Key Business Approved

The Board of Directors approved and took on record the following:

1. The Standalone Audited Financial Results of the Company for the quarter and financial year ended March 31, 2026, along with the Auditors' Report.

2. A declaration regarding an unmodified opinion on the Standalone Audited Financial Results for FY26.

A separate communication confirmed that the audit report issued by M/s. Sorab S. Engineer & Co., Chartered Accountants, for the Standalone Audited Financial Results for the quarter and year ended March 31, 2026, carries an Unmodified Opinion. This confirmation was provided under Regulation 33(3)(d) of the SEBI LODR Regulations.

Auditor's Report and Emphasis of Matter

The Independent Auditor's Report, dated May 28, 2026, expressed an unmodified opinion on the financial results. However, it included an Emphasis of Matter paragraph drawing attention to Note 5 of the financial results.

The Emphasis of Matter highlights a material uncertainty related to going concern. The shareholders approved initiating a pre-packaged insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 (as amended) via a special resolution in an EGM on May 27, 2021. The National Company Law Tribunal (NCLT), Ahmedabad, passed an order approving the Resolution Plan on September 5, 2023. Pursuant to this order, the company is in the process of completing statutory, financial, and operational formalities, including an amalgamation. This condition indicates a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern.

Standalone Audited Financial Results (FY Ended March 31, 2026)

(All figures in ₹ Lakhs, except per share data)

Income:

  • Other Income: ₹59.99 (FY25: ₹0.86)
  • Revenue from Operations: ₹0.00 (FY25: ₹0.00)
  • Total Income: ₹59.99 (FY25: ₹0.86)

Expenses:

  • Employee benefits expense: ₹2.56 (FY25: ₹2.65)
  • Finance costs: ₹10.98 (FY25: ₹10.17)
  • Depreciation and amortisation expense: ₹13.10 (FY25: ₹13.27)
  • Other expenses: ₹19.83 (FY25: ₹98.08)
  • Total Expenses: ₹46.47 (FY25: ₹124.17)

Profit/(Loss):

  • Profit/(Loss) before tax: ₹13.52 (FY25: Loss of ₹123.31)
  • Total Tax Expense (Deferred): -₹0.10 (Credit) (FY25: -₹0.80 Credit)
  • Profit/(Loss) for the period (Net Profit): ₹13.62 (FY25: Net Loss of ₹122.51)

Other Comprehensive Income/(Loss):

  • Other Comprehensive Income/(Loss) (net of tax): ₹90.05 (FY25: Not fully comparable from provided data)
  • Total Comprehensive Income for the Period: ₹(32.46) (FY25: Not fully comparable from provided data)

Earnings Per Share (EPS):

  • Basic & Diluted EPS: ₹3.56 (FY25: -₹32.04)

Paid-up Equity Share Capital: ₹38.24 Lakhs (par value ₹10 each)

Statement of Assets and Liabilities (As at March 31, 2026)

(All figures in ₹ Lakhs)

Total Assets: ₹651.31

  • Non-current assets: ₹516.87 (Includes Non-current Investments: ₹204.67)
  • Current assets: ₹134.44 (Includes Trade Receivables: ₹5.31, Cash and cash equivalents: ₹83.07, Other bank balances: ₹17.25, Other current assets: ₹27.12, Current tax assets: ₹1.69)

Total Equity and Liabilities: ₹651.31

  • Total Equity: ₹427.17 (Equity share capital: ₹38.24, Other equity: ₹388.93)
  • Non-current liabilities: ₹6.56 (Borrowings: ₹6.56)
  • Current liabilities: ₹217.58 (Borrowings: ₹149.17, Trade payables: ₹0.70, Other financial liabilities: ₹67.71)

Cash Flow Statement (FY Ended March 31, 2026)

(All figures in ₹ Lakhs)

  • Net Cash flow from operating activities (A): ₹8.46
  • Net Cash flow from investing activities (B): ₹99.47 (from Sale of Property, plant and equipment: ₹17.96 and Sale of Non-current investments: ₹81.51)
  • Net Cash flow from financing activities (C): -₹26.30 (from Repayment of short term borrowings: -₹15.32 and Finance cost paid: -₹10.98)
  • Net increase in Cash and Cash Equivalents (A+B+C): ₹81.63
  • Cash and cash equivalents at end of the period: ₹83.07 (Cash on hand: ₹0.17, Balance with banks in current accounts: ₹82.90)

Notes to Financial Results

1. The financial results are prepared in accordance with Indian Accounting Standards (Ind AS).

2. The results were reviewed by the Audit Committee and approved by the Board. Statutory Auditors expressed an unqualified opinion.

3. The company operates in a single business segment: "Real Estate Development".

4. The New Labour Codes effective November 21, 2025, had no significant impact on the provision for employee benefits in FY26. The company will evaluate any additional impact upon notification of related Rules.

5. This note details the pre-packaged insolvency process and NCLT approval, forming the basis for the Emphasis of Matter.

6. The figures for the quarter ended March 31, 2026, are balancing figures between the audited full-year and published unaudited year-to-date figures up to Q3 FY26.

7. Previous period figures have been regrouped/reclassified wherever necessary.

8. Refer to Annexure I for the Audited Statement of Assets and Liabilities.

9. Refer to Annexure II for the Audited Statement of Cash Flows.