1. Financial Results for Quarter Ended June 30, 2026

The Board approved the unaudited financial results for Q1 FY27, which were reviewed by the Audit Committee and accompanied by a Limited Review Report from the statutory auditors, Singhi & Co.

Key Financial Figures (₹ in Lakhs):

  • Revenue from Operations: ₹2,660.07 (Q1 FY27) vs. ₹2,350.39 (Q1 FY26)
  • Other Income: ₹132.50 (Q1 FY27) vs. ₹192.03 (Q1 FY26)
  • Total Income: ₹2,792.57 (Q1 FY27) vs. ₹2,542.42 (Q1 FY26)
  • Total Expenses: ₹3,899.06 (Q1 FY27) vs. ₹4,189.24 (Q1 FY26)
  • Loss before Tax and Exceptional Items: ₹(1,106.49) (Q1 FY27) vs. ₹(1,646.82) (Q1 FY26)
  • Loss for the Period (Net): ₹(1,106.49) (Q1 FY27) vs. ₹(1,646.82) (Q1 FY26)
  • Basic & Diluted EPS: ₹(0.60) per share (Q1 FY27) vs. ₹(1.22) per share (Q1 FY26)
  • Paid-up Equity Share Capital: ₹9,290.61 Lakhs (Face Value ₹5 per share)
  • Other Equity: Negative ₹17,005.83 Lakhs (as of March 31, 2026)

Auditor's Emphasis on Going Concern:

The auditors highlighted a material uncertainty regarding the company's ability to continue as a going concern. Key reasons include:

  • A cash loss of ₹894.52 lakhs incurred during the quarter.
  • Negative net worth of ₹8,817.97 lakhs as of June 30, 2026.
  • Current liabilities exceed current assets by ₹6,910.97 lakhs.
  • Receipt of a notice under the Insolvency and Bankruptcy Code, 2016 from an operational creditor.

Despite this, the financial statements have been prepared on a going concern basis based on management's plans to improve operational efficiency, boost sales, reduce costs, and raise funds.

2. Fund Raising Proposal

The Board approved a proposal to evaluate various options for raising funds. The proposal entails raising capital in one or more tranches through permissible modes, including:

  • Issue of equity shares and/or other eligible securities.
  • Potential methods: rights issue, preferential issue, private placement, or any other permissible mode.

The final structure, including the type of securities and total amount, is yet to be determined. Any issuance is subject to necessary committee, Board, and shareholder approvals.

3. Amendment to Employee Stock Option Plan (ESOP)

Based on the recommendation of the Nomination and Remuneration Committee, the Board approved an amendment to the Praxis Employee Stock Option Plan – 2024. The amendment increases the ESOP pool size from 30,00,000 stock options to 65,00,000 stock options. This is subject to the approval of the company's members (shareholders) and other required approvals.

4. Fifteenth Annual General Meeting (AGM)

The Board approved convening the 15th AGM on Friday, September 25, 2026, at 11:30 AM IST. The meeting will be conducted through Video Conferencing (VC) / Other Audio-Visual Means (OAVM).

Other Material Disclosures from Financial Statement Notes

Exceptional Items (Previous Quarter):

For the quarter ended March 31, 2026, an exceptional item of ₹(10,100.00) lakhs was recorded. This comprised a provision for Expected Credit Loss (ECL) of ₹10,100 lakhs towards a security deposit receivable from Future Enterprises Limited (FEL), net of waivers on inter-corporate deposits from related and non-related parties.

Legal and Regulatory Contingencies:

  • Future Enterprises Limited (FEL): The Resolution Professional (RP) of FEL has filed an application claiming lease rentals of ₹4,577.35 lakhs from the company. The company is contesting this claim, which is currently considered a contingent liability.
  • Insolvency Notice: The company has received a notice under the IBC, 2016 from an operational creditor, M/s. Koncepts Interior, for an alleged claim of ₹107 lakhs. The matter is pending hearing.
  • Ojas Tradelease: The RP of Ojas has filed two applications against the company. One seeks a declaration that a lease is onerous and claims damages of ₹1,955 lakhs (an appeal is pending at NCLAT). The other alleges an outstanding receivable of ₹83.30 lakhs (pending adjudication at NCLT). Both are considered contingent liabilities.
  • GST Matter: A GST appeal is pending before the GST Appellate Tribunal (GSTAT) in New Delhi. The matter was heard during the quarter and adjourned for further hearing.

Preference Share Redemption:

9% Non-Cumulative Redeemable Preference Shares (NCRPs) aggregating ₹630 lakhs, held by Future Enterprises Limited (FEL), were due for redemption on December 8, 2022. They could not be redeemed due to a lack of distributable profits or fresh issue proceeds and remain disclosed as unredeemed preference share capital.

Promoter Reclassification:

The company's promoter sought reclassification to a public shareholder in June 2025, which was approved by the Board in July 2025. Approval from the stock exchanges is still awaited.

ESOP Allotment:

The company allotted 5,00,000 equity shares on April 7, 2026, pursuant to the exercise of stock options under its ESOP scheme.

Meeting Details:

The Board meeting commenced at 14:35 Hours (IST) and concluded at 16:30 Hours (IST) on August 07, 2026.