Key Decisions and Quantitative Figures

1. Land Revaluation and Accounting Policy Change

  • The Board considered two separate valuation reports for company-owned land in Varca, Goa:
  • Whitestone Valuers and Consultants Private Limited: ₹429.82 crores
  • ANVI Technical Advisors India Private Limited: ₹436.00 crores
  • The Board adopted the conservative (lower) valuation from Whitestone Valuers.
  • The historical book value of the land was ₹2.56 crores.
  • The incremental revaluation gain is ₹427.26 crores.
  • The Board approved a change in accounting policy from the historical cost model to the revaluation model for land, as permitted by Ind AS 8 read with Ind AS 16.
  • The revaluation surplus of ₹427.26 crores has been reflected in the financial statements as of March 31, 2026.
  • The total market value of the real properties (land + additional FSI) was estimated by Whitestone at ₹471.85 crores (USD 49.85 million at 1USD = INR 94.65).

2. Audited Financial Results for FY26

  • Approved audited standalone financial results for the quarter and year ended March 31, 2026.
  • Statutory Auditors, M/s. J. G. Verma & Co., issued an audit report with an unmodified opinion.
  • Key Financial Figures (Year ended March 31, 2026):
  • Total Income: ₹11,020.31 lakhs
  • Total Expenses: ₹7,768.87 lakhs
  • Profit before tax: ₹3,160.46 lakhs
  • Total Tax Expense: ₹774.12 lakhs
  • Profit for the year: ₹2,386.34 lakhs
  • Total Comprehensive Income for the year: ₹45,130.71 lakhs (primarily due to revaluation surplus)
  • Earnings Per Share (Basic and Diluted): ₹2.58
  • Paid-up equity share capital: ₹1,848.77 lakhs (face value ₹2 per share)
  • Other Equity: ₹49,667.63 lakhs (increased significantly due to revaluation)

3. Dividend Declaration

  • Declared a Second Interim Dividend of 40%, i.e., ₹0.80 (Eighty Paise) per equity share of face value ₹2 each for FY 2025-2026.
  • Record Date: Friday, May 29, 2026.
  • Dividend will be paid/dispatched by June 20, 2026.
  • Dividend will be subject to TDS as per the Income Tax Act, 2025.
  • Total interim dividend outgo for FY26 will be ₹1,663.90 lakhs (previous year ₹1,756.33 lakhs).

4. Internal Auditor Re-appointment

  • Re-appointed M/s. BDO India LLP as Internal Auditors for the financial year 2026-2027 pursuant to Section 138 of the Companies Act, 2013.

Meeting Details

  • The Board meeting commenced on May 22, 2026, at 2:00 PM and concluded on May 23, 2026, at 7:30 PM.
  • All matters were approved on May 23, 2026.

Additional Information from Valuation Reports

  • Whitestone Valuation (Annexure A1):
  • Valued Resort Land (89,936 sq.mt.) at ₹429.82 crores and Telephone Exchange Land (1,963 sq.mt.) at ₹8.75 crores.
  • Valued additional FSI (136,942 sq.ft.) at ₹33.28 crores using the Residual Method.
  • Provided restated values for previous years applying a 5% annual discount.
  • ANVI Valuation (Annexure A2):
  • Valued Asset 1 (Resort Land) at ₹436.00 crores and Asset 2 (Telephone Exchange Land) at ₹8.81 crores.
  • Valued additional FSI at ₹40.06 crores.
  • Total Fair Value of Properties and FSI: ₹484.87 crores.

Exceptional Items

  • The financial results for the year include an exceptional item expense of ₹90.98 lakhs. This is a one-time impact related to the recognition of past service cost for incremental gratuity and leave liability. This arose from a change in the wage definition pursuant to notifications issued by the Ministry of Labour & Employment dated November 21, 2025, bringing into force provisions of the New Labour Codes.