Seya Industries Limited reported a narrowed net loss of ₹225.52 lakh for the financial year ended March 31, 2026, compared to a net loss of ₹630.69 lakh in the previous year. The company, which is under Corporate Insolvency Resolution Process (CIRP), recorded nil revenue from operations for the year, while other income rose to ₹1,664.75 lakh from ₹1,507.20 lakh in FY25. The statutory auditors issued an unmodified opinion on the standalone financial results approved by the Interim Resolution Professional (IRP) on May 29, 2026.

Total income for FY26 stood at ₹1,664.75 lakh, a slight increase from ₹1,507.20 lakh in the preceding year. The company's total expenses decreased to ₹2,177.68 lakh in FY26 from ₹2,328.14 lakh in FY25. Employee benefit expenses reduced to ₹161.93 lakh from ₹202.16 lakh, while depreciation and amortisation expenses increased to ₹1,903.67 lakh from ₹1,796.38 lakh. Other expenses also declined significantly to ₹112.08 lakh from ₹329.60 lakh in the previous year.

Financial Performance

The company reported a basic and diluted earnings per share (EPS) of (1.08) for FY26, an improvement over the (2.37) reported in FY25. For the quarter ended March 31, 2026, the net loss was recorded at ₹48.55 lakh, with total income of ₹380.75 lakh derived entirely from other income. The half-year ended March 31, 2026, reflected a total income of ₹761.75 lakh and a net loss of ₹132.50 lakh.

Assets and Liabilities

As of March 31, 2026, the company's total assets stood at ₹160,549.38 lakh, marginally lower than ₹160,782.96 lakh in the previous year. Non-current assets, dominated by capital work-in-progress of ₹79,620.58 lakh and property, plant, and equipment of ₹63,334.35 lakh, totaled ₹158,204.45 lakh. Current assets decreased to ₹2,344.93 lakh from ₹2,655.25 lakh, primarily due to a reduction in other current assets.

On the liabilities side, total equity decreased to ₹81,843.63 lakh from ₹82,131.04 lakh. Borrowings remained stable at ₹69,602.18 lakh for non-current liabilities and ₹7,696.65 lakh for current liabilities. Total current liabilities increased slightly to ₹9,103.57 lakh from ₹9,050.24 lakh.

Cash Flow Statement

The cash flow statement for FY26 revealed a net decrease in cash and cash equivalents of ₹0.58 lakh. Cash used in operating activities was ₹1,665.82 lakh, while cash generated from investing activities was ₹1,664.75 lakh, primarily attributed to other non-operating income. Financing activities resulted in a net cash inflow of ₹0.50 lakh. Cash and cash equivalents at the end of the year stood at ₹82.13 lakh.

The financial results were reviewed by the Independent Committee constituted by the IRP and approved by Bhavesh Mansukhbhai Rathod, the Interim Resolution Professional. Thacker Butala Desai, Chartered Accountants, provided the independent auditor's report confirming compliance with Regulation 33 of the SEBI Listing Regulations.

Seya Industries has found itself at the center of a regulatory tussle, with its top officials receiving a temporary reprieve from the Securities Appellate Tribunal (SAT) against a recent SEBI order.

SAT Grants Interim Relief

The Securities Appellate Tribunal has issued an interim order directing the Securities and Exchange Board of India (SEBI) to refrain from taking action until the next hearing, scheduled for September 8, 2025. This development comes in response to an appeal filed by four company officials against a SEBI order dated May 2, 2025.

Key Officials Involved

The appeal was filed by:

• Mr. Ashok Ghanshyamdas Rajani
• Mr. Asit Kumar Bhowmik
• Mr. Sivaprasada Rao Buddi
• Mr. Amrit Ashok Rajani

These individuals sought relief from the regulatory action imposed by SEBI earlier this year.

Timeline of Events

Company's Disclosure

In compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Seya Industries' Interim Resolution Professional, CA. Bhavesh Rathod, disclosed the SAT order to the stock exchanges on August 26, 2025.

Implications and Next Steps

While the interim order provides temporary relief to the appellants, the matter remains pending before the tribunal. The outcome of the September 8 hearing could have significant implications for both the company officials and Seya Industries as a whole.

Investors and market participants will be closely watching the developments in this case, as it could impact the company's governance and regulatory compliance standing. As the situation unfolds, Seya Industries remains under the supervision of an Interim Resolution Professional, indicating ongoing challenges for the company.

The stock market's reaction to these developments will be crucial to monitor in the coming days, as regulatory actions often have a substantial impact on investor sentiment and share price performance.