Key Decisions and Approvals

1. Direct Acquisition of Land

  • The Board approved the proposal for direct acquisition of approximately 54.8950 acres of land at Pappankuzhi and Santhavelure 'B' Villages, Sriperumbudur Taluk, Kancheepuram District, Tamil Nadu.
  • The land will be acquired directly in the name of the Company instead of its wholly owned subsidiary, WSI-P&C Verticals Private Limited.
  • The acquisition will be made through the landowners and their duly authorized Power of Attorney holder, M/s. Arni Associates Private Limited.
  • This decision references the Company's earlier intimation dated 11th March 2025 regarding an agreement entered into by WSI-P&C Verticals Private Limited for the same land acquisition.

2. Convening of Further Board Meeting

  • The Board decided to convene a further meeting on 18th November 2026 to consider certain business prospects and strategic opportunities for the Company.

3. Financial Results Approval

  • The Board approved the unaudited financial results for the quarter and half year ended 30th September 2026:
  • Standalone IND AS Unaudited Financial Results along with Limited Review Report from Statutory Auditors
  • Consolidated IND AS Unaudited Financial Results along with Limited Review Report from Statutory Auditors
  • Applicable disclosures required under SEBI Listing Regulations

Meeting Details

  • The Board Meeting commenced at 16:23 Hrs and concluded at 16:48 Hrs on 12th November 2026.

Financial Results Analysis

Standalone Financial Performance (₹ in Crores)

Quarter Ended 30th September 2026:
  • Revenue from operations: ₹0.03 (compared to ₹24.05 in Q2 Sep 2025)
  • Other Income: ₹1.71
  • Total Income: ₹1.74
  • Total Expenses: ₹4.09
  • Loss before tax: ₹(2.35)
  • Loss for the period: ₹(2.02)
  • Loss attributable to equity shareholders: ₹(1.89)
  • Basic EPS: ₹(0.27)
  • Diluted EPS: ₹(0.25)
Half Year Ended 30th September 2026:
  • Revenue from operations: ₹0.46 (compared to ₹50.10 in H1 Sep 2025)
  • Other Income: ₹8.31
  • Total Income: ₹8.77
  • Total Expenses: ₹9.40
  • Loss before tax: ₹(0.47)
  • Loss for the period: ₹(0.23)
  • Profit attributable to equity shareholders: ₹0.03
  • Basic EPS: ₹(0.02)
  • Diluted EPS: ₹(0.02)

Key Financial Position (Standalone as at 30th September 2026)

  • Paid-up equity share capital: ₹75.90 crores
  • Reserves excluding revaluation reserve: ₹437.01 crores
  • Total Assets: ₹605.65 crores
  • Total Equity: ₹512.91 crores
  • Cash and cash equivalents: ₹97.27 crores

Consolidated Financial Performance (₹ in Crores)

Quarter Ended 30th September 2026:
  • Revenue from operations: ₹0.03
  • Other Income: ₹1.71
  • Total Income: ₹1.74
  • Total Expenses: ₹4.09
  • Loss before tax: ₹(2.35)
  • Loss for the period: ₹(2.02)
  • Loss attributable to equity shareholders: ₹(1.89)
  • Basic EPS: ₹(0.27)
  • Diluted EPS: ₹(0.25)
Half Year Ended 30th September 2026:
  • Revenue from operations: ₹0.46
  • Other Income: ₹8.31
  • Total Income: ₹8.77
  • Total Expenses: ₹9.40
  • Loss before tax: ₹(0.47)
  • Loss for the period: ₹(0.23)
  • Profit attributable to equity shareholders: ₹0.03
  • Basic EPS: ₹(0.02)
  • Diluted EPS: ₹(0.02)

Auditor's Qualifications and Notes

The statutory auditors, P. Chandrasekar LLP, issued limited review reports with the following key observations:

1. Write-back of Amounts Payable

  • Note 5: Amount payable to overseas customers/suppliers during FY 2022-23 aggregating to ₹5.55 crores relating to erstwhile Electro-porcelain products division (since discontinued) was written back.
  • Management is in the process of obtaining necessary approvals from competent authorities.
  • The impact, if any, arising from such write-back of amounts pending approvals is not ascertainable at this point.

2. Going Concern Assumption

  • Note 9: The Company has reported nominal operational revenue during the last two quarters, including nil operational revenue during the quarter ended September 30, 2026.
  • Despite this, financial results have been prepared on a going concern basis based on management's evaluation of future available projects in hand, which are expected to generate sufficient operational cash flows.

3. Subsidiary Financials

  • The consolidated results include two subsidiaries:
  • WSI-P&C Verticals Private Limited (wholly owned subsidiary)
  • WSI Falcon Infra Projects Private Limited (51% owned)
  • Subsidiaries reflected total assets of ₹189.38 crores and ₹47.16 crores as at 30th September 2026.
  • Subsidiaries reported total revenue of ₹0.84 crores and ₹1.67 crores, and net losses of ₹1.44 crores and ₹2.92 crores for the quarter and half year ended 30th September 2026 respectively.

Fund Utilization from Preferential Issues

The Company provided details of utilization of proceeds raised through Preferential Issues (I & II) of Equity and Convertible share warrants during FY 2025-26:

First Issue (Commenced 15th October 2025):
  • Total raised: ₹76.25 crores
  • Total utilized: ₹73.13 crores
  • Unutilized: ₹3.12 crores
  • Purposes: Repayment of security deposits, land acquisition, working capital, general corporate purposes
Second Issue (Commenced 19th December 2025):
  • Total raised: ₹111.93 crores
  • Total utilized: ₹37.90 crores
  • Unutilized: ₹74.03 crores
  • Purposes: Land acquisition, redemption of preference shares and NCDs, working capital, general corporate purposes

Exceptional Items

  • Exceptional items for the period comprise a write-back of creditors no longer payable amounting to ₹0.16 crore during the quarter ended 30th June 2026.

Asset Sale

  • During the previous quarter, the Company completed the sale of land situated at Shettigere village, Bangalore for an aggregate consideration of ₹6.04 crores.
  • The resulting gain on sale amounting to ₹4.37 crores has been recognized in the Statement of Profit and Loss under Other Income.