Gangotri Textiles reports Rs 236.89 crore negative net worth

Gangotri Textiles Limited reported total equity of negative Rs 236.89 crore at September 30, 2026, as negative reserves and surplus of Rs 343.62 crore exceeded Rs 106.73 crore of share capital. Gangotri Textiles also reported Rs 240.47 crore of borrowings while it remained in the Corporate Insolvency Resolution Process (CIRP).

What does Gangotri Textiles' September 2026 balance sheet show?

Gangotri Textiles reported total equity of negative Rs 236.89 crore at September 30, 2026, compared with negative Rs 236.81 crore at September 30, 2025. The deficit widened by Rs 7.87 lakh over the year, while reported total assets rose marginally to Rs 15.21 crore from Rs 15.20 crore.

The principal equity components were Rs 106.73 crore of equity share capital and negative Rs 343.62 crore of other equity, described as reserves and surplus. Share capital was unchanged from September 30, 2025, whereas the negative reserves balance increased from Rs 343.54 crore, accounting for the change in total equity.

The balance sheet formed part of unaudited financial results for the half year ended September 30, 2026, which were signed on November 11, 2026. Gangotri Textiles reported a single operating segment, textiles, and said it had no related-party transaction during the quarter ended September 30, 2026.

How did Gangotri Textiles' equity deficit change from last year?

Gangotri Textiles' equity deficit became Rs 7.87 lakh larger in the 12 months to September 30, 2026 because reserves and surplus became more negative by that amount. Total equity moved from negative Rs 236.81 crore to negative Rs 236.89 crore, with share capital remaining Rs 106.73 crore in both reported periods.

The half-year profit and loss statement recorded a loss of Rs 5.52 lakh for the period ended September 30, 2026, compared with a loss of Rs 4.36 lakh for the corresponding half year ended September 30, 2025. The loss increased by Rs 1.16 lakh year on year, while revenue from operations and other income were both reported as nil in each period.

Depreciation and amortisation expense was Rs 5.52 lakh for the latest half year, against Rs 4.36 lakh a year earlier. Gangotri Textiles reported no tax expense, exceptional item or extraordinary item for the half year ended September 30, 2026, leaving the loss before tax and loss for the period at Rs 5.52 lakh.

What liabilities and assets does Gangotri Textiles report?

Gangotri Textiles reported current borrowings, other than debt securities, of Rs 240.47 crore at September 30, 2026, unchanged from September 30, 2025. It also reported non-current liabilities of Rs 5.79 crore, compared with Rs 5.69 crore a year earlier.

The filing separately lists trade payables of Rs 5.39 lakh, provisions of Rs 5.55 crore and current tax liabilities of Rs 24.47 lakh, alongside the Rs 240.47 crore borrowing balance. It reports total current liabilities of Rs 240.77 crore, a figure that differs from the aggregate indicated by the separately presented current-liability line items.

Investments of Rs 15.01 crore made up most of the Rs 15.21 crore reported non-current asset base at September 30, 2026. Property, plant and equipment was Rs 2.22 lakh, other non-financial assets were Rs 17.87 lakh, cash and cash equivalents were Rs 49,735, and other current assets were Rs 9,750.

The balance sheet labels total liabilities as Rs 15.21 crore, the same amount reported for total assets, despite showing Rs 240.77 crore of current liabilities and Rs 5.79 crore of non-current liabilities. The filing does not explain this presentation, so the reported total line should be read alongside its individual asset, equity and liability disclosures.

What does CIRP mean for Gangotri Textiles' financial statements?

Gangotri Textiles entered CIRP after the National Company Law Tribunal, Chennai Bench admitted its application under Section 10 of the Insolvency and Bankruptcy Code, 2016, on August 7, 2026. CA G. Gunasekaran was appointed interim resolution professional and subsequently confirmed as resolution professional, while the board's powers were suspended.

Gangotri Textiles is under a moratorium under Section 14 of the Code until CIRP is completed, a resolution plan is approved under Section 31, or a liquidation order is made under Section 33. The filing says its ability to continue as a going concern depends on a viable resolution plan from a prospective investor and support from financial creditors, operational creditors and customers.

The resolution professional said he had not independently analysed information relating to the period before CIRP began on August 7, 2026. The financial statements were nevertheless prepared on a going-concern basis, and the management committee chaired by the resolution professional reviewed and approved the results on November 11, 2026.

The statutory auditor conducted a limited review under Standard on Review Engagement 2400 rather than a full audit for the period ended September 30, 2026. In its November 11, 2026 report, the auditor said nothing had come to its attention suggesting that the unaudited statement lacked required disclosures or contained a material misstatement, while noting that a review provides less assurance than an audit.

Conclusion

Gangotri Textiles' reported figures combine a Rs 240.47 crore borrowing balance with no operating revenue for the half year ended September 30, 2026 and a Rs 5.52 lakh loss. The balance sheet also shows that the Rs 106.73 crore share-capital balance was outweighed by negative reserves and surplus of Rs 343.62 crore.

The next disclosed matter is the CIRP outcome that began with the August 7, 2026 admission order. Gangotri Textiles says its going-concern basis depends on a viable resolution plan and continued support from creditors and customers, while future disclosures may also address the differing current-liability and total-liability figures in the September 2026 balance sheet.