Unaudited financial results for the quarter and nine months ending December 31, 2025 along with Limited Review Report.
RESULTS
◆ Monitor Closely
HIGH RISK
📅 Filed on BSE: 17 Apr 2026, 06:23 PM IST · BSE ID: b78255ec-ec98-4a1d-a816-9452ed8fb1c0
View Original BSE Filing (PDF)
💡
In Simple Terms
Company exiting court-supervised insolvency reported a Rs. 162.50 Crore loss in its first quarter after emerging, with regulatory approval to restart share trading.
🤖 AI Summary
- Blue Blends reports Q1 FY26 loss of Rs. 162.50 Crore; revenue Rs. 99.18 Crore post-CIRP exit
- NCLT approved resolution plan December 6, 2024; NCLAT issued clarification February 18, 2026 for re-listing
- FY26 quarterly results not audited by Resolution Professional; submitted now to comply with SEBI Regulation 33
- Equity paid-up capital Rs. 2,165.12 Crore; prior-year debt capital Rs. 4,175.55 Crore extinguished under plan
- Implementation underway includes share allotment and re-listing; statutory appointments by new management ongoing
🔢 Key Numbers — exact figures from BSE filing, not rounded
Q1 FY26 Loss (Quarter ended June 30, 2025)
Rs. 162.50 Crore
Q1 FY26 Revenue from Operations
Rs. 99.18 Crore
Prior Quarter Loss (Q4 FY25, ended March 31, 2025)
Rs. 108.03 Crore
Paid-up Equity Capital
Rs. 2,165.12 Crore
Prior Year Debt Capital Extinguished
Rs. 4,175.55 Crore
NCLT Resolution Plan Approval Date
December 6, 2024
NCLAT Clarification Order Date
February 18, 2026
🏢 How This Affects the Company
Revenue operations at Rs. 99.18 Crore in Q1 FY26 reflect restart under new management post-resolution. Prior-year loss of Rs. 108.03 Crore in Q4 FY25 indicates ongoing operational challenges during transition from insolvency administrator to new promoter.
Loss expanded to Rs. 162.50 Crore in Q1 FY26 from Rs. 108.03 Crore in prior quarter. Debt capital of Rs. 4,175.55 Crore (prior year) has been extinguished; equity structure retained at Rs. 2,165.12 Crore. Balance sheet significantly deleveraged under resolution plan.
New management conducting statutory appointments and regulatory compliance filings post-NCLT approval. Share allotment and re-listing processes in progress. Company was under Resolution Professional control until plan implementation; operational handover now underway.
Results delayed — company explicitly acknowledged breach of Regulation 33 filing deadline due to CIRP implementation complexity. Statutory auditors issued limited review (not full audit) on unaudited quarterly financials provided by Resolution Professional at handover. Share allotment and re-listing completion remains pending.
👥 What This Means For Shareholders
✅
Action Required
Shareholders holding pre-insolvency shares should monitor resolution plan implementation notices. Share cancellation/re-allotment process underway — await NCLT-approved allotment letters and re-listing announcement.
👤
Who Is Affected
Pre-insolvency equity shareholders face share cancellation under resolution plan. Debt holders (Rs. 4,175.55 Crore prior capital) have claims satisfied through resolution plan haircut/recovery process. New shareholders will receive allotted shares post-re-listing.
🔍
Management Signal
New management transitioning from Resolution Professional control; prioritizing regulatory compliance and re-listing execution over near-term profitability. Expanded operational losses indicate stabilization phase, not growth phase.
For information only. Not investment advice. ForgeUp is not SEBI-registered.
👁 Watch List — track these upcoming events
Share allotment completion notice — confirms re-listing timeline and new shareholding structure per resolution plan
Stock exchange re-listing announcement — validates regulatory approval and trading commencement for post-CIRP entity
Q2 FY26 financial results (September 2025 quarter) — monitor if operational losses reduce or stabilize under new management
HIGH RISK
Expanding quarterly losses (Rs. 162.50 Cr vs Rs. 108.03 Cr), delayed regulatory filings, unaudited results, pending re-listing, share cancellation execution risk.
💡 Investor Takeaway
Blue Blends exited insolvency with NCLT approval (December 2024, clarified February 2026) but reported expanding quarterly losses: Rs. 162.50 Crore in Q1 FY26 versus Rs. 108.03 Crore in Q4 FY25. Revenue at Rs. 99.18 Crore. Debt of Rs. 4,175.55 Crore extinguished. Re-listing and share allotment pending.
⚖️ Strengths & Concerns
✅ Positives
- NCLT resolution plan approved December 6, 2024; NCLAT clarification issued February 18, 2026 enabling regulatory compliance for re-listing process.
- Debt capital Rs. 4,175.55 Crore extinguished under resolution plan; balance sheet deleveraged; equity structure preserved at Rs. 2,165.12 Crore paid-up capital.
⚠️ Concerns
- Operating loss of Rs. 162.50 Crore in Q1 FY26 represents deterioration from prior quarter loss of Rs. 108.03 Crore; revenue declined to Rs. 99.18 Crore.
- FY26 quarterly results not audited by Resolution Professional; submitted post-handover with delay. Regulation 33 compliance breach acknowledged; statutory auditors conducted limited review only.
📅 Company Track Record
Company incorporated 1981 (CIN L 17120MH1981PLC023900). Admitted to Corporate Insolvency Resolution Process December 2, 2021. NCLT approved resolution plan December 6, 2024. No prior trading history available post-emergence; company emerging from 4+ year insolvency with deleveraged structure but operational losses widening.
Based on publicly available historical data. For context only.