Unaudited financial results for the quarter ended June 30, 2025 along with Limited Review Report.
RESULTS
▼ Concern Flagged
HIGH RISK
📅 Filed on BSE: 17 Apr 2026, 06:15 PM IST · BSE ID: 3058009e-7692-402e-912d-d4722606dc5b
View Original BSE Filing (PDF)
💡
In Simple Terms
A company rescued from bankruptcy court is now sharing quarterly losses as it rebuilds; debt erased but operations remain unprofitable.
🤖 AI Summary
- Blue Blends posted standalone loss of Rs. 162.50 Crore in Q1 FY26 (quarter ended June 30, 2025)
- Revenue from operations Rs. 99.18 Crore; cost of material consumed spiked to Rs. 195.10 Crore
- Debt capital fully extinguished under NCLT-approved resolution plan effective December 6, 2024
- Company remains in implementation of resolution plan; share allotment and re-listing underway
- All Q1-Q3 FY26 results unaudited; submitted by Insolvency Resolution Professional at handover
🔢 Key Numbers — exact figures from BSE filing, not rounded
Standalone Loss — Q1 FY26 (quarter ended June 30, 2025)
Rs. 162.50 Crore
Revenue from Operations — Q1 FY26
Rs. 99.18 Crore
Cost of Material Consumed — Q1 FY26
Rs. 195.10 Crore
Debt Capital Extinguished
Rs. 4,175.55 Crore (face value)
Paid-up Equity Capital
Rs. 2,165.12 Crore
Earnings Per Share — Basic & Diluted — Q1 FY26
Rs. (0.75)
NCLT Resolution Plan Approval Date
December 6, 2024
NCLAT Clarification Order Date
February 18, 2026
🏢 How This Affects the Company
Revenue from operations of Rs. 99.18 Crore in Q1 FY26 reflects continued operational activity post-insolvency. Material costs of Rs. 195.10 Crore exceeded revenue, indicating either inventory writedowns, contract manufacturing, or production ramp-up. Re-listing process underway but share cancellation and new equity issuance under resolution plan will fundamentally alter shareholder structure.
All debt capital (Rs. 4,175.55 Crore face value as of FY25) has been extinguished. Standalone loss of Rs. 162.50 Crore in Q1 FY26 indicates severe operational stress. Paid-up equity capital remains at Rs. 2,165.12 Crore but will be cancelled and reissued under resolution plan. No tax provision reflects loss-making status.
Company transitioned from insolvency to new management under resolution plan. Regulatory compliance and statutory filings were delayed due to share allotment and re-listing processes. New management is streamlining operations and ensuring regulatory compliance, but quarterly operational metrics show significant losses.
Unaudited financial results from insolvency period limit audit assurance; limited review only. Material cost spike relative to revenue raises concerns about cost control and inventory management post-resolution. Re-listing status and share cancellation create uncertainty for existing and new shareholders. Operational losses signal continued turnaround risk.
👥 What This Means For Shareholders
✅
Action Required
Existing shareholders must track re-listing announcement for share cancellation details, exchange ratio, and new allotment timeline. Verify shareholding status in demat account before cancellation becomes effective.
👤
Who Is Affected
All existing equity shareholders as of insolvency admission date (December 2, 2021) will have shares cancelled and reissued under resolution plan. New shareholder structure to be determined by resolution applicant post-allotment. Preference shareholders similarly affected.
🔍
Management Signal
New management prioritizing regulatory compliance and re-listing completion over short-term profitability. Acceptance of unaudited results submission indicates operational focus on transition execution rather than operational stabilization.
For information only. Not investment advice. ForgeUp is not SEBI-registered.
👁 Watch List — track these upcoming events
Re-listing announcement — watch for Regulation 30/31A filing confirming share allotment and exchange ratio
Q2 FY26 results (quarter ended September 30, 2025) — already approved by Board April 17, 2026; track if audited or unaudited status
Share cancellation effective date and new share certificate issuance — track Regulation 30 disclosure for completion timeline
HIGH RISK
Unaudited results post-insolvency; operational losses exceed revenue; re-listing status uncertain; existing shareholder equity to be cancelled and reissued.
💡 Investor Takeaway
Blue Blends posted Rs. 162.50 Crore standalone loss in Q1 FY26 (quarter ended June 30, 2025) on revenue of Rs. 99.18 Crore, following December 2024 insolvency exit. Debt eliminated but operations remain severely unprofitable. Re-listing process ongoing; existing equity to be cancelled and reissued under resolution plan.
⚖️ Strengths & Concerns
✅ Positives
- Debt fully eliminated under NCLT resolution plan; balance sheet cleared of legacy obligations as of December 6, 2024
- Company operational post-insolvency exit with quarterly revenue generation; manufacturing capacity retained and active
⚠️ Concerns
- Standalone loss of Rs. 162.50 Crore in Q1 FY26 with revenue only Rs. 99.18 Crore indicates severe operational distress
- Unaudited results with limited review only; financial data quality impaired due to insolvency transition and resolution implementation delays
📅 Company Track Record
Blue Blends admitted to Corporate Insolvency Resolution Process on December 2, 2021. NCLT approved resolution plan on December 6, 2024, with debt elimination and equity restructuring. FY25 (year ended March 31, 2025) showed audited loss of Rs. 72.83 Crore on revenue of Rs. 546.00 Crore. Prior year Q1 FY25 (ended June 30, 2024) showed profit of Rs. 7.52 Crore on revenue of Rs. 139.81 Crore — no longer comparable due to insolvency transition.
Based on publicly available historical data. For context only.