Board Meeting Details
The Board of Directors meeting commenced at 4:41 p.m. and concluded at 5:32 p.m. on Wednesday, 12th August, 2026.
Key Decisions Approved
1. Un-audited Financial Results (Standalone and Consolidated) together with the Limited Review Report of Statutory Auditors for the quarter ended 30th June, 2026, duly reviewed and recommended by the Audit Committee.
2. Execution of Shareholders Agreement and Share Subscription Agreement with respect to proposed investment in Mukta A2 Cinemas Private Limited, material subsidiary company.
Financial Results - Standalone (Quarter Ended 30th June, 2026)
- Revenue from operations: ₹246.09 lakhs
- Other Income: ₹4.10 lakhs
- Total Revenue: ₹250.19 lakhs
- Total Expenditure: ₹457.19 lakhs
- Profit before tax: ₹163.68 lakhs
- Tax Expenses: ₹17.42 lakhs (Current tax: ₹14.00 lakhs, Deferred tax: ₹3.42 lakhs)
- Net profit for the period: ₹146.26 lakhs
- Basic and diluted EPS: ₹0.65 (not annualized)
Financial Results - Consolidated (Quarter Ended 30th June, 2026)
- Revenue from operations: ₹4,491.63 lakhs
- Other Income: ₹53.19 lakhs
- Total Revenue: ₹4,544.82 lakhs
- Total Expenditure: ₹4,736.81 lakhs
- Loss before tax: ₹(192.27) lakhs
- Tax Expenses: ₹22.40 lakhs (Current tax: ₹14.00 lakhs, Deferred tax: ₹8.40 lakhs)
- Loss for the period: ₹(214.66) lakhs
- Basic and diluted EPS: ₹(0.95) (not annualized)
Segment-wise Performance (Consolidated)
- Software division: Revenue ₹42.19 lakhs, Loss ₹(66.49) lakhs
- Equipment division: Revenue ₹4.10 lakhs, Profit ₹3.28 lakhs
- Theatrical exhibition division: Revenue ₹2,769.07 lakhs, Loss ₹(1.14) lakhs
- Education: Revenue ₹1,476.47 lakhs, Loss ₹(200.77) lakhs
- Others: Revenue ₹199.80 lakhs, Profit ₹151.89 lakhs
Shareholding Pattern (as of 30th June, 2026)
- Public shareholding: 66,91,910 shares (29.63%)
- Promoter and promoter group shareholding: 1,58,93,290 shares (70.37%)
- No shares pledged/encumbered by promoters
- No investor complaints pending during the quarter
Investment in Mukta A2 Cinemas Private Limited
The Board approved execution of Shareholders Agreement and Share Subscription Agreement for proposed investment of up to ₹10 crores in Mukta A2 Cinemas Private Limited.
- Current shareholding: Company holds 70%, Mr. Rajiv Malhotra holds 30%
- Proposed investor to invest through equity shares and Compulsorily Convertible Debentures
- Post-transaction, Mukta A2 will cease to be subsidiary and become associate company
- Company's shareholding will dilute to approximately 49% to 42%
- No impact on management or control of listed entity
- Company cannot transfer shares without investor consent
- Transaction may qualify as related party transaction but will be at arm's length
Litigation Matter with Maharashtra Film, Stage and Cultural Development Corporation (MFSCDC)
- Ongoing litigation regarding arrears of rent and interest with Whistling Woods International Limited (WWIL)
- MFSCDC demanded ₹59,19,66,210 towards arrears of rent and interest up to July 31, 2014
- Company has paid ₹11,35,38,000 till FY 2016-17
- WWIL paying ₹45,00,000 per annum from FY 2017-18 to 2021-22
- Matter pending with Bombay High Court, no developments in current quarter
- Company's investment in WWIL aggregates ₹832,062,611
- WWIL's net worth fully eroded as of June 30, 2026
- Financial impact not quantified due to pending litigation outcome
Auditor Qualifications
G A M S & ASSOCIATES LLP issued qualified review reports for both standalone and consolidated financial results due to:
1. Uncertainty regarding recoverability of investment in and loans/advances to WWIL (₹832,062,611)
2. Pending final outcome of litigation with MFSCDC
3. Impact on carrying value of investments and consequential impact on loss/reserves not determinable
4. For consolidated results, additional qualification regarding Ind AS 116 "Leases" on land rights pending litigation outcome
Subsidiary Concerns
- Mukta A2 Cinemas Private Limited: Incurred loss of ₹85.20 lakhs, accumulated losses of ₹10,895 lakhs, net worth fully eroded with deficit of ₹10,745 lakhs
- Whistling Woods International Limited: Total revenues ₹1,395 lakhs, net loss ₹245 lakhs for the quarter
- Five other subsidiaries included based on management certified accounts
Key Financial Ratios (Standalone)
- Debt Equity Ratio: 0.3
- Debt Service Coverage Ratio: 0.6
- Current Ratio: 20.1
- Trade Receivables Turnover: 0.1
- Trade Payables Turnover: 3.5
- Net Profit Margin: 59.4%
- Return on Equity: 0.7%
- Return on Capital Employed: 2.0%
Key Financial Ratios (Consolidated)
- Debt Service Coverage Ratio: 1.1
- Current Ratio: 0.5
- Trade Receivables Turnover: 2.0
- Trade Payables Turnover: 1.0
- Net Loss Margin: (5.3%)
- Return on Equity: 2.8%
- Return on Capital Employed: (0.6%)
- Inventory Turnover Ratio: 1.79