Date: June 23, 2026

Financial Results (Standalone)

Quarterly Performance (Q4 FY26):

  • Revenue from Operations: ₹247.41 lakhs (vs ₹272.01 lakhs in Q4 FY25)
  • Other Income: ₹453.47 lakhs (vs ₹26.88 lakhs in Q4 FY25)
  • Total Income: ₹292.75 lakhs (vs ₹274.70 lakhs in Q4 FY25)
  • Total Expenses: ₹435.74 lakhs (vs ₹418.59 lakhs in Q4 FY25)
  • Loss before Exceptional Items and Tax: ₹(142.99) lakhs (vs ₹(143.89) lakhs in Q4 FY25)
  • Exceptional Items: ₹(1,010.00) lakhs (ECL provision on security deposit)
  • Loss after Tax: ₹(1,152.99) lakhs (vs ₹(143.89) lakhs in Q4 FY25)
  • Basic EPS: ₹(6.21) (vs ₹(1.08) in Q4 FY25)

Annual Performance (FY26):

  • Revenue from Operations: ₹956.62 lakhs (vs ₹1,189.70 lakhs in FY25)
  • Other Income: ₹1,185.86 lakhs (vs ₹3,914.69 lakhs in FY25)
  • Total Income: ₹1,075.21 lakhs (vs ₹1,581.17 lakhs in FY25)
  • Total Expenses: ₹1,685.36 lakhs (vs ₹1,930.95 lakhs in FY25)
  • Loss before Exceptional Items and Tax: ₹(610.15) lakhs (vs ₹(349.79) lakhs in FY25)
  • Exceptional Items: ₹(56.00) lakhs (net of waiver benefits)
  • Loss after Tax: ₹(666.15) lakhs (vs ₹(349.79) lakhs in FY25)
  • Basic EPS: ₹(4.03) (vs ₹(2.74) in FY25)
  • Cash Loss: ₹405.83 lakhs for FY26
  • Negative Net Worth: ₹(771.52) lakhs as of March 31, 2026

Balance Sheet Highlights (as at March 31, 2026):

  • Total Assets: ₹1,856.85 lakhs (vs ₹3,133.72 lakhs in FY25)
  • Current Assets: ₹558.69 lakhs (vs ₹1,715.17 lakhs in FY25)
  • Current Liabilities: ₹1,158.12 lakhs (vs ₹2,646.27 lakhs in FY25)
  • Net Current Liabilities: ₹(599.43) lakhs
  • Equity Share Capital: ₹929.06 lakhs (vs ₹676.09 lakhs in FY25)
  • Other Equity: ₹(1,700.58) lakhs (vs ₹(1,290.96) lakhs in FY25)
  • Total Equity: ₹(771.52) lakhs (vs ₹(614.87) lakhs in FY25)

Cash Flow Statement (FY26):

  • Net Cash Used in Operating Activities: ₹(377.77) lakhs
  • Net Cash Used in Investing Activities: ₹(14.94) lakhs
  • Net Cash from Financing Activities: ₹452.36 lakhs
  • Net Increase in Cash: ₹59.65 lakhs
  • Cash and Cash Equivalents at year-end: ₹76.86 lakhs

Material Uncertainty Related to Going Concern:

The auditor draws attention to:

  • Cash loss of ₹405.83 lakhs during FY26
  • Negative net worth of ₹(771.52) lakhs as of March 31, 2026
  • Current liabilities exceed current assets by ₹599.43 lakhs
  • Notice received under Insolvency and Bankruptcy Code, 2016 from an operational creditor
  • These conditions indicate material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern

Other Matter:

Figures for the quarter ended March 31, 2026 are balancing figures between audited full-year figures and published unaudited year-to-date figures up to the third quarter.

Notes to Financial Statements

Exceptional Items (Note 3):

FY26 includes provision for Expected Credit Loss (ECL) of ₹1,010.00 lakhs created towards security deposit receivable from Future Enterprises Limited (related party), net of waiver of intercorporate deposits of ₹852.76 lakhs towards principal and ₹27.90 lakhs towards accrued interest from six related parties, and ₹67.80 lakhs towards principal and ₹5.54 lakhs towards accrued interest from a non-related party.

Future Enterprises Limited Exposure (Note 7):

  • Security deposit of ₹1,010.00 lakhs provided to FEL for lease of in-store retail infra-assets
  • FEL admitted under CIRP effective February 27, 2023
  • Company filed proof of debt for ₹1,010.00 lakhs on April 28, 2026
  • RP provisionally verified claim subject to reconciliation and approval
  • Management concluded probability of recovery is remote, hence full ECL provision
  • RP filed IA against Company claiming lease rental of ₹457.74 lakhs

Liquidity and Going Concern (Note 5):

Company raised funds via Rights Issue (₹495.80 lakhs) and waiver of ICDs which improved liquidity. Company committed to improve operational efficiency to boost sales, reduce cost, and explore fundraising options.

Preference Shares (Note 6):

9% Non-Cumulative Redeemable Preference Shares aggregating ₹63.00 lakhs held by Future Enterprises Limited due for redemption on December 8, 2022, but not redeemed due to lack of profits or fresh issue.

Labour Codes (Note 8):

New Labour Codes effective November 21, 2025 resulted in incremental employee benefit liability of ₹3.59 lakhs for FY26.

Promoter Reclassification (Note 9):

Promoter sought reclassification to "Public" category on June 9, 2025, approved by Board on July 14, 2025. Stock exchange approval awaited.

Legal Proceedings:

  • NCLT matter from M/s. Koncepts Interior for alleged claim of ₹0.70 lakhs
  • NCLT matter from Ojas Tradelease claiming ₹195.50 lakhs for alleged losses
  • GST Appellate Tribunal matter pending with written submissions made

Rights Issue (Note 13):

Company allotted 4,95,80,000 equity shares at ₹10 per share (including premium of ₹5) aggregating ₹495.80 lakhs through rights issue. Entire proceeds utilized for repayment of trade payables and general corporate purposes.

ESOP and Warrant Allotment (Notes 14-15):

  • ESOPs anti-dilutive for EPS calculation
  • 45,07,629 share warrants allotted on preferential basis at ₹43.26 per warrant
  • 9,01,526 warrants exercised and converted to equity shares on November 10, 2025
  • Balance 36,06,103 warrants lapsed and forfeited

Board Meeting Outcomes

Financial results for quarter and year ended March 31, 2026 approved by Board of Directors at meeting held on May 29, 2026, and reviewed by Audit Committee.