VXL Instruments Limited reported a net loss of ₹48.29 lakh for the fiscal year ended March 31, 2026, a substantial improvement from the ₹652.51 lakh loss recorded in FY25. The company will convene its 40th Annual General Meeting on October 26, 2026, to adopt these audited financial statements.

This convening marks a step toward normalizing statutory compliances after the Corporate Insolvency Resolution Process (CIRP). The reduction in losses was driven by the absence of the massive bad debt write-offs that characterized the previous year, despite revenue collapsing further to ₹7.55 lakh due to continued operational suspension.

Financial Performance Context

The company’s financial position in FY26 reflected severe operational disruption due to the insolvency proceedings initiated in November 2024. Revenue from operations fell 88.6% YoY to ₹7.55 lakh, consisting entirely of scrap sales, while total income dropped to ₹23.79 lakh from ₹82.04 lakh in the previous year. Employee benefit expenses were nil as the workforce exited during the process.

What the Numbers Show

The narrowing of net loss from ₹652.51 lakh in FY25 to ₹48.29 lakh in FY26 is primarily attributable to the non-recurrence of exceptional items. In FY25, the company booked an exceptional item of ₹554.69 lakh related to bad debt write-offs. In FY26, exceptional items were limited to a net charge of ₹21.75 lakh, comprising write-offs of Property, Plant and Equipment and cash balances. Excluding these non-recurring charges, the underlying operating loss remained significant, with Profit before Tax (before exceptional items) standing at (₹26.55) lakh in FY26 compared to (₹97.82) lakh in FY25, indicating a continued lack of core business activity.

Resolution Plan Implementation

The NCLT Mumbai Bench approved the resolution plan submitted by NG Organics Private Limited and Nitinbhai Govindbhai Patel on September 9, 2026. Consequently, the CIRP has concluded, and the company has entered the implementation stage under the supervision of a Monitoring Committee chaired by Jayanti Lal Jain. The committee is tasked with completing pending statutory compliances, including the overdue AGMs for FY25 and FY26.

Meeting Logistics and Voting

The 40th AGM will be held virtually at 4:00 pm IST. Physical attendance and proxy appointments are dispensed with in compliance with MCA and SEBI circulars. Shareholders can cast votes through remote e-voting during the window from October 22 to October 25, 2026.

The e-voting facility is provided by Bigshare Services India Private Limited. M/s Nishtha Khandelwal and Associates have been appointed as the scrutinizer for the voting process.

VXL Instruments Limited has scheduled its Fourth Implementation and Monitoring Committee (IMC) meeting for Wednesday, September 30, 2026, at 11:30 am. The meeting will be conducted through Audio-Visual means in virtual mode.

The company had previously announced that its trading window would close starting October 1, 2026, ahead of the declaration of unaudited financial results for the quarter and half year ending September 30, 2026. The trading window will remain closed until 48 hours after the conclusion of the Monitoring Committee meeting.

Corporate Insolvency Resolution Process Update

The Corporate Insolvency Resolution Process (CIRP) of VXL Instruments commenced pursuant to an order dated November 26, 2024, passed by the National Company Law Tribunal (NCLT), Mumbai Bench-I, under the Insolvency and Bankruptcy Code, 2016. Jayanti Lal Jain was appointed as the Interim Resolution Professional and subsequently as the Resolution Professional to manage the company's affairs.

During the CIRP period, the powers of the Board of Directors were suspended, and the Resolution Professional managed the company's operations. Subsequently, the NCLT approved the Resolution Plan submitted by a consortium comprising NG Organics Private Limited and Nitinbhai Govindbhai Patel on September 9, 2026.

Implementation Stage and Regulatory Compliance

Following the approval of the Resolution Plan, the CIRP concluded, and the company entered the implementation stage. A Monitoring Committee was constituted in accordance with the terms of the Approved Resolution Plan to oversee implementation and undertake specified functions.

The scheduling of this fourth IMC meeting aligns with the timeline for approving quarterly financial results. The closure of the trading window is mandated by the Code of Conduct for Prevention of Insider Trading framed pursuant to the SEBI (Prohibition of Insider Trading) Regulations, 2015, ensuring insiders do not trade while in possession of unpublished price-sensitive information regarding the company's performance.