Dharti Proteins, formerly Devika Proteins, reported a net loss of ₹0.46 crore for the March 2026 quarter. The financials reflect significant restructuring post-NCLT approval, with new management taking over.
Dharti Proteins Posts ₹0.46 Crore Loss in March Quarter Post-Restructuring
Net Loss (Q4 FY26): ₹-0.4568 crore Net Loss (FY26): ₹-0.8465 crore Reader Takeaway: New management faces low revenue and control issues post-CIRP exit. ## What Just Happened Dharti Proteins Limited (formerly Devika Proteins Limited) has announced its audited financial results for the quarter and full year ended March 31, 2026. This marks the company's first financial disclosure following the implementation of a Resolution Plan approved by the National Company Law Tribunal (NCLT) on November 18, 2025. The company is now under new management. ## Why This Matters The results reflect a significant transition phase for Dharti Proteins after exiting the Corporate Insolvency Resolution Process (CIRP). The financial statements now incorporate the impact of debt restructuring and asset write-offs as per the approved Resolution Plan. Investors are keenly watching the new management's ability to revive operations. ## The Backstory Dharti Proteins underwent CIRP, with a Resolution Plan approved by the NCLT in November 2025. This plan led to a change in ownership and a restructuring of the company's balance sheet, including the waiver of liabilities and allotment of new shares. ## What Changes Now New management, led by Mr. Jatinbhai Ramanbhai Patel, has taken control. The company's shareholding structure has been significantly altered, with existing public shareholding reduced. The balance sheet has been cleaned up to reflect the Resolution Plan's terms. ## Risks to Watch * **Internal Financial Controls:** The auditor's report includes a disclaimer on internal controls, highlighting potential governance risks. * **Statutory Dues:** Outstanding statutory dues continue to appear on government portals, indicating potential ongoing disputes. * **Low Revenue:** Revenue from operations was a minimal ₹0.0004 crore for the quarter, suggesting very limited commercial activity. ## Peer Comparison Companies emerging from CIRP typically show a period of low revenue and losses as they stabilize operations. Dharti Proteins' situation is in line with this trend, but the extent of operational revival and effective management of outstanding issues will be key differentiators. ## Context Metrics * **Revenue from Operations (Q4 FY26):** ₹0.0004 crore (₹0.04 lakh) * **Net Loss (Q4 FY26):** ₹0.4568 crore (₹45.68 lakh) * **Net Loss (FY26):** ₹0.8465 crore (₹84.65 lakh) * **Paid-up Equity Share Capital (as of 31-03-2026):** ₹0.50 crore (₹50.00 lakh) * **Total Assets (as of 31-03-2026):** ₹0.723 crore (₹72.30 lakh) ## What to Track Next Investors should closely monitor the company's progress in normalizing internal financial controls, addressing statutory dues, and, most importantly, driving revenue growth under the new management.
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