Filtron Engineers was a suspended, technically insolvent Pune equipment maker with no operating revenue. After a reverse-merger with infrastructure firm Gabrielle Infra Speciality in FY26, its consolidated revenue jumped to ₹76.07 crore.
Filtron Engineers Limited started in Pune in 1982, building dairy, beverage, and food-processing plant machinery. It developed five manufacturing units and European technical tie-ups, including German firm Kobo Donghua, and became a known domestic brand.
Operational collapse and compliance failures in the late 2010s led BSE to suspend trading. After a multi-year rectification drive, BSE revoked the suspension on January 8, 2025, restoring market access and making the listed shell usable for a restructuring.
The board approved buying 100% of Gabrielle Infra Speciality Private Limited, an unlisted construction services firm incorporated in July 2022. Total consideration was ₹64.209 crore, paid by issuing 4.50 crore equity shares and 1.92 crore preference shares.
Mumbai-based CAs Tarak Gor and Jayesh Rawal bought 52.29% of pre-expansion capital from legacy promoters. A preferential issue at ₹10 raised ₹15.90 crore; the open offer for 26% public shares cost up to ₹16.51 crore.
Q3FY26 produced ₹10.94 crore revenue and ₹1.09 crore profit. Q4FY26 sales hit ₹65.12 crore. Q1FY27 revenue eased to ₹22.26 crore—still up sharply year-on-year, but a sequential deceleration.
The full-year picture is even starker: consolidated total revenue moved from ₹0.25 crore in FY25 to ₹76.07 crore in FY26. Net profit flipped from a ₹0.30 crore loss to ₹4.15 crore profit.
Standalone results reveal the truth: the legacy Filtron engineering business still reports nil operating revenue and small losses. In Q3FY26, standalone net loss was ₹8.5 lakh. The listed entity is now effectively an infrastructure play, not the old manufacturer.
Promoters hold 73.36% and seek shareholder approval for ₹37.55 crore in related-party transactions. The largest, ₹30 crore with Asedha Infraprojects, is nearly 40% of FY26 turnover. This demands scrutiny to ensure margins stay in the listed entity.
Filtron used a reverse takeover to escape insolvency and become profitable. The next chapter depends on infrastructure execution and transparent governance. Read the full deep dive for the forensic details and risk matrix.
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