Board Meeting Details

The Board of Directors meeting was held on November 14, 2026, commencing at 12:30 PM and concluding at 1:05 PM. The board approved the Standalone Unaudited Financial Results for the quarter and half year ended September 30, 2026.

Financial Results Highlights

Quarter Ended September 30, 2026:

  • Revenue from Operations: ₹196.66 lakh
  • Other Income: ₹0.02 lakh
  • Total Income: ₹196.68 lakh
  • Total Expenses: ₹233.70 lakh
  • Loss before exceptional items and tax: ₹(36.48) lakh
  • Loss for the period: ₹(36.48) lakh
  • Basic and Diluted EPS: ₹(0.04)

Half Year Ended September 30, 2026:

  • Revenue from Operations: ₹319.59 lakh
  • Other Income: ₹0.02 lakh
  • Total Income: ₹319.61 lakh
  • Total Expenses: ₹356.09 lakh
  • Loss before exceptional items and tax: ₹(36.48) lakh
  • Loss for the period: ₹(36.48) lakh
  • Basic and Diluted EPS: ₹(0.04)

Balance Sheet Position (as at September 30, 2026)

  • Total Assets: ₹546.62 lakh
  • Equity Share Capital: ₹9,827.92 lakh
  • Other Equity: ₹(13,036.78) lakh
  • Total Equity: ₹(3,208.86) lakh
  • Current Liabilities: ₹3,750.26 lakh
  • Total Liabilities: ₹3,750.26 lakh

Cash Flow Statement

For Period Ended September 30, 2026:

  • Net cash from operating activities: ₹(9.19) lakh
  • Net cash from investing activities: ₹(0.00) lakh
  • Net cash from financing activities: ₹4.71 lakh
  • Net decrease in cash: ₹(4.48) lakh
  • Cash at beginning: ₹7.03 lakh
  • Cash at end: ₹2.55 lakh

Auditor's Qualified Opinion

M.S. Krishnaswami & Rajan, Chartered Accountants issued a qualified conclusion noting material uncertainty regarding the company's ability to continue as a going concern. The qualification is based on negative operating cash flows, substantial operating losses, and significant deterioration in value of assets used to generate cash flows. The financial statements do not include any adjustments that might result from these uncertainties.

Corporate Actions

The company completed significant corporate actions including:

  • Adoption of new Memorandum of Association
  • Increase in Authorised Equity Share Capital from ₹106 crore to ₹320 crore
  • Acquisition of Equity share capital of Beil Granito Ceramics Ltd. (BGCL) for ₹222,83,34,280.55, making it a subsidiary
  • Consideration discharged through cash and issue of equity shares on preferential basis

Going Concern Issues

Management acknowledges the auditor's going concern qualification and states that the issues are being addressed through proposed restructuring. The acquisition of BGCL is described as a strategic initiative to consolidate entities into a single listed entity to address going concern issues and enhance long-term value.

Trading Window Update

The trading window for trading in company securities reopened on November 16, 2026, in compliance with SEBI Prohibition of Insider Trading Regulations.

Additional Information

  • The financial statements were reviewed by the Audit Committee and approved by the Board
  • The company operates in a single segment: vitrified tiles
  • Deferred tax asset accrual restricted to the amount of deferred tax liability as a matter of prudence
  • Previous period figures have been regrouped/reclassified for conformity