Redmax Footwears Limited (formerly Viaan Industries Limited) reported a net loss of ₹16.97 lakh for FY26, a significant improvement from the ₹32.14 lakh loss recorded in FY25. The footwear manufacturer posted nil revenue from operations during the year under review.

The company has scheduled its 41st Annual General Meeting (AGM) for Wednesday, September 23, 2026. Shareholders will vote on several special business items, primarily seeking approval for material related-party transactions (RPTs) for the upcoming financial year.

Financial Performance

The company's operational inactivity is reflected in its top-line figures. Revenue from operations stood at nil for FY26, compared to ₹2.20 lakh in the previous year. Consequently, total income remained at nil.

Despite the lack of revenue, the company managed to reduce its overall expenses. Total expenses fell to ₹16.83 lakh in FY26 from ₹24.34 lakh in FY25. This reduction contributed to the narrowing of the net loss.

Related-Party Transactions

The AGM agenda includes resolutions to approve RPT limits with promoters and their relatives for FY27. These transactions are intended to facilitate the commencement of business operations.

• Lam N Fab: A limit of up to ₹15 crore for sale and purchase of goods.
• Hemant Jindal: A limit of up to ₹2 crore for loans.
• Monika Jindal: A limit of up to ₹1 crore for loans.
• Hemant Jindal HUF: A limit of up to ₹1 crore for sale and purchase of goods.
• Neha Jindal: A limit of up to ₹1 crore for loans.

All proposed transactions are to be conducted on an arm's length basis and in the ordinary course of business.

What the Numbers Show

The company's balance sheet reveals a reliance on promoter funding amidst operational dormancy. Short-term borrowings increased to ₹40.63 lakh as of March 31, 2026, from ₹29.70 lakh in the previous year. Concurrently, cash and cash equivalents dwindled significantly to just ₹0.19 lakh, down from ₹12.95 lakh. This divergence suggests that despite raising additional debt, the company is burning through its liquid reserves to cover operating expenses, which totaled ₹16.83 lakh in the absence of any revenue inflow.

Corporate Governance and Compliance

The company has shifted its registered office from Mumbai to Delhi. Additionally, the Board reappointed Mrs. Monika Jindal as a Director by rotation.

The Secretarial Audit Report highlighted certain compliance delays, including late submissions of shareholding patterns and compliance certificates to SEBI. However, the statutory auditors, Ashwani & Associates, issued an unmodified opinion on the financial statements.

Redmax Footwears Limited (formerly Viaan Industries Limited) reported a narrowed standalone loss of ₹2.68 lakh for the first quarter of FY27, ending June 30, 2026. This represents a significant improvement from the ₹5.66 lakh loss posted in the corresponding quarter of FY26, driven by a sharp reduction in operating expenses despite continued zero revenue from operations.

The Delhi-based footwear manufacturer’s Board of Directors approved the unaudited financial results during a meeting held on August 12, 2026. The company also reconstituted its Nomination and Remuneration Committee, effective immediately.

Financial Performance

The company logged zero revenue from operations for the quarter, marking the third consecutive quarter without operational income. Total expenses fell to ₹2.68 lakh from ₹5.66 lakh in Q1FY26, a decline of nearly 53%. Employee benefit expenses remained flat at ₹0.60 lakh, while other expenses dropped significantly to ₹1.90 lakh from ₹5.05 lakh in the prior year period. Finance costs increased marginally to ₹0.18 lakh from ₹0.01 lakh.

For the full year ended March 31, 2026, the company reported a total loss of ₹16.97 lakh. The loss per share stood at ₹(0.03) for the current quarter, improving from ₹(0.06) in Q1FY26.

What the Numbers Show

The divergence between revenue and expense trends highlights the company's minimal operational footprint. With revenue at zero and total expenses comprising only employee benefits (₹0.60 lakh) and finance costs (₹0.18 lakh), the remaining ₹1.90 lakh in "other expenses" suggests fixed administrative overheads are the primary driver of the quarterly burn rate. The 53% drop in these other expenses year-on-year indicates successful cost containment measures, though the absence of revenue means the company is not yet generating cash flow from core activities.

Regulatory and Corporate Updates

Statutory auditors Ashwani & Associates issued an unmodified limited review report on the financial statements. However, the report included an "Other Matter" paragraph noting that trading of the company’s equity shares is temporarily restricted on the BSE under Graded Surveillance Measures (GSM) Stage 3 due to procedural reasons.

The company confirmed that its name change from Viaan Industries Limited to Redmax Footwears Limited was approved by the Ministry of Corporate Affairs via letter dated May 5, 2025, and is currently in process with the stock exchange.