Nilachal Refractories reported a net loss of Rs. 0.42 Cr for the quarter.

The company's liabilities exceed its assets, leading to a negative net worth of Rs. 28.36 Cr.

Auditors highlighted this, alongside unprovided preference share dividends, redemption premiums, and issues with asset valuation, as a material uncertainty casting significant doubt on the company's ability to continue as a going concern.

The financial results for the quarter were approved by the board on August 14. Management is actively pursuing strategic investors, business diversification, and cost reduction initiatives.