Key Correction Details

  • Error: Employment Benefit Expense was inadvertently understated by ₹0.68 lakhs in both standalone and consolidated PDF financial results
  • XBRL Status: XBRL filing submitted earlier contained correct figures; no revision required
  • Impact: Only affected financial line items in PDF results require adjustment
  • Submission Date: June 26, 2026
  • Reference: Scrip Code: 521149

Revised Financial Results (Standalone)

Income Statement (₹ in Lakhs)

Quarter Ended March 31, 2026:

  • Other Income: ₹31.52
  • Total Income: ₹31.52
  • Employee Benefit Expenses: ₹7.84 (corrected from ₹7.16)
  • Total Expenses: ₹31.48
  • Loss Before Tax: ₹(13.09)
  • Tax Expenses: ₹(21.33)
  • MAT Credit: ₹(8.69)
  • Net Loss After Tax: ₹(43.11)
  • EPS: ₹(0.16)

Year Ended March 31, 2026:

  • Other Income: ₹185.26
  • Total Income: ₹185.26
  • Employee Benefit Expenses: ₹36.02 (corrected from ₹35.34)
  • Total Expenses: ₹136.30
  • Loss Before Tax: ₹(13.84)
  • Tax Expenses: ₹(21.33)
  • MAT Credit: ₹(8.69)
  • Net Loss After Tax: ₹(43.86)
  • EPS: ₹(0.16)

Balance Sheet Position (as at March 31, 2026)

  • Paid-up Equity Share Capital: ₹532.87 lakhs (Face value ₹2 per share)
  • Reserves: ₹(633.58) lakhs
  • Net Worth: Eroded

Revised Financial Results (Consolidated)

Income Statement (₹ in Lakhs)

Year Ended March 31, 2026:

  • Revenue from Operations: Nil
  • Other Income: ₹107.53
  • Total Income: ₹107.53
  • Total Expenses: ₹123.60
  • Loss Before Tax: ₹(16.07)
  • Tax Expenses: ₹(21.33)
  • Deferred Tax Liability: ₹(8.69)
  • Tax for Prior Years: ₹(16.29)
  • Net Loss After Tax: ₹(46.09)
  • EPS: ₹(0.17)

Consolidated Entities

Subsidiaries:

  • Srivarsha Realtors Private Limited

Associates:

  • Prime Developers (Partnership Firm)
  • Prime Newline AOP (Association of Persons)
  • Prime Mall Developers (Partnership Firm)
  • Prime Urban Developers (Partnership Firm)
  • Prathan City Developers LLP

Auditor's Emphasis of Matters

Material Uncertainty Regarding Going Concern

The Company has nil Revenue from Operations during the quarter and year ended March 31, 2026, and net worth is eroded as of that date. This indicates a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern.

₹13.30 Crore Liability Dispute

A sum of ₹13.30 crores received from Prime Mall Developers (a partnership firm where the company is 50% partner) in 2007 continues to be treated as Non-Current Liabilities. This money was received as part of an ad-hoc distribution of funds received by the firm under a construction agreement with a third party (who has now foregone the amount). There is a dispute among partners, and the company has filed an arbitration case before the Hon'ble Madras High Court. The matter is sub judice, and appropriate accounting treatment will be determined based on legal outcome.

Business Segments and Operations

  • The Company is engaged in Realty Business and Trading & Investment Business
  • No revenue generated in either segment during FY26
  • Company has added Investment and Trading as business activities in main object clause, expected to bring operational revenue
  • Only one reportable segment in accordance with Ind AS 108

Pending Corporate Action

Scheme of amalgamation of two wholly owned subsidiary companies (ATL Textile Processors and Newine Buildtech Private Limited) with the company is under progress, awaiting regulatory and other approvals. Appointed date under the scheme is April 1, 2022, or such other date as approved by NCLT.

Cash Flow Analysis (Standalone)

Year Ended March 31, 2026:

  • Net Cash Used in Operating Activities: ₹(263.82) lakhs
  • Net Cash from Investing Activities: ₹111.19 lakhs
  • Net Cash from Financing Activities: ₹138.49 lakhs
  • Net Increase in Cash: ₹(14.14) lakhs
  • Cash and Bank Balances at Year End: ₹11.91 lakhs

Governance and Approval

  • Results reviewed by Audit Committee and approved by Board of Directors on May 28, 2026
  • Statutory Auditors: L.U. Krishnan & Co., Chartered Accountants (Firm Registration No: 001527S)
  • Company Secretary & Compliance Officer: Darshi Shailesh Shah
  • Chairman: Purusotamdas Patodia (DIN: 00032088)

Additional Notes

  • Figures for quarters are balancing figures between audited full-year figures and published unaudited year-to-date figures up to third quarter
  • Corresponding previous period figures have been regrouped/reclassified for comparability