Crysdale Industries Reports Wider FY26 Net Loss; Revenue Declines
Crysdale Industries reported a wider consolidated net loss of ₹23.12 lakhs for FY26 as revenue fell to ₹0.23 lakhs. The company submitted the newspaper publication extract for these audited results to BSE on May 20, 2026.
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Crysdale Industries Limited (formerly known as Relson India Limited) held its Board of Directors meeting on May 18, 2026, wherein the board considered and approved the audited financial results — both standalone and consolidated — for the quarter and year ended March 31, 2026, in compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The statutory auditors, JMMK & Co. (earlier known as JMK & Co.), issued their reports with unmodified opinions on both standalone and consolidated financial results. The results were signed by Swati Sahukara, Director (DIN: 06801137), as authorised by the Board. Following the approval, the company submitted the extract of the newspaper publication for these financial results to BSE Limited on May 20, 2026, pursuant to Regulation 47 of the SEBI Listing Regulations. The advertisements were published in Business Standard and Pratakhkal.
Consolidated Financial Performance
On a consolidated basis, Crysdale Industries reported a significant deterioration in its financial performance. Total revenue declined sharply to ₹0.23 lakhs for the year ended March 31, 2026, compared to ₹4.56 lakhs in the previous year, as revenue from operations fell to nil from ₹4.30 lakhs. Total expenditure remained broadly stable at ₹23.35 lakhs versus ₹23.94 lakhs in the prior year, driven primarily by employee benefit expenses of ₹14.26 lakhs and other expenses of ₹9.09 lakhs. The consolidated net loss widened to ₹23.12 lakhs from ₹19.37 lakhs in the previous year.
The following table summarises the consolidated financial results (Rs. in Lakhs):
| Metric: | Q4 FY26 (Audited) | Q3 FY26 (Unaudited) | Q4 FY25 (Audited) | FY26 (Audited) | FY25 (Audited) |
|---|---|---|---|---|---|
| Revenue from Operations: | - | - | 1.64 | - | 4.30 |
| Other Income: | 0.03 | - | 0.07 | 0.23 | 0.26 |
| Total Revenue: | 0.03 | - | 1.71 | 0.23 | 4.56 |
| Employee Benefits Expenses: | 5.26 | 3.00 | 2.70 | 14.26 | 10.80 |
| Other Expenses: | 7.57 | 0.24 | 4.53 | 9.09 | 10.97 |
| Total Expenditure: | 12.83 | 3.24 | 9.26 | 23.35 | 23.94 |
| Net Loss: | (12.80) | (3.24) | (7.55) | (23.12) | (19.37) |
| Basic EPS (₹): | (0.78) | (0.20) | (0.46) | (1.40) | (1.17) |
| Diluted EPS (₹): | (0.78) | (0.20) | (0.46) | (1.40) | (1.17) |
Standalone Financial Performance
The standalone results mirror the consolidated performance closely, with total revenue at ₹0.23 lakhs for the year ended March 31, 2026, compared to ₹4.56 lakhs in the prior year. Revenue from operations was nil versus ₹4.30 lakhs previously. Total standalone expenditure stood at ₹23.19 lakhs against ₹23.65 lakhs, with employee benefit expenses at ₹14.26 lakhs and other expenses at ₹8.93 lakhs. The standalone net loss for the year widened to ₹22.96 lakhs from ₹19.09 lakhs in the previous year.
| Metric: | Q4 FY26 (Audited) | Q3 FY26 (Unaudited) | Q4 FY25 (Audited) | FY26 (Audited) | FY25 (Audited) |
|---|---|---|---|---|---|
| Revenue from Operations: | - | - | 1.64 | - | 4.30 |
| Other Income: | 0.03 | - | 0.07 | 0.23 | 0.26 |
| Total Revenue: | 0.03 | - | 1.71 | 0.23 | 4.56 |
| Employee Benefits Expenses: | 5.26 | 3.00 | 2.70 | 14.26 | 10.80 |
| Other Expenses: | 7.44 | 0.24 | 4.53 | 8.93 | 10.68 |
| Total Expenditure: | 12.70 | 3.24 | 9.26 | 23.19 | 23.65 |
| Net Loss: | (12.67) | (3.24) | (7.55) | (22.96) | (19.09) |
| Basic EPS (₹): | (0.77) | (0.20) | (0.46) | (1.39) | (1.16) |
| Diluted EPS (₹): | (0.77) | (0.20) | (0.46) | (1.39) | (1.16) |
Balance Sheet Highlights
The consolidated balance sheet as at March 31, 2026 reflects total assets of ₹485.57 lakhs, up from ₹446.38 lakhs as at March 31, 2025, driven primarily by an increase in loans under non-current financial assets to ₹464.19 lakhs from ₹437.72 lakhs. Total equity declined to ₹388.25 lakhs from ₹411.37 lakhs, reflecting the accumulated losses for the year. Long-term borrowings rose significantly to ₹81.61 lakhs from ₹0.06 lakhs, while current liabilities declined to ₹15.71 lakhs from ₹34.95 lakhs. On a standalone basis, total assets stood at ₹485.21 lakhs as at March 31, 2026, compared to ₹445.87 lakhs in the prior year. Total standalone equity was ₹388.20 lakhs versus ₹411.16 lakhs previously, with long-term borrowings at ₹81.61 lakhs against nil in the prior year.
| Parameter: | Consolidated FY26 | Consolidated FY25 | Standalone FY26 | Standalone FY25 |
|---|---|---|---|---|
| Total Assets (₹ Lakhs): | 485.57 | 446.38 | 485.21 | 445.87 |
| Total Equity (₹ Lakhs): | 388.25 | 411.37 | 388.20 | 411.16 |
| Long-term Borrowings (₹ Lakhs): | 81.61 | 0.06 | 81.61 | - |
| Cash & Cash Equivalents (₹ Lakhs): | 2.71 | 1.41 | 1.84 | 1.38 |
| Equity Share Capital (₹ Lakhs): | 165.00 | 165.00 | 165.00 | 165.00 |
Cash Flow Summary
The consolidated cash flow statement for the year ended March 31, 2026 shows a net cash outflow from operating activities of ₹53.78 lakhs, a sharp reversal from a net inflow of ₹0.55 lakhs in the prior year. Cash outflow from investing activities stood at ₹26.47 lakhs, primarily on account of loans given, while financing activities generated a net inflow of ₹81.55 lakhs through proceeds from borrowings. Net cash and cash equivalents increased by ₹1.29 lakhs during the year, closing at ₹2.71 lakhs. On a standalone basis, net cash outflow from operating activities was ₹54.68 lakhs versus a net inflow of ₹1.53 lakhs in the prior year. Investing activities recorded an outflow of ₹26.47 lakhs, while financing activities contributed an inflow of ₹81.61 lakhs. Standalone cash and cash equivalents closed at ₹1.84 lakhs, up from ₹1.38 lakhs at the beginning of the year.
Auditor's Report and Compliance
The statutory auditors, JMMK & Co. (Chartered Accountants, ICAI Firm Reg. No. 120459W), represented by CA Jitendra Doshi (Membership No. 151274), issued unmodified audit opinions on both the standalone and consolidated financial results. The audit was conducted in accordance with the Standards on Auditing specified under Section 143(10) of the Companies Act, 2013. The consolidated results include one subsidiary, Wergreen Industries Private Limited, whose unaudited financial statements reflect total assets of ₹0.87 lakhs as at March 31, 2026, with a net loss after tax of ₹0.13 lakhs for the quarter and ₹0.16 lakhs for the year ended on that date. The company operates in a single business segment and accordingly, no separate segment reporting is applicable under Ind AS 108. The intimation to BSE Limited was digitally signed by Kavita Jain, Company Secretary and Compliance Officer (Membership Number: A63116).
With revenue from operations falling to nil in FY26 and long-term borrowings surging to ₹81.61 lakhs, what is Crysdale Industries' strategy for resuming business operations and achieving revenue generation in FY27?
Given that loans under non-current financial assets have grown to ₹464.19 lakhs against a backdrop of zero operating revenue, what is the nature of these loans and could they pose a liquidity or recovery risk for the company?
How long can Crysdale Industries sustain its operations given the widening net losses, near-zero cash reserves of ₹2.71 lakhs, and continued employee benefit expenses of over ₹14 lakhs annually without any operating income?
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