Nilachal Refractories Reshuffles Leadership Amid Financial Challenges

1 min read     Updated on 19 Aug 2025, 07:03 PM
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Reviewed by
Riya DeyBy ScanX News Team
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Overview

Nilachal Refractories Ltd. reported significant leadership changes and financial results. The company appointed Mr. Vijay Kumar Gupta as Company Secretary & Compliance Officer and Mr. Jugal Kumar Sharma as CFO. Financial results for Q2 2025 show a net loss of Rs. 42.10 lakhs and a negative net worth of Rs. 2,836.01 lakhs. Auditors highlighted concerns about the company's ability to continue as a going concern. Management is seeking a strategic investor, planning diversification, and implementing cost reduction measures. A board meeting is scheduled for August 25, 2025, to discuss the Annual General Meeting and related matters.

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*this image is generated using AI for illustrative purposes only.

Nilachal Refractories Ltd. has announced significant changes in its leadership team alongside the release of its latest financial results, signaling a period of transition for the company.

Leadership Changes

The company's board meeting on August 14, 2025, saw multiple key personnel changes:

  • Mr. Sukomal Kanti Guha resigned as Company Secretary & Compliance Officer, effective August 1, 2025, citing personal reasons.
  • Mr. Vijay Kumar Gupta was appointed as the new Company Secretary & Compliance Officer.
  • Mr. Dukhabandhu Prusty stepped down from his role as Chief Financial Officer (CFO).
  • Mr. Jugal Kumar Sharma was named as the new CFO, effective August 14, 2025.

Financial Performance

Nilachal Refractories reported its unaudited standalone financial results for the quarter ended June 30, 2025:

Metric Amount (Rs. in lakhs)
Net Loss 42.10
Negative Net Worth 2,836.01

Auditor's Review

The limited review report by M/s Jain Saraogi & Co. LLP, Chartered Accountants, highlighted material uncertainties regarding the company's ability to continue as a going concern. The auditors noted:

  • The company's continued losses, with a net loss of Rs. 42.10 lakhs for the quarter ended June 30, 2025.
  • Total liabilities exceeding total assets, leading to a negative net worth.

Management's Perspective

Despite the financial challenges, the management believes that Nilachal Refractories continues to be a going concern. The company is:

  • Seeking a strategic investor to cope with the current situation.
  • Planning to diversify into businesses that can be carried on in alignment with the industry it is operating in.
  • Undertaking a plan to realize optimum utilization of its resources and cost reduction activities.

Looking Ahead

The board of directors has scheduled another meeting for August 25, 2025, to discuss and approve:

  1. The date of the Annual General Meeting for the Financial Year 2024-2025.
  2. Record Date and Book Closure Date for the ensuing AGM.
  3. Appointment of a scrutinizer for e-voting at the upcoming AGM.

These developments come at a crucial time for Nilachal Refractories as it navigates financial difficulties and implements strategic changes to improve its position in the market.

Note: This article is based on the company's official disclosures and does not include any forward-looking statements or predictions about the company's future performance.

Historical Stock Returns for Nilachal Refractories

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-2.20%+2.35%+2.96%-11.37%-21.49%-11.11%
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Nilachal Refractories Sets Board Meeting for Q1 Results and Key Management Changes

1 min read     Updated on 04 Aug 2025, 11:23 PM
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Reviewed by
Radhika SahaniBy ScanX News Team
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Overview

Nilachal Refractories Limited has scheduled a board meeting for August 14, 2025, to review Q1 financial results and approve significant management changes. The meeting will consider the appointment of Mr. Vijay Kumar Gupta as Company Secretary & Compliance Officer and Mr. Jugal Kumar Sharma as CFO, following the resignations of their predecessors. The board will also approve unaudited financial results for the quarter ended June 30, 2025.

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*this image is generated using AI for illustrative purposes only.

Nilachal Refractories Limited has announced a crucial board meeting scheduled for August 14, 2025, to address several important matters, including financial results and significant changes in key management positions.

Quarterly Financial Review

The board will convene to consider and approve the unaudited financial results for the quarter ended June 30, 2025. This review will provide insights into the company's performance for the first quarter of the fiscal year 2025-2026.

Management Reshuffling

The meeting agenda includes several notable changes in the company's leadership:

Company Secretary & Compliance Officer

  • The board will record the resignation of Mr. Sukomal Kanti Guha from his position as Company Secretary & Compliance Officer.
  • They will consider and potentially approve the appointment of Mr. Vijay Kumar Gupta as the new Company Secretary & Compliance Officer.

Chief Financial Officer (CFO)

  • The resignation of Mr. Dukhabandhu Prusty as CFO will be approved.
  • The board will consider the appointment of Mr. Jugal Kumar Sharma as the new CFO of the company.

These management changes signify a substantial shift in Nilachal Refractories' executive team, potentially impacting the company's future direction and operations.

Meeting Details

  • Date: August 14, 2025
  • Time: 4:00 PM
  • Venue: 30 D, J.L. Nehru Road, Kolkata- 700016

The company has stated that other matters may also be discussed with the permission of the Chair during the meeting.

Investors and stakeholders will be keen to see the outcomes of this board meeting, particularly the Q1 financial results and the impact of the new appointments on the company's strategy and performance going forward.

Nilachal Refractories Limited, with its registered office in Bhubaneswar, Odisha, operates in the refractory products sector.

Historical Stock Returns for Nilachal Refractories

1 Day5 Days1 Month6 Months1 Year5 Years
-2.20%+2.35%+2.96%-11.37%-21.49%-11.11%
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