Board Meeting Outcomes

The Board of Directors meeting, held on 28th October 2026 from 04:36 P.M. to 05:02 P.M. IST, considered and approved the following items:

  • The Unaudited Financial Results of the Company along with the Limited Review Report for the Quarter and Half-Year ended 30 September 2026.
  • The appointment of Azhar Yusuf Dhanani (DIN: 07694732) as an Additional Director in the Non-Executive Non-Independent category.
  • The Draft Notice of Postal Ballot.
  • The appointment of a scrutinizer for E-Voting in the Postal Ballot and the payment of their fees.
  • The cut-off date for serving the notice of Postal Ballot and for E-Voting.
  • Other Businesses.

Financial Performance (Standalone)

Quarter Ended 30 September 2026 (Unaudited):

  • Total Income: ₹19.34 Lakh
  • Revenue from Operations: ₹19.18 Lakh
  • Other Income: ₹1.57 Lakh
  • Total Expenses: ₹250.79 Lakh
  • Food and Beverages Consumed: ₹33.74 Lakh
  • Employee Benefits Expenses: ₹86.68 Lakh
  • Finance Costs: ₹16.70 Lakh
  • Depreciation and Amortization: ₹15.39 Lakh
  • Operating Expenses: ₹73.51 Lakh
  • Other Expenses: ₹24.78 Lakh
  • Loss before tax: ₹(57.39) Lakh
  • Tax Expense: ₹(8.11) Lakh
  • Current tax: ₹(6.42) Lakh
  • Deferred tax: ₹(1.69) Lakh
  • Tax Adjustment of Earlier Years: ₹(0.09) Lakh
  • Net Loss for the quarter: ₹(48.29) Lakh
  • Other Comprehensive Income (net of tax): ₹(1.02) Lakh
  • Total Comprehensive Loss for the quarter: ₹(49.31) Lakh
  • Paid-up Equity Share Capital: ₹304.66 Lakh (Face value ₹10 each)
  • Basic Earnings Per Share (EPS): Not calculable due to loss (₹(1.59) per share implied)

Half-Year Ended 30 September 2026 (Unaudited):

  • Total Income: ₹460.79 Lakh
  • Revenue from Operations: ₹457.04 Lakh
  • Other Income: ₹3.75 Lakh
  • Total Expenses: ₹498.01 Lakh
  • Loss before tax: ₹(37.22) Lakh
  • Tax Expense: ₹(3.73) Lakh (Deferred tax)
  • Net Loss for the half-year: ₹(32.50) Lakh
  • Other Comprehensive Income (net of tax): ₹(0.99) Lakh
  • Total Comprehensive Loss for the half-year: ₹(33.49) Lakh

Comparative Figures (Quarter Ended 30 September 2025 - Unaudited):

  • Net Profit was ₹1.77 Lakh.

Limited Review Report Highlights (Emphasis of Matter)

The statutory auditors, K.L. Vyas & Company, issued a limited review report with two key emphasis points:

1. Litigation with Indore Development Authority (IDA): The leasehold land for the Indore hotel was cancelled by IDA vide an order dated 20th December 2017. The Company challenged this before the Hon'ble High Court (Indore Bench). The Single Bench ruled against the Company on 16th July 2018. The Company has filed a revision Writ Appeal. The State of MP amended rules on 9th April 2021, making the Company eligible to apply for compounding. The Company applied to IDA, and a personal hearing was held on 29th March 2022; the order is awaited. IDA has also initiated eviction proceedings under The Public Premises (Eviction) Act, but the High Court has granted a stay on any order. Due to the stay, the accounts continue to be prepared on a going concern basis.

2. Stamp Duty on Demerger: The Indore hotel was demerged from Sayaji Hotels Limited. Due to the ongoing litigation, the Company has not applied for a change of name or mutation with IDA and the Registrar of Properties. Consequently, the stamp duty payable has not been adjudicated or provided for in the books. This cost will be accounted for in the year it is incurred.

Key Balance Sheet Changes (as of 30 September 2026 vs. 31 March 2026)

  • Total Assets: Increased to ₹3,360.05 Lakh from ₹2,254.56 Lakh.
  • Non-Current Assets: Increased significantly to ₹2,976.98 Lakh from ₹1,982.11 Lakh, primarily due to a rise in Capital Work-in-Progress (₹2,063.77 Lakh from ₹1,116.56 Lakh).
  • Current Assets: Increased to ₹383.07 Lakh from ₹272.45 Lakh, with a notable increase in Cash and Cash Equivalents (₹39.87 Lakh from ₹7.14 Lakh).
  • Borrowings (Non-Current): Increased substantially to ₹1,628.79 Lakh from ₹940.92 Lakh.
  • Borrowings (Current): Increased to ₹304.88 Lakh from ₹146.36 Lakh.
  • Total Equity: Decreased to ₹668.29 Lakh from ₹701.77 Lakh, reflecting the period's loss.

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

  • Net Cash from Operating Activities: ₹(78.66) Lakh outflow.
  • Net Cash from Investing Activities: ₹(1,018.16) Lakh outflow, primarily from the purchase of Property, Plant & Equipment and Capital Work-in-Progress (₹963.75 Lakh).
  • Net Cash from Financing Activities: ₹820.05 Lakh inflow, primarily from proceeds of Long Term Borrowings (₹687.87 Lakh).
  • Net increase in Cash and Cash Equivalents: ₹327.28 Lakh.

Capital Structure

  • The paid-up equity share capital remained unchanged at ₹304.66 Lakh, consisting of 3,046,600 equity shares of ₹10 each.