Shree Ram Proteins Limited (SRPL)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Shree Ram's revenue was ₹0.0 Cr, and net profit ₹-6.4 Cr (a bigger loss than a year earlier).
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹0.0 | — | — |
| Operating profit | ₹-0.5 | loss widened | loss narrowed |
| Net profit | ₹-6.4 | loss widened | loss widened |
| EPS (₹) | -0.30 | loss widened | loss widened |
📢 Recent Corporate Announcements
Shree Ram Proteins Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended 30th September 2026. The certificate, issued by its Registrar and Share Transfer Agent MUFG Intime India Private Limited on 3rd October 2026, confirms the processing and cancellation of physical share certificates received for dematerialisation. The submission is a standard regulatory compliance filing without operational or financial impact.
- Compliance certificate filed under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Pertains to the quarter ended 30th September 2026
- Confirmation letter from RTA MUFG Intime India Private Limited dated 3rd October 2026
- Filing submitted to the National Stock Exchange on 14th October 2026
Shree Ram Proteins Limited held a board meeting on October 05, 2026, approving a change in its corporate office within Rajkot. The board also reviewed and noted corrective actions regarding Show Cause Notices issued by the National Stock Exchange on December 30, 2025, and August 31, 2026. These notices pertained to non-compliance across several SEBI LODR regulations (Regulations 13(3), 23, 27, 31, and 33) and SEBI Depositories Regulation 76. The financially stressed company, which reported zero revenue in FY26 and carries Rs 37 Cr in debt, authorized officers to submit supporting compliance documentation to the exchange.
- Corporate office relocated to Office No. 604, Space Odyssey, Rajkot effective October 05, 2026
- Board addressed NSE Show Cause Notice Ref. No. NSE/LIST/C/2025/1391 dated December 30, 2025
- Addressed second Show Cause Notice Ref. No. NSE/LIST/C/2026/0974 dated August 31, 2026
- Corrective actions completed for SEBI LODR Regulations 13(3), 23, 27, 31, 33, and SEBI DP Reg 76
Shree Ram Proteins Limited held a board meeting on October 05, 2026, approving a change in its corporate office within Rajkot. The board also reviewed and noted corrective actions regarding Show Cause Notices issued by the National Stock Exchange on December 30, 2025, and August 31, 2026. These notices pertained to non-compliance across several SEBI LODR regulations (Regulations 13(3), 23, 27, 31, and 33) and SEBI Depositories Regulation 76. The financially stressed company, which reported zero revenue in FY26 and carries Rs 37 Cr in debt, authorized officers to submit supporting compliance documentation to the exchange.
- Corporate office relocated to Office No. 604, Space Odyssey, Rajkot effective October 05, 2026
- Board addressed NSE Show Cause Notice Ref. No. NSE/LIST/C/2025/1391 dated December 30, 2025
- Addressed second Show Cause Notice Ref. No. NSE/LIST/C/2026/0974 dated August 31, 2026
- Corrective actions completed for SEBI LODR Regulations 13(3), 23, 27, 31, 33, and SEBI DP Reg 76
Shree Ram Proteins Limited has obtained approval from the Registrar of Companies (RoC), Ahmedabad, for an extension of time to hold its Annual General Meeting (AGM) for the financial year ended March 31, 2026. The AGM was originally required to be held on or before September 30, 2026, but the RoC has granted an extension of 2 months and 15 days under Section 96(1) of the Companies Act, 2013. The company, which is under severe distress with zero TTM revenue and debt of Rs 37 Cr, will announce the revised AGM date once decided by the Board.
- Extension granted: 2 months and 15 days to hold AGM for FY ended March 31, 2026
- Original AGM due date: September 30, 2026
- Application filed via SRN AC6399424 on September 30, 2026
- RoC Ahmedabad order dated: October 1, 2026
Shree Ram Proteins Limited (SRPL) has completed the sale of its immovable property located at Gondal, Rajkot, Gujarat for a consideration of ₹16.76 crore on September 21, 2026. The buyer is KSP Auto and Forge Private Limited, an unrelated third party. The transaction represents a substantial liquidity event for SRPL, whose current market capitalization is approximately ₹10 crore against total debt of ₹37 crore. The sale follows shareholder approval secured via postal ballot on September 9, 2026.
- Executed and registered sale deed on September 21, 2026, for consideration of ₹16,76,30,000
- Buyer identified as non-promoter entity KSP Auto and Forge Private Limited
- Shareholder approval was received via postal ballot on September 9, 2026
- Board originally approved the enabling resolution on August 10, 2026
Shree Ram Proteins Limited (SRPL) has completed the sale of its immovable property located at Gondal, Rajkot, Gujarat for a consideration of ₹16.76 crore on September 21, 2026. The buyer is KSP Auto and Forge Private Limited, an unrelated third party. The transaction represents a substantial liquidity event for SRPL, whose current market capitalization is approximately ₹10 crore against total debt of ₹37 crore. The sale follows shareholder approval secured via postal ballot on September 9, 2026.
- Executed and registered sale deed on September 21, 2026, for consideration of ₹16,76,30,000
- Buyer identified as non-promoter entity KSP Auto and Forge Private Limited
- Shareholder approval was received via postal ballot on September 9, 2026
- Board originally approved the enabling resolution on August 10, 2026
Shree Ram Proteins Limited reported zero revenue from operations for the quarter ended June 30, 2026, alongside a net loss of ₹6.36 crore (compared to a loss of ₹1.82 crore in Q1 FY26). The company disclosed severe financial distress, noting it failed to pay the second OTS installment of ₹3.76 crore and the final installment of ₹18.56 crore to Union Bank of India after paying ₹2.43 crore upfront. Additionally, the bank sold secured assets worth ₹3.82 crore on May 18, 2026, reflecting severe working capital and liquidity shortfalls against an existing total debt burden of ₹37 crore.
- Q1 FY27 revenue from operations stood at ₹Nil with other income of ₹1.40 crore.
- Net loss expanded to ₹6.36 crore for Q1 FY27 versus ₹1.82 crore in Q1 FY26.
- Defaulted on Union Bank of India OTS installments of ₹3.76 crore and final due of ₹18.56 crore.
- Union Bank of India sold company property/security worth ₹3.82 crore on May 18, 2026.
- Reported basic and diluted EPS of ₹-0.30 for the quarter ended June 30, 2026.
Shree Ram Proteins reported zero revenue from operations for the quarter ended June 30, 2026, consistent with prior quarters of halted business activity. The company recorded a net loss of ₹6.36 crore for the quarter, driven primarily by finance costs of ₹7.21 crore. Notes to the financial results disclose a critical default on a One-Time Settlement (OTS) with Union Bank of India, having failed to pay instalments of ₹3.76 crore and ₹18.56 crore. Furthermore, the bank sold assets/security worth ₹3.82 crore in May 2026, underlining acute insolvency and going-concern risks.
- Revenue from operations stood at ₹0 for Q1 FY27, with total income at ₹1.40 crore (purely other income)
- Net loss for Q1 FY27 reached ₹6.36 crore, deteriorated by finance costs of ₹7.21 crore
- Company defaulted on OTS instalments of ₹3.76 crore and ₹18.56 crore due to Union Bank of India after paying ₹2.43 crore upfront
- Union Bank of India sold security assets worth ₹3.82 crore on May 18, 2026
- Basic and diluted EPS for the quarter was -₹0.30 per equity share
Shree Ram Proteins Limited has submitted voting results and a scrutinizer's report for a postal ballot approving a Special Resolution under Section 180(1)(a) of the Companies Act, 2013, to sell, lease, or otherwise dispose of the whole or substantially the whole of the undertaking of the company. A total of 17,675,333 votes were cast, with 17,656,004 votes (99.89%) in favor and 19,329 votes against. The approval comes as the distressed company posted zero TTM revenue and holds Rs 37 Cr in debt against a market capitalization of Rs 10 Cr.
- Special Resolution passed to sell, lease, or dispose of the whole or substantially the whole undertaking under Section 180(1)(a)
- Approval passed with 99.89% of polled votes in favor (17,656,004 votes)
- Total votes polled stood at 17,675,333 shares, representing 8.2513% of total share capital
- Voting period ran from August 11, 2026 to September 09, 2026 with 41,240 shareholders on record
Shree Ram Proteins Limited has submitted its confirmation certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended June 30, 2026. The certificate, issued by its Registrar and Transfer Agent MUFG Intime India Pvt. Ltd., confirms that securities received for dematerialisation were processed and confirmed to depositories within prescribed timelines. This is a mandatory, routine quarterly compliance filing with no impact on business operations or financials.
- Compliance certificate submitted under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Covers dematerialisation activities for the quarter ended June 30, 2026
- Issued by Registrar and Transfer Agent MUFG Intime India Private Limited (dated July 1, 2026)
Shree Ram Proteins Limited has submitted a revised scrutinizer report for its EOGM held on March 05, 2026. Shareholders approved Resolution 1 for the sale of the company's undertaking as a material related party transaction, with 7,714,361 valid votes in favour (100% of valid votes) and 8,733,679 invalid votes. Shareholders also approved Resolution 2 to raise capital via Qualified Institutions Placement (QIP) with 16,433,040 votes in favour and 15,000 against. The company is facing severe distress with zero TTM revenue, Rs 37 Cr in debt, and a market capitalization of Rs 10 Cr.
- Resolution 1 (Sale of undertaking as material RPT) passed with 7,714,361 votes in favour (100% of valid votes cast).
- A total of 8,733,679 votes across 7 members were declared invalid for the asset sale resolution.
- Resolution 2 (QIP capital raise) approved with 16,433,040 votes in favour and 15,000 votes against.
- Voting was conducted via remote e-voting and EOGM e-voting for members registered as of February 26, 2026.
Shree Ram Proteins reported zero revenue from operations for both Q1 FY27 (quarter ended June 30, 2026) and the full year FY26. Net loss for Q1 FY27 widened to ₹6.36 Cr (compared to ₹1.82 Cr in Q1 FY26), heavily impacted by finance costs of ₹7.21 Cr. The company defaulted on its One-Time Settlement (OTS) with Union Bank of India after missing scheduled installments of ₹3.76 Cr and ₹18.56 Cr. Consequently, the lender auctioned the company's plant and machinery on May 18, 2026 for ₹3.82 Cr, leading the statutory auditors to issue an adverse opinion with material going-concern uncertainty.
- Revenue from operations remained at ₹0.00 for Q1 FY27 and FY26.
- Q1 FY27 net loss stood at ₹636.40 lakhs, compared to ₹181.94 lakhs in the prior-year period.
- Defaulted on OTS terms after paying ₹242.50 lakhs upfront, missing installments of ₹376.25 lakhs and ₹1,856.25 lakhs.
- Lender auctioned the entire plant and machinery on May 18, 2026 for ₹382.00 lakhs.
- Auditors issued an adverse opinion highlighting pervasive going-concern risks and unverified assets/inventories.
Shree Ram Proteins reported a standalone net loss of ₹6.36 Cr for the quarter ended June 30, 2026, widening from a loss of ₹1.82 Cr in the year-ago period, with zero revenue from operations. Total expenses stood at ₹7.76 Cr, primarily driven by finance costs of ₹7.21 Cr. The company disclosed that it failed to honor its One-Time Settlement (OTS) terms with Union Bank of India, defaulting on installments of ₹3.76 Cr and ₹18.56 Cr after an initial upfront payment of ₹2.43 Cr. Furthermore, the statutory auditors issued an adverse opinion, highlighting that the lender auctioned the entire plant and machinery on May 18, 2026, for ₹3.82 Cr, creating severe going-concern risk.
- Revenue from operations was ₹0 Cr, with a net loss of ₹6.36 Cr (Rs 636.40 lakhs) for Q1 ended June 30, 2026.
- Union Bank of India auctioned the company's entire plant and machinery on May 18, 2026, for ₹3.82 Cr (Rs 382.00 lakhs).
- Company defaulted on OTS commitments, failing to pay the second installment of ₹3.76 Cr and the final installment of ₹18.56 Cr.
- Finance costs rose sharply to ₹7.21 Cr (Rs 720.57 lakhs) during the quarter.
- Auditors issued an adverse conclusion citing non-compliance with Ind AS 1 for going concern and inability to verify inventory and fixed assets.
Shree Ram Proteins Limited (SRPL) has issued a postal ballot notice seeking shareholder approval to sell its primary undertaking, including land and machinery at Rajkot, for approximately ₹17 crore. This transaction is critical as the company currently reports zero TTM revenue and carries a debt of ₹37 crore. The proposed sale value of ₹17 crore represents roughly 121% of the company's current market capitalization of ₹14 crore. Proceeds are intended for debt repayment and working capital to address the company's severe liquidity crunch.
- Proposed sale of the undertaking for an aggregate consideration of approximately ₹17.00 crore
- Sale value exceeds the current market capitalization of ₹14 crore by approximately 21%
- Remote e-voting period scheduled from August 11, 2026, to September 09, 2026
- Proceeds to be utilized for reducing the ₹37 crore debt and meeting working capital needs
- Previous attempt to sell the same property to a related party (Sova Agrotech) was not executed
The Board of Shree Ram Proteins (SRPL) has approved the sale of its entire undertaking for an aggregate consideration of approximately Rs 17.00 crore. This move is significant as the company currently has a market capitalization of just Rs 14 crore and a total debt of Rs 37 crore. The company has reported zero revenue for the last four quarters and is in severe financial distress with a default rating. The sale is subject to shareholder approval via postal ballot and regulatory clearances.
- Proposed sale of the whole or substantially the whole undertaking for Rs 17.00 crore
- Sale consideration represents approximately 121% of the current market capitalization of Rs 14 crore
- Company carries a total debt of Rs 37 crore, meaning the sale proceeds cover only ~46% of total liabilities
- TTM revenue remains at Rs 0 crore as operations have effectively halted due to liquidity constraints
- Shareholder approval to be sought through a Postal Ballot process with remote e-voting
Financial Performance
Revenue Growth by Segment
Total Operating Income collapsed by 90.71% YoY, falling from INR 162.73 Cr in FY2023 to INR 15.11 Cr in FY2024. This drastic decline is attributed to a severe shortage of funds for business operations and raw material procurement in the cotton seed extraction and trading segments.
Geographic Revenue Split
The company is based in Rajkot, Gujarat, which serves as its primary operational hub. While specific regional splits are not disclosed, the 90.71% revenue decline suggests a near-total cessation of trading and manufacturing activities across its domestic markets.
Profitability Margins
Profitability has turned deeply negative; Net Profit Margin (PAT Margin) plummeted from 2.36% in FY2023 to -63.42% in FY2024. This was driven by the inability to cover fixed costs on a significantly reduced revenue base of INR 15.11 Cr.
EBITDA Margin
EBITDA Margin deteriorated from 6.49% in FY2023 to -52.06% in FY2024. The absolute EBITDA shifted from a profit of INR 10.56 Cr to a loss of INR -7.87 Cr, representing a 174.5% decline in core operational profitability.
Capital Expenditure
Not disclosed in available documents. However, the company is currently facing a material shortage of funds for basic operations, suggesting zero or negligible capital expenditure in the current cycle.
Credit Rating & Borrowing
The company is rated 'IVR D; ISSUER NOT COOPERATING' as of June 2025, indicating a state of default. Total debt stands at INR 37.08 Cr. Borrowing costs are not explicitly stated, but the interest coverage ratio has fallen to -5.51x, indicating an inability to service even existing interest obligations.
Operational Drivers
Raw Materials
Key raw materials include cotton seeds (estimated at 70-80% of manufacturing costs), mustard seeds, soya beans, and rice bran used for extraction and trading.
Import Sources
Primarily sourced from Gujarat and surrounding agricultural states in India, given the company's location in Rajkot.
Key Suppliers
Not disclosed in available documents; however, the company typically procures from local farmers and agricultural intermediaries.
Capacity Expansion
Current manufacturing involves cotton seed de-linting, de-hulling, and oil extraction. No expansion is planned as the company is struggling to maintain current operations, evidenced by the 90.7% revenue drop.
Raw Material Costs
Raw material procurement has been severely hampered by a 'shortage of funds,' leading to the massive revenue decline. In FY2023, raw materials and trading goods constituted the bulk of the INR 162.73 Cr turnover, but procurement capacity has since evaporated.
Manufacturing Efficiency
Capacity utilization is estimated to be extremely low (below 10%) given that total operating income fell to just INR 15.11 Cr against a debt of INR 37.08 Cr.
Logistics & Distribution
Distribution of cotton oil and seed cake is primarily focused on the Gujarat region, but volumes have stalled.
Strategic Growth
Expected Growth Rate
0%
Growth Strategy
The company has no immediate growth strategy other than survival. It is seeking to raise funds through a preferential issue of equity/warrants to address a 'shortage of funds' and settle defaults in loan repayments and statutory dues. Growth is contingent on a successful capital infusion and restoring the 'Going Concern' status.
Products & Services
Cotton oil, cotton seed cake, mustard seed oil, rapeseed oil, soya oil, groundnut oil, and De-Oiled Cake (DOC).
Brand Portfolio
Shree Ram Proteins (SRPL).
New Products/Services
No new products are currently being launched due to financial distress.
Market Expansion
Market expansion is currently halted; the company is focused on maintaining its listing and avoiding liquidation.
Market Share & Ranking
Not disclosed; however, the company is a small-cap entity listed on the NSE, previously on the SME platform.
External Factors
Industry Trends
The edible oil industry is growing at 4-5% annually in India, but SRPL is losing market share due to internal financial mismanagement and 'Issuer Not Cooperating' status with credit agencies.
Competitive Landscape
Faces intense competition from large organized players like Adani Wilmar and local unorganized solvent extraction plants.
Competitive Moat
The company lacks a sustainable moat. Its competitive advantage in regional processing has been neutralized by a total lack of liquidity and a default rating (IVR D).
Macro Economic Sensitivity
Highly sensitive to agricultural output in Gujarat and interest rate cycles, as the company carries INR 37.08 Cr in debt with negative interest coverage.
Consumer Behavior
Shift toward branded edible oils could benefit the company if it can stabilize operations, but current focus is purely on debt resolution.
Geopolitical Risks
Minimal direct impact, though global edible oil price volatility affects domestic margins for cotton and soya oil.
Regulatory & Governance
Industry Regulations
Subject to FSSAI standards for edible oils and pollution control board norms for extraction plants. However, the auditor has highlighted defaults in 'statutory dues (including CSR)'.
Taxation Policy Impact
The company is facing challenges in paying statutory dues, which may include GST and corporate tax obligations.
Legal Contingencies
The company is in default of financial covenants of its loan agreements. Auditors have issued an 'Adverse' opinion regarding the 'Going Concern' status, citing material uncertainties that cast significant doubt on the company's ability to continue operations.
Risk Analysis
Key Uncertainties
The primary uncertainty is the 'Going Concern' status. There is a 100% risk of insolvency if the proposed fund-raising (preferential issue) fails to materialize to cover the INR 37.08 Cr debt and operational costs.
Geographic Concentration Risk
100% of manufacturing assets are located in Rajkot, Gujarat, making it highly vulnerable to local crop failures or regional economic shifts.
Third Party Dependencies
High dependency on banks for working capital; currently, all bank facilities (INR 37.25 Cr) are classified under default/non-cooperation categories.
Technology Obsolescence Risk
Low risk in terms of extraction technology, but high risk in terms of digital and financial reporting compliance.
Credit & Counterparty Risk
Severe credit risk; the company has defaulted on loan repayments, and its rating has been reaffirmed at IVR D (Default) in June 2025.
