Dharti Proteins Limited reported a net loss of ₹84.65 lakh for the financial year ended March 31, 2026, following the implementation of a resolution plan approved by the National Company Law Tribunal (NCLT). The company's Board of Directors approved the audited standalone financial results for the quarter and year ended March 31, 2026, at a meeting held on May 29, 2026. The statutory auditors, M/s. N. S. Nanavati & Co., issued an unmodified opinion on the results, though they drew attention to the extinguishment of liabilities and restructuring of equity pursuant to the resolution plan.

Financial Performance

The company recorded zero revenue from operations for the quarter and year ended March 31, 2026. Total revenue stood at ₹0.04 lakh for the quarter and ₹2.97 lakh for the year, derived solely from other income. Total expenses for the year were ₹17.61 lakh, up from ₹7.87 lakh in the previous year. The company reported an exceptional item of ₹70.01 lakh for the year, primarily relating to the waiver and extinguishment of liabilities under the resolution plan. Consequently, the profit for the period from continuing operations was a loss of ₹84.65 lakh for FY26, compared to a loss of ₹0.67 lakh in FY25.

Key Financial Metrics

Resolution Plan Impact

The financial results reflect the impact of the resolution plan approved by the Hon'ble NCLT, Ahmedabad Bench, on November 18, 2025. Pursuant to the plan, the company's paid-up equity share capital was restructured, involving the cancellation of existing shares and the issuance of fresh equity. The public shareholding was reduced to 25,000 equity shares, while 50,000 equity shares were allotted to Financial Creditors and 4,25,000 equity shares were allotted to the Successful Resolution Applicant and its group of promoters. As a result, the paid-up equity share capital as of March 31, 2026, stood at ₹50 lakh, compared to ₹1,027.72 lakh in the previous year.

Balance Sheet and Cash Flows

The company's total assets decreased to ₹72.30 lakh as of March 31, 2026, from ₹670.06 lakh in the prior year, largely due to the write-off of receivables and other assets. Total equity turned negative at ₹263.62 lakh. Cash and cash equivalents decreased significantly to ₹3.29 lakh from ₹129.90 lakh, primarily due to cash used in operations. The net cash outflow from operating activities was ₹470.10 lakh, while investing activities provided a net inflow of ₹311.80 lakh, mainly from investments in fixed deposits.

Dharti Proteins Limited has filed its Thirty-First Annual Report for the financial year 2024-25 with the Bombay Stock Exchange. The communication, dated May 13, 2026, clarifies that the company had undergone the Corporate Insolvency Resolution Process (CIRP) and was subsequently revived following an order by the National Company Law Tribunal, Ahmedabad Bench, on November 18, 2025. The new management took over the company's affairs on December 19, 2025, and has since focused on stabilizing operations and regularizing compliance.

Financial Performance

The company reported a net loss of ₹0.66 lakh for the year ended March 31, 2025, compared to a net loss of ₹19.01 lakh in the previous year. Income from operations remained nil for both years, while other income stood at ₹7.20 lakh for 2024-25 against nil in the prior year. Total expenditure for the year was ₹7.87 lakh, down from ₹19.01 lakh in 2023-24. The basic and diluted earnings per share (EPS) for the year was reported at (0.01), an improvement from (0.18) in the previous year.

Auditor's Observations

The Independent Auditor’s Report issued by N.S. Nanavati & Co. carries a qualified opinion. The auditors noted that the company has been inoperative for several years with no trading or manufacturing activities. They highlighted substantial doubt regarding the company's ability to continue as a going concern due to negative financial indicators and the absence of formal financial support. Additionally, the report cited non-compliance with the maintenance of accounting software audit trails and outstanding statutory dues, including income tax and sales tax amounts pending for more than six months.

Compliance and Governance

The company stated that the delay in filing the annual report was due to the circumstances prevailing during the CIRP period and the subsequent transition. The present management has taken steps to complete the requisite compliance as a measure of good corporate governance. The company remains committed to adhering to all statutory and regulatory requirements and strengthening its compliance framework going forward.