Nutraplus India FY25 Loss Narrows; Auditor Flags Doubt

Nutraplus India Limited has reported another loss-making year, even as the headline number shows a marginal improvement. For the financial year ended March 31, 2025 (FY25), the company posted a net loss of ₹0.0501 crore, compared with a net loss of ₹0.0616 crore in FY24.

But the narrowing loss does not change the central issue flagged in the company’s filings. Auditors have expressed substantial doubt about Nutraplus India’s ability to continue as a going concern, pointing to eroded net worth, negative working capital, negative cash flows, and governance and control gaps.

FY25 result: loss narrows, stress remains

The FY25 net loss of ₹0.0501 crore was disclosed as part of the company’s FY2024-25 financial results. While this is slightly lower than the FY24 loss of ₹0.0616 crore, the filings describe a balance sheet under strain.

The company’s financial statements, as described in the disclosure, reflect a severely eroded net worth and persistent liquidity stress. Management also operates under negative working capital conditions. And the filings point to negative cash flows, reinforcing the pressure on day-to-day operations.

Auditor’s qualified view and “going concern” uncertainty

The auditors issued a qualified opinion that highlights “substantial doubt” about the company’s ability to continue as a going concern. The disclosure ties this to multiple factors rather than a single one.

The reasons cited include a significant loan default history, inadequate internal controls, and critical governance lapses. The filing frames these items as interconnected and material, not minor compliance issues.

Legacy issue: Saraswat Bank loan default and asset loss

Nutraplus India’s financial stress has a long trail. The company states it lost assets after being declared a Non-Performing Asset (NPA) by Saraswat Bank, following a loan default of ₹76.24 crore (default up to February 18, 2020).

As of March 31, 2025, accumulated losses were disclosed at ₹62.57 crore. The filing also states that net worth has been entirely eroded and that the company continues to operate with negative working capital.

Q2 FY26 numbers: revenue falls, losses widen sharply

In a separate disclosure on unaudited standalone results for the quarter ended September 30, 2025 (Q2 FY26), Nutraplus India reported Revenue from Operations of ₹0.98 crore. This was lower than ₹1.17 crore in Q2 FY25. Total income also fell to ₹0.98 crore from ₹1.17 crore year-on-year.

The net loss widened materially. The company reported a net loss of ₹2.09 crore in Q2 FY26 versus a loss of ₹0.04 crore in Q2 FY25. Basic and diluted EPS for the quarter was stated at ₹-0.11.

For the half-year ended September 30, 2025 (YTD FY26), Revenue from Operations declined to ₹1.96 crore from ₹2.48 crore in YTD FY25. Net loss for YTD FY26 widened to ₹2.05 crore, compared with ₹0.65 crore in the prior year period.

Limited review report flags delays and listing non-compliance

The Q2 FY26 results were accompanied by a Qualified Limited Review Report from Raman S. Shah & Associates. The report highlights non-compliance with listing requirements, including delays in submission of the limited review report and quarterly results.

The auditors also stated that the company failed to provide necessary financial data in a timely manner, which “significantly impaired” their ability to conduct a comprehensive review. This disclosure adds a process and governance layer to the already weak financial picture.

Balance sheet snapshot: negative equity and heavy borrowings

As of September 30, 2025, the company disclosed total assets of ₹499.76 crore, while total equity stood at ₹-571.52 crore, indicating technical insolvency as described in the note.

Total borrowings (non-current plus current) were disclosed at ₹1,017.87 crore. Cash and cash equivalents were just ₹0.02 crore, implying net debt of about ₹1,017.85 crore based on the disclosed figures. The current ratio was estimated at around 0.046 in the provided context, underscoring liquidity stress.

What the disclosures mean for investors and stakeholders

Across FY25 and Q2 FY26, the company’s filings point to two parallel problems. One is the business and financial trajectory, where revenue has softened while losses have widened sharply in the latest quarter.

The second is the audit and compliance overlay, where auditors have raised going concern uncertainty and flagged constraints in completing a comprehensive review due to delays in data submission. The filing also lists risks including potential regulatory action from SEBI and stock exchanges due to non-compliance.

Key figures at a glance

Company identifiers and profile details disclosed

Nutraplus India Limited is listed on BSE under code 524764 and is categorised under Pharmaceuticals. Its ISIN is INE230G01020. The company is described as being engaged in drugs and pharmaceuticals, rendering consultancy services and involved in trading activity in active pharmaceutical ingredients.

The disclosure states the company was incorporated on February 6, 1990, in Mumbai, Maharashtra, with authorised capital of ₹30.00 crore and paid-up capital of ₹17.05 crore. The number of employees is stated at 9. The filing also lists the Managing Director as Mr. Mukesh Naik.

Conclusion

Nutraplus India’s FY25 loss narrowed slightly, but the broader disclosures show continuing stress: going concern uncertainty, a history of loan default and asset loss, and audit and listing compliance issues alongside worsening quarterly losses. The next set of exchange filings and any regulatory actions linked to compliance lapses are likely to remain key watch points for the stock.