JBF Industries reports nil revenue for FY 2025-26 as the company continues its insolvency resolution process under NCLT. Operations remain suspended following the sale of assets to Madelin Enterprises. With a net loss of Rs 5.41 crore and significant outstanding borrowings of over Rs 2,359 crore, the firm remains under the control of the appointed Resolution Professional.
JBF Industries Financial Update: CIRP Proceedings Continue
Revenue from Operations: Nil | Net Loss: Rs 5.41 crore
Reader Takeaway: Company operations are permanently discontinued with assets sold; future rests entirely on NCLT resolution proceedings.
What just happened
JBF Industries Limited has filed its financial results for FY 2025-26, reporting zero revenue from operations. The company is currently under the Corporate Insolvency Resolution Process (CIRP) initiated in January 2024. All manufacturing activities have ceased, and the firm’s assets have been sold to Madelin Enterprises Pvt. Ltd. via the Asset Reconstruction Company (CFM).
Why this matters
The company’s financials reflect a dormant state. The board of directors is currently suspended, with all management authority vested in the Resolution Professional (RP), Mr. Mukesh Verma. No internal financial controls or auditors were in place during the fiscal year, and the company has not prepared consolidated financial statements since 2018.
The backstory
The insolvency process has faced delays, with the NCLT rejecting a previous resolution plan approved by the Committee of Creditors (CoC) and remanding the matter back. As of March 31, 2026, no updated resolution plan had been finalized.
Risks to watch
The auditor's report highlights severe concerns, including the non-provision of interest on borrowings amounting to Rs 2,014.33 crore as of March 2026. Furthermore, uncertainty persists regarding a Rs 128.48 crore claim from an operational creditor of its subsidiary, JBF RAK LLC. Total company borrowings remain stagnant at Rs 2,359.84 crore.
What to track next
Investors should monitor upcoming NCLT hearings regarding the status of the new resolution plan. The 44th Annual General Meeting is scheduled for September 30, 2026, via video conferencing.