Key Decisions and Approvals

1. Financial Results Approval

The Board of Directors at its meeting held on Friday, 22nd May, 2026 approved:

  • Audited Financial Results (Standalone and Consolidated) for the quarter and year ended 31st March, 2026
  • The results were reviewed and recommended by the Audit Committee
  • Meeting commenced at 5:15 p.m. and concluded at 5:45 p.m.

2. Internal Auditor Reappointment

Re-appointment of M/s. Garg Devendra & Associates, Chartered Accountants, Mumbai (Firm Registration No. 130993W) as Internal Auditors of the Company for FY 2026-27.

3. Foreign Investment Approval

Approved investment of BHD 1,20,000 (Bahraini Dinar One Lakh Twenty Thousands) in Mukta A2 Multiplex W.L.L, a subsidiary company.

Financial Results Summary

Standalone Financials (₹ in lakhs)

Quarter ended March 31, 2026:

  • Revenue from operations: ₹776.40
  • Other Income: ₹488.54
  • Total Revenue: ₹1,264.94
  • Total expenditure: ₹927.68
  • Profit before tax: ₹272.19
  • Tax expense: ₹47.00
  • Net profit for the period: ₹227.05
  • Basic and diluted EPS: ₹1.01

Year ended March 31, 2026:

  • Revenue from operations: ₹1,482.13
  • Other Income: ₹1,651.62
  • Total Revenue: ₹3,133.75
  • Total expenditure: ₹2,451.84
  • Profit before tax: ₹681.91
  • Tax expense: ₹47.00
  • Net profit for the year: ₹559.26
  • Basic and diluted EPS: ₹2.48

Consolidated Financials (₹ in lakhs)

Quarter ended March 31, 2026:

  • Revenue from operations: ₹4,539.04
  • Other Income: ₹714.08
  • Total Revenue: ₹5,253.12
  • Total expenditure: ₹5,040.20
  • Loss before tax: ₹(9.32)
  • Tax expense: ₹54.24
  • Loss for the period: ₹(69.57)
  • Basic and diluted EPS: ₹(0.32)

Year ended March 31, 2026:

  • Revenue from operations: ₹17,390.56
  • Other Income: ₹1,314.85
  • Total Revenue: ₹18,705.41
  • Total expenditure: ₹19,456.57
  • Loss before tax: ₹(1,100.32)
  • Tax expense: ₹73.67
  • Loss for the year: ₹(1,180.00)
  • Basic and diluted EPS: ₹(5.24)

Shareholding Pattern (as at March 31, 2026)

Public Shareholding

  • Number of shares: 6,691,910
  • Percentage of shareholding: 29.63%

Promoter and Promoter Group Shareholding

  • Number of shares: 15,893,290
  • Percentage of shareholding: 70.37%
  • No shares pledged/encumbered
  • 100% of promoter shares are non-encumbered

Investor Complaints

  • No pending complaints at beginning of quarter
  • No complaints received during the quarter
  • No complaints disposed during the quarter
  • No unresolved complaints at end of quarter

Key Financial Ratios (Standalone)

As at March 31, 2026:

  • Debt Equity Ratio: 0.3
  • Debt Service Coverage Ratio: 1.7
  • Current Ratio: 17.8
  • Trade receivables turnover ratio: 0.2
  • Trade payables turnover: 7.9
  • Net Profit Margin: 29.2%
  • Return on Equity: 1.1%
  • Return on Capital Employed: 1.9%
  • Inventory Turnover Ratio: Nil

Legal Contingency - Whistling Woods International Matter

The financial statements contain a significant qualification regarding the Company's investment in Whistling Woods International Limited (WWIL):

Background

  • Order dated 9th February 2012 passed by Bombay High Court quashed the Joint Venture Agreement between the company and Maharashtra Film Stage and Cultural Development Corporation (MFSCDC)
  • MFSCDC raised net demand of ₹59,19,66,210 and asked WWIL to vacate premises
  • Company's and WWIL's Review Petitions were heard by High Court with stay granted on 30 July 2014

Payment Obligations

  • High Court ordered payment of ₹10,00,38,000 by January 2015 against arrears of rent for 2000-01 to 2013-14
  • Payment of ₹45,00,000 per annum from FY 2014-15 onwards
  • As of 31st March 2026: ₹11,35,38,000 paid by Company and ₹3,60,00,000 paid by WWIL

Current Status

  • State Government of Maharashtra and MFSCDC challenged High Court order in Supreme Court, dismissed on 22nd September 2014
  • Maharashtra State Cabinet approved allotment of 5.5 acres of land on lease basis to Company on 25th September 2018
  • Matter remains sub-judice pending final disposal by Bombay High Court

Financial Impact

  • Company's investment in WWIL: ₹19,95,11,218
  • Loans and advances, deposits, interest receivable and rent receivable from WWIL: ₹64,13,83,146
  • WWIL's net worth stands fully eroded as at March 31, 2026
  • Management believes preparation on going concern basis is appropriate
  • Impact on carrying value of investments and recoverability of loans not determinable

Auditor's Qualification

GAMS & Associates LLP issued a qualified opinion on both standalone and consolidated financial statements primarily due to:

1. Uncertainty regarding recoverability of investments and loans from WWIL

2. Pending outcome of litigation with MFSCDC

3. No adjustments made to carrying values pending final settlement

Investment in Bahrain Subsidiary

  • Investment: BHD 120,000 in Mukta A2 Multiplex W.L.L
  • Subsidiary engaged in motion picture projection activities
  • Incorporated: 17th May, 2016 in Bahrain
  • FY 2025-26 Turnover: ₹18,20,56,676
  • Acquisition of 60% shareholding (1,200 equity shares of face value BHD 100 each)
  • Purpose: Repayment of loan and interest
  • Transaction at arm's length basis

Internal Auditor Reappointment

  • M/s. Garg Devendra & Associates reappointed for FY 2026-27
  • Firm specializes in corporate advisory, internal audits, and taxation services
  • Date of reappointment: 22nd May, 2026

Cash Flow Highlights (Standalone)

Year ended March 31, 2026:

  • Net cash from operating activities: ₹171.38 lakhs
  • Net cash used in investing activities: ₹721.42 lakhs
  • Net cash used in financing activities: ₹(904.93) lakhs
  • Net decrease in cash: ₹(12.13) lakhs
  • Cash and cash equivalents at year-end: ₹55.37 lakhs

Assets and Liabilities Position (Standalone)

As at March 31, 2026:

  • Total Assets: ₹32,500.82 lakhs
  • Property, plant and equipment: ₹822.82 lakhs
  • Investments: ₹3,582.76 lakhs
  • Loans: ₹4,398.06 lakhs
  • Total Equity: ₹20,143.70 lakhs
  • Total Liabilities: ₹12,357.10 lakhs
  • Borrowings: ₹5,571.38 lakhs