Ballarpur Industries Limited has announced its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The Board of Directors approved the results during a meeting held on May 22, 2026. The company's statutory auditors, M/s. Batliboi & Purohit, issued a qualified opinion on the standalone financial statements and a disclaimer of opinion on the consolidated financial statements.

Standalone Financial Performance

For the financial year ended March 31, 2026, Ballarpur Industries reported a total income of ₹7,792.98 lakh, a decrease from ₹8,330.10 lakh in the previous year. The company’s total expenses for the year stood at ₹23,014.35 lakh, leading to a net loss of ₹13,466.75 lakh. In the previous year, the company had recorded a net loss of ₹6,675.70 lakh.

For the quarter ended March 31, 2026, the total income was ₹6,316.91 lakh, while total expenses amounted to ₹11,828.29 lakh, resulting in a net loss of ₹3,756.76 lakh for the quarter.

Audit Qualifications and Going Concern

The auditors issued a qualified opinion on the standalone financial results. The qualification arises because the National Stock Exchange of India (NSE) and Bombay Stock Exchange (BSE) have imposed fines on the company for delays in compliance with various regulations. The company has filed an Interlocutory Application before the National Company Law Tribunal (NCLT) seeking an exemption for these filings and has not made provisions for the potential penalties, stating that the loss and reserves are consequently understated and overstated respectively.

Despite the losses, the financial statements have been prepared on a going concern basis. The management believes that the new management, which took over control, has infused substantial funds to settle dues and revive operations. Commercial production from the factory reportedly started in December 2025.

Consolidated Results and Auditor’s Disclaimer

The auditors issued a disclaimer of opinion on the consolidated financial results. This was due to the inability to obtain sufficient appropriate audit evidence regarding certain subsidiaries and associates, including Avantha Agritech Limited and Mirabelle Trading Pte. Ltd., whose financial statements were not available. Additionally, the consolidated results include the group's share of profit from an associate based on provisional statements.

The consolidated financial results for the year ended March 31, 2026, reported a total income of ₹1,29,501.61 lakh and a net loss of ₹1,28,943.70 lakh for the year.

Other Board Decisions

Alongside the financial results, the Board appointed M/s. Todarwal & Todarwal LLP as the Internal Auditor of the company for the financial year 2026-2027. The company also disclosed that it had redeemed 4,468 secured redeemable non-convertible debentures aggregating to ₹4,468 lakh during the quarter ended March 31, 2026.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE294A01037/0fa316ec665340ec.pdf

Ballarpur Industries Limited convened its 79th Annual General Meeting (AGM) on Monday, May 11, 2026, via Video Conferencing / Other Audio-Visual Means (VC/OAVM). The meeting commenced at 1:05 P.M. (IST) and concluded at 1:26 P.M. (IST), with the deemed venue being the company's registered office at 602, 6th Floor, Boston House, Suren Road, Andheri (East), Mumbai – 400093. A total of 67,151 shareholders were on record as of the cut-off date of May 04, 2026, with 1 promoter and 48 public shareholders attending through video conferencing. All three ordinary resolutions placed before the members were passed with the requisite majority.

Chairman's Address and Key Developments

Mr. Hardik Bharat Patel, Chairman & Whole-Time Director, presided over the meeting and welcomed members in attendance. He briefed members on significant corporate developments, including the completion of the Corporate Insolvency Resolution Process (CIRP) and the implementation of the approved Resolution Plan submitted by Finquest Financial Solutions Private Limited, as sanctioned by the Hon'ble NCLT, Mumbai Bench, vide order dated March 31, 2023. The Chairman also apprised members of the constitution and tenure of the Monitoring Committee, the takeover of the company by the Resolution Applicant, the subsequent appointment of the new Board of Directors, and efforts by the new management toward revival of operations and preparation of pending financial statements. He further noted that the Auditors' Report and Secretarial Audit Report contained certain observations and qualifications, which were duly explained in the Annual Report.

Board and Key Executives in Attendance

The following directors and key officials were present at the meeting:

E-Voting Process

Ms. Surbhi Dinesh Chachada briefed members on the e-voting facility provided pursuant to Section 108 of the Companies Act, 2013, and Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, through the NSDL platform. The company fixed May 04, 2026 as the cut-off date for determining eligible voters. Remote e-voting commenced at 9:00 A.M. (IST) on Wednesday, May 06, 2026, and concluded at 5:00 P.M. (IST) on Sunday, May 10, 2026. Mr. Viral Sanghavi of M/s. Viral Sanghavi & Associates (Membership No. FCS 10331 & CP No. 9035) was appointed as Scrutinizer to oversee the remote e-voting and e-voting process during the AGM in a fair and transparent manner. The votes cast through remote e-voting and e-voting at the AGM were unblocked at 01:39 P.M. on Monday, May 11, 2026, after the conclusion of the meeting.

Business Transacted

Three ordinary resolutions were placed before the members as set out in the AGM Notice. The overall shareholder participation stood at 90.1193% of outstanding shares, with 49,565,641 total votes polled out of 55,000,000 shares. The following resolutions were considered:

Voting Results

CS Viral Sanghavi, in his Consolidated Scrutinizer's Report dated May 12, 2026, confirmed that all three resolutions were passed with the requisite majority. The detailed voting outcome for each resolution is presented below.

Resolution 1 – Adoption of FY24 Financial Statements

113 members voted in favour with 49,565,574 valid votes (100.00%), while 4 members voted against with 67 votes (0.00%). No invalid votes were recorded.

Resolution 2 – Re-appointment of Mr. Parashiva Murthy B S

110 members voted in favour with 49,564,607 valid votes (100.00%), while 6 members voted against with 1,028 votes (0.00%). No invalid votes were recorded.

Resolution 3 – Ratification of Remuneration of Cost Auditors

109 members voted in favour with 49,565,559 valid votes (100.00%), while 7 members voted against with 76 votes (0.00%). No invalid votes were recorded.

Shareholder Queries and Closure

Ms. Surbhi Dinesh Chachada informed members that shareholders had been given the opportunity to submit queries via email ahead of the AGM. As the registered speaker shareholder did not join the meeting, members were requested to direct their queries to sectdiv@biltpaper.in . The Chairman thanked members for their continued cooperation and expressed gratitude to all stakeholders, employees, government authorities, and regulatory bodies before formally closing the meeting at 1:26 P.M. (IST). The voting results along with the Scrutinizer's Report have been submitted to BSE Limited and National Stock Exchange of India Limited, and are being uploaded on the company's website at www.biltpaper.in and on the NSDL website, within the statutory time limits.