Harig Crankshafts Posts Rs 10.33 Crore Profit

Net profit reached Rs 10.33 crore in FY26 against a loss of Rs 54.33 crore in FY25.
Revenue for the fiscal year stood at Rs 20.86 crore compared to zero revenue in the prior year.

Reader Takeaway: The company has emerged from insolvency to report profit, though it faces legacy tax audit qualifications.

What just happened

Harig Crankshafts has officially transitioned its business model following the NCLT-approved resolution plan by Palika Towns LLP. The firm has shuttered its legacy automotive crankshaft manufacturing operations—which had been dormant since FY2011—to enter the real estate development and civil engineering space.

Why this matters

The return to profitability marks a significant turnaround for the company post-CIRP. Shareholders are now being asked to approve a material related party transaction involving a Rs 6 crore loan from Chemester Food Industry Pvt Ltd to bolster working capital for the new business strategy.

The backstory

The company had been under a Corporate Insolvency Resolution Process (CIRP), with a resolution plan approved by the NCLT on April 17, 2024. The current management is now focused on re-establishing operations in the real estate sector, though they have stated that no major projects are currently under execution as of March 31, 2026.

Risks to watch

Auditors have issued a qualified opinion regarding tax filings for the period between 2012 and 2024. While management clarifies these issues are legacy matters pre-dating the new ownership, they remain an unresolved compliance friction point. The company also continues to manage a negative net worth position.

What to track next

Investors should monitor the specific deployment of the proposed Rs 6 crore working capital facility and any formal project announcements within the real estate division, as the company currently maintains a conservative capital allocation stance.