Board Meeting Details

The Board of Directors meeting was held on Thursday, November 05, 2026, commencing at 16:30 Hours (IST) and concluding at 18:01 Hours (IST). The meeting approved the Unaudited Financial Results as recommended by the Audit Committee.

Financial Results Summary (₹ in Lakhs)

Quarter Ended September 30, 2026 (Q2 FY26)

  • Revenue from Operations: ₹2,505.09
  • Other Income: ₹114.39
  • Total Income: ₹2,619.48
  • Total Expenses: ₹3,899.64
  • Loss before tax: ₹(1,280.16)
  • Net Loss: ₹(1,280.16)
  • Basic EPS: ₹(0.69)
  • Diluted EPS: ₹(0.69)

Half Year Ended September 30, 2026 (H1 FY26)

  • Revenue from Operations: ₹5,165.16
  • Other Income: ₹246.89
  • Total Income: ₹5,412.05
  • Total Expenses: ₹7,798.71
  • Loss before tax: ₹(2,386.66)
  • Net Loss: ₹(2,386.66)
  • Basic EPS: ₹(1.28)
  • Diluted EPS: ₹(1.28)

Comparative Figures (Quarter Ended September 30, 2025)

  • Revenue from Operations: ₹2,121.71
  • Other Income: ₹123.90
  • Total Income: ₹2,245.51
  • Profit before tax after exceptional items: ₹8,104.26
  • Net Profit: ₹8,104.26
  • Basic EPS: ₹5.24

Balance Sheet Position as at September 30, 2026 (₹ in Lakhs)

  • Total Assets: ₹17,238.78
  • Total Non-Current Assets: ₹12,273.04
  • Total Current Assets: ₹4,965.74
  • Equity Share Capital: ₹9,290.61
  • Other Equity: ₹(19,375.75)
  • Total Equity: ₹(10,085.14) [Negative Net Worth]
  • Total Non-Current Liabilities: ₹14,021.66
  • Total Current Liabilities: ₹13,302.26
  • Current liabilities exceeded current assets by ₹8,336.52 lakhs

Cash Flow Statement for H1 FY26 (₹ in Lakhs)

  • Net Cash Used in Operating Activities: ₹(584.87)
  • Net Cash Used in Investing Activities: ₹(85.32)
  • Net Cash from Financing Activities: ₹433.61
  • Net Decrease in Cash: ₹(236.58)
  • Cash and Cash Equivalents at period end: ₹532.06

Material Uncertainty Related to Going Concern

The Statutory Auditors, Singhi & Co., highlighted in their limited review report that the company has incurred a cash loss of ₹2,155.64 lakhs during H1 FY26 and has negative net worth of ₹10,085.14 lakhs as of September 30, 2026. Current liabilities exceed current assets by ₹8,336.52 lakhs. The company has also received a notice under the Insolvency and Bankruptcy Code, 2016 from an operational creditor. These conditions indicate a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern.

Key Notes to Financial Statements

Note 4: Going Concern Assessment

The company is taking steps to improve operational efficiency, enhance sales, and optimize costs. The company has filed a Letter of Offer for a proposed Rights Issue of up to ₹5,500 lakhs. The proceeds are expected to strengthen the financial position and improve net worth.

Note 5: Rights Issue

The Board approved a rights issue of equity shares for up to ₹5,500 lakhs on September 11, 2026. The company has applied to stock exchanges for in-principle approval, which is currently awaited.

Note 6: Preference Share Redemption

9% Non-Cumulative Redeemable Preference Shares aggregating ₹630 lakhs held by Future Enterprises Limited were due for redemption on December 8, 2022, but could not be redeemed due to insufficient profits and no fresh issue of shares for redemption.

Note 7: Related Party Transactions

(a) The company recognized a full Expected Credit Loss (ECL) of ₹10,100 lakhs on security deposit receivable from Future Enterprises Limited (FEL) during FY 2025-26.

(b) The Resolution Professional of FEL has filed an application before NCLT claiming lease rental of ₹4,577.35 lakhs from the company. The matter is sub-judice and considered a contingent liability.

Note 8: Promoter Reclassification

The promoter sought reclassification to public category in June 2025, which was approved by the board but returned by NSE due to prolonged non-response. The company is collating documents for resubmission.

Note 9: Insolvency Proceeding

M/s. Koncepts Interior filed an insolvency application before NCLT Mumbai for an alleged claim of ₹107 lakhs. The matter is pending hearing.

Note 10: Legal Proceedings with Ojas Tradelease

(a) The Resolution Professional of Ojas Tradelease filed an application claiming ₹1,955 lakhs for alleged losses. NCLT passed an order on March 17, 2026, which the company has appealed to NCLAT.

(b) Another application claims ₹83.30 lakhs outstanding from the company. Both matters are considered contingent liabilities.

Note 11: GST Profiteering Order

The GST Appellate Tribunal, vide order dated October 14, 2026, directed the company to deposit profiteered amount of ₹367.88 lakhs with 18% interest. No penalty was imposed. The company is evaluating legal remedies.

Note 12: ESOP Grants

The nomination and remuneration committee granted 22,05,000 stock options to eligible employees on August 07, 2026, under Praxis Employee Stock Option Plan-2024.