Andhra Pradesh Tanneries Limited reported a net loss of ₹2.90 lakh for the quarter ended September 30, 2026 (Q2FY27). The company recorded zero revenue from operations, as its manufacturing plant remains non-operational.

The Board of Directors approved the unaudited financial results on October 21, 2026. The loss represents a marginal improvement compared to the ₹3.09 lakh loss in the previous quarter (Q1FY27), but remains consistent with the ₹2.94 lakh loss in Q2FY26. Total income for the quarter stood at ₹0.75 lakh, derived entirely from other income.

Financial performance overview

The company’s inability to generate operational revenue continues to impact its bottom line. Employee benefits expense was negative ₹0.81 lakh in Q2FY27, likely due to reversals or adjustments, while other expenses rose to ₹4.46 lakh from ₹2.87 lakh in Q1FY27.

Balance sheet and cash flow signals

As of September 30, 2026, the company held cash and cash equivalents of ₹6.43 lakh, an increase from ₹1.72 lakh at the end of FY26. This liquidity improvement was driven by net unsecured borrowings of ₹22.90 lakh during the half-year period. However, operating activities consumed ₹18.19 lakh in cash over the six months ended September 30, 2026.

Total assets stood at ₹33.53 lakh, while total liabilities amounted to ₹1,338.85 lakh. Equity remained negative at ₹1,305.32 lakh, reflecting accumulated losses that exceed paid-up capital.

What the numbers show

A critical divergence exists between the company's liquidity position and its solvency. While cash balances increased by ₹4.71 lakh during H1FY27 due to new borrowings, this inflow is insufficient to cover the widening negative equity base of ₹1,305.32 lakh. The company relies entirely on other income and external borrowing to fund operating expenses, as there is no operational cash generation.

Board changes and governance

The Board also approved the appointment of Deepak Uphale as an Additional Director (Non-Executive Independent Director) for a five-year term, subject to shareholder approval and DIN allotment. Additionally, Vibheeshana Rao Busurothu was re-appointed as a Non-Executive Independent Director for a second five-year term starting December 14, 2026.

The statutory auditors, Bhogilal C. Shah & Co., issued a limited review report stating no material misstatements were found in the interim financial statements.

Andhra Pradesh Tanneries Limited (APTL) reported a net loss of ₹14.50 lakh for the financial year ended March 31, 2026. The tannery plant remains non-operational, with losses driven primarily by administrative expenses incurred during the period.

The company is scheduled to hold its 52nd Annual General Meeting on Wednesday, September 30, 2026, at 11:00 am at its registered office in Vizianagaram, Andhra Pradesh. The record date for the meeting has been fixed as September 23, 2026.

E-Voting Details

Shareholders are provided with the facility to cast their votes on all resolutions set forth in the Notice of the AGM using electronic voting system from a place other than the venue of the AGM ("remote e-voting") provided by NSDL. The e-voting shall commence on Sunday, September 27, 2026, at 10:00 am and end on Tuesday, September 29, 2026, at 5:00 pm IST. No e-voting shall be allowed beyond the said date and time and the portal shall be blocked for the same. A vote once cast on the resolution would not be allowed to be changed subsequently.

The voting rights of Members shall be in proportion to the equity shares held by them in the paid-up equity share capital of the Company as on Wednesday, September 23, 2026 ("cut-off date"). Any person who is a Member of the Company as on the cut-off date is eligible to cast a vote on all the resolutions set forth in the Notice of AGM using remote e-voting or voting at the AGM. The facility for voting through electronic voting shall also be made available during the AGM and Members attending the meeting who have not cast their vote by remote e-voting shall be able to exercise their right to vote at the meeting. The members who have cast their vote by remote e-voting prior to the meeting may also attend the meeting but shall not be entitled to cast their vote again.

Any person who acquires shares of the Company and becomes a member of the Company after dispatch of the notice and holding shares as of the cut-off date, may obtain the login ID and password by sending a request at evoting@nsdl.com . However, if you are already registered with NSDL for remote e-voting, then you can use your existing user ID and password for casting your vote. If you forgot your password, you can reset your password by using the "Forgot User Details/Password" option available on www.evoting.net .

Mr. Mitesh Dhabliwala (Membership No. FCS 8331) or, failing him Ms. Sarvari Shah (Membership No. FCS 9697) or M/s Parikh & Associates, Practising Company Secretaries, has been appointed as the Scrutinizer for conducting the e-voting process in a fair and transparent manner. The Results declared along with the Scrutinizer's Report shall be placed on the Company's website www.apit.net.in and on the website of CDSL and communicated to BSE Limited where the shares of the Company are listed. In case of any queries or issues regarding e-voting, please contact Mr. Michael Monteiro, Director, M/s Satellite Corporate Services Private Limited, Tel. No. 022-28520461/62, email ID: service@satellitecorporates.com

Financial Performance

Total income for FY26 stood at ₹5.52 lakh, a significant increase from ₹1.50 lakh in the previous year. This growth was entirely attributable to other income, which rose to ₹5.52 lakh from ₹1.50 lakh in FY25. Revenue from operations remained at nil for both periods.

Total expenses declined to ₹20.02 lakh from ₹28.79 lakh in FY25. The reduction was largely due to the absence of finance costs in the current year, compared to ₹3.75 lakh in the prior year. Employee benefit expenses also fell to ₹2.53 lakh from ₹5.52 lakh.

What the Numbers Show

The narrowing of the net loss from ₹27.29 lakh to ₹14.50 lakh reflects a reduction in operational overheads rather than revenue generation. With zero revenue from operations, the company's total income of ₹5.52 lakh came exclusively from other income sources, including sundry credit balances written back and miscellaneous receipts. This indicates that the entity is currently sustaining itself through administrative wind-down activities and non-operating gains rather than core business functions.

Balance Sheet Position

As of March 31, 2026, the company reported a negative net worth of ₹1,299.33 lakh, an increase from the negative ₹1,284.83 lakh recorded in the previous year. Total assets decreased to ₹28.17 lakh from ₹32.20 lakh. Cash and cash equivalents fell sharply to ₹1.72 lakh from ₹4.88 lakh, signaling continued cash outflows despite the reduction in expenses.

Non-current liabilities remained substantial at ₹1,103.92 lakh, dominated by borrowings of ₹1,100.38 lakh. Current liabilities were relatively stable at ₹223.58 lakh. The auditor highlighted a material uncertainty related to going concern due to the negative net worth and non-operational status.

Corporate Governance

The Board of Directors comprises Ms. Uma Yelavarthy, Mr. Glen Sylvester Mascarenhas, Mr. Vibheeshana Rao Busurothu, and Mr. Narasimha Reddi Akkineni. Mrs. Uma Yelavarthy retires by rotation and offers herself for re-appointment.

Ms. Binita Patel was appointed as Company Secretary and Compliance Officer effective May 1, 2026. The Secretarial Audit Report noted that the company had not appointed a Company Secretary as mandated under Section 203 of the Companies Act, 2013, until this recent appointment. Trading in the company's equity shares remains suspended on BSE Limited.