Financial Results Summary (Amount in ₹ Lakhs)

Income Statement Highlights

  • Revenue from Operations: ₹124.02 (H1 FY26) vs ₹320.32 (H1 FY25) vs ₹1,633.62 (FY26)
  • Other Income: ₹15.00 (H1 FY26) vs ₹0.00 (H1 FY25) vs ₹0.00 (FY26)
  • Total Income: ₹139.02 (H1 FY26) vs ₹320.32 (H1 FY25) vs ₹1,633.62 (FY26)
  • Total Expenses: ₹125.24 (H1 FY26) vs ₹905.29 (H1 FY25) vs ₹1,441.84 (FY26)
  • Cost of Material Consumed: ₹0.00
  • Purchases: ₹0.00
  • Changes in Inventories: ₹117.59
  • Employee Benefits: ₹3.90
  • Finance Costs: ₹0.00
  • Depreciation: ₹0.04
  • Other Expenses: ₹3.72
  • Profit Before Tax: ₹13.78 (H1 FY26) vs (₹584.97) (H1 FY25) vs ₹191.78 (FY26)
  • Tax Expense: ₹0.00 (Current & Deferred)
  • Profit for Period: ₹13.78 (H1 FY26) vs (₹584.97) (H1 FY25) vs ₹191.76 (FY26)
  • Earnings Per Share (Basic & Diluted): ₹0.08 (H1 FY26) vs (₹3.59) (H1 FY25) vs ₹1.18 (FY26)

Balance Sheet Position (as at 30th September, 2026)

  • Share Capital: ₹1,631.68 (Unchanged)
  • Reserves and Surplus: ₹1,158.85 (vs ₹1,115.08 as at 31st March, 2026)
  • Long-Term Borrowings: ₹1.77 (vs ₹2.52)
  • Trade Payables: ₹798.18 (Other than Micro and Small Enterprises)
  • Other Current Liabilities: ₹44.11
  • Short-Term Provisions: ₹11.81
  • Property, Plant & Equipment: ₹0.21
  • Non-Current Investments: ₹809.00 (vs ₹300.00)
  • Long-Term Loans and Advances: ₹300.25
  • Deferred Tax Assets: ₹0.01
  • Trade Receivables: ₹2,129.63
  • Cash and Cash Equivalents: ₹6.63
  • Other Current Assets: ₹400.66

Cash Flow Statement (H1 FY26)

  • Net Cash from Operating Activities: ₹510.20
  • Net Cash Used in Investing Activities: (₹509.00) primarily due to non-current investments
  • Net Cash Used in Financing Activities: (₹0.75) due to repayment of long-term borrowing
  • Net Increase in Cash: ₹0.45

Key Notes and Disclosures

Audit and Review

  • The unaudited financial results were reviewed by the Audit Committee and approved by the Board of Directors on 04/11/2026.
  • Statutory auditors V S S B & Associates issued a "Limited Review Report" as per Regulation 33 of SEBI (LODR) Regulations, 2015.
  • The company has not remitted income tax liabilities for FY 2022-23, 2023-24 & 2024-25 aggregating to ₹72.52 lakhs as per Income Tax Department records.
  • No provision has been made for interest liability on outstanding income tax dues.

Significant Auditor Qualifications

1. Agricultural Land Advances: Management advanced ₹300.25 lakhs from IPO proceeds for agricultural land development, but adequate supporting documents, agreements, work completion evidences, utilization details, or balance confirmations were not provided to substantiate nature, genuineness, and recoverability.

2. GST Compliance: GST registration has remained inactive for a prolonged period with no GST returns filed. Company has not recognized or discharged applicable RCM liability under GST.

3. Inventory Write-down: During previous financial year, opening stock-in-trade (perishable nature) was destroyed and written down to nil value.

Business Segment

  • The company is mainly engaged in Agriculture Based Commodities, considered as the only reportable primary business segment as per AS 17.

Tax Position

  • The company incurred losses during previous financial year and has brought-forward losses available for set-off against taxable income. Accordingly, no provision for current income tax has been recognized.

Related Party Transactions (H1 FY26)

  • Kaupilkumar Shah (CFO and Managing Director): Remuneration ₹0.40 lakhs
  • Shitalben Kaupilkumar Shah (Director): Remuneration ₹1.00 lakhs
  • Ish Sadanand (Independent Director): Sitting Fees ₹0.25 lakhs
  • Poota Manish Pande (Independent Director): Sitting Fees ₹0.15 lakhs