Key Financial Figures (₹ in Lakhs)

The company reported a net loss of ₹320.24 lakh for the quarter ended June 30, 2026.

  • Total Income: ₹78.89 lakh, comprising:
  • Revenue from operations: ₹14.61 lakh
  • Other income: ₹64.29 lakh
  • Total Expenses: ₹399.13 lakh, comprising:
  • Employee benefits expenses: ₹218.63 lakh
  • Depreciation, amortization, and impairment: ₹164.69 lakh
  • Change in stock: ₹12.32 lakh
  • Finance costs: ₹3.49 lakh
  • Loss before tax: ₹320.24 lakh
  • Earnings Per Share (EPS): (₹0.11) basic and diluted

Comparative Performance

  • The loss for the quarter increased compared to a loss of ₹264.29 lakh in the same quarter of the previous year (Q1 FY26).
  • For the full year ended March 31, 2026 (FY26), the company reported an audited net loss of ₹1,122.01 lakh.

Strategic Update: Land Sale

A significant strategic development was the sale of a land parcel. The company issued a Request for Proposal (RFP) on February 18, 2026, for the sale of its land at Village Bopkhel, Pune, Maharashtra.

  • An e-auction was conducted on May 12, 2026.
  • Hypervault AI Data Center Limited emerged as the successful bidder with a highest bid of ₹640.50 crore.
  • Subsequent to obtaining shareholder approval, a Letter of Acceptance (LoA) was issued to Hypervault AI.
  • The sale consideration will be received as per the terms of the RFP, and the sale deed will be executed upon fulfilment of all applicable conditions.

Auditor Qualifications and Compliance Notes

The limited review report by Aggarwal & Rampal highlighted several key issues:

1. Governance Non-Compliance: The company did not comply with provisions of the Companies Act, 2013, and SEBI LODR Regulations (specifically Regulations 17, 18, 19, 20, 21) regarding the appointment of Independent Directors and their composition on board committees. The financial impact remains unascertained.

2. Stamp Duty Provision: A provision of ₹65,100 lakh was made for stamp duty payable on land mutation/registration, computed based on circle rates from FY 2016-17. The actual liability may vary. Out of this, ₹774.30 lakh was paid in FY 2022-23 for Chennai land, and ₹316.20 lakh was paid in May 2024 for Kolkata land. The management has not re-assessed the remaining liability of ₹63,980.21 lakh as of June 30, 2026.

3. Property Tax Liability: The company has not recognized any property tax/urban land tax liability for its 53.04-acre land parcel in Chennai, as management believes the liability is not presently determinable.

4. Stamp Duty Notice: The Revenue Department, Government of NCT of Delhi, issued a notice dated March 10, 2026, regarding alleged non-payment/short payment of stamp duty on share allotments made on May 18, 2021, and November 17, 2021. The company has filed a representation against this notice, and the matter is pending. The financial impact remains unascertained.

Additional Notes from Financial Statements

  • The financial statements are prepared in compliance with Ind AS and SEBI LODR Regulations.
  • The company is engaged in a single reportable business segment: Real Estate.
  • Provisions for income tax/deferred tax are assessed annually, not quarterly.
  • The figures for the quarter ended March 31, 2026, are the balancing figure between the audited annual figures and the published nine-month results ended December 31, 2025.

Board Meeting Details

The meeting of the Board of Directors was held on August 11, 2026. It commenced at 12:20 PM and concluded at 1:20 PM.