Nilachal Refractories Limited concluded its Board of Directors meeting on Tuesday, August 25, 2026, approving the notice for its 49th Annual General Meeting (AGM) and appointing two new Non-Executive Independent Directors. The session began at 11:30 am and ended at 12:30 noon at the company’s registered office in Kolkata.

AGM Details

The Board approved the convening of the 49th AGM on Saturday, September 26, 2026, at 11:30 am. The meeting will be conducted through Video Conferencing (VC) or Other Audio Visual Means (OAVM). The Annual Report for the year ended March 31, 2026, will be sent to members separately.

Key logistical details approved by the Board include:

• Record Date: September 19, 2026
• Book Closure Period: September 19, 2026, to September 26, 2026 (both days inclusive)
• Voting: Remote e-voting and e-voting during the AGM will be available.

Director Appointments

The Board considered and approved the following appointments, subject to shareholder approval:

Mr. Mukesh Kumar Shaw, Company Secretary & Compliance Officer, issued the communication pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015.

Nilachal Refractories Limited reported a net loss of ₹313.84 lakh for the quarter ended June 30, 2026, marking a significant widening from the ₹42.10 lakh loss recorded in the same period of FY25. The company’s financial performance was heavily impacted by non-recurring charges related to the winding down of its manufacturing business, which has been classified as discontinued operations.

Discontinued Operations Drive Losses

The primary driver of the quarterly loss was the remeasurement of assets held for sale. Following shareholder approval in May 2026 to sell the undertaking, the company classified its property, plant, and equipment as assets held for sale under Ind AS 105. Subsequent agreements with vendors led to a recognition of a ₹183.62 lakh loss on the measurement of the disposal group to fair value less cost to sell.

Additionally, the company recognized a ₹59.72 lakh write-down of inventories associated with the discontinued operations. These items combined resulted in a post-tax loss from discontinued operations of ₹258.38 lakh for the quarter, compared to a profit of ₹11.37 lakh in the preceding quarter ended March 31, 2026.

Continuing Operations Remain Under Pressure

From continuing operations, the company posted a loss before tax of ₹52.99 lakh, up from a loss of ₹36.36 lakh in Q1FY25. Total income from continuing operations stood at ₹15.23 lakh, comprising entirely of other income as revenue from operations remained nil. This contrasts with total expenses of ₹68.22 lakh, which included employee benefits of ₹3.74 lakh and finance costs of ₹20.92 lakh.

What the Numbers Show

The financial data reveals a stark divergence between operating income and expense structure in continuing operations. While other income surged to ₹15.23 lakh from ₹1.56 lakh year-on-year, it was insufficient to cover finance costs alone, which more than doubled to ₹20.92 lakh. This indicates that despite the cessation of revenue-generating activities, the cost of capital remains a significant drag on the balance sheet, contributing to the persistent operational losses even before accounting for the massive asset write-downs in discontinued segments.

Delisting Process Ongoing

Nilachal Refractories is currently in the process of delisting its equity shares from the BSE and CSE pursuant to an Open Offer-cum-Delisting Offer made by an acquirer. The acquisition and delisting are being conducted in accordance with the Companies Act, 2013, and SEBI (Delisting of Equity Shares) Regulations, 2021. The results were approved by the Board of Directors on June 8, 2026, and considered by the Audit Committee on August 14, 2026.