SEL Manufacturing Company Limited (SELMC)
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, SEL Manufacturing's revenue was ₹2.0 Cr (-33.3% year on year, +0.0% on the previous quarter), and net profit ₹-42.0 Cr (a bigger loss than a year earlier); the operating margin was -100.0%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹2.0 | -33.3% | +0.0% |
| Operating profit | ₹-2.0 | — | — |
| Net profit | ₹-42.0 | loss widened | loss widened |
| EPS (₹) | -12.63 | loss widened | loss widened |
| Operating margin | -100.0% | — | — |
📢 Recent Corporate Announcements
Mr. Dharminder Pal has resigned from his position as a Non-Executive Non-Independent Director at SEL Manufacturing Company Limited, effective August 07, 2026. He cited personal reasons for his departure, which also results in his exit from the Audit, Nomination & Remuneration, and Risk Management committees. Notably, he was the Chairman of the Stakeholders Relationship Committee. This change occurs while the company faces severe financial distress, including a TTM loss of ₹194 Cr and a negative net worth of ₹400 Cr.
- Resignation of Mr. Dharminder Pal effective from the closure of business hours on August 07, 2026.
- Cessation of membership in the Audit Committee, Nomination and Remuneration Committee, and Risk Management Committee.
- Vacated the position of Chairman of the Stakeholders Relationship Committee.
- Company continues to operate under significant financial strain with a debt of ₹985 Cr against a market cap of ₹91 Cr.
SEL Manufacturing Company Limited (SELMC) has scheduled a board meeting for August 6, 2026, to approve its unaudited financial results for the quarter ended June 30, 2026. The company is currently in a precarious financial position with a negative net worth of Rs 400 Cr and a total debt of Rs 985 Cr. These results are critical as the company's revenue has seen a sharp decline, dropping to Rs 28 Cr in the March 2024 quarter from Rs 238 Cr in June 2023. Investors will be looking for any signs of stabilization in the 'job work' model the company has adopted to manage liquidity constraints.
- Board meeting scheduled for August 6, 2026, to approve Q1 results.
- Company reported a TTM net loss of Rs 194 Cr on revenue of Rs 374 Cr.
- Total debt stands at Rs 985 Cr, significantly exceeding the market cap of Rs 93 Cr.
- Net worth remains deeply negative at Rs -400 Cr as per latest available data.
SEL Manufacturing Company Limited (SELMC) has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that the Registrar and Transfer Agent (RTA), MUFG Intime India Private Limited, processed all dematerialization requests within prescribed timelines for the quarter ended June 30, 2026. This is a standard administrative filing required for all listed entities. Investors should view this in the context of the company's severe financial distress, including a TTM loss of ₹194 Cr and a negative net worth of ₹400 Cr.
- Compliance certificate issued for the quarter ended June 30, 2026
- Confirmation received from RTA MUFG Intime India Private Limited on July 15, 2026
- Company reported a TTM revenue of ₹374 Cr against a substantial debt of ₹985 Cr
- Quarterly revenue has declined significantly from ₹238 Cr in June 2023 to ₹28 Cr in March 2024
SEL Manufacturing Company Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended June 30, 2026. The Registrar and Transfer Agent, MUFG Intime India Private Limited, confirmed that share certificates received for dematerialization were processed and cancelled within prescribed timelines. This is a standard administrative filing and does not impact the company's ongoing financial challenges, including a negative net worth of Rs 400 Cr and TTM losses of Rs 194 Cr.
- Compliance certificate issued for the quarter ended June 30, 2026
- Confirmation provided by RTA MUFG Intime India Private Limited on July 15, 2026
- Company continues to operate under severe financial stress with TTM revenue of Rs 374 Cr and debt of Rs 985 Cr
SEL Manufacturing Company Limited (SELMC) has submitted a clarified Statement of Impact of Audit Qualifications for FY26 following an NSE query regarding formatting and signatures. The company reported a massive net loss of ₹167.87 Cr on a total income of just ₹15.65 Cr for the full year ended March 31, 2026. Auditors issued a qualified opinion as the company failed to conduct mandatory impairment testing on its assets despite most manufacturing units being non-operational. The company's net worth remains deeply negative at -₹399.58 Cr, with total liabilities of ₹1,259.01 Cr.
- Full-year FY26 net loss reached ₹167.87 Cr against a total income of only ₹15.65 Cr.
- Net worth has eroded to negative ₹399.58 Cr as of March 31, 2026, with total liabilities at ₹1,259.01 Cr.
- The company defaulted on debt obligations totaling ₹502.14 Cr (₹308.71 Cr principal and ₹193.43 Cr interest) between July 2023 and March 2026.
- A working capital shortfall of ₹40 Cr remains against the ₹65.60 Cr required under the approved resolution plan.
- Auditors flagged a lack of impairment testing for Property, Plant & Equipment (PPE) and Capital Work in Progress (CWIP) as a key qualification.
SEL Manufacturing Company Limited (SELMC) has announced the closure of its trading window for all designated persons and their immediate relatives starting July 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the release of unaudited financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the financial results are officially declared to the exchanges. The specific date for the Board Meeting to approve these results has not yet been finalized and will be communicated later.
- Trading window closure effective from July 1, 2026, for the Q1 FY2026-27 results.
- Restriction applies to all designated persons and their immediate relatives per SEBI norms.
- Window to reopen 48 hours after the announcement of unaudited financial results for the quarter ended June 30, 2026.
- The Board Meeting date for result approval is yet to be announced by the company.
SEL Manufacturing Company Limited (SELMC) reported a catastrophic financial performance for FY26, with annual revenue from operations falling 53% to ₹15.43 crore from ₹32.87 crore in FY25. The company's net loss widened to ₹167.87 crore for the full year, compared to a loss of ₹130.72 crore in the previous year. SELMC is in severe financial distress, having defaulted on loan installments and interest payments totaling approximately ₹502.15 crore. The company's net worth is completely eroded, with 'Other Equity' standing at a negative ₹432.71 crore.
- Annual net loss widened significantly to ₹167.87 crore in FY26 from ₹130.72 crore in FY25.
- Revenue from operations plummeted by 53% YoY to ₹15.43 crore as several manufacturing units remained shut.
- Total defaults as of March 31, 2026, include ₹308.72 crore in principal installments and ₹193.43 crore in interest and other charges.
- The company has initiated voluntary insolvency proceedings under Section 10 of the IBC following shareholder approval.
- Negative 'Other Equity' of ₹432.71 crore indicates a total erosion of the company's net worth.
SEL Manufacturing Company Limited has scheduled a Board of Directors meeting for May 28, 2026. The primary agenda is to review and approve the audited financial results for the quarter and the full fiscal year ended March 31, 2026. This meeting is a mandatory regulatory requirement under SEBI (LODR) Regulations, 2015. Investors will be looking for signs of operational stability and financial recovery in the upcoming report.
- Board meeting scheduled for May 28, 2026, to approve audited financial statements.
- Results will cover both the final quarter (Q4) and the full financial year ended March 31, 2026.
- The announcement complies with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- The outcome will provide critical data on the company's annual performance and debt management.
SEL Manufacturing Company Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by the Registrar and Transfer Agent (RTA) MUFG Intime India Private Limited, covers the quarter and financial year ended March 31, 2026. This filing confirms that share certificates received for dematerialization were processed and the register of members was updated accordingly. It is a standard procedural filing required for all listed companies in India to ensure the integrity of electronic shareholding records.
- Compliance certificate submitted for the quarter and year ended March 31, 2026.
- Issued by Registrar and Transfer Agent (RTA) MUFG Intime India Private Limited.
- Confirms adherence to SEBI (Depositories and Participants) Regulations, 2018.
- The filing is a routine administrative requirement for listed entities.
SEL Manufacturing Company Limited has submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Registrar and Transfer Agent MUFG Intime India Private Limited, covers the quarter and financial year ended March 31, 2026. This filing confirms that share certificates received for dematerialization have been processed, mutilated, and cancelled as per regulatory requirements. Such filings are standard administrative procedures for listed companies to ensure the integrity of electronic shareholding records.
- Submission of compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
- Reporting period covers the quarter and full financial year ended March 31, 2026.
- Certificate issued by MUFG Intime India Private Limited (formerly Link Intime India Private Limited).
- The document was officially signed and submitted to BSE and NSE on April 21, 2026.
SEL Manufacturing Company Limited (SELMC) has announced the closure of its trading window effective April 1, 2026. This action is taken in accordance with SEBI (Prohibition of Insider Trading) Regulations, 2015. The window will remain closed for all designated persons until 48 hours after the declaration of the audited financial results for the quarter and year ending March 31, 2026. The specific date for the board meeting to approve these results will be communicated at a later stage.
- Trading window closure begins on April 1, 2026, for all designated persons and relatives.
- The closure pertains to the audited financial results for the quarter and year ended March 31, 2026.
- The window will reopen 48 hours after the official financial results are declared.
- The board meeting date for result approval is yet to be announced by the company.
SEL Manufacturing Company Limited (SELMC) has informed the exchanges regarding the resignation of Ms. Ratika Khandelwal from the post of Company Secretary and Compliance Officer. Her resignation was effective from the close of business hours on March 13, 2026. The company stated that the departure is due to personal reasons. This is a routine administrative change, and the company is expected to appoint a successor to maintain regulatory compliance.
- Ms. Ratika Khandelwal resigned as Company Secretary and Compliance Officer effective March 13, 2026.
- The resignation was submitted citing personal reasons with no other material concerns mentioned.
- The filing was made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
- The company will need to appoint a new Compliance Officer within the statutory period of six months.
SEL Manufacturing Company Limited (SELMC) reported a sharp decline in revenue to ₹205.14 lakhs for Q3 FY26, down from ₹531.24 lakhs in the previous quarter. The company posted a net loss of ₹4,074.91 lakhs for the quarter, with cumulative losses since its 2020-21 resolution plan reaching ₹76,691 lakhs. Auditors have raised a 'Material Uncertainty Related to Going Concern' as the company has defaulted on ₹26,186 lakhs in principal and ₹17,105 lakhs in interest. Major plants remain shut down, and the company is currently relying on job work operations due to a severe liquidity crunch.
- Revenue from operations fell to ₹205.14 lakhs in Q3 FY26 from ₹531.24 lakhs in Q2 FY26.
- Net loss for the quarter stood at ₹4,074.91 lakhs, with a total comprehensive loss of ₹14,320.98 lakhs for the nine-month period.
- Total defaults on principal installments and interest reached ₹26,186 lakhs and ₹17,105 lakhs respectively as of December 2025.
- Cumulative losses since the implementation of the resolution plan have reached ₹76,691 lakhs.
- Auditors issued a qualified opinion due to the absence of impairment testing for Property, Plant & Equipment.
SEL Manufacturing Company Limited reported a significant net loss of ₹4,074.91 lakhs for the quarter ended December 31, 2025, as revenue from operations plummeted to ₹205.14 lakhs. The company is facing a severe liquidity crisis, having defaulted on principal and interest payments totaling over ₹43,291 lakhs since late 2023. Auditors have highlighted material uncertainty regarding the company's ability to continue as a going concern, noting cumulative losses of ₹76,691 lakhs. Most manufacturing plants remain shut, and the company has shifted to job work to sustain minimal operations.
- Revenue from operations fell sharply to ₹205.14 lakhs in Q3 FY26 compared to ₹452.19 lakhs in Q3 FY25.
- Net loss for the quarter stood at ₹4,074.91 lakhs, contributing to a massive cumulative loss of ₹76,691 lakhs.
- The company defaulted on ₹26,186 lakhs in installments and ₹17,105 lakhs in interest payments as of December 2025.
- Auditors raised a 'Material Uncertainty Related to Going Concern' due to plant shutdowns and severe financial distress.
- Shareholders have previously approved the initiation of Corporate Insolvency Resolution Process under Section 10 of the IBC.
SEL Manufacturing Company Limited (SELMC) has announced the closure of its trading window starting January 1, 2026, for all designated persons and their relatives. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's Q3 FY2025-26 financial results. The window will remain closed until 48 hours after the declaration of the unaudited financial results for the quarter and nine months ended December 31, 2025. The specific date for the board meeting to approve these results will be communicated at a later stage.
- Trading window closure effective from January 1, 2026, for all designated persons.
- Closure is related to the upcoming unaudited financial results for the quarter ended December 31, 2025.
- The window will reopen 48 hours after the official announcement of the financial results.
- The board meeting date for result approval is yet to be determined and announced.
Financial Performance
Revenue Growth by Segment
Total revenue from operations declined by 91.22% YoY from INR 374.27 Cr in FY 2023-24 to INR 32.87 Cr in FY 2024-25. Segment-wise: Yarn revenue fell 93.96% (from INR 312.65 Cr to INR 18.89 Cr), Terry Towel revenue dropped 98.89% (from INR 30.80 Cr to INR 0.34 Cr), and Garments fell 83.44% (from INR 0.09 Cr to INR 0.015 Cr). Conversely, Job Work revenue grew 692.49% from INR 1.54 Cr to INR 12.24 Cr as the company pivoted its business model.
Profitability Margins
Net Profit Margin worsened significantly from -51.55% in FY 2023-24 to -397.70% in FY 2024-25. This 671.48% variance in margin is primarily due to the massive 91% drop in revenue while fixed costs like power and wages remained high under the job work model.
EBITDA Margin
The company reported a sustained operating loss. Return on Capital Employed (ROCE) was -0.13% in FY 2024-25 compared to -0.16% in FY 2023-24, reflecting continued negative core profitability despite a slight 18.75% improvement in the ratio due to reduced net losses.
Capital Expenditure
No new investments were made in subsidiaries or other entities during FY 2024-25. The company is currently constrained by liquidity, preventing capacity enhancement or significant capital outlays.
Credit Rating & Borrowing
Credit rating agencies are reluctant to assign ratings because redundant charges continue to appear in MCA records. The company's name remains on CIBIL and fraud lists despite the implementation of a resolution plan, which has severely restricted access to LC discounting and working capital limits.
Operational Drivers
Raw Materials
The company has shifted to a job work model, which effectively eliminated direct raw material costs (0% of revenue) as the company now processes materials provided by clients rather than purchasing its own.
Import Sources
Not disclosed in available documents due to the shift to a job work model where clients provide materials.
Capacity Expansion
Current capacity enhancement is restrained by systemic risks and liquidity issues. The company operates textile units for Yarn, Terry Towels, and Garments, but some plants were shut down or partially restored during the year.
Raw Material Costs
Raw material costs were eliminated in FY 2024-25 due to the transition to a 100% job work model, intended to mitigate the lack of working capital for procurement.
Manufacturing Efficiency
Efficiency is hampered by potential impairment of outdated machinery and technology. Depreciation is currently charged over a 30-year useful life, but management suggests revaluation is needed to align with market realities.
Strategic Growth
Growth Strategy
The company aims to restore operations by resolving liquidity issues and addressing systemic risks like the CIBIL fraud list status. The strategy focuses on the job work model to maintain some level of capacity utilization without the burden of raw material costs, while seeking to clear redundant charges on MCA records to regain credit access.
Products & Services
Yarn, Terry Towels, Garments, Knitted Cloth, and Textile Job Work services.
Brand Portfolio
SEL
New Products/Services
No new product launches were reported; the focus has shifted from product sales to 'Sale of Services' via job work.
Strategic Alliances
The company was taken over in March 2021 by a Consortium of Arr Ess Industries Private Limited and Leading Edge Commercial FZE following a Resolution Plan approved by NCLT.
External Factors
Industry Trends
The Indian textile industry is the world's second-largest producer, but is currently facing a 'tough situation of liquidity' and manpower shortages. The industry is shifting toward more sophisticated equipment and design capabilities to remain competitive.
Competitive Landscape
The company is losing ground to competitors due to its inability to recruit talented personnel in Marketing, HR, and Operations because of its financial standing.
Competitive Moat
The company lacks a sustainable moat currently due to its negative net worth and 'Corporate Debtor' status. Its previous scale in Yarn and Terry Towels has been neutralized by the inability to fund operations.
Macro Economic Sensitivity
Highly sensitive to manpower availability and liquidity. Manpower shortages in the last financial year forced factory closures across the Indian textile industry.
Geopolitical Risks
The company is subject to global business dynamics across various geographical markets in the textile sector, though specific trade barrier impacts were not detailed.
Regulatory & Governance
Industry Regulations
Operations are governed by the Insolvency and Bankruptcy Code (IBC) 2016 following the Section 7 application by State Bank of India. The company must also comply with SEBI (LODR) Regulations 2015.
Legal Contingencies
The company underwent a Corporate Insolvency Resolution Process (CIRP). While the resolution plan was implemented in 2021, 'redundant charges' still appear in MCA records. No new legal cases were filed against erstwhile promoters during the year that impact current operations.
Risk Analysis
Key Uncertainties
The primary uncertainty is the ability to remove the company from CIBIL/fraud lists; failure to do so will continue to block the 90% of revenue previously derived from owned-material production.
Third Party Dependencies
High dependency on the Consortium (Arr Ess Industries and Leading Edge Commercial FZE) for management and strategic direction following the IBC process.
Technology Obsolescence Risk
High risk of technology obsolescence in closed units; management noted potential impairment losses related to outdated machinery that may no longer be technologically relevant.
Credit & Counterparty Risk
Receivables quality is under pressure as the company loses the confidence of customers and suppliers due to its financial history.
