Raj Consumer Care’s Rs 52.98 lakh dues remain unresolved

Raj Consumer Care Limited continued to face difficulty paying Rs 52.98 lakh to unsecured operational creditors and public fixed-deposit holders at September 30, 2026, with the amount unchanged from June 30, 2026 under a resolution plan approved by the National Company Law Tribunal on April 19, 2018.

What payments remain difficult for Raj Consumer Care to make?

Raj Consumer Care had Rs 52.98 lakh of payments that remained difficult to make at September 30, 2026. Kailash Chand Jain & Co. drew attention to the amount in its limited-review report dated November 5, 2026, covering the unaudited standalone results for the quarter and half year ended September 30, 2026.

The payments relate to unsecured operational creditors and public fixed deposits under the resolution plan approved by the National Company Law Tribunal, or NCLT, on April 19, 2018. The filing does not divide the Rs 52.98 lakh between those two creditor groups, so it does not establish how much is attributable to operational creditors or fixed-deposit holders individually.

The disclosed amount did not change over the three months ended September 30, 2026. This means Raj Consumer Care had not reduced the Rs 52.98 lakh payment difficulty identified at June 30, 2026, even though the obligation arises from a resolution plan approved more than eight years earlier.

Did Raj Consumer Care’s reviewer qualify its conclusion?

No, Raj Consumer Care’s reviewer said its conclusion was not qualified with respect to the Rs 52.98 lakh matter. After including the emphasis-of-matter paragraph, Kailash Chand Jain & Co. stated that its opinion was not qualified in relation to the continuing difficulty in making payments required by the NCLT-approved plan.

The review was conducted under Standard on Review Engagements 2410, which covers a review of interim financial information by an entity’s independent auditor. The reviewer said its procedures provided moderate assurance and were substantially narrower in scope than an audit, which means it did not express an audit opinion on the September 30, 2026 results.

The reviewer also said that nothing had come to its attention indicating that the unaudited statement did not disclose information required under Regulation 33 of the Securities and Exchange Board of India’s Listing Obligations and Disclosure Requirements Regulations, 2015. Its emphasis-of-matter paragraph specifically directs readers to Note 4 of the results for the payment difficulty and steps taken by Raj Consumer Care.

How did Raj Consumer Care’s September-quarter results change?

Raj Consumer Care reported revenue from operations of Rs 44.4157 crore for the quarter ended September 30, 2026, up from Rs 35.5673 crore in the June 2026 quarter and Rs 40.2437 crore in the September 2025 quarter. Profit after tax was Rs 1.4034 crore, compared with Rs 1.1130 crore sequentially and Rs 1.5337 crore a year earlier.

The quarter-on-quarter figures show revenue increased by Rs 8.8484 crore and profit after tax increased by Rs 0.2904 crore. Against the September 2025 quarter, revenue rose by Rs 4.1720 crore, while profit after tax declined by Rs 0.1303 crore, showing that higher sales did not translate into a higher year-on-year post-tax profit.

For the half year from April 1, 2026 to September 30, 2026, Raj Consumer Care reported revenue from operations of Rs 79.9730 crore, against Rs 73.8407 crore in the corresponding 2025 half year. Half-year profit after tax fell to Rs 2.5163 crore from Rs 2.9402 crore, while finance cost declined to Rs 0.1408 crore from Rs 0.4474 crore.

What do Raj Consumer Care’s latest liabilities show?

Raj Consumer Care reported total liabilities of Rs 36.0735 crore at September 30, 2026, compared with Rs 40.4056 crore at March 31, 2026. That represents a reduction of Rs 4.3321 crore over the six-month period, while the separately identified Rs 52.98 lakh resolution-plan payment difficulty was unchanged between June and September 2026.

Current liabilities were Rs 35.0268 crore at September 30, 2026 and non-current liabilities were Rs 1.0467 crore. Current borrowings were Rs 18.7765 crore, down from Rs 25.5383 crore at March 31, 2026, according to the unaudited balance sheet.

The balance sheet also separately lists trade payables, other current liabilities, provisions and current tax liabilities. However, the filing does not reconcile the Rs 52.98 lakh referenced by the reviewer to a particular balance-sheet line, so the relationship between that unresolved payment amount and reported creditor balances is not specified.

What has Raj Consumer Care disclosed about clearing the dues?

Raj Consumer Care disclosed that steps have been taken regarding the Rs 52.98 lakh payment difficulty, but the supplied filing does not describe those steps or provide a payment date. The November 5, 2026 review report refers readers to Note 4 of the unaudited results for further details, but the text of that note is not included in the supplied material.

No instalment schedule, settlement target or revision to the April 19, 2018 NCLT-approved resolution plan is set out in the limited-review report. The disclosed facts establish only that the amount remained Rs 52.98 lakh at both June 30 and September 30, 2026 and that it concerns unsecured operational creditors and public fixed deposits.

The filing also does not state whether the reduction in current borrowings from Rs 25.5383 crore at March 31, 2026 to Rs 18.7765 crore at September 30, 2026 was connected with the resolution-plan obligation. That connection cannot be inferred from the reported balance-sheet movement alone.

Conclusion

Raj Consumer Care’s September 2026 filing shows improved sequential revenue and profit alongside an unresolved legacy payment matter. Revenue rose to Rs 44.4157 crore from Rs 35.5673 crore in the June 2026 quarter, and profit after tax increased to Rs 1.4034 crore from Rs 1.1130 crore, but the Rs 52.98 lakh payment difficulty did not change.

The next disclosure to watch is any update from Raj Consumer Care on the steps referenced in Note 4 and any timetable for payments under the NCLT-approved plan. A future quarterly filing could show whether the Rs 52.98 lakh amount changes after September 30, 2026 or whether a settlement mechanism is disclosed.