Ballarpur Industries Ltd

Ballarpur Industries Limited — Trading Window Closure from 1 October 2026 until 48 hours after the declaration of Un-Audited Financial Results for the quarter and half year ended September 30, 2026

AGM Details

• AGM held Sep 25, 2026 via VC/OAVM; time not disclosed.
• Record date: 18-09-2026; shareholders on record: 67,150.
• Attendees via VC: 56 (public 55, promoter attendee 1).

Key Resolutions and Outcomes

• Adopt standalone financial statements for year ended Mar 31, 2026 and reports — Passed.
• Re-appoint Mr. Parashiva Murthy B S as Non-Executive Director — Passed.
• Sale/disposal of non-core assets — Passed.
• Related party transactions with Mr. Hardik Bharat Patel — Passed.
• Related party transactions with Finquest Financial Solutions Limited — Passed.
• Remuneration ratification for Cost Auditors — Passed.

AGM Details

• Date and mode: 25 Sep 2026; VC/OAVM.
• Meeting started 11:30 A.M. and concluded 11:56 A.M.
• Deemed venue: registered office.
• Quorum met; all six directors attended.
• Remote e-voting facility available via NSDL.

Key Resolutions

• Ordinary: Adoption of audited financial statements and reports; outcome not disclosed.
• Ordinary: Re-appointment of Parashiva Murthy B S; outcome not disclosed.
• Special: Sale/disposal of non-core assets; outcome not disclosed.
• Ordinary: Ratification of remuneration to Cost Auditors; outcome not disclosed.

Dividend

• No dividend proposed or declared.

Directors

• Re-appointment of Non-Executive Director Parashiva Murthy B S.

Auditors

• Remuneration to Cost Auditors ratified.

Related Party Transactions

• RPT with Mr. Hardik Bharat Patel (Chairman & WTD); ordinary.
• RPT with Finquest Financial Solutions Private Limited; ordinary.

Other Material Approvals

• No other material approvals disclosed.

Annual Report access notice

• Annual Report is uploaded on the company's website.
• Letter sent to members with unregistered emails directing to the link.
• Access link: https://biltpaper.in/annual-report/.

81st AGM notice

• 81st AGM for FY2025-26 scheduled Sept 25, 2026 at 11:30 IST.
• AGM via VC/OAVM to approve standalone and consolidated financials and Board Reports.
• Annual Reports for FY2025-26 available on the website.
• Email registration cut-off Sept 18, 2026; KYC/demat updates encouraged.

Financial snapshot

• Revenue from operations: 7,697.08 Lakhs (FY26 standalone).
• EBIDTA: -8,658.11 Lakhs (FY26 standalone).
• Profit before tax: -13,466.75 Lakhs (FY26 standalone).
• Net profit after tax: -13,446.75 Lakhs (FY26 standalone).
• Borrowings total: 78,217.69 Lakhs; Equity: 32,786.36 Lakhs.
• Gearing ratio: 2.38x.

revival progress & operations

• Commercial production resumed on December 1, 2025 after CIRP resolution.
• Management focus: improving operational efficiency, governance, and discipline.
• Industry dynamics: Indian paper demand resilient; PVC/dumping pressures noted.

Capital structure & liquidity

• Total borrowings (including current) stood at 78,217.69 Lakhs.
• Cash & cash equivalents: 131.35 Lakhs; liquidity outlook aided by capital infusion.
• Gearing ratio stood at 2.38x; net debt position reported as high due to revival phase.

Geography & segment context

• Geographic revenue: India 7,671.50 Lakhs; export 25.58 Lakhs; total 7,697.08 Lakhs.
• Operations centered at Shree Gopal Unit; standalone and group entities carry out revival activities.

Audits, governance & risk flags

• Auditors note: Consolidated financial statements carry disclaimer of opinion due to data gaps from certain subsidiaries.
• Going concern basis adopted; management to continue as long as liquidity permits.
• Internal controls deemed adequate by new Board; ongoing strengthening planned.

Subsidiaries & related parties

• Subsidiaries: Avantha Agritech Limited; Ballarpur International Holdings B.V.; Ballarpur Speciality Paper Holdings B.V.; BPBV; Mirabelle Trading Pte Ltd.
• Confirms unaudited status for some step-down/foreign subsidiaries; related party transactions with Finquest and key KMPs disclosed.
• Material RPTs with Finquest Financial Solutions Pvt. Ltd. and related parties approved within thresholds.
• Major RPTs include unsecured loans, NCRPS/NCD transactions, and director loans.

Outlook & risks

• Market risk: raw material costs volatility; wood cost pressures persist.
• Volatile global paper demand; revival success depends on stabilizing margins and debt-reduction progress.

Rating details

• Instrument rated: Listed, Rated, Unsecured Non-Convertible Debentures
• Amount: Rs 100 crore
• Long-Term Rating: ACUITE B - Stable
• Outlook: Stable
• Agency: Acuité Ratings & Research Limited
• Press release date: August 17, 2026

Financial results approved

• Approved unaudited standalone results for quarter ended 30 June 2026.
• Approved unaudited consolidated results for quarter ended 30 June 2026.

Cost auditor appointment

• Appointed M/s Bahadur Murao & Co. as Cost Auditor for FY 2026-27.

Regulatory and going-concern disclosures

• Going concern uncertainty noted; funding via NCDs and asset monetisation planned.
• Dividend warrants totaling 16.24 lakhs to IEPF awaiting transfer.
• Non-current assets held for sale: 44,372.11 lakhs (standalone).
• Non-current assets held for sale: 344,372.11 lakhs (consolidated).
• Fines for listing-regulation non-compliance; no provision due to ongoing proceedings.

Insider trading window and related actions

• Trading window closed for Directors/KMPs/connected persons from July 1, 2026 to 48 hours post results.

Auditor remarks

• Auditors flagged going-concern uncertainty and penalties; some subsidiary data unavailable for consolidation.

Rating action and rationale

• Rating Agency: India Ratings & Research Pvt. Ltd.
• Instrument: 11.75% NCDs, ISIN INE294A07125, listed, secured, redeemable.
• Action: Rating withdrawn effective 17 July 2026.
• Rationale: CIRP-approved resolution plan provides full and final settlement of financial creditors.
• Settlement: NCD dues extinguished on 31 March 2023 per NCLT order.
• Process: Withdrawal effective on receipt of NSDL confirmation.

NCD private placement details

• Instrument: Listed, rated, unsecured Non-Convertible Debentures.
• Issuance mode: Private placement.
• Total: 10,000 NCDs at Rs 1 Lakh each (Rs 100 crore).
• Issue price and pricing: coupon 0%; redemption premium 9% IRR; no interest.
• Tenure: 3 years; allotment date to be decided.
• Security: Unsecured.
• Listing: on BSE and/or NSE.
• Governance: Board approval obtained for issuance.
• Corrections: face value corrected to Rs 1 Lakh; earlier Rs 1 Crore stated; aggregate size unchanged.