Rathi Bars Limited reported a net loss of ₹1,152.26 lakh for the financial year ended March 31, 2026, as revenue from operations declined to ₹36,859.90 lakh from ₹49,628.82 lakh in the previous year. The company’s board approved the standalone audited financial results for the quarter and year ended March 31, 2026, during a meeting held on May 28, 2026. M/s MASAR & Co., the statutory auditor, issued an audit report with a modified opinion, citing material uncertainties regarding the company's ability to continue as a going concern due to suspended operations and significant financial defaults.

Financial Performance and Audit Qualifications

The company reported a total income of ₹36,991.51 lakh for FY26 against ₹49,770.58 lakh in FY25. Total expenses increased to ₹38,217.16 lakh from ₹49,418.99 lakh. The auditor highlighted that the company has defaulted on repayments for Cash Credit facilities from Axis Bank and Yes Bank, with outstanding balances of ₹60.08 crore and ₹19.68 crore respectively. Additionally, a term loan of ₹4.07 crore from HDFC Bank has been in default since January 2026. The auditor also noted that ₹64.21 crore remains outstanding towards TReDS financiers and is under litigation. Consequently, the financial statements do not bear the signature of the Company Secretary, a position that has been vacant since March 22, 2026.

Operational Status and Revival Efforts

The board reviewed and noted that manufacturing operations continue to remain suspended. The suspension was attributed to income-tax search proceedings, environmental restrictions, and a significant increase in power tariffs. Regarding revival, the board noted that a writ petition has been filed before the Hon’ble Rajasthan High Court for the re-commencement of operations. The board approved the continuation of interim arrangements for the payment of fixed and unavoidable expenses.

Debt and Lender Coordination

Discussions with bankers and lenders regarding moratorium, restructuring, and fresh credit facilities are ongoing. The board reviewed pending debt and interest servicing obligations but noted no material change since the last meeting. The company has not received balance confirmations or status confirmations from Axis Bank, Yes Bank, or HDFC Bank up to the date of the audit report.

Provisions and Board Decisions

Acting on the recommendation of the statutory auditors, the board approved the creation of provisions for doubtful and disputed debtors. The management created a provision amounting to 25% of the disputed trade receivables balance, which aggregates to approximately ₹30 crore. The board also took note of the progress made by professional advisors Ernst & Young (E&Y) and legal advisors Menon & Associates.

Rathi Bars Limited has submitted a regulatory disclosure to BSE Limited confirming that no encumbrance was created on promoter shares during the financial year 2025-26. The declaration, made under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, was filed on April 22, 2026.

Regulatory Compliance Declaration

The disclosure covers all entities belonging to the promoter and promoter group of Rathi Bars Limited. Managing Director Anurag Rathi signed the declaration on behalf of the entire promoter group, stating that no encumbrance was created on the company's shares held directly or indirectly during FY26.

Promoter Group Structure

The promoter group comprises 21 entities, including both individuals and corporate entities:

Individual Promoters

The individual promoters include:

• Anurag Rathi HUF
• Pushpa Rathi
• Parnika Rathi
• Nandita Rathi
• Anurag Rathi
• Uddhav Rathi
• Advika Rathi
• Devanshi Rathi

Corporate Entities

The promoter group includes 13 private limited companies spanning various business sectors:

• Bhuwneshwari Leasing and Finance Private Limited
• Eleventh Hour Leasing and Finance Private Limited
• Maryada Holdings Private Limited
• Parnika Investments Private Limited
• Pranika Leasing and Finance Private Limited
• Rathi Overseas Private Limited
• Vasudev Exports Private Limited
• Sarveshwar Cereals Private Limited
• Amrit Krishi Farms Private Limited
• Rathi Breweries Private Limited
• Uddhav Leasing and Finance Private Limited
• Uddhav Investments Private Limited
• Pushpkamal Enterprises Private Limited

Company Information

Rathi Bars Limited operates from its registered office at A-24/7, Mohan Co-operative Industrial Estate, New Delhi-110044. The company trades on BSE Limited under scrip code 532918 with the symbol RATHIBAR. The disclosure was also copied to the company's Audit Committee as part of standard governance procedures.

This regulatory filing ensures transparency and compliance with SEBI requirements for listed companies regarding promoter shareholding and encumbrance disclosures.