Dharti Proteins Limited (formerly Devika Proteins Limited) has announced its unaudited financial results for the quarter and nine months ended December 31, 2025, revealing substantial losses amid ongoing corporate restructuring under insolvency proceedings. The company has also completed newspaper publication of these results in compliance with SEBI regulations.

Financial Performance Overview

The company reported a net loss of ₹34.22 crores for Q3 FY26, significantly higher than the ₹1.16 crore loss recorded in Q3 FY25. The company generated no revenue from operations during the quarter, with other income of ₹0.44 lakhs being the only source of income.

Nine-Month Performance

For the nine months ended December 31, 2025, the company's financial position deteriorated further. The net loss expanded to ₹39.24 crores compared to ₹2.82 crores in the corresponding period of the previous year. Other income for the nine-month period stood at ₹2.93 lakhs against ₹2.43 lakhs in the previous year.

Corporate Restructuring Under NCLT

The company is operating under a Corporate Insolvency Resolution Process (CIRP) following an order dated November 18, 2025, by the Hon'ble National Company Law Tribunal (NCLT), Ahmedabad Bench. The resolution plan submitted by Mr. Jatinbhai Ramanbhai Patel has been approved, bringing significant changes to the shareholding structure.

Under the approved resolution plan:

• Existing public shareholding reduced to 25,000 equity shares
• 50,000 equity shares of ₹10 each proposed for allotment to Financial Creditors
• 4,25,000 equity shares of ₹10 each proposed for allotment to the Successful Resolution Applicant and promoter group

SEBI Compliance and Publication

In accordance with Regulation 30 and 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company has published its standalone unaudited financial results in "Financial Express" in both English and Gujarati languages on March 19, 2026. The newspaper publication was communicated to BSE through a formal compliance letter signed by Company Secretary and Compliance Officer Twinkle Bipinchandra Gajjar.

Auditor Qualifications

The company's statutory auditors, N.S. Nanavati & Co., issued a qualified opinion on the financial results, highlighting several concerns:

• Going Concern Issues: Company has been inoperative for several years with no trading or manufacturing activities
• MSMED Act Compliance: Inability to determine compliance with delayed payment provisions
• Loans and Advances: Outstanding balance of ₹150.46 lakhs with minimal recovery prospects
• Asset Verification: Concerns regarding accuracy and existence of other current assets and liabilities

Key Financial Indicators

The company's financial position reflects significant distress with total assets of ₹232.53 lakhs against total liabilities of ₹378.95 lakhs, resulting in a negative net worth of ₹146.42 lakhs. The paid-up equity share capital remains at ₹1,027.72 lakhs with face value of ₹10 per share.

The Board of Directors approved these financial results at their meeting held on March 18, 2026, with the effects of the resolution plan to be reflected in the financial results for the quarter ending March 31, 2026.

Dharti Proteins Limited (formerly Devika Proteins Limited) has submitted its quarterly compliance certificate under SEBI regulations to BSE Limited, confirming adherence to depository and participant regulations for the quarter ended 31st December, 2025.

Regulatory Compliance Filing

The company filed the mandatory certificate under Regulation 74(5) of the SEBI (Depository and Participants) Regulations, 2018 on 13th March, 2026. Managing Director Jatinbhai Ramanbhai Patel signed the submission letter to BSE Limited's Listing Department, ensuring the exchange maintains updated records of the company's regulatory compliance status.

Registrar Confirmation

System Support Services, serving as the company's Registrar and Share Transfer Agent, issued the confirmation certificate from their Mumbai office. The registrar confirmed that all securities received from depository participants for dematerialization during Q3 FY26 were properly processed and either accepted or rejected to the depositories as required.

The certificate validates that securities comprised in the dematerialization certificates have been listed on stock exchanges where the company's previously issued securities are already listed. Additionally, the registrar confirmed compliance with procedural requirements for certificate handling and member register updates.

Dematerialization Process Compliance

The regulatory filing confirms adherence to key dematerialization protocols during the quarter. Security certificates received for dematerialization were mutilated and cancelled after due verification by depository participants, ensuring proper document handling as per SEBI guidelines.

Key compliance confirmations include:

• Proper acceptance or rejection of securities to depositories
• Listing of securities on appropriate stock exchanges
• Timely mutilation and cancellation of physical certificates
• Substitution of depository names in the register of members within 30 days

Company Information

Dharti Proteins Limited operates from its registered office in Ahmedabad, Gujarat, with CIN L67120GJ1994PLC022199. The company maintains its compliance communications through designated email channels and contact numbers as specified in the regulatory filing. The submission represents part of the company's ongoing quarterly regulatory obligations to maintain its listing status and ensure transparency in depository operations.