The statutory auditors, M/s Chatterjee & Chatterjee, Chartered Accountants (Firm Registration No. 001109C), issued a limited review report on the financial results, dated November 13, 2026, signed by partner Baldeo Das Gujrati (Membership Number: 010878).

Financial Performance (Standalone, Rupees in Lakhs)

Quarter Ended September 30, 2026 (Q2 FY27):

  • Net Sales/Revenue from Operations: ₹15.37
  • Total Income: ₹15.37 (no other income)
  • Total Expenses: ₹56.58
  • Employee Benefits Expense: ₹11.47
  • Finance Costs: ₹8.02
  • Depreciation and Amortization: ₹26.32
  • Other Expenses: ₹10.77
  • Loss Before Tax: (₹41.21)
  • Tax Expense: ₹2.01 (all current tax)
  • Net Loss for the Quarter: (₹43.22)
  • Total Comprehensive Loss: (₹43.22)
  • Basic and Diluted EPS: (₹0.39)

Half Year Ended September 30, 2026 (H1 FY27):

  • Net Sales/Revenue from Operations: ₹30.73
  • Total Income: ₹30.73 (no other income)
  • Total Expenses: ₹110.55
  • Employee Benefits Expense: ₹22.40
  • Finance Costs: ₹15.86
  • Depreciation and Amortization: ₹52.65
  • Other Expenses: ₹19.64
  • Loss Before Tax: (₹79.82)
  • Tax Expense: ₹3.51 (all current tax)
  • Net Loss for the Period: (₹83.33)
  • Total Comprehensive Loss: (₹83.33)
  • Basic and Diluted EPS: (₹0.76)

Comparative Figures:

  • Q2 FY26 (September 30, 2025) Net Loss: (₹28.79); EPS: (₹0.26)
  • H1 FY25 (September 30, 2025) Net Loss: (₹62.15); EPS: (₹0.56)
  • Full Year FY26 (March 31, 2026) Net Loss: (₹157.71); EPS: (₹1.43)

Capital Structure

  • Paid-up Equity Share Capital (Face Value ₹10 each): ₹1,100.00 lakhs (constant across all periods presented).

Statement of Assets and Liabilities (Standalone, as of September 30, 2026)

Total Assets: ₹2,960.82 lakhs (Audited March 31, 2026: ₹3,041.80 lakhs)

  • Non-Current Assets: ₹2,599.23 lakhs
  • Property, Plant and Equipment: ₹0.45 lakh
  • Investment Property: ₹2,597.98 lakh
  • Other Non-Current Assets: ₹0.80 lakh
  • Current Assets: ₹361.59 lakhs
  • Trade Receivables: ₹266.62 lakh
  • Cash and Cash Equivalents: ₹62.06 lakh
  • Other Current Financial Assets: ₹0.60 lakh
  • Other Current Assets: ₹32.31 lakh

Equity and Liabilities: ₹2,960.82 lakhs

  • Equity: (₹918.29) lakhs (Negative Net Worth)
  • Equity Share Capital: ₹1,100.00 lakh
  • Other Equity: (₹2,018.29) lakh (Accumulated Losses)
  • Non-Current Liabilities: ₹3,788.73 lakhs
  • Borrowings: ₹359.02 lakh
  • Other Financial Liabilities: ₹3,429.71 lakh
  • Current Liabilities: ₹90.38 lakhs
  • Trade Payables (Other than micro/small enterprises): ₹13.77 lakh
  • Other Financial Liabilities: ₹74.98 lakh
  • Other Current Liabilities: ₹1.01 lakh
  • Current Tax Liabilities (net): ₹0.62 lakh

Statement of Cash Flows (Half Year Ended September 30, 2026)

  • Net Cash Used in Operating Activities: (₹17.17) lakh
  • Net Cash Flow from Investing Activities: ₹0.00
  • Net Cash Flow from Financing Activities: ₹0.00
  • Net Decrease in Cash and Equivalents: (₹17.17) lakh
  • Cash and Equivalents at Period End: ₹62.06 lakh

Auditor's Review and Emphasis of Matter

The auditors' report concludes that based on their review, nothing has come to their attention to believe the financial results contain material misstatements. However, it includes two key emphasis points:

1. Material Uncertainty Related to Going Concern: The company incurred a net loss of ₹43.22 lakh (Q2) and ₹83.33 lakh (H1). Accumulated losses as of September 30, 2026, stand at ₹2,571.25 lakh, resulting in an eroded net worth. This condition indicates a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern.

2. Provisional Attachment Order: Note 5 to the financial results discloses that a Provisional Attachment Order No. 09/2024 was issued via email on September 13, 2024, by the Deputy Director, Gurugram Zonal Office, Directorate of Enforcement, New Delhi. The order, referencing F.No.ECIR/GNZO/14/2024 dated September 5, 2024, provisionally attaches immovable properties held in the company's name and shares held by the promoter company in relation to an alleged contravention of the Prevention of Money Laundering Act, 2002. Management states the order does not affect business operations. The financial impact is not ascertainable. The order was confirmed by the Adjudicating Authority, but the company has filed an appeal before the Appellate Authority, which is pending.

Other Notes to Financial Results

  • The results were prepared in accordance with Ind AS, specifically Ind AS 34.
  • The company has only one operating segment.
  • The impact of newly notified Labour Codes is assessed as not material for the current period.
  • Previous periods' figures have been re-grouped/re-classified for comparability.