machinery and stable credit lines.
Competitive Moat
The company currently possesses no sustainable moat; its historical brand and market position have been eroded by discontinued operations and financial defaults.
Macro Economic Sensitivity
The company is highly sensitive to interest rate changes and credit availability due to its INR 240.47 Cr debt burden.
Consumer Behavior
Shifts in consumer behavior toward branded and sustainable textiles cannot be capitalized upon by the company in its current state.
Regulatory & Governance
Industry Regulations
The company is subject to textile manufacturing standards and pollution control norms, though these are not currently active due to the halt in production.
Taxation Policy Impact
The company is subject to standard Indian corporate tax laws, but currently reports losses.
Legal Contingencies
The Income Tax Department has revised a penalty to INR 6.51 Cr (6,51,40,090), which the company has not provided for due to lack of resources. Additionally, the company faces multiple exchange penalties: NSE penalties of INR 34.73 lakhs, INR 6.68 lakhs, INR 4.19 lakhs, and INR 11.81 lakhs; and BSE penalties of INR 4.19 lakhs, INR 9.18 lakhs, and INR 0.42 lakhs.
Risk Analysis
Key Uncertainties
There is a 100% uncertainty regarding the company's ability to continue as a going concern given zero revenue, negative cash flows, and INR 240.47 Cr in debt.
Geographic Concentration Risk
Assets are concentrated in Coimbatore, Tamil Nadu, with tangible assets valued at only INR 2.25 lakhs.
Third Party Dependencies
The company is entirely dependent on its financial creditors for any potential debt restructuring or survival.
Technology Obsolescence Risk
Existing tangible assets (INR 2.25 lakhs) are likely obsolete or non-functional, requiring significant investment to modernize.
Credit & Counterparty Risk
The company has zero trade receivables, eliminating immediate counterparty credit risk but reflecting a total lack of business activity.
