Board Meeting Details

The Board of Directors meeting was held on August 10, 2026, commencing at 12:00 noon IST and concluding at 4:25 pm IST.

Key Decisions Approved

1. Unaudited Financial Results: The Board approved the unaudited financial results (standalone and consolidated) for the quarter ended June 30, 2026. The results were reviewed by the Audit Committee and subjected to limited review by statutory auditors Bansi S. Mehta & Co.

2. Re-appointment of Key Managerial Personnel: Mr. Rajnesh Datt was re-appointed as Manager of the Company for a further period of two years with effect from February 4, 2027, to February 3, 2029, subject to approval of members.

Financial Performance (Standalone - ₹ in crore)

Quarter Ended June 30, 2026:

  • Revenue from Operations: ₹410.80
  • Other Income: ₹23.12
  • Total Income: ₹433.92
  • Total Expenses: ₹422.89
  • Profit Before Tax: ₹10.29
  • Tax Expense: ₹3.29
  • Net Profit: ₹7.00
  • Earnings Per Share (Basic & Diluted): ₹0.34
  • Other Comprehensive Income: ₹43.30
  • Total Comprehensive Income: ₹50.30
  • Paid-up Equity Capital: ₹41.31
  • Other Equity: Not specified for current quarter

Comparative Performance:

  • Net Profit Q1 FY26: ₹7.00 crore vs Q4 FY25: ₹20.99 crore (down 66.7%)
  • Net Profit Q1 FY26: ₹7.00 crore vs Q1 FY25: ₹13.76 crore (down 49.1%)

Financial Performance (Consolidated - ₹ in crore)

Quarter Ended June 30, 2026:

  • Revenue from Operations: ₹407.55
  • Other Income: ₹23.12
  • Total Income: ₹430.67
  • Total Expenses: ₹422.89
  • Share of profit from associates: ₹0.08
  • Profit Before Tax: ₹10.37
  • Tax Expense: ₹3.29
  • Net Profit: ₹7.08
  • Earnings Per Share (Basic & Diluted): ₹0.34
  • Other Comprehensive Income: ₹43.30
  • Total Comprehensive Income: ₹50.38

Segment-wise Performance (₹ in crore)

Revenue:

  • Real Estate: ₹42.05 (Q1 FY26) vs ₹18.70 (Q4 FY25)
  • Polyester: ₹350.79 (Q1 FY26) vs ₹367.05 (Q4 FY25)
  • Retail/Textile: ₹14.71 (Q1 FY26) vs ₹6.84 (Q4 FY25)

Segment Results (Profit/Loss before tax and finance costs):

  • Real Estate: (₹12.94) loss
  • Polyester: ₹8.14 profit
  • Retail/Textile: ₹2.50 profit

Key Managerial Personnel Re-appointment

Mr. Rajnesh Datt (57 years) was re-appointed as Manager with effect from February 4, 2027. He has 35 years of experience in the polyester industry, including 14 years with Bombay Dyeing. His previous roles include Vice President PSF - Sales & Marketing, Senior Vice President, and Chief Operating Officer (PSF). He holds an MBA in Marketing and a science graduate degree. His previous employers include Indorama Synthetics (India) Ltd. and JCT Ltd. (Thapar Group).

THREE ICC Real Estate Project

During the quarter ended June 30, 2026, the Company received regulatory approvals and launched its THREE ICC real estate project. Revenue is recognized 'over time' based on contracts with customers, but currently recognized only to the extent of costs incurred as the project hasn't reached reasonable development level. ₹153.20 crore previously capitalized as land improvement cost/Capital Work-in-Progress was transferred from Property, Plant and Equipment to Inventories - Work In Progress.

Employee and Other Expenses

Employee Benefits Expense for the quarter includes ₹2.81 crores towards THREE ICC project. Other Expenses include ₹89.65 crores towards THREE ICC project.

Inventory Write-down

Changes in inventories include write-down to net realizable value by ₹3.49 crores for the quarter.

Exceptional Items

Exceptional items of ₹0.74 crores represent provisions for litigated matters pertaining to Real Estate.

SEBI Legal Matter

SEBI passed an order on October 21, 2022, alleging inflation of revenue and profits in FY 2011-12 to FY 2017-18 and imposing a penalty of ₹2.25 crores with market access restrictions. The Company obtained a stay from SAT on November 10, 2022. On January 16, 2026, SAT set aside the SEBI order by majority decision. SEBI has appealed to the Supreme Court, which issued notice on July 13, 2026, and directed the Company to file replies. The Company maintains its financial statements were validly prepared and all transactions were legitimate.

Subsidiary and Associate Companies

Consolidated results include:

  • Subsidiary: P. T. Five Star Textile Indonesia (classified as discontinued operation)
  • Associates: Bombay Dyeing Real Estate Company Limited and Pentafil Textile Dealers Limited

The foreign subsidiary's results were not reviewed by their auditors and reflect minimal amounts (less than ₹1 lakh). Associates contributed ₹0.08 crore net profit for the quarter.