Key Quantitative Figures

Standalone Financial Results (Quarter Ended September 30, 2026):

  • Revenue from operations: ₹155.20 lakhs (vs. ₹0 lakhs in Q2 FY26 and Q1 FY27)
  • Other income: ₹122.92 lakhs (vs. ₹56.59 lakhs YoY and ₹93.30 lakhs QoQ)
  • Total income: ₹278.12 lakhs (vs. ₹56.59 lakhs YoY)
  • Total expenses: ₹188.42 lakhs (vs. ₹67.33 lakhs YoY)
  • Profit before tax: ₹89.70 lakhs (vs. loss of ₹10.74 lakhs YoY)
  • Profit after tax: ₹89.70 lakhs (vs. loss of ₹10.74 lakhs YoY)
  • Basic EPS: ₹0.09 (vs. -₹0.02 YoY)
  • Diluted EPS: ₹0.09 (vs. -₹0.02 YoY)

Standalone Financial Results (Half Year Ended September 30, 2026):

  • Revenue from operations: ₹155.20 lakhs (vs. ₹0 lakhs H1 FY26)
  • Other income: ₹216.22 lakhs (vs. ₹98.10 lakhs YoY)
  • Total income: ₹371.42 lakhs (vs. ₹98.10 lakhs YoY)
  • Total expenses: ₹241.10 lakhs (vs. ₹141.22 lakhs YoY)
  • Profit before tax: ₹130.32 lakhs (vs. loss of ₹43.12 lakhs YoY)
  • Profit after tax: ₹130.32 lakhs (vs. loss of ₹43.12 lakhs YoY)
  • Basic EPS: ₹0.14 (vs. -₹0.06 YoY)
  • Diluted EPS: ₹0.14 (vs. -₹0.06 YoY)

Consolidated Financial Results (Quarter Ended September 30, 2026):

  • Income from operations: ₹155.20 lakhs
  • Other income: ₹0.11 lakhs
  • Total income: ₹155.31 lakhs
  • Total expenses: ₹489.93 lakhs
  • Loss before tax: ₹334.62 lakhs (vs. loss of ₹336.85 lakhs YoY)
  • Loss after tax: ₹334.62 lakhs (vs. loss of ₹336.85 lakhs YoY)
  • Basic EPS: -₹0.32 (vs. -₹0.41 YoY)
  • Diluted EPS: -₹0.32 (vs. -₹0.41 YoY)

Consolidated Financial Results (Half Year Ended September 30, 2026):

  • Income from operations: ₹155.20 lakhs
  • Other income: ₹0.72 lakhs
  • Total income: ₹155.92 lakhs
  • Total expenses: ₹970.77 lakhs
  • Loss before tax: ₹814.85 lakhs (vs. loss of ₹754.98 lakhs YoY)
  • Loss after tax: ₹814.85 lakhs (vs. loss of ₹754.98 lakhs YoY)
  • Basic EPS: -₹0.89 (vs. -₹1.08 YoY)
  • Diluted EPS: -₹0.89 (vs. -₹1.08 YoY)

Capital Structure Impact

  • Paid-up equity share capital (standalone): ₹10,496.61 lakhs as of September 30, 2026 (vs. ₹7,107.03 lakhs as of March 31, 2026)
  • Increase due to conversion of 3,38,95,810 equity shares of ₹10 each at premium of ₹8 per share from convertible warrants
  • During Q2 FY27, forfeited 32,84,745 unexercised convertible warrants and transferred ₹147.81 lakhs to Capital Reserve

Key Dates

  • Board meeting date: October 29, 2026 (3:15 PM to 3:40 PM IST)
  • CFO appointment effective: October 29, 2026
  • Financial period covered: Quarter and Half Year ended September 30, 2026

Parties Involved

  • Subsidiaries: Modulex Modular Buildings Private Limited (MMBPL), Give Vinduet Windows and Doors Private Limited (GVWDPL)
  • Auditors: Dhadda & Associates (Firm Registration No: 013807S)
  • New Appointment: Mr. Sameerkhan Inamdar as Chief Financial Officer

Financial and Operational Impact

Going Concern Uncertainty:

  • Standalone accumulated losses: ₹723.63 lakhs as of September 30, 2026
  • Consolidated accumulated losses: ₹10,143.71 lakhs as of September 30, 2026
  • Current liabilities exceed current assets at consolidated level (₹2,576.38 lakhs vs. ₹1,138.36 lakhs)
  • Ability to continue depends on successful implementation of Pune project through subsidiary MMBPL
  • Project progress: MMBPL completed Phase-I construction for Shed 2 and installation of plant machinery
  • Land re-allotment order received from MIDC in June 2024, 95-year lease registered August 9, 2024
  • Promoters and investors providing continued financial support

Tax and Compliance Matters:

  • Unpaid TDS liabilities: ₹32.83 lakhs (including interest of ₹8.05 lakhs) as of September 30, 2026
  • Unpaid GST under reverse charge: ₹28.86 lakhs with interest provision of ₹5.42 lakhs
  • Subsidiary MMBPL has unpaid TDS of ₹198.38 lakhs and GST of ₹6.44 lakhs with interest provision of ₹0.78 lakhs
  • Company intends to take corrective action in subsequent quarter

Investments and Goodwill:

  • Investment in subsidiaries carrying value: ₹36,515.31 lakhs
  • Goodwill on consolidation: ₹25,903.09 lakhs
  • Independent valuation as of March 31, 2026 indicated fair value adequate to cover carrying amount
  • No impairment recognized based on management's commitment to project completion

Cash Flow Implications

Standalone Cash Flows (H1 FY27):

  • Net cash from operating activities: ₹131.09 lakhs
  • Net cash used in investing activities: ₹1,730.29 lakhs (mainly unsecured loan to subsidiary)
  • Net cash from financing activities: ₹1,524.97 lakhs (proceeds from share warrants)
  • Net decrease in cash: ₹74.23 lakhs

Consolidated Cash Flows (H1 FY27):

  • Net cash used in operating activities: ₹494.55 lakhs
  • Net cash used in investing activities: ₹196.27 lakhs
  • Net cash from financing activities: ₹626.27 lakhs
  • Net decrease in cash: ₹64.55 lakhs

Auditor's Emphasis Matters

  • Material uncertainty related to going concern
  • Unpaid TDS and GST liabilities across company and subsidiaries
  • Goodwill impairment assessment based on independent valuation
  • Contingent liability of ₹61.34 lakhs in MMBPL related to former director fee dispute