Alps Industries Limited is an Indian textile entity currently undergoing a fundamental structural transformation. Following a period of severe financial distress and the subsequent sale of its operative manufacturing assets by lenders, the company has transitioned through a **Corporate Insolvency Resolution Process (CIRP)**. As of **November 2025**, the company is operating under a **National Company Law Tribunal (NCLT)** approved resolution plan, shifting its business model from large-scale manufacturing toward a leaner, trading-focused operation under new professional management. --- ### **Strategic Turnaround & The NCLT Resolution Plan** The company’s future is dictated by the **Resolution Plan** approved by the **Hon’ble NCLT Prayagraj** on **November 4, 2025**. This plan, led by a consortium headed by **Securocorp Securities India Private Limited (SSIPL)**, aims to stabilize the company through massive capital restructuring and a phased operational restart. * **Consortium Strength:** The lead applicant, **SSIPL**, holds a **95%** investment ratio in the plan. As of March 2024, SSIPL reported a Net Worth of **₹91,800 lakh** and revenue of **₹8,506.3 lakh**, providing the necessary financial backing for the turnaround. * **Phased Recovery:** The immediate strategy focuses on restarting business through the **trading of textile goods**, with a long-term goal of resuming **manufacturing operations** as resources and cash flows stabilize. * **Administrative Realignment:** To align with the new corporate structure, the Registered Office is being shifted from Ghaziabad to **Noida, Uttar Pradesh** (effective **February 2026**). --- ### **Capital Restructuring & Financial Engineering** To address a legacy of insolvency, the company has executed a drastic "reset" of its balance sheet. This restructuring was designed to eliminate unsustainable debt and provide a clean slate for the new promoters. | Restructuring Action | Details & Impact | | :--- | :--- | | **Equity Reduction** | Existing paid-up capital reduced by **99%** (from **₹39.11 Crore** to **₹39.11 Lakh**). | | **Share Consolidation** | **10** Equity Shares (Face Value **₹0.10**) consolidated into **1** share (Face Value **₹1.00**). | | **Fresh Capital Infusion** | Issuance of **7,30,02,000** new equity shares to the resolution consortium. | | **Authorized Capital Expansion** | Re-classified to **₹345 Crore** (90 Cr Equity Shares; 255 Cr Preference Shares). | | **Debt-to-Equity Swap** | Issuance of **1,00,00,000 Category ‘E’ 0.01%** Preference shares at a premium of **₹603/share** to **EARCL**. | | **Liquidity Injection** | SRA infused **₹10.45 crore** as unsecured loans and **₹7.30 crore** as equity for startup costs. | --- ### **Core Business Segments & Product Portfolio** Alps Industries operates as a single-segment entity under **Ind AS-108**, focusing exclusively on **Textiles**. Despite the recent reduction in manufacturing scale, the company maintains the intellectual property and market relationships to deal in the following categories: * **Home Furnishings:** A diverse range of "made-ups" including duvet sets, bed covers, sheets, quilts, pillows, curtains, and table linens. * **Fashion Accessories:** High-value items such as cashmere, sheer, and aromatic shawls, scarves, stoles, and wraps. * **Yarns & Fabrics:** Production and trading of cotton, synthetic, and blended yarns, alongside upholstery and ancillary fabrics. * **Operational Status:** As of **September 2024**, the company reported a "non-existence of operating assets" following lender-led sales. Consequently, the workforce was aggressively rationalized from **1,334** employees in **2022** to just **03-07** core staff members to minimize burn rates during the transition. --- ### **Corporate Structure & Subsidiary Holdings** The company maintains interests in two primary subsidiaries, though both are currently classified as non-operative. * **Alps Energy Pvt. Ltd. (69.75%):** Based in India; currently non-operative but exploring new business opportunities in the energy sector. * **Alps USA Inc. (100.00%):** A North American subsidiary with total assets of **₹4.53 crore** (as of March 2025), intended to serve as a bridge to Western markets. --- ### **Financial Performance & Audit Qualifications** The company’s financial history is marked by significant losses and the erosion of its asset base. Investors should note that historical figures reflect a period of "zero operative assets." | Metric (Consolidated) | FY 2024-25 (Audited) | FY 2023-24 (Audited) | FY 2022-23 (Audited) | | :--- | :--- | :--- | :--- | | **EBITDA** | **(₹61.94 Lakhs)** | **(₹2.68 crore)** | **(₹5.57 crore)** | | **PAT (Net Loss)** | **(₹63.89 crore)** | **(₹56.24 crore)** | **(₹59.83 crore)** | | **Workforce** | **~7 Employees** | **~7 Employees** | **1,334 Employees** | **Critical Audit Note:** Prior to the 2025 resolution, auditors consistently qualified their opinions regarding **unprovided liabilities**. As of September 2025, the company had not provided for interest and principal waivers totaling **₹2,219.49 crore**. Following the NCLT order, these legacy liabilities are being addressed as **Exceptional Items**. --- ### **Risk Profile & Mitigation Strategies** The company faces a complex landscape of operational and regulatory risks as it attempts to rebuild. * **Asset Possession Issues:** Property and equipment at Kashipur and Jaspur (Gross Value **₹15.53 crore**) are currently in the possession of **SIDCUL** due to unpaid lease charges. * **Macroeconomic Volatility:** The business is highly sensitive to **Cotton price volatility** and the **INR/USD exchange rate**. Management intends to mitigate this by hedging inputs against firm order books. * **Legal Contingencies:** A long-standing dispute with **Kotak Mahindra Bank** involving a **₹20.36 crore** claim on derivative transactions remains pending in the **Allahabad High Court**. * **Regulatory Compliance:** The company has historically faced penalties from **BSE/NSE** for filing delays and has outstanding listing and custodian fees for FY 2023-25. * **Incentive Dependency:** The strategy relies on utilizing government schemes such as **ATUFS**, duty drawbacks, and state levy rebates to regain market competitiveness. --- ### **Governance & Leadership** The post-resolution era marks a shift from promoter-led management to a professional board: * **Mr. Sandeep Agarwal:** Continues as Managing Director, bringing **35 years** of textile industry experience. * **Mr. Nishant Sharma:** Appointed as **Executive Director** (2026–2029) to spearhead the expansion and trading restart. * **Independent Oversight:** Induction of **Ms. Ayushi Kukreja** and **Ms. Sandhya Kohli** (2025–2030) to ensure compliance and governance standards. * **Monitoring Committee:** A specialized committee currently supervises all operations to ensure the strict implementation of the NCLT-mandated Resolution Plan.