Videocon Q2 Loss Widens to Rs 2,410 Crore Amid Insolvency Process

MUMBAI: The screen may have gone dark years ago, but the financial static is still getting louder. Videocon Industries’ long-running insolvency saga deepened in the quarter ended September 30, 2024, with the company reporting a net loss of Rs 2,410.44 crore, highlighting the severe financial and operational challenges it continues to face under the Corporate Insolvency Resolution Process (CIRP). The loss widened from Rs 2,031.15 crore in the corresponding quarter a year earlier, even as revenue from operations slipped marginally to Rs 166.37 crore from Rs 169.59 crore, according to the company’s unaudited standalone financial results signed by Resolution Professional Abhijit Guhathakurta on February 10, 2026.

The numbers paint a picture of a company still wrestling with the aftershocks of one of India’s most high-profile corporate collapses. While revenue remained subdued, expenses ballooned to Rs 2,582.56 crore during the quarter, driven largely by finance costs of Rs 2,320.59 crore. Depreciation and amortisation expenses added another Rs 131.90 crore to the burden.

For the first half of FY25, the situation looked even more challenging. Videocon posted a cumulative loss of Rs 4,650.28 crore on total income of Rs 338.23 crore, while total expenses stood at Rs 4,988.51 crore.

The delayed filing of the results adds another layer to the company’s troubles. Videocon said the submission was held up due to the resignation of key accounting personnel, limited manpower, non-availability of pre-CIRP records and a lack of cooperation from promoters and former management.

Those issues also formed the basis of a strongly worded disclaimer from auditors GAMP & Co., Chartered Accountants. In their Limited Review Report, the auditors said they were unable to obtain sufficient and appropriate evidence to form a conclusion on the financial statements.

Among the key concerns raised were the inability to verify the existence, ownership and valuation of assets, including property, plant and equipment, investments and other financial records. The auditors noted that critical records from the period before insolvency proceedings remain unavailable, making verification difficult.

Perhaps most significantly, the audit report highlighted that Videocon’s net worth remains deeply negative, creating “material uncertainty” over the company’s ability to continue as a going concern.

The company, once one of India’s most recognisable consumer electronics brands, is currently part of a consolidated insolvency process involving 13 Videocon Group companies under the Insolvency and Bankruptcy Code, 2016. The powers of the board remain suspended and vested in the Resolution Professional.

Efforts to recover historical information are still underway. The Resolution Professional has approached the National Company Law Tribunal (NCLT) under Section 19 of the IBC, seeking directions for promoters and erstwhile management to cooperate and provide critical records required for the insolvency process.

Adding to the uncertainty, trading in Videocon Industries’ shares has remained suspended on both the BSE and NSE since June 16, 2021, leaving investors watching developments from the sidelines.

For now, the latest results suggest that while the insolvency process continues, Videocon’s financial recovery remains a distant prospect. With mounting losses, incomplete records and auditors unable to verify key aspects of the business, the company remains stuck in a difficult chapter where resolving the past appears just as challenging as rebuilding the future.