Key Financial Figures (₹ in Lakhs)
Quarterly Performance (Q4 FY26)
- Revenue from Operations: ₹51.00
- Other Income: ₹0.61
- Total Income: ₹51.61
- Total Expenses: ₹10.56
- Employee Benefits Expense: ₹1.71
- Depreciation: ₹0.03
- Other Expenses: ₹8.82
- Profit Before Tax: ₹41.02
- Total Tax Expense: ₹10.92
- Deferred Tax: ₹10.89
- Prior Period Tax: ₹0.03
- Profit After Tax: ₹30.10
- Basic EPS: ₹0.28
Annual Performance (FY26)
- Revenue from Operations: ₹51.00
- Other Income: ₹0.61
- Total Income: ₹51.61
- Total Expenses: ₹21.84
- Employee Benefits Expense: ₹6.93
- Depreciation: ₹0.16
- Other Expenses: ₹14.75
- Profit Before Tax: ₹29.74
- Total Tax Expense: ₹10.92
- Deferred Tax: ₹10.89
- Prior Period Tax: ₹0.03
- Profit After Tax: ₹18.82
- Basic EPS: ₹0.17
Comparative Figures (FY25)
- Revenue from Operations: ₹186.68
- Total Income: ₹186.68
- Total Expenses: ₹314.23
- Purchases of Stock-in-Trade: ₹25.43
- Employee Benefits Expense: ₹6.04
- Depreciation: ₹0.19
- Other Expenses: ₹282.57
- Loss Before Tax: ₹127.55
- Total Tax Expense: (₹36.11) [Deferred Tax]
- Loss After Tax: ₹91.44
- Basic EPS: (₹0.85)
Balance Sheet Position (as of March 31, 2026)
- Total Assets: ₹349.47 Lakhs
- Non-Current Assets: ₹285.61 Lakhs
- Other Non-Current Assets: ₹208.75 Lakhs
- Current Assets: ₹63.86 Lakhs
- Inventories: ₹59.16 Lakhs
- Cash and Cash Equivalents: ₹0.46 Lakhs
- Loans: ₹4.24 Lakhs
- Total Equity and Liabilities: ₹349.47 Lakhs
- Equity: ₹128.91 Lakhs
- Paid-Up Equity Share Capital: ₹1,080.02 Lakhs (Face Value ₹10)
- Other Equity: (₹951.11 Lakhs)
- Liabilities: ₹220.56 Lakhs
- Non-Current Liabilities: ₹132.07 Lakhs
- Financial Liabilities/Borrowings: ₹132.07 Lakhs
- Current Liabilities: ₹88.49 Lakhs
- Borrowings: ₹10.00 Lakhs
- Lease Liabilities: Not quantified
- Trade Payables: ₹3.39 Lakhs
- Micro Enterprises: ₹0.10 Lakhs
- Others: ₹3.29 Lakhs
- Other Financial Liabilities: ₹85.00 Lakhs
- Provisions: Not quantified
- Current Tax Liabilities: Not quantified
Cash Flow Statement (FY26)
- Cash from Operating Activities: ₹21.23 Lakhs
- Cash from Investing Activities: ₹0.03 Lakhs
- Cash from Financing Activities: (₹23.30) Lakhs
- Net Change in Cash: (₹2.04) Lakhs
- Cash at Beginning: ₹2.50 Lakhs
- Cash at End: ₹0.46 Lakhs
- Cash on Hand: ₹0.41 Lakhs
- Balances with Banks: ₹0.05 Lakhs
Audit Qualifications and Management Response
Auditors MaaK & Associates issued a qualified opinion with four main observations:
1. Land Advances (₹208.75 Lakhs): Unsecured advances for land where registration not completed and no registered agreements/party confirmations provided.
- Management View: Advances are recoverable as parties are available; if unrecovered, would be written off, increasing losses.
2. Memorandum of Association Compliance: Company organized Polo Championship event (league-based) but hasn't amended MoA to specifically include event management/sports activities.
- Management View: This falls under existing Object Clauses 1 and 4; event management is a mode of sports entertainment business.
3. Revenue Recognition (Ind AS 115): Revenue from polo events in FY25 and FY26 lacks alignment with Ind AS 115 due to unidentified enforceable rights/obligations and missing contracts with sponsors/franchisees.
- Management View: Revenue recognized on cash basis as terms with franchisees not finalized in writing; first-time event with no annual assurance.
4. Customer Advances as Deposits: Certain customer advances outstanding >365 days not adjusted/refunded, potentially qualifying as deposits under Companies Act, 2013 Sections 73-76.
- Management View: Advances were for services (advertisement/media coverage/polo event); will refund when funds permit; no quantification due to lack of regulatory action.
Additional Emphasis Matter
Auditors emphasized that investment in Khyati Retail & Eatery Pvt Ltd is at book value without evidence confirming fair value matching.