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.

Impex Ferro Tech Limited has scheduled its 26th Committee of Creditors (CoC) meeting for May 29, 2026, as the company continues to undergo the Corporate Insolvency Resolution Process (CIRP). The meeting is set to take place at 12:00 Hrs IST in hybrid mode, allowing participation both physically and virtually. The physical venue is located at A.K. Sarawagi & Co., Poddar Court, 18, Rabindra Sarani, Gate-3, 5th floor Room No.4, Kolkata-700001.

The disclosure was made to the stock exchanges in compliance with Regulation 30(2) read with sub-clause 16(g) of Para A of Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015. The intimation was addressed to the Listing Departments of BSE Limited and National Stock Exchange of India Limited.

Ashok Kumar Sarawagi, the Resolution Professional for Impex Ferro Tech Limited, signed the intimation on May 27, 2026. Sarawagi holds an IBBI Registration No. of IBBI/IPA-001/IP-P00171/2017-18/10340, with an Authorisation for Assignment valid until December 31, 2026.

Meeting Details