Omkar Speciality Chemicals Limited has disclosed delayed standalone financial results for the quarter ended September 30, 2022, through fiscal year 2025, following the National Company Law Tribunal’s (NCLT) approval of its resolution plan on July 31, 2025. The filing, approved by the Board of Directors on August 7, 2026, reveals that the company reported a net loss of ₹190.06 lakh for Q2FY23. The disclosure comes after the company was admitted to the Corporate Insolvency Resolution Process (CIRP) in December 2022, with management transitioning to a new board appointed from January 1, 2026.

The results were reviewed by statutory auditors R.R. Tibrewala & Co., who issued a qualified conclusion citing the company’s negative net worth and ongoing losses. Despite these challenges, the financial statements were prepared on a going concern basis, reflecting the expected revival of operations under the resolution plan submitted by Kshitij Polyline Limited. The filing complies with Regulation 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance Overview

For the quarter ended September 30, 2022, Omkar Speciality Chemicals reported revenue from operations of ₹116.50 lakh, a significant decline from ₹423.10 lakh in the same period last year. Total income stood at ₹117.81 lakh, while total expenses amounted to ₹307.86 lakh. The company incurred a loss before tax of ₹190.06 lakh, which flowed through to the bottom line as no tax expenses were recorded.

The company’s other income for the quarter was ₹1.30 lakh, compared to ₹72.22 lakh in Q2FY22. Employee benefits expense decreased to ₹30.86 lakh from ₹74.52 lakh year-over-year, while finance costs rose to ₹51.23 lakh from ₹148.60 lakh. Depreciation and amortization expenses remained relatively stable at ₹24.56 lakh.

Balance Sheet Position

As of September 30, 2022, the company’s total assets stood at ₹6,897.05 lakh, down from ₹7,217.17 lakh at the end of FY22. Non-current assets included property, plant, and equipment valued at ₹2,548.32 lakh. Current assets comprised trade receivables of ₹151.65 lakh and cash and cash equivalents of ₹10.77 lakh.

On the liabilities side, borrowings increased to ₹22,577.77 lakh from ₹22,551.40 lakh in the previous year. Trade payables remained steady at ₹992.38 lakh. The company’s equity share capital was ₹2,057.80 lakh, but other equity stood at a negative ₹19,375.33 lakh, highlighting the severe erosion of shareholder value during the insolvency period.

What the Numbers Show

The financial data indicates a sharp contraction in operational scale, with revenue dropping by over 70% year-over-year. However, this decline also led to a reduction in absolute losses, with the net loss for Q2FY23 narrowing to ₹190.06 lakh from ₹355.72 lakh in Q2FY22. The decrease in employee benefits and cost of materials consumed suggests a scaled-down operational footprint, likely due to the CIRP proceedings. The stability in borrowings despite negative equity underscores the reliance on debt financing during the resolution process.

Omkar Speciality Chemicals Limited's board approved the sale of two properties located at the MIDC Industrial Area in Badlapur, District Thane, on June 25, 2026. The decision aims to divest specific land holdings to streamline the company's asset portfolio. The approval was conveyed by Mahendra Kumar Jain, Additional Director of Omkar Speciality Chemicals Limited.

Properties Approved for Sale

The board sanctioned the sale of the following plots:

Regulatory Disclosures

The company stated that it will inform the stock exchanges about further developments regarding these sale transactions. Necessary disclosures will be made in accordance with applicable regulations. The filing was submitted to BSE Limited and National Stock Exchange of India Limited on June 25, 2026.