Financial Results for Quarter Ended June 30, 2026

Revenue and Income

  • Revenue from Operations: ₹0.00 crore (compared to ₹23.64 crore in Q1 FY26 and ₹0.38 crore in Q4 FY26)
  • Other Operating Income: ₹0.24 crore
  • Total Revenue: ₹0.24 crore

Expenses

  • Employee benefits expense: ₹0.48 crore
  • Finance costs: ₹0.89 crore
  • Depreciation and amortisation: ₹1.00 crore
  • Consumption of Stores & Spares: ₹0.09 crore
  • Other Expenditure: ₹0.57 crore
  • Total Expenses: ₹3.03 crore

Profit/Loss

  • Loss Before Tax: ₹2.79 crore
  • Deferred Tax: ₹0.72 crore
  • Net Loss for the quarter: ₹2.07 crore
  • Basic and Diluted EPS: (₹1.05) per share of ₹10 face value

Comparative Performance

  • Previous quarter (Q4 FY26): Net Profit of ₹4.45 crore
  • Same quarter previous year (Q1 FY26): Net Loss of ₹2.83 crore
  • Full year FY26: Net Profit of ₹72.60 crore

Capital Structure

  • Paid-up equity share capital: ₹19.80 crore (19.8 million shares of ₹10 each)
  • Reserves excluding revaluation reserves: ₹20.50 crore as per previous balance sheet

Material Uncertainty Related to Going Concern

The Board noted the observation made by Statutory Auditors (Parikh & Majmudar) in their Limited Review Report regarding material uncertainty related to going concern.

Plant Closure Details

  • Iron & Steel Plant at Santej, Kalol, Gandhinagar, Gujarat closed since August 2025
  • Closure decision approved by Board on 21st July 2025 due to:
  • Age of plant and machinery
  • Technological obsolescence
  • Higher cost of production
  • Continuing losses from operations

Strategic Alternatives Being Evaluated

  • Induction of strategic/financial investors or technology partners
  • Lease, sale, transfer or disposal of plant, machinery and other assets
  • Joint ventures, strategic partnerships, technology arrangements
  • Operating/management arrangements and other restructuring
  • Sale, lease, development, redevelopment or monetization of land, buildings and immovable assets

Asset Valuation

  • Plant & Machinery valuation conducted by Mr. Vatsalraj J. Dabhi, IBBI Registered Valuer (Registration No. IBBI/RV/02/2022/15167)
  • Valuation Report Ref. No. VJD/SAL/30/04/2026 dated 30 April 2026
  • Site inspection conducted on 29 April 2026
  • Valuation Date: 31 March 2026
  • Valuation Basis: Market Value using Cost Approach - Depreciated Replacement Cost Method
  • Fair Market Value of Plant & Machinery: ₹44,19,50,000 (₹44.195 crore)
  • Valuation is indicative only, not a minimum sale price or final transaction consideration
  • Valuation excludes land and buildings

Board Decisions Approved on 12th August 2026

A. Adoption of New Memorandum of Association

  • Board approved new MOA subject to shareholder approval at 36th AGM
  • Additional Main Objects proposed:
  • Main Object No. 3: Commodity trading business including agricultural commodities, metals, precious metals, bullion, energy products through physical delivery, spot markets or commodity exchanges
  • Main Object No. 4: Real estate, construction, infrastructure development including land development, builders, contractors, developers, colonizers, township development, IT parks, resorts, warehouses, cold storages, logistics hubs

B. Adoption of New Articles of Association

  • Board approved new AOA subject to shareholder approval by Special Resolution at 36th AGM

C. Approval under Section 180(1)(a) of Companies Act, 2013

  • Board approved seeking shareholder approval for strategic alternatives relating to Steel Plant undertaking
  • Approval for sale, lease, development, redevelopment, joint development or monetization of land, buildings and immovable assets
  • Detailed disclosure provided in Annexure A

D. Annual General Meeting Arrangements

  • 36th AGM scheduled for Friday, 18th September 2026
  • Directors' Report for year ended 31st March 2026 approved
  • Mr. Kamlesh M. Shah appointed as Scrutinizer for e-voting process

Auditor's Review Report

  • Parikh & Majmudar, Chartered Accountants (FRN: 107525W)
  • Review conducted under SRE 2410
  • Emphasis of Matter on going concern uncertainty
  • Accounts prepared on going concern basis based on management representation
  • No material misstatement identified in the review

Meeting Details

  • Board meeting commenced at 16:00 IST and concluded at 18:30 IST on 12th August 2026
  • Signed by Narayanlal F. Shah, Company Secretary & Compliance Officer (M. No. A30225)