Board Meeting Details

  • Date: May 29, 2026
  • Time: 3:00 PM to 5:15 PM
  • Venue: Works, Sohna Road, Sector-55, Faridabad-121015, Haryana
  • Purpose: Approval of standalone and consolidated audited financial results

Financial Results Overview (Standalone)

Income Statement (₹ in Lacs)

For Quarter Ended March 31, 2026:

  • Revenue from operations: ₹7,053.84
  • Other income: ₹437.53
  • Total income: ₹7,497.37
  • Total expenses: ₹7,567.45
  • Profit before exceptional items and tax: ₹323.92
  • Total tax expense: ₹106.26
  • Profit for the period: ₹217.66
  • Total comprehensive income: ₹215.25

For Financial Year Ended March 31, 2026:

  • Revenue from operations: ₹42,404.41
  • Other income: ₹1,019.47
  • Total income: ₹43,423.88
  • Total expenses: ₹40,047.97
  • Profit before exceptional items and tax: ₹3,375.91
  • Total tax expense: ₹978.33
  • Profit for the year: ₹2,397.58
  • Total comprehensive income: ₹2,395.91

Key Financial Metrics

  • Paid-up equity share capital: ₹1,332.00 Lacs (Face value ₹10 each)
  • Earnings per share (Basic): ₹1.80
  • Earnings per share (Diluted): ₹1.85

Balance Sheet Position (Standalone as at March 31, 2026)

  • Total assets: ₹43,100.13 Lacs
  • Non-current assets: ₹13,233.72 Lacs
  • Current assets: ₹27,941.10 Lacs
  • Assets held for sale: ₹1,865.31 Lacs
  • Total equity: ₹7,607.40 Lacs
  • Non-current liabilities: ₹867.50 Lacs
  • Current liabilities: ₹33,611.87 Lacs
  • Advance received against asset held for sale: ₹4,011.38 Lacs

Segment Performance (Standalone)

Manufacturing Segment:

  • FY26 Revenue: ₹41,810.49 Lacs
  • FY26 Segment results: ₹3,120.90 Lacs

Trading Segment:

  • FY26 Revenue: ₹557.92 Lacs
  • FY26 Segment results: (₹35.72) Lacs

Consolidated Financial Highlights

For Financial Year Ended March 31, 2026:

  • Revenue from operations: ₹42,038.41 Lacs
  • Other income: ₹1,019.23 Lacs
  • Total income: ₹43,423.88 Lacs
  • Profit for the year: ₹2,396.31 Lacs
  • Total comprehensive income: ₹2,394.63 Lacs
  • Earnings per share (Basic): ₹1.80

Audit Qualifications and Emphasis of Matter

The statutory auditors, NKSC & Co., issued a qualified opinion with the following key issues:

Basis for Qualified Opinion

1. Fair Valuation of Investments: Company classified investments in unquoted equity shares as FVTOCI but did not obtain/carry out fair valuation. Impact cannot be ascertained.

2. Expected Credit Loss Model: Company has not used ECL model to assess impairment on trade receivables as required by Ind AS 109. Impact cannot be ascertained, though provision of ₹3,924.43 Lacs made against doubtful trade receivables.

3. Amrapali Group Transactions: Company entered into transactions with Amrapali Group companies. Hon'ble Supreme Court directed deposit of ₹16,700 Lacs. Company deposited title deeds of properties worth ₹16,897 Lacs (net of incumbency) but has not provided for liability or shown contingent liability as required by Ind AS 37.

Emphasis of Matter

1. Trade Receivables: ₹6,311.86 Lacs (net of provision of ₹3,924.43 Lacs) classified as non-current due to disputed and long outstanding nature. Management believes amounts are fully recoverable.

2. SEBI Interim Order: SEBI vide order dated June 19, 2023, restrained company from accessing securities market and directed deposit of ₹2,619.69 Lacs. Company filed appeal with SAT. No liability recorded.

3. Assets Held for Sale: Assets amounting to ₹1,865.31 Lacs against which advances of ₹4,011.36 Lacs received, but execution not completed.

4. Goodwill Impairment: Goodwill of ₹1,078.66 Lacs (Bihariji Properties) and ₹2,476.09 Lacs (Bihariji Highrise) recognized from acquisitions in FY24. Impairment assessment pending settlement of Supreme Court matters.

Significant Notes to Financial Results

Trade Receivables

  • Total outstanding trade receivables: ₹10,236.29 Lacs as at March 31, 2026
  • Provision made: ₹3,924.43 Lacs
  • Net carrying amount: ₹6,311.86 Lacs
  • Company initiated proceedings under IBC against Nexus Commosales Private Limited (CP (IB)/86(KB) and 1908134/01725 of 2021) pending before NCLT Kolkata

One Time Settlement with Prudent ARC

  • Settlement amount payable till December 2026
  • ₹2,700.00 Lacs payable in next 12 months shown as current liabilities

SEBI Matter

  • Interim order cum show cause notice No. MFA///SAd//VD//09/27532/2023-2024 dated June 19, 2023
  • Restrained from accessing securities market till further orders
  • Directed to deposit ₹2,619.69 Lacs jointly and severally with other noticees
  • Company filed appeal with SAT which disposed appeal on August 18, 2023, directing company to file reply to show cause notice

Real Estate Project

  • Company promoted affordable residential plotted colony under DDJAY Scheme registered with Haryana RERA (HRERA-PKL-FBD-416-2023)
  • Entered Builder Buyer Agreement with Udayanchal Leasing & Export Pvt. Ltd. for 107 plots and 44 commercial shops (total consideration ₹49,28.43 Lacs)
  • Agreement revoked in August 2025 due to non-receipt of payments
  • Case filed before Additional District Judge, Faridabad (pending)

Labour Codes Implementation

  • Government notified four Labour Codes on November 21, 2025
  • Company to consider restructured compensation from April 1, 2026
  • Impact assessment pending

Subsidiary Matters

Bihariji Properties Private Limited:

  • Advance of ₹1,500.00 Lacs given to Amrapali Leisure Valley Private Limited in March 2017
  • Matter subject to Supreme Court proceedings in Amrapali case
  • Provision for doubtful receivables of ₹1,500.00 Lacs created in FY22

Bihariji Highrise Private Limited:

  • Advance of ₹3,441.00 Lacs given to Amrapali Leisure Valley Private Limited
  • Matter subject to Supreme Court proceedings
  • Provision for doubtful receivables of ₹3,441.00 Lacs created in FY22

Strawberry Star India Private Limited:

  • Land transfer issues with holding company amounting to ₹2,618.75 Lacs
  • Shown as "Creditors Against Property Purchase" in balance sheet

Audit Committee and Board Approval

  • Financial results reviewed by Audit Committee and approved by Board on May 29, 2026
  • Signed by Navneet Kumar Sureka (Managing Director), Davinder Kumar Gupta (CFO), Divya Agarwal (Company Secretary), and Atul Kumar (Chairman of Audit Committee)

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