Board Meeting Details

The Board of Directors meeting was held on November 13, 2026, commencing at 15:00 PM and concluding at 16:30 PM. The Board considered and approved:

1. The standalone quarterly and half yearly unaudited financial results for the period ended September 30, 2026

2. A declaration on the auditor's report with unmodified opinion

Financial Results Highlights (Amounts in ₹ Lakhs)

Income Statement for H1 FY27 (September 30, 2026):

  • Revenue from operations: ₹20.00
  • Total revenue: ₹20.00
  • Total expenses: ₹7.76
  • Employee benefits expense: ₹3.05
  • Other expenses: ₹4.71
  • Profit before exceptional items and tax: ₹12.24
  • Exceptional items: ₹(16.60) [reinstatement charges of ₹15 lakhs included]
  • Loss before tax: ₹(4.36)
  • Tax expense: Nil
  • Net loss for the period: ₹(4.36)
  • Paid-up equity share capital: ₹300.11 (Face value ₹10 each)
  • Basic & diluted EPS: ₹(0.15)

Comparative Figures:

  • H1 FY26 (September 30, 2025): Net loss ₹(7.61), EPS ₹(0.25)
  • Full Year FY26 (March 31, 2026): Net loss ₹(10.52), EPS ₹(0.35)

Balance Sheet Position (as at September 30, 2026)

  • Equity and Liabilities: ₹14,960.65 lakhs
  • Shareholders' funds: ₹851.70 (Share capital: ₹300.11 + Reserves: ₹551.59)
  • Long-term borrowings: ₹13,044.64
  • Other non-current liabilities: ₹1,052.42
  • Current liabilities: ₹11.86
  • Assets: ₹14,960.65 lakhs
  • Long-term loans and advances: ₹185.00
  • Inventories: ₹14,765.90 (FSI inventories)
  • Trade receivables: ₹5.68
  • Cash and cash equivalents: ₹1.07
  • Short-term loans and advances: ₹3.00

Auditor's Review Report

M/s KRA & Associates, Chartered Accountants (Firm Registration No. 002352N) issued an unmodified review report on the unaudited financial results, with several emphasis of matter points:

1. FSI Inventories: The company has acquired saleable FSI Inventories (Floor Space Index) of ₹14,765.90 lakhs at historical cost. The inventory valuation is based on agreements/confirmations from developers, and management expects to recover the carrying amount. The FSI was recognized pursuant to the Honorable High Court order dated November 27, 2017, regarding the demerger scheme between Blueblood Ventures Limited and Devoted Construction Limited. The company is in the process of executing a Joint Venture/Collaboration Agreement with G.C Construction & Development Industries Pvt Ltd, with Blueblood Ventures Ltd as confirming party.

2. Frozen Bank Account: ICICI Bank account number 000705042840 has been frozen/lien for ₹9,96,58,051 by the Income Tax Department vide letter no. ITBA/COM/F/17/2023-24/1052419827 dated April 28, 2023. The Income Tax Department passed an order vide DIN & Order No. ITBA/NFAC/S/250/2025-26/1087531816(1) dated March 18, 2026, determining nil tax liability, but the lien has not been lifted as of the report date.

3. Accounting Standards: The company is not required to apply Ind AS as per MCA notification (press release No. 11/11/2009 dated January 2, 2015) for companies listed or in process of listing on SME exchanges.

4. Exceptional Items: The company incurred reinstatement charges of ₹15 lakhs, shown under exceptional items.

5. Balance Confirmations: Balances of debtors, creditors, and advances are subject to confirmations.

Cash Flow Statement

For the half year ended September 30, 2026:

  • Net cash from operating activities: ₹1.48 lakhs
  • Net cash used in investing activities: ₹(100.00) lakhs (primarily advances given)
  • Net cash from financing activities: ₹68.99 lakhs (primarily proceeds from long-term borrowings: ₹64.54 lakhs)
  • Net decrease in cash and cash equivalents: ₹(29.53) lakhs
  • Cash and cash equivalents at period end: ₹1.07 lakhs