Key Quantitative Figures

Standalone Financial Results (Q1 FY27 vs Q1 FY26):

  • Revenue from Operations: ₹296.0 lakhs vs ₹162.8 lakhs
  • Total Income: ₹317.9 lakhs vs ₹173.0 lakhs
  • Profit before tax: ₹21.0 lakhs vs (₹20.5 lakhs) loss
  • Profit for the period: ₹21.0 lakhs vs (₹20.5 lakhs) loss
  • Basic EPS: ₹0.57 vs (₹0.55)

Consolidated Financial Results (Q1 FY27 vs Q1 FY26):

  • Revenue from Operations: ₹296.0 lakhs vs ₹162.8 lakhs
  • Total Income: ₹317.9 lakhs vs ₹173.0 lakhs
  • Profit before tax: ₹21.0 lakhs vs (₹20.5 lakhs) loss
  • Profit for the period: ₹21.0 lakhs vs (₹20.5 lakhs) loss
  • Basic EPS: ₹0.57 vs (₹0.55)

Rights Issue:

  • Proposed amount: ₹105.00 crores
  • Security type: Equity shares of face value ₹10 each

Dates of Action

  • Board Meeting: August 13, 2026 (2:00 PM to 4:30 PM)
  • 37th AGM: September 30, 2026 at 11:30 AM
  • Register closure: September 24-30, 2026 (both days inclusive)
  • Next hearing dates for legal cases: August 17, 2026 (DRT Delhi), September 23, 2026 (High Court Delhi), October 5, 2026 (Municipal matter)

Parties Involved

  • Current Statutory Auditors: M/s. N C Raj & Associates
  • Proposed Statutory Auditors: M/s. Arora & Choudhary, Chartered Accountants (FRN: 003870N)
  • Lenders: Consortium banks (5 out of 6 NOCs obtained)
  • Legal counterparties: Prudential ARC, Lead Bank, vendor, Municipal Corporation Faridabad

Purpose/Rationale

  • Rights issue: To raise funds for corporate purposes
  • Auditor change: Completion of tenure of existing auditor

Financial Impact

  • Rights issue may result in equity dilution (exact number of shares to be determined after stock exchange approval)
  • No quantified impact disclosed for contingent liabilities

Capital Structure Impact

  • Potential increase in share capital through rights issue
  • No change in current capital structure disclosed

Contingent Exposures

  • Corporate guarantee interest: ₹86.61 lakhs for quarter, ₹1,614.89 lakhs cumulative up to June 30, 2026
  • DRT order: ₹926.13 crores (company contesting)
  • Various tax and GST demands (amounts not quantified)
  • MSMED Act interest on late payments (amount not quantified)

Legal Proceedings

1. DRT matter: Lead Bank petition for ₹926.13 crores, next hearing August 17, 2026

2. Vendor execution petition: Hearing dates August 17, 2026 (Chandigarh HC), September 23, 2026 (Delhi HC)

3. Municipal Corporation notice for vacating premises: Hearing October 5, 2026

4. SEBI show cause notice: Settlement application submitted

Audit Qualifications

Auditors issued qualified conclusion noting:

  • Non-provision of interest on revoked corporate guarantee
  • Going concern assessment based on OTS settlement
  • Non-provision for various tax demands and MSMED interest
  • Pending NOCs from one lender and lead bank
  • Various legal contingencies

Notes to Accounts

  • OTS resolution plan fully paid during FY 2024-25
  • 5 out of 6 lender NOCs obtained
  • Company contesting all legal matters
  • No impairment of assets recognized
  • No deferred tax accounted for during quarter
  • Previous year figures regrouped where necessary