5151452025-04-012025-06-305151452025-06-305151452025-04-012025-06-30in-capmkt:OtherExpenses1Member5151452025-04-012025-06-30in-capmkt:OtherExpenses2Member5151452025-04-012025-06-30

ItemsThatWillNotBeReclassifiedToProfitAndLoss1

iso4217:INRxbrli:pureiso4217:INRxbrli:shares

515145

HINDNATGLS

NOTLISTED

INE952A01022

HINDUSTHAN NATIONAL GLASS & INDUSTRIES LIMITED

Main Board

Equity

2025-04-01

2026-03-31

2025-08-08

2025-08-01

INR

Lakhs

Quarterly

First quarter

Single segment

Packaging glass

2025-08-08

10:30:00

2025-08-08

16:00:00

Not applicable

false

true

2025-04-01

2025-06-30

Unaudited

Standalone

4117219000

82394000

4199613000

986404000

540208000

434737000

4443000

186496000

2027570000

4179858000

19755000

-1587000

21342000

3500000

24842000

179107000

0.24

-0.0282

Notes 1. As required by Clause 524 of the Listing Obligations and Disclosure Requirements Regulations 2015, below are the details related to the Company: Particulars Particulars Quarter Ended 30062025 31032025 30062024 Year Ended 31032025 Net Worth in Rs lakhs minus 118575.76 minus 118832.61 minus 116895.13 minus 118832.61 Debt Equity Ratio minus 2.82 minus 2.81 minus 2.88 minus 2.81 Debt Service Coverage Ratio Not applicable Not applicable Not applicable Not applicable Interest Service Coverage Ratio Not applicable Not applicable Not applicable Not applicable Outstanding Redeemable Preference Shares Quantity and Value Not applicable Not applicable Not applicable Not applicable Capital Redemption Reserve Not applicable Not applicable Not applicable Not applicable Net Profit After Tax Rs in lakhs 213.42 minus 2593.24 4649.04 2595.33 Earning Per Share in Rs 0.24 minus 2.90 5.19 2.90 Current Ratio 0.39 0.39 0.38 0.39 Long Term Debt to Working Capital Not applicable Not applicable Not applicable Not applicable Bad Debts to Account Receivable Ratio Not applicable Not applicable Not applicable Not applicable Current Liability Ratio 1.00 1.00 1.00 1.00 Total Debts to Total Assets 0.78 0.78 0.76 0.78 Debtors Turnover 1.80 1.66 1.89 6.69 Inventory Turnover 0.88 0.81 1.12 3.65 Operating Margin percent minus 1 minus 3 7 1 Net Profit Margin percent 1 minus 6 8 1 Formulas Used Debt Equity Ratio equals Debt divided by Equity. Note the ratio is negative as equity is negative. DSCR equals Profit before Depreciation Interest and Tax divided by Interest Expense on Long Term Debt plus Principal Repayment. ISCR equals Profit before Depreciation Interest and Tax divided by Interest Expense. Debt equals Long Term Borrowings plus Short Term Borrowings plus Current Maturities of Long Term Borrowings plus Lease Liabilities. Net Worth equals Total Equity minus Revaluation Reserve net of depreciation minus Capital Reserve. Operating Margin percent equals EBIT and exceptional items less other income divided by Revenue from Operations. 2 The Honble National Company Law Tribunal NCLT Kolkata Bench vide its order dated October 21 2021 had admitted the Company for initiation of Corporate Insolvency Resolution Process CIRP under the Insolvency and Bankruptcy Code 2016 IBC the Code and appointed Mr Girish Siriram Juneja having Registration no IBBIIPA001IPP0099920171811646 as the Interim Resolution Professional Thereafter at the 1st Meeting of the Committee of Creditors of the Company held on January 28 2022 the evoting results of which concluded on February 9 2022 the Interim Resolution Professional Mr Girish Siriram Juneja was appointed as the Resolution Professional RP and EY Restructuring LLP as the Insolvency Professional Entity As per the provision of IBC 2016 the RP had initiated the resolution process for the Company by inviting expression of interest through publication of Form G on March 25 2022 RP received various Expression of Interests from different applicants and he received resolution plans on July 25 2022 On October 28 2022 the resolution plan submitted by AGI Greenpac Limited AGI had been approved by the CoC and accordingly the RP had filed the plan for approval with the Honble NCLT Kolkata bench on November 05 2022 Following various legal challenges including objections to the CoCs approval of the AGI plan and associated matters the Honble Supreme Court of India vide its judgment dated 29th January 2025 set aside the CoCs approval of the AGI plan The Honble Supreme Court of India held the resolution plan of AGI Greenpac Limited as unsustainable as it failed to secure prior approval from the CCI as mandated under the proviso to Section 314 of the IBC Further the Honble Supreme Court reinstated status quo ante as on 28th October 2022 and directed the CoC to reconsider the INSCO Resolution Plan and any other Resolution Plans which possessed the requisite CCI approval as on 28102022 ie the date on which the CoC voted upon the submitted Resolution Plans The CoC accordingly at its subsequent meeting reviewed all eligible resolution plans After due consideration and exercising its commercial wisdom the CoC reaffirmed the earlier approval of the INSCO resolution plan In line with its decision the CoC requested the RP to issue the Letter of Intent LOI to INSCO and file the requisite application for submission of resolution plan with the Honble Adjudicating Authority Honble NCLT Kolkata Bench The CoC also directed the Resolution Professional to return the PBG submitted by AGI which has been carried out by the Resolution Professional The RP following such instructions has issued the LOI to INSCO which had been unconditionally acknowledged and accepted by INSCO and accepted the PBG Further the RP had also filed an application for approval of the INSCO Resolution Plan being IA No 6 PlanKB2025 before the Honble NCLT Kolkata Bench The RP also filed an application for extension of the CIRP period being IA No 269KB2025 which has since stood approved by the Honble Tribunal vide order dated 17032025 In terms of the order dated 17032025 the Honble NCLT Kolkata Bench extended the CIRP period by 90 days from 10022025 The Resolution Professional had further filed an application on 09052025 seeking exclusion of the CIRP period from 10022025 till date of filing the application in view of the pendency of the litigations which stood numbered as IA No 837KB2025 The said application stood allowed and the CIRP period excluded in terms of an order dated 11th June 2025 passed by the Honble NCLT Kolkata Bench Meanwhile AGI Greenpac Limited together with other interested parties had filed three 3 separate Review Petitions from the judgment dated 29012025 The Honble Supreme Court of India disposed off the Review Petitions and the applications therein by its order dated 16052025 In terms of its order it took on record the undertakingcommitment given by INSCO the new SRA in terms of its letter dated 24022024 and directed that in furtherance of the same i cash payment by INSCO to the CoC is to match AGIs commercial offering ii INSCO adheres to its original payment to the Operational Creditors and Workmen of Rs 50 crores iii Equity to the CoC would remain The Honble Supreme Court directed that the reconsideration of the resolution plan by the CoC shall take note of these three aspects submitted by INSCO and proceed accordingly In terms of the said order further directions were issued upon the CoC to reconsider the resolution plan within 2 two weeks Further the CoC and the Honble Adjudicating Authority were directed to complete the CIRP of the Company within 6 weeks from the date of the order INSCO in light of the order dated 16052025 passed by the Honble Supreme Court of India on 08062025 submitted a revised resolution plan The resolution plan was opened at the subsequent meeting of the CoC held on 09062025 The plan was discussed and deliberated upon by the CoC with the feasibility and viability having been considered at the meeting held on 10062025 It is following the meeting the plan was put to vote It is upon the evoting having concluded the INSCO resolution plan stood approved with 9616 voting share of the CoC The RP following such approval under directions from the CoC issued the LOI to INSCO which was unconditionally acknowledged and accepted by INSCO and directed INSCO to submit the Additional PBG The same was submitted by INSCO The RP thereafter has filed an application being IA Plan16KB2025 on 19062025 for approval of resolution plan with the Adjudicating Authority Honble NCLT Kolkata Bench which has completed hearing thereof and reserved its order as on this date. 3a The above financial results of the Company for the quarter ended June 30 2025 have been extracted from the unaudited financial statements and prepared in accordance with Indian Accounting Standards Ind-AS as notified under section 133 of the Companies Act 2013 read with Companies Indian Accounting Standards Rules 2015 as amended from time to time These financial results have been prepared by the management and reviewed and recommended by the Audit Committee in its meeting held on August 08 2025 and approved in the meeting of Directors chaired by RP held on the same date The RP in absence of requisite number of independent directors to constitute an audit committee has relied upon the certifications representations and statements made by Directors of the Company in relation to these financial results As authorised one of the Directors has signed the financial results and the RP has taken on record the said statement of financial results only to the limited extent of discharging the powers of the Board of Directors of the Company which has been conferred upon him in terms of provisions of Section 17 of the Code These financial results are available on the website of Stock Exchanges ie wwwbseindiacom wwwnseindiacom wwwcseindiacom and is also available on Companys website ie wwwhngilcom 3b The joint Statutory auditors of the Company have carried out the limited review of the aforesaid results in accordance with Regulation 33 of the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations 2015 read with circular dated July 05 2016 referred to as the Regulation 4 Exceptional items in the immediately preceding quarter and previous year represents the amount of loss incurred due to fire at the manufacturing facility of the company at Sinnar Malegaon Maharashtra on December 29 2023 The fire caused severe damages to various property plant and equipment and work in progress resulting in disruptions in the day-to-day operations and suspension of the manufacturing process The Company is adequately covered with an Industrial All Risk Insurance Policy which includes coverage on reinstatement value of the damage and also includes Business Interruption Loss Accordingly on intimation to the insurance company surveyor has been appointed to assess the loss incurred Pending final assessment of the loss by the surveyor provision of 158268 lakhs in the previous year aggregating to 1174091 lakhs on account of damages due to fire based on the estimates made by the Company has been made in the books of account Any further adjustment with respect to loss in this regard will be given effect to on determination of amount thereof Amount of claim made in this respect will be accounted on ascertainment and acceptance by the Insurance Company 5 The Company has one operating business segment viz Manufacturing and Selling of Container Glass Bottles and all other activities are incidental to the same 6 During March 2019 to September 2021 State Bank of India the lead banker had appropriated a sum of 55002 lakhs out of promoter contribution internal accruals and the cut back for repayment to the lenders of the consortium The Company has adjusted the same with the principal obligation of the debt Due to the said adjustment with the principal amount interest amounting to 126729 lakhs for the quarter ended June 30 2025 aggregating 2937221 lakhs till date has not been recognized 7 During the earlier years some of the lender had sold the pledged equity shares of the company held by Ms ACE Trust and Ms HNG Trust in which the Company have sole beneficial interest and the same has been adjusted towards the principal obligation of the debt As on date an aggregate amount of 171689 lakhs has been adjusted against principal obligation of debt with corresponding credit to Capital Reserve During the previous year it has came to the knowledge of the company that some additional pledged shares have been soldtransferred by the lender The company has requested the relevant details and documents regarding the transaction from the lender and pending the receipt of the same further adjustments has not been given effect to in the books of account 8 As per the Insolvency and Bankruptcy Code IBC the RP had received collated and verified the claims submitted by the creditors of the Company till October 03 2022 The RP received claims amounting to 354347 lakhs from financial creditors including 20838 lakhs from unsecured financial creditors and after verification admitted a sum of 354331 lakhs including 20838 lakhs from unsecured financial creditors as claims of financial creditors against the book balance of 310012 lakhs and remaining claims amounting to 16 lakhs had been rejected Further RP had received claims from the various classes of operational other creditors totalling to 29551 lakhs out of which claims amounting to 5327 lakhs was rejected and claims of 24224 lakhs were admitted against the company as per the provisions of the Code Pending reconciliation of the claims admitted with the outstanding liabilities as per the books of account the impact thereof against such claims if any that may arise has not been considered in the preparation of the aforesaid financial results as on June 30 2025 Subsequently few more claims demands have been received from operational creditors upto June 30 2025 Pending the outcome of various judicial applications at different forums the same has not been accounted for in the books of account 9 The finance cost on borrowing including Non Convertible Debenture issued by Company has been calculated and accounted only till October 21 2021 CIRP Date and accordingly no further provision including for the quarter ended June 30 2025 has been made The total amount of interest which has not recognized for the quarter ended June 30 2025 amounts to 496978 lakhs aggregating to 7360833 lakhs till date over and above as stated in note no 6 10 Outstanding ECB borrowing as per books of USD 64127 lakhs as on June 30 2025 has been continued to be reinstated at an exchange rate of 747635 per USD being rate as prescribed in wwwfbilorgin as on October 21 2021 being CIRP Date Thus the accumulated loss of 691312 lakhs remained unrecognized 11 In consonance with the stipulations contained in Section 14 of the Code a moratorium has been declared vide the Order dated October 21 2021 passed by the Honble NCLT Kolkata Bench inter alia prohibiting the following a The institution of suits or continuation of pending suits or proceedings against the Corporate Debtor the Company including execution of any judgement decree or other in any court of law tribunal arbitration panel or other authority b Transferring encumbering alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein c Any action to foreclose recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 d The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor 12 The Company has been legally advised that interest on overdue outstanding balances of Micro and Small Enterprises MSE as on October 21 2021 CIRP Date is not payable Accordingly 182552 lakhs provided in this respect till March 31 2023 has been written back in the earlier year Interest on aforementioned overdue outstanding balances since the date of CIRP has neither been ascertained nor recognized The amount payable to the MSE for the above period shall be dealt with in terms of the Resolution Plan pending for approval as on this date with Honble NCLT Kolkata Bench 13 The Company has been admitted for initiation of CIRP process under the IBC code and accordingly the Company has been granted a moratorium from paying off the debts till the approval of resolution plan Debentures being part of the same though due is also not payable in terms of the said resolution 14 In terms of the provisions of regulations 542 of SEBI LODR Regulation Non Convertible Debentures issued to LIC of India are secured by first charge ranking paripassu on all immovable properties by way of equitable mortgage and hypothecation of all moveable properties both present and future of the Company 15 The Company had reported losses in earlier years Hence the net worth of the Company has been eroded There is strain on the working capital and operations of the Company and it is undergoing significant financial stress As stated in Note No 2 CIRP process was initiated in respect of the Company wef October 21 2021 The Company has assessed that the use of the going concern assumption is appropriate in the circumstances pending the CIRP process and these financial results have therefore been prepared on a going concern assumption considering the following a The Code requires the RP to among other things run the Company as a going concern during CIRP b The RP in consultation with the CoC in accordance with the provisions of the Code is making all endeavours to run the Company as a going concern along with the assistance of the management of the company considering the future business outlook and the continuity in the operations of the company c A resolution plan submitted by INSCO one of the bidders has been accepted by CoC and the same has been submitted to Honble NCLT Kolkata Bench order thereof is awaited as on this date 16 As a part of the CIRP the RP had appointed BDO India LLP for conducting transaction audit as per section 43 45 50 and 66 of the Code The RP has filed an application under section 66 of the code with the Honble NCLT Kolkata Bench and the matter is pending for decision till this date 17 Since the Furnaces in operation were old and inefficient and continued operations posed a challenge a proposal for incurring capex to rebuild 5 furnaces was put up to the Committee of Creditors CoC At the suggestion of the CoC a technical agency was engaged to provide the estimated capital expenditure required to rebuild Furnace no 6 at Rishra West Bengal Furnace no 4 at Bahadurgarh Haryana and Furnace no 9 at Puducherry in Phase I of the Capex Project The proposed capital expenditure was put up for approval to the CoC As per the report of the technical agency the 3 furnaces were assessed to have developed severe corrosion and damage to the furnace refractories The agency recommended that the Furnaces cannot be repaired and should not continue to operate the only solution was to rebuild the same afresh To ensure safety of employees and assets at the plants the CoC recommended that Furnace 6 and Furnace 4 be temporarily shut down and sanctioned the Capital expenditure to rebuild Furnace 9 at Pondicherry Further to the CoC approval the Furnace 6 at Rishra experienced a glass leakage in Sept 2024 and the RP again engaged the technical agency to reassess the situation It was recommended by the agency that the Furnace 6 is beyond repair and accordingly the same was shut down Further in line with the recommendations of the technical agency and the CoC the technical agency was asked to once again visit Bahadurgarh to assess the condition of Furnace 4 in Nov 2024 Basis the report was recommended a shut down and in consultation with the designated technical personels at the Corporate Debtor Furnace 4 was shut down in Dec 24 In view of the long lead time involved in procurement of the material required to rebuild the furnace the technical agency was engaged to assess whether the Furnace 9 can be safely allowed to operate till such the time the material to rebuild the same is received The agency report recommended that the Furnace 9 be shut and the operations at the plant should start only after the new Furnace is built to replace the old one accordingly Furnace 9 was shut down in Jan 2025 The rebuilding activities pertaining to Furnace no 9 at Puducherry are already in progress The said closures had an adverse impact on the Companys operations In Phase II of the Capex Project the technical agency was engaged to assess the health of the Furnace 8 and Furnace 13 also provide the capex estimate to rebuild the furnace anew The Furnace 8 in operation at Rishikesh was commissioned in 2007 and Furnace 13 at Naidupeta was commissioned in 2012 The Report recommended that Naidupeta Furnace condition was satisfactory and the same be continued to operate but with a technical assessment being done every 3 months The company accordingly is continuing operations at Naidupeta The report for Rishikesh recommended that Furnace 8 at Rishikesh be shut immediately The same was discussed with the CoC and basis the deliberations at the meeting a decision was taken to shut down Furnace 8 in May 2025 The capex estimate is to be worked out and the same shall be put up for approval to the CoC once it is finalized by the agency As on date the Company continues to operate 4 Furnaces ie one each at Rishra Bahadurgarh Rishikesh and Naidupeta Impairment in value of the Furnaces considered as shut and closed is ascertained on dismantling thereof and as such these have been continued to be depreciated over the remaining life in the normal course of business 18.1 The amount repaid to lenders as mentioned in note no 6 and or recovered by them including executing securities etc as mentioned in note no 7 have been adjusted against principal amount outstanding The amount payable to the lenders in respect of outstanding amount including interest there against is subject to confirmation and determination and consequential reconciliation thereof 18.2 Certain debit and credit balances including borrowings and interest thereupon clearing account other than inter-unit balances trade and other receivables and payables advance from customers loans and advances including advances to suppliers other current assets and certain other liabilities are subject to reconciliation with individual details and balances and confirmation thereof including in line with the CIRP as mentioned in note no 8 above 19 Adjustments impact if any in respect of 18.1 and 18.2 above will be recognized along with other impacts of the resolution plan on approval by the Honble NCLT and determination of the amount thereof and will then be given effect to in the books of account 20 There are indicators present in the company both internal and external for impairment testing During the previous year company had appointed an external agency for impairment and based on the outcome of the report of the external agency for the current quarter the same basis have been continued as there is no change in the indicator to compel a revisit of the same No impairment was envisaged in value of property plant and equipment and as such no adjustment in this respect was done in the books of account 21 Figures of the previous period year have been regrouped wherever considered necessary to make them comparable with those of current periods figures

Power and Fuel Expense

1380897000

Other Expenses

646673000

Re-measurement Gains/ (Losses) on Defined Benefit Plans

5087000

1587000

3500000

28940900000

1186200000

30127100000