Financial Results for Quarter Ended June 30, 2026

  • Revenue from Operations: ₹45.14 crore
  • Total Expenses: ₹636.80 crore
  • Cost of materials consumed: ₹1,283.75 crore
  • Changes in inventories: (₹1,618.78) crore
  • Employee benefits expense: ₹146.33 crore
  • Finance costs: ₹133.53 crore
  • Depreciation: ₹151.84 crore
  • Other expenses: ₹540.13 crore
  • Loss Before Tax: ₹154.36 crore
  • Tax Expense: ₹43.56 crore (current tax)
  • Net Loss: ₹197.91 crore
  • Total Comprehensive Income: ₹(185.64) crore
  • Paid-up Share Capital: ₹528.55 crore
  • Earnings Per Share (Basic): ₹(0.37)
  • Earnings Per Share (Diluted): ₹(0.37)

Segment Performance (Q1 FY27)

  • Construction Segment: Revenue ₹0 crore, Segment Result ₹(36.11) crore
  • Fertiliser Segment: Revenue ₹0 crore, Segment Result ₹(73.46) crore
  • Resort Segment: Revenue ₹451.36 crore, Segment Result ₹(34.45) crore
  • Total Segment Results: ₹(144.03) crore

Auditor's Qualified Opinion

Statutory auditors Desai Saksena & Associates issued a qualified review report highlighting:

1. Overdue Trade Receivables: Carrying value of ₹10.21 crore as of June 30, 2026, for which no provision has been made. Had provision been made, loss would have been higher by ₹10.21 crore and shareholders' fund lower by ₹10.21 crore.

2. Impairment Study Not Conducted: Fertiliser segment incurred significant losses with nil capacity utilization in Q1 FY27 and earlier periods, but no impairment study conducted for Property Plant Equipment as required by Ind AS 36.

Sub Judice Matters

The company disclosed two ongoing legal matters:

1. Short Receipt of TDR: Payment of ₹9.66 crore made to Hubtown Limited (erstwhile Akruti City Limited) on September 19, 2014, for TDR purchase. Company received short TDR for 332.180 sq. mtrs aggregating ₹1.16 crore. Case filed in NCLT, no provision made.

2. Maintenance Charges Payable: ₹0.33 crore maintenance charges payable, for which company has filed counter claim. No provision made.

Corporate Governance Updates

Re-appointment of Independent Directors:

1. Mr. Kalpesh Chandrakant Shah (DIN: 09501247): Re-appointed as Non-Executive Independent Director for second term of five years from March 31, 2027 to March 30, 2032, subject to shareholder approval at ensuing AGM. Not liable to retire by rotation. Graduate from University of Mumbai with over 20 years experience in real estate.

2. Mr. Hemant Nandkishor Bataviya (DIN: 09535784): Re-appointed as Non-Executive Independent Director for second term of five years from March 31, 2027 to March 30, 2032, subject to shareholder approval at ensuing AGM. Not liable to retire by rotation. Commerce graduate from University of Mumbai with extensive knowledge in tours and travel business.

Resignation of Company Secretary:

  • Mr. Akshay Kumar (ACS: 53650): Resigned as Company Secretary and Compliance Officer effective close of business hours on August 31, 2026, to pursue career opportunities outside the company.

Operational Updates

Hospitality Division - Anchaviyo Resort:

  • Ongoing expansion program adding 116 keys to existing 120 keys, bringing total capacity to 236 keys
  • Enhanced property to feature three grand banquets, premium recreation amenities, state-of-the-art SPA and wellness center, and man-made Mandap with seating capacity for 1,000 guests
  • Expected to strengthen positioning as premier luxury hospitality destination near Mumbai

Realty Division - Wembely-60, Majiwada, Thane:

  • Construction progressed up to 30th floor
  • Successfully sold 200+ units up to 35th floor, representing over 75% of units offered for sale

Meeting Details

Board meeting commenced at 6:30 PM and concluded at 7:30 PM on August 11, 2026.