Insilco Ltd Reports FY26 Loss During Voluntary Liquidation

Net Loss: Rs 27.63 million (FY 2025-26) | Total Assets: Rs 54.81 million (as of March 31, 2026)

Reader Takeaway: Liquidation process nears end; final dissolution awaits Income-tax department clearance and resolution of labour litigation.

What just happened

Insilco Ltd has released its FY 2025-26 Annual Report, confirming that the company remains under voluntary liquidation. All operational assets, including the plant and machinery at Gajraula, were disposed of in previous years. The company recorded no revenue from operations during the fiscal year, resulting in a net loss of Rs 27.63 million compared to Rs 28.29 million in the prior year.

Why this matters

The company is in the final stages of closing its corporate existence. A dissolution application (CP (IB) No. 87 of 2025) has been filed with the National Company Law Tribunal (NCLT). While most regulatory bodies—including the IBBI, ROC, and SEBI—have provided no-objection reports, the Income-tax Department is yet to submit its response, which is a key requirement for the final order.

The backstory

Insilco entered voluntary liquidation in June 2021. Since then, the company has liquidated its manufacturing base. Currently, the primary focus is concluding the legal formalities to wind up the entity. The 38th Annual General Meeting is scheduled for September 10, 2026.

Risks to watch

Statutory auditors, M/s. Shiv & Associates, have issued a qualified opinion. This is primarily due to the company not operating on a 'going concern' basis—as expected during liquidation—and ongoing labour litigation in the Rampur Labour Court. Thirty-six ex-employees have filed claims regarding termination under a Voluntary Retirement Scheme (VRS), which the company is currently contesting.

What to track next

The next significant milestone is the NCLT hearing scheduled for June 12, 2026, where the status of the dissolution application and the pending Income-tax Department report will be evaluated.