Impex Ferro Tech Limited has issued the notice for its 31st Annual General Meeting (AGM) scheduled for September 30, 2026, to adopt the audited financial results for the fiscal year ended March 31, 2026. The company, currently undergoing the Corporate Insolvency Resolution Process (CIRP), reported a net loss of ₹643.40 lakh for FY26, a reduction from the ₹706.59 lakh loss recorded in the previous year.

Corporate Governance and CIRP Status

The meeting will be held through Video Conferencing or Other Audio Visual Means (VC/OAVM). The primary agenda involves receiving and adopting the Audited Balance Sheet and Statement of Profit and Loss for FY26. No special business is proposed for the meeting.

Since the initiation of CIRP on May 2, 2024, the powers of the Board of Directors have been suspended under Section 17 of the Insolvency and Bankruptcy Code, 2016. Mr. Ashok Kumar Sarawagi serves as the Resolution Professional (RP), having been appointed by the Committee of Creditors (CoC) and ratified by the NCLT, Kolkata Bench, on July 12, 2024. Consequently, no board meetings were convened during the year under review.

Financial Performance

The company recorded zero revenue from operations in FY26, compared to ₹20.79 lakh in FY25. Total revenue stood at ₹100.30 lakh, driven entirely by other income, which rose significantly from ₹17.04 lakh in the prior year. This income was primarily attributed to a receipt on the indemnification of a bank guarantee amounting to ₹100.00 lakh.

Depreciation and amortization expenses remained high at ₹676.46 lakh, largely accounting for the continued erosion of equity. Finance costs were minimal at ₹0.19 lakh. The accumulated losses as on March 31, 2026, stood at ₹46,353.32 lakh, fully eroding the company's net worth.

Resolution Plan Progress

The CoC has approved a resolution plan submitted by Ankoor Distillers Pvt Ltd. This plan has been submitted to the Adjudicating Authority for necessary approval. The future viability of the company as a going concern remains dependent on the approval and implementation of this resolution plan.

What the Numbers Show

The financial statements reveal a complete cessation of core operational activities, with manufacturing plants non-operational since October 2022. The improvement in net loss is not operational but driven by a one-time indemnification receipt of ₹100.00 lakh against bank guarantees. Meanwhile, statutory dues remain unpaid, with undisputed amounts aggregating to ₹292.66 lakh across GST, TDS, and Service Tax, highlighting ongoing compliance challenges during the insolvency process.

Impex Ferro Tech reported a net loss of ₹176.6 lakh for the quarter ended June 30, 2026, widening from a loss of ₹94.2 lakh in the preceding quarter. The Kolkata-based ferro alloys manufacturer recorded zero revenue from operations, as its manufacturing plant has remained shut since October 2022 due to power supply disconnection by the Damodar Valley Corporation (DVC).

The financial results, reviewed by V.K. Tulsyan & Co. LLP under a qualified conclusion, highlight significant operational and legal challenges. Total expenses for the quarter stood at ₹177.3 lakh, primarily driven by depreciation and amortization charges of ₹162.4 lakh. Other income contributed a marginal ₹0.64 lakh, while finance costs were negligible.

Financial Performance

The company’s earnings per share (EPS) stood at (₹0.20) for the quarter, compared to (₹0.11) in the previous quarter. For the full year ended March 31, 2026, the company reported a net loss of ₹643.4 lakh against zero operational revenue.

What the Numbers Show

The absence of operational revenue underscores the prolonged stagnation of the company’s core business. With manufacturing halted for over three years, the company’s cash burn is sustained entirely by non-cash depreciation charges and minimal administrative expenses. The slight quarter-on-quarter increase in net loss is attributable to lower other income in Q1 FY27 (₹0.64 lakh) compared to Q4 FY26 (₹99.05 lakh), rather than an increase in operating costs.

Insolvency Process Updates

Impex Ferro Tech is undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The National Company Law Tribunal (NCLT), Kolkata Bench, extended the CIRP period by 60 days until August 7, 2026.

Key developments in the insolvency proceedings include:

• The Committee of Creditors (COC) approved the resolution plan submitted by Ankoor Distillers Private Limited on July 24, 2026. This plan is currently pending approval by the NCLT.
• The Resolution Professional (RP) admitted claims totaling ₹91,069 lakh from secured financial creditors, including principal amounts and cumulative interest.
• Six resolution plans were received during the process, accompanied by earnest money deposits aggregating to ₹5 crore and one bank guarantee of ₹1 crore.

Auditor Qualifications and Risks

The independent auditor issued a qualified conclusion citing several material uncertainties:

• Going Concern: The company’s accumulated losses exceed its net worth, and liabilities exceed total assets. Continuation as a going concern depends on NCLT approval of the resolution plan.
• Unreconciled Liabilities: Claims submitted by creditors exceeded book values, with no accounting adjustments made for the differences.
• Asset Attachments: Assets valued at ₹660.5 lakh remain attached under the Prevention of Money Laundering Act (PMLA). The Special Court allowed restitution subject to depositing residual amounts after creditor disbursal.
• Statutory Dues: Undisputed statutory dues amounting to ₹292.1 lakh were in arrears as of June 30, 2026, for over six months.
• Bank Balances: Several bank accounts could not be verified due to lack of statements, and ₹36.9 lakh in an Axis Bank account remains frozen under a lien.