Jainco Projects Faces ₹12.63 Crore NCLT Claim as FY26 Profit Slips

FY26 revenue: ₹75.47 lakh, versus ₹73.30 lakh in FY 2024-25.
Bank's claimed default in Section 7 IBC proceedings: ₹12.63 crore as of July 16, 2025.

Reader Takeaway: Revenue stayed broadly stable, but the NCLT insolvency case and compliance gaps dominate the risk profile.

What just happened

Jainco Projects India Limited reported only modest movement in its FY 2025-26 financial performance.

Total revenue rose to ₹75.47 lakh from ₹73.30 lakh, while profit before tax slipped to ₹0.89 lakh from ₹0.97 lakh. Profit after tax declined to ₹0.69 lakh from ₹0.73 lakh.

The board has not recommended a dividend, citing the need to conserve resources for future requirements.

Why this matters

The company's earnings are small compared with the size of the legal exposure disclosed in its annual report.

A bank has filed an application under Section 7 of the Insolvency and Bankruptcy Code before the National Company Law Tribunal's Kolkata Bench, claiming a default of ₹12.63 crore as of July 16, 2025.

Jainco Projects is contesting the application. The outcome is therefore a major event for existing shareholders because admission of an insolvency petition can materially alter control, creditor rights and the company's financial future.

Governance and compliance gaps

The secretarial audit highlighted several compliance deficiencies.

The report noted that certain committees required under listing regulations were not properly constituted. It also flagged gaps in dispatch and record-keeping of notices for board and committee meetings.

The company's website was not fully compliant with required disclosures, while regulatory filings included an incorrectly entered date relating to director designation changes.

The company also had a compliance issue relating to the appointment of a qualified Company Secretary.

Other legal and listing matters

Jainco Projects has applied for voluntary delisting from the Calcutta Stock Exchange and has stopped paying listing fees there, citing the exchange's non-functionality.

The company also disclosed ongoing disputes involving properties and creditor claims. Several liabilities remain contested and are sub judice.

What changes now

The immediate operating picture remains largely unchanged, with low revenue and minimal profitability.

The more important variables are legal and governance-related. Management has said it is contesting the proceedings, protecting company assets and strengthening its risk-management framework.

Risks to watch

The NCLT case is the biggest risk. Investors should track whether the Section 7 application is admitted, dismissed or otherwise resolved.

Compliance remediation also matters because repeated governance gaps can create additional regulatory and operational complications.

What to track next

The September 30, 2026 AGM is one near-term event, but the NCLT proceedings are more financially significant.

Shareholders should monitor updates on the ₹12.63 crore claim, disputed liabilities, governance corrections and any progress on the Calcutta Stock Exchange delisting application.