Bil Vyapar Ltd Announces FY2026 Results Under CIRP; Financial Statements Prepared on Liquidation Basis

Bil Vyapar Ltd Announces FY2026 Results Under CIRP; Financial Statements Prepared on Liquidation Basis​

Bil Vyapar Limited (formerly Binani Industries Limited) has released its Audited and Consolidated Financial Results for the Fourth Quarter and Financial Year ended March 31, 2026. These results reflect the company's status while it remains under Corporate Insolvency Resolution Process (CIRP). The financial statements were prepared on a liquidation basis due to the assessment that a going concern assumption was inappropriate given the current circumstances of the company.

The results highlight significant accumulated losses and the ongoing implications of various corporate undertakings and asset disposal matters, as noted in the financial statements.

Financial Status and Accounting Basis​

The Standalone Financial Results for Bil Vyapar Limited reveal substantial losses. The company reports accumulated losses amounting to INR 21,766.17 lakhs, leading to a complete erosion of net worth, which stands at INR 18,627.68 lakhs as of the balance sheet date.

Given the lack of a coherent business plan, management and the Resolution Professional concluded that a liquidation basis was necessary for preparing the Statement of the Company. This means assets are measured at the lower of carrying amount and estimated net realizable value, while liabilities are stated at their estimated settlement amounts. The audit reports confirm that, despite these factors, an unmodified opinion was given on the audited financial results for the year ended March 31, 2026.

Corporate Guarantees and Subsidiary Liabilities​

The company's involvement in guarantees related to its former subsidiary, Edayar Zinc Limited (EZL), remains a material aspect of the current financial standing. The aggregate outstanding balance concerning EZL stood at INR 8,025 Lakhs as of March 31, 2026.

While EZL had entered into a One Time Settlement (OTS) with banks and Mina Ventures Private Limited consented to replace Bil Vyapar Ltd's corporate guarantee for EZL, the lenders—Punjab National Bank and Punjab & Sind Bank—have filed their claims during the CIRP proceedings, which have been admitted. The company maintained a provision of Rs. 2,149.10 Lakhs regarding loss allowances related to these corporate guarantees.

Asset Disposals and Subsidiary Liquidation​

The financial statements also detail several matters pertaining to asset management and international ventures:

• Asset Valuation: For Land and Buildings, the company continues to carry assets at their book values because the valuation reports obtained from registered valuers were confidential and not shared with the auditors.
• Property Sale: An agreement for the sale of immovable property in Ahmedabad was made on May 22, 2025. As per the sales agreement, the property was sold at a loss of Rs. 33.51 lakhs. However, this loss was not recognized by the company in the current period's accounting records.
• Land Dispute: A piece of land that was previously under an MOU for sale to M/s Maharashtra Wood Based Industries (MWBiE) was subsequently sold to M/s Afamado Advisory Services Private Limited, and the conveyance deed was executed. MWBIE has since filed a case regarding this matter in the District Civil Court, Thane, making any liability undetermined at present.
• US Subsidiary: The company's US subsidiary, which had engaged consultants for business opportunities in FY 2023-24 and FY 2025-26, was liquidated in April 2026. Due to a lack of adequate supporting documentation regarding the expenditure utilization and recoverability, the audit team could not determine any consequential accounting impact relating to the subsidiary's liquidation.

Financial Performance Snapshot (Consolidated)​

The Consolidated Results show Total Income from Operations for FY ended March 31, 2026 at INR 173.69 lakhs, against Total Expenses of 177.03 lakhs. This results in a Net Profit/(Loss) before tax of (3.34) lakhs.

In the subsequent review of the consolidated quarterly results, the company's performance was noted alongside other companies and subsidiaries. The group continued to operate under a liquidation basis for its financial reporting as of March 31, 2026.