Key Financial Figures

Quarter Ended September 30, 2026 (Q2 FY27):

  • Revenue from Operations: ₹3.44 crore
  • Total Income: ₹3.41 crore
  • Total Expenses: ₹7.56 crore
  • Loss Before Tax: ₹4.15 crore
  • Tax Expense: ₹(0.05) crore (Deferred Tax)
  • Net Loss: ₹4.11 crore
  • Basic & Diluted EPS: ₹(1.15)

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

  • Revenue from Operations: ₹7.95 crore
  • Total Income: ₹8.24 crore
  • Total Expenses: ₹13.93 crore
  • Loss Before Tax: ₹5.70 crore
  • Tax Expense: ₹0.39 crore
  • Net Loss: ₹6.09 crore
  • Basic & Diluted EPS: ₹(1.15)

Comparative Figures (Quarter Ended September 30, 2025 - Q2 FY26):

  • Revenue from Operations: ₹5.38 crore
  • Net Loss: ₹2.04 crore
  • Basic & Diluted EPS: ₹(0.39)

Balance Sheet Highlights (as at September 30, 2026)

  • Total Assets: ₹277.20 crore
  • Total Liabilities: ₹238.81 crore
  • Equity Share Capital: ₹5.29 crore
  • Other Equity: ₹33.11 crore
  • Non-Current Borrowings: ₹57.53 crore
  • Current Borrowings: ₹36.76 crore
  • Inventories: ₹148.57 crore

Qualified Review Report by Auditors

The statutory auditors, Desai Saksena & Associates, issued a qualified review report highlighting two key issues:

1. Overdue Trade Receivables: The company has not made any provision for old overdue trade receivables of ₹10.22 crore as at September 30, 2026, which constitutes a departure from Indian Accounting Standards. Had provision been made, the loss for the period would have been higher by ₹10.22 crore and shareholders' funds lower by ₹10.22 crore.

2. Impairment of Assets: The fertilizer segment has incurred significant losses with nil capacity utilization in the September 2026 quarter and earlier periods. The company has not carried out an impairment study as required by Ind AS 36 for Property, Plant & Equipment related to the fertilizer segment and has not made any provision. The auditors were unable to obtain sufficient evidence to comment on the quantum of provision required.

These matters were also qualified in the preceding quarters and for the year ended March 31, 2026.

Sub Judice Matters

The company disclosed two matters under litigation as of September 30, 2026:

1. Short Receipt of TDR: The company paid ₹9.66 crore to M/s Hubtown Limited (erstwhile Akruti City Limited) on September 19, 2014, for Transferable Development Rights (TDR). The company claims it received short TDR for an area of 332.180 sq. meters aggregating to ₹1.16 crore. A case has been filed in NCLT, and no provision has been made for this amount.

2. Maintenance Charges Payable: The company has not provided for maintenance charges payable of ₹0.33 crore to M/s Hubtown Solaris Maintenance Private Limited. A counterclaim has been filed against M/s Hubtown Limited and M/s Hubtown Solaris Maintenance Private Limited in relation to the short TDR receipt.

Segment Performance

Revenue Breakdown (Q2 FY27):

  • Resort: ₹3.44 crore (100% of revenue)
  • Fertilizer: ₹0 crore
  • Construction: ₹0 crore

Segment Results (Loss) (Q2 FY27):

  • Resort: ₹(2.02) crore
  • Fertilizer: ₹(1.05) crore
  • Construction: ₹(0.88) crore

Business Updates and Expansion

1. Hospitality Division - Anchaviyo Resort: The resort expansion program is ongoing, aiming to add 116 keys to the existing 120 keys, bringing total capacity to 236 keys. The enhanced property will feature three grand banquets, premium recreation amenities, a state-of-the-art SPA and wellness center, and a man-made Mandap with a seating capacity of up to 1,000 guests.

2. Realty Division - Wembley-60, Majiwada, Thane: Construction has progressed up to the 32nd floor. The company has sold 190 units up to the 35th floor, representing over 75% of the units offered for sale at that level.

Cash Flow Statement (H1 FY27)

  • Net Cash from Operating Activities: ₹4.59 crore
  • Net Cash Used in Investing Activities: ₹(13.77) crore
  • Net Cash from Financing Activities: ₹8.99 crore
  • Net Decrease in Cash: ₹(0.19) crore
  • Cash and Cash Equivalents at End of Period: ₹0.39 crore

Conclusion

The company maintains a diversified approach across its divisions and remains focused on improving operational efficiency, maximizing capacity utilization, and enhancing profitability.