Natura Hue-Chem Limited posts ₹1.1751 crore FY26 net loss

Natura Hue-Chem Limited reported nil income from operations and a ₹1.1751 crore loss after tax for the 12 months ended March 31, 2026, as total expenditure reached ₹1.2638 crore, ahead of an open offer that could lift the acquirers’ holding to 44.55%.

Why did NHCL report a loss in FY26?

NHCL reported a loss in FY26 because nil operating income and ₹8.96 lakh of other income did not cover total expenditure of ₹1.2638 crore. Loss before tax was ₹1.1742 crore for the 12 months ended March 31, 2026, and a ₹9,000 tax provision resulted in a ₹1.1751 crore loss after tax.

The filing does not break down the expense categories that caused FY26 expenditure to reach ₹1.2638 crore. It does state that NHCL reported no depreciation, interest expense or extraordinary items in FY26, leaving profit before depreciation, interest and tax at the same ₹1.1742 crore loss as profit before tax.

NHCL’s reported business is consultancy and management, according to the annual-report information included in the offer document. The audited FY26 financial information was certified on November 2, 2026, while the proposed transaction is intended to change control and management of NHCL.

How did NHCL's FY26 performance compare with earlier years?

NHCL’s FY26 loss widened substantially from a ₹1.03 lakh loss after tax in FY25, although operating income was nil in both years. Total expenditure rose by ₹1.1623 crore from ₹10.15 lakh in FY25 to ₹1.2638 crore in FY26, while other income increased only ₹63,000 from ₹8.33 lakh to ₹8.96 lakh.

The change is also marked against FY24, when NHCL reported ₹6.65 lakh of income from operations, total income of ₹21.90 lakh and profit after tax of ₹12.34 lakh. Operating income then fell to nil in FY25 and remained nil in FY26, while the company moved from an FY24 profit to losses in each of the next two financial years.

Earnings per share changed to a loss of ₹2.83 in FY26 from a loss of ₹0.02 in FY25, compared with earnings of ₹0.30 in FY24. Return on net worth was negative 12.31% in FY26, versus negative 0.10% in FY25 and positive 1.17% in FY24, based on 41,45,300 shares outstanding in each reported period.

What did NHCL report for the June 2026 quarter?

NHCL reported nil income from operations, nil other income and a ₹3.91 lakh loss after tax for the three months ended June 30, 2026. Total expenditure was ₹3.91 lakh, and the quarterly statement listed no depreciation, interest, tax provision or extraordinary items.

The June 2026 result continued the absence of operating income reported for FY26, but the filing provides no corresponding June 2025 quarter for a year-on-year comparison. The three-month period’s loss was therefore lower than the full-year FY26 loss in absolute terms, without establishing a quarterly trend against the prior year.

NHCL’s quarterly earnings per share were negative ₹0.09, compared with negative ₹2.83 for FY26. Its book value per share was ₹22.93 at June 30, 2026, marginally below ₹23.02 at March 31, 2026, while no dividend was reported for FY24, FY25, FY26 or the June 2026 period.

What was NHCL's financial position at June 30, 2026?

NHCL’s net worth was ₹9.5052 crore at June 30, 2026, down ₹3.90 lakh from ₹9.5442 crore at March 31, 2026. Reserves and surplus, excluding revaluation reserve, declined from ₹5.3989 crore to ₹5.3598 crore over the same period, alongside the ₹3.91 lakh quarterly loss.

The June balance sheet showed ₹1.1729 crore of long-term investments, ₹11.08 lakh of current assets and ₹8.6690 crore of other non-current assets. NHCL had no secured loans and reported an unsecured loan of ₹25 lakh, unchanged from the March 2026 year-end.

Total funds and total assets each increased to ₹9.9527 crore at June 30, 2026, from ₹9.8044 crore at March 31, 2026. The change included an ₹18 lakh advance against shares that was not reported at March 31, while current liabilities rose to ₹1.76 lakh from ₹1.02 lakh.

How could the control change affect NHCL?

NHCL is the target of an open offer following a proposed direct acquisition intended to change control and management. The acquirers have agreed to acquire 6,43,600 shares, or 15.53% of voting share capital, and have offered to buy up to another 10,77,778 shares, or 26%, at ₹42 per share in cash.

Assuming full acceptance, the acquirers would own 18,46,678 shares, representing 44.55% of NHCL’s voting share capital. The maximum consideration for the open offer is ₹4.526667 crore, compared with a negotiated share-purchase agreement price of ₹24 per share; the offer is not conditional on a minimum acceptance level.

The acquirers said their objective is to revive NHCL’s performance and continue its existing line of business. They said diversification would require prior shareholder approval, committed to maintain the current workforce, and stated that they currently do not intend to alienate significant assets for two years other than in the ordinary course of business.

The filing also says the acquirers may change NHCL’s five-member board by appointing themselves or nominees under takeover regulations. Separately, BSE had imposed a ₹74,340 fine in November 2019 that was paid, while NHCL said it sought withdrawal of a ₹12.59060 lakh fine disclosed in August 2020 because it considered the relevant provisions inapplicable.

Conclusion

NHCL’s FY26 results show a company with no operating income, sharply higher expenditure and a loss materially larger than the previous year’s ₹1.03 lakh deficit. Its June 2026 financial position retained ₹9.5052 crore of net worth, but the quarterly results did not show a return of operating income.

The next disclosed development to watch is completion of the open offer for up to 10,77,778 shares at ₹42 each and any resulting board appointments. Investors can also monitor whether the acquirers’ stated revival plan restores operating income, and whether NHCL seeks shareholder approval for diversification or any significant asset action within the two-year period described in the filing.