Western Ministil Limited has announced its unaudited financial results for the quarter ended December 31, 2025, revealing continued financial challenges with a net loss of Rs 9.58 lakhs. The company's board meeting held on February 9, 2026, also approved significant leadership changes with the appointment of two new directors.

Financial Performance Analysis

The company's financial performance showed deterioration during the third quarter of FY26. The quarterly results highlight the ongoing operational challenges faced by the organization.

For the nine-month period ended December 31, 2025, the company reported a net loss of Rs 17.11 lakhs compared to Rs 23.61 lakhs in the corresponding period of the previous year, showing some improvement in the year-over-year comparison.

Expense Breakdown and Operational Challenges

The company's expense structure reveals specific areas of concern. Other expenses constituted the largest component at Rs 9.58 lakhs for the quarter, while depreciation expenses were Rs 8.53 lakhs. Changes in inventories accounted for Rs 1.05 lakhs during the quarter.

Going Concern and Financial Difficulties

The company faces significant financial challenges that raise questions about its operational sustainability. The auditor's review report highlighted critical issues including accumulated losses exceeding paid-up share capital and free reserves. Current liabilities also exceed current assets, indicating liquidity constraints.

The company owes Rs 496.21 lakhs to various parties, including Rs 166.25 lakhs in borrowings from related parties and Rs 103.34 lakhs from other companies. Notably, the company has not provided for interest of Rs 283.81 lakhs for the period from April 1, 2001, to December 31, 2025, due to financial difficulties.

Board Appointments and Leadership Changes

The board approved two significant appointments during the February 9, 2026 meeting, strengthening the company's leadership structure.

Both appointments are effective from February 9, 2026, and will continue until the ensuing Annual General Meeting. Neither director is related to existing key management personnel or senior management.

Operational Status and Future Outlook

The company has not been engaged in manufacturing activities since the closure of its plant in 1995. Despite the challenging financial position, the management continues to prepare accounts on a going concern basis while exploring business revival opportunities and fresh business ventures.

The paid-up equity share capital remains unchanged at Rs 215.72 lakhs with a face value of Rs 10.00 per share. The company's reserves excluding revaluation reserves stood at negative Rs 698.37 lakhs as of March 31, 2025.

Western Ministil Limited has issued a corrigendum to its detailed public statement regarding the open offer by acquirers Mr. Kalpesh Patel and Mrs. Vandana Patel. The revision follows receipt of SEBI comments and updates the timeline for the acquisition process.

Open Offer Details

The acquirers are seeking to purchase up to 33,80,000 equity shares of Rs. 10.00 each at a price of Rs. 10.00 per fully paid-up equity share. This acquisition represents 26.00% of the expanded equity and voting share capital of the target company. The offer is being conducted in compliance with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Revised Schedule of Activities

The company has announced significant changes to the offer timeline following SEBI's observation letter dated February 02, 2026. The revised schedule shows substantial delays across multiple milestones:

Key Unchanged Elements

Several critical aspects of the offer remain unmodified:

• Public Announcement date: November 26, 2025
• Detailed Public Statement publication: December 03, 2025
• Draft letter of offer filing deadline: December 10, 2025
• Competing offer deadline: December 24, 2025
• Offer price: Rs. 10.00 per share
• Target acquisition: 33,80,000 shares (26.00% stake)

Regulatory Compliance

Navigant Corporate Advisors Limited is serving as the manager to the offer on behalf of the acquirers. The corrigendum was published on February 06, 2026, in Financial Express (English Daily), Jansatta (Hindi Daily), and Pratahkaal (Marathi Daily) to ensure proper disclosure to shareholders.

The identified date of February 04, 2026, will determine shareholder names for letter of offer distribution. However, all equity share owners (registered or unregistered) except the acquirers and public category preferential allottees remain eligible to participate until the offer closure on March 05, 2026.

Company Information

Western Ministil Limited operates with its registered office located at SHP No. 413, Fourth Floor, CTS No. 458, Disha Construction, Subhash Road, E-Square, Village Vile Parle (East), Mumbai-400057. The company maintains its compliance communications through wml.compliance@gmail.com and operates under Corporate Identification Number L33200MH1972PLC015928.