Financial Results Approval

The Board of Directors approved the Unaudited Financial Results for the quarter and half year ended September 30, 2026. The meeting commenced at 4:00 p.m. and concluded at 4:45 p.m.

Financial Performance Details

Quarter Ended September 30, 2026 (Unaudited):

  • Total Income: ₹0.00 lakh
  • Total Expenses: ₹58.48 lakh
  • Employee Benefits Expense: ₹19.29 lakh
  • Finance Cost: ₹8.96 lakh
  • Depreciation: ₹6.62 lakh
  • Other Expenses: ₹23.61 lakh
  • Net Loss: ₹58.48 lakh
  • Basic & Diluted Loss per share: ₹(17.20)

Half Year Ended September 30, 2026 (Unaudited):

  • Total Income: ₹0.00 lakh
  • Total Expenses: ₹121.79 lakh
  • Employee Benefits Expense: ₹39.43 lakh
  • Finance Cost: ₹16.62 lakh
  • Depreciation: ₹13.23 lakh
  • Other Expenses: ₹52.52 lakh
  • Net Loss: ₹121.79 lakh
  • Basic & Diluted Loss per share: ₹(35.82)

Comparative Figures (Audited for year ended March 31, 2026):

  • Net Loss: ₹486.54 lakh
  • Basic & Diluted Loss per share: ₹(143.10)

Balance Sheet Position as of September 30, 2026 (Unaudited)

  • Total Assets: ₹1,468.01 lakh
  • Non-Current Assets: ₹1,271.37 lakh (including Property, Plant & Equipment: ₹1,150.53 lakh)
  • Current Assets: ₹196.64 lakh (including Cash: ₹7.94 lakh)
  • Total Equity: ₹896.08 lakh
  • Equity Share Capital: ₹34.00 lakh (Face Value: ₹10)
  • Current Liabilities: ₹571.94 lakh (including Borrowings: ₹347.00 lakh)

Cash Flow Statement (Half Year Ended September 30, 2026)

  • Net Cash Flow from Operating Activities: ₹(90.08) lakh
  • Net Cash Flow from Investing Activities: ₹0.00 lakh
  • Net Cash Flow from Financing Activities: ₹78.38 lakh
  • Net Decrease in Cash: ₹(11.69) lakh
  • Cash at Beginning: ₹19.63 lakh
  • Cash at End: ₹7.94 lakh

Management Appointments

1. Ms. Maahi Amit Ahuja (ACS 59770) appointed as Company Secretary and Compliance Officer effective December 1, 2026. She holds LL.B. and has over 5 years of expertise in corporate governance and SEBI compliance.

2. Key Managerial Personnel authorized for materiality determination under Regulation 30(5):

  • Mr. Harshavardhan Doshi (Chairman & Managing Director)
  • Mr. Nihal Doshi (Executive Director & Chief Financial Officer)
  • Mrs. Maahi Amit Ahuja (Company Secretary & Compliance Officer)

Auditor Re-appointments

  • M/s. S. R. Padhye & Co. (Practicing Company Secretary, COP: 1559) re-appointed as Secretarial Auditor for FY 2026-27.
  • M/s. Sandesh Kadam & Associates (Chartered Accountants) re-appointed as Internal Auditors for FY 2026-27.

Operational Status

The company has been operationally inactive during the quarter and half year ended September 30, 2026. The sugar factory was not operating since FY 2013-14 and was sold in September 2018. The candy sugar plant has not been in operation since FY 2004-05, and during FY 2023-24, the company sold its trademarks, recipes, and intellectual property related to its confectionery business to Reliance Consumer Products Limited.

Contingent Liabilities and Disputes

1. Gratuity Dispute: Legal claim regarding gratuity payments to 21 former seasonal workers following a ruling by the Second Labour Court, Nashik in May 2025. Total demand: ₹28.23 lakhs plus interest of ₹33.87 lakhs. Company disputes the ruling, asserting seasonal employment didn't meet 240-day criteria. Appeal filed with Industrial Court, Nashik. ₹63.14 lakhs deposited with court as security. No provision recognized as management believes significant outflow not probable.

2. Water Charges Dispute: Recognized liability of ₹7.59 lakhs for water charges from 2020 onwards. Disputing further demand of ₹7.36 lakhs (industrial) and ₹0.84 lakhs (domestic) from Water Resources Department, Government of Maharashtra, relating to non-usage during COVID-19. Partial relief granted in principle; representation for further waiver of ₹6.76 lakhs pending. No additional provision recognized as obligation cannot be reliably estimated.

3. Property Tax Dispute: Gram Panchayat, Ravalgaon demand of ₹278.93 lakhs for property tax and local levies. Pre-deposit of ₹69.87 lakhs made under protest (₹65.00 lakhs disclosed under Short-term Loans and Advances). Appeal filed with Hon'ble Minister of State for Rural Development and Panchayat Raj, Government of Maharashtra. Interim order in February 2026 stayed Standing Committee order and directed reconsideration. No additional provision recognized.

4. Electricity Duty Exemption: Supreme Court of India overturned Bombay High Court judgment on March 25, 2026, regarding electricity duty exemptions. No demand communicated by Government of Maharashtra as of approval date. Management believes contingent liability disclosure adequately covers potential exposure.

Auditor Review

Patkar & Pendse Chartered Accountants issued limited review report with emphasis on matters related to Notes 4, 5, and 6 (contingent liabilities). Their conclusion was not modified regarding these matters.