Key Quantitative Figures - Standalone (₹ Lakhs)

For the Quarter Ended 30-Sep-26:

  • Total Income: ₹114.49
  • Total Expenses: ₹207.14
  • Loss Before Tax: (₹92.65)
  • Tax Expense (Net): (₹0.66) [Deferred Tax]
  • Net Loss for the Quarter: (₹91.99)
  • Other Comprehensive Income (after tax): ₹1.95
  • Total Comprehensive Loss: (₹90.04)
  • Basic/Diluted EPS: (₹0.17)

For the Quarter Ended 30-Jun-26:

  • Total Income: ₹9,173.97
  • Total Expenses: ₹221.67
  • Profit Before Tax: ₹8,952.30
  • Tax Expense (Net): (₹2.34) [Deferred Tax]
  • Net Profit for the Quarter: ₹8,954.64
  • Other Comprehensive Income (after tax): ₹6.97
  • Total Comprehensive Income: ₹8,961.61
  • Basic/Diluted EPS: ₹16.60

For the Half Year Ended 30-Sep-26:

  • Total Income: ₹9,288.46
  • Total Expenses: ₹428.81
  • Profit Before Tax: ₹8,859.65
  • Tax Expense (Net): (₹3.00) [Deferred Tax]
  • Net Profit for the Half Year: ₹8,862.65
  • Other Comprehensive Income (after tax): ₹8.92
  • Total Comprehensive Income: ₹8,871.57
  • Basic/Diluted EPS: ₹16.43

Standalone Balance Sheet as at 30-Sep-26 (₹ Lakhs):

  • Total Assets: ₹3,51,527.92
  • Non-Current Assets: ₹1,84,676.59
  • Current Assets: ₹1,292.56
  • Non-Current Assets Held for Sale: ₹1,65,558.77
  • Equity: ₹1,08,032.44
  • Non-Current Liabilities: ₹16,901.70
  • Current Liabilities: ₹2,26,593.78
  • Paid-up Equity Share Capital: ₹5,394.29
  • Other Equity: ₹1,02,638.15

Key Quantitative Figures - Consolidated (₹ Lakhs)

For the Quarter Ended 30-Sep-26:

  • Revenue from Operations: ₹7,414.15
  • Other Income: ₹165.24
  • Total Income: ₹7,579.39
  • Total Expenses: ₹7,170.64
  • Profit Before Exceptional Items & JV Loss: ₹408.75
  • Share of Loss from Joint Venture: (₹93.40)
  • Profit Before Tax: ₹315.36
  • Total Tax Expense: ₹162.64
  • Net Profit for the Quarter: ₹152.71
  • Attributable to Owners: ₹103.77
  • Attributable to Non-Controlling Interest: ₹48.95
  • Other Comprehensive Income (after tax): ₹34.80
  • Total Comprehensive Income: ₹187.51
  • Basic/Diluted EPS: ₹0.19

For the Half Year Ended 30-Sep-26:

  • Revenue from Operations: ₹15,465.77
  • Other Income: ₹382.81
  • Total Income: ₹15,848.58
  • Total Expenses: ₹14,312.89
  • Profit Before Exceptional Items & JV Loss: ₹1,535.69
  • Share of Loss from Joint Venture: (₹83.19)
  • Profit Before Tax: ₹1,452.49
  • Total Tax Expense: ₹625.28
  • Net Profit for the Half Year: ₹827.21
  • Attributable to Owners: ₹721.16
  • Attributable to Non-Controlling Interest: ₹106.06
  • Other Comprehensive Income (after tax): ₹74.61
  • Total Comprehensive Income: ₹901.82
  • Basic/Diluted EPS: ₹1.34

Consolidated Balance Sheet as at 30-Sep-26 (₹ Lakhs):

  • Total Assets: ₹4,04,016.10
  • Non-Current Assets: ₹2,27,602.43
  • Current Assets: ₹11,044.60
  • Non-Current Assets Held for Sale: ₹1,65,369.07
  • Equity Attributable to Owners: ₹91,424.13
  • Non-Controlling Interest: ₹11,919.67
  • Total Equity: ₹1,03,343.80
  • Non-Current Liabilities: ₹79,214.98
  • Current Liabilities: ₹2,02,817.20
  • Equity Share Capital: ₹5,394.29
  • Other Equity: ₹86,029.84

Dates of Action

  • Board Meeting Date: 3rd November, 2026 (1:30 p.m. to 3:45 p.m.)
  • Period Ended: 30th September, 2026
  • NCLT Order Date for Demerger: 12th June, 2025
  • Appointed Date of Demerger: 1st April, 2025
  • Effective Date of Demerger: 1st July, 2025
  • Subsequent SPA Date: 13th October, 2026

Parties Involved

  • Statutory Auditors: Mehta Chokshi & Shah LLP
  • Transferor Company (Demerger): Valor Estate Ltd (formerly D B Realty Ltd)
  • Subsidiaries: Advent Convention and Hotels International Private Limited, BD & P Hotels (India) Private Limited, Goan Hotels & Realty Private Limited
  • Joint Venture: Bamboo Hotel and Global Centre (Delhi) Private Limited
  • Lender: Authum Investment & Infrastructure Limited
  • Regulator: SEBI, NCLT

Purpose or Rationale

The financial results are presented as a regulatory requirement. The notes explain the accounting treatment of the demerger from Valor Estate Ltd, which was done to consolidate the hospitality business.

Financial & Operational Impact

  • Standalone: Q2 performance shows a loss, significantly impacted by the high profit in Q1 from a land sale (₹9,003.37 lakh). H1 shows a strong net profit of ₹8,862.65 lakh.
  • Consolidated: Reflects the ongoing hospitality operations. Q2 net profit of ₹152.71 lakh and H1 net profit of ₹827.21 lakh.
  • Demerger Accounting: The Scheme has been accounted for as a business combination under common control from the date of the company's incorporation (15th November, 2006), as required by Ind AS 103, Appendix C. This affects the comparability of figures, and previous periods have been restated.
  • Assets Held for Sale: The investment in and loan to Bamboo Hotel & Global Centre (Delhi) Private Limited (₹1,65,558.77 lakh standalone; ₹1,65,369.07 lakh consolidated) and corresponding borrowings (₹1,65,645.60 lakh standalone; ₹1,67,155.21 lakh consolidated) continue to be classified as held for sale, pending lender NOCs for transfer to Valor Estate Ltd.

Capital Structure Impact

  • Paid-up Equity Share Capital remains unchanged at ₹5,394.29 lakh for both standalone and consolidated.
  • The proposed acquisition of the remaining 25% in BD&P Hotels (India) Private Limited (post-period) will make it a wholly-owned subsidiary but has no accounting impact in these results.

Cash Flow Implications - Standalone (H1 FY27)

  • Net Cash Used in Operating Activities: (₹855.20) lakh
  • Net Cash Used in Investing Activities: (₹234.98) lakh
  • Net Cash from Financing Activities: ₹1,028.89 lakh
  • Net Decrease in Cash: (₹61.29) lakh
  • Cash & Equivalents at End: ₹29.82 lakh

Cash Flow Implications - Consolidated (H1 FY27)

  • Net Cash from Operating Activities: ₹2,357.44 lakh
  • Net Cash Used in Investing Activities: (₹1,995.61) lakh
  • Net Cash from Financing Activities: ₹3,194.96 lakh
  • Net Increase in Cash: ₹3,556.79 lakh
  • Cash & Equivalents at End: ₹6,155.37 lakh

Subsequent Events (Post 30-Sep-26)

1. Share Purchase Agreement (13th Oct 2026): The company signed an SPA to acquire the remaining 25% equity stake in its subsidiary, BD&P Hotels (India) Private Limited, for ₹4,000.00 lakh (payable in tranches up to June 2027). This is a non-adjusting event.

2. Credit Facilities: Authum Investment & Infrastructure Ltd sanctioned credit facilities totaling ₹76,000.00 lakh to subsidiaries:

  • ₹56,500.00 lakh to Goan Hotels & Realty Private Limited (fully disbursed, used for refinancing).
  • ₹19,500.00 lakh to BD & P Hotels (India) Private Limited (in process).

The facilities are secured by charges on hotel properties, pledges of shareholding, and a corporate guarantee from Advent Hotels.

Contingent Liabilities & Disputes (Subsidiaries)

  • Goan Hotels & Realty Private Limited: Income tax demands of ₹1,112.88 lakh (disputed at ITAT) and GST demands of ₹1,431.01 lakh.
  • BD & P Hotels (India) Private Limited: Income tax demand of ₹454.35 lakh (disputed at CIT(A)) and GST show cause notice of ₹89.43 lakh.
  • Property Tax Dues: A subsidiary received a statement from MCGM for ₹920.74 lakh, including disputed retrospective penalty/interest of ₹746.45 lakh. The matter is being challenged in the Bombay High Court.

No provisions have been made for these contingent liabilities as outflows are not deemed probable.

Other Notes

  • Emphasis of Matter: Auditors emphasized the accounting treatment of the demerger from Valor Estate Ltd, which was applied from the company's incorporation date (2006) instead of the NCLT's appointed date (1-Apr-2025). Their opinion is not modified.
  • Segment Reporting: The company operates solely in the hospitality segment.
  • EPS Calculation: EPS for interim periods is not annualized.
  • Cancelled Transaction: The acquisition of preference shares in BD&P Hotels for ₹1,095.00 lakh, disclosed in the previous quarter, was cancelled.
  • PPE Reconciliation: A subsidiary wrote off untraceable assets worth ₹56.67 lakh and corrected prior period errors of ₹193.08 lakh by adjusting opening retained earnings.