Key Board Approvals:

1. Unaudited Standalone Financial Results: The Board approved the unaudited standalone financial results for the first quarter ended 30th June, 2026, pursuant to Regulation 33 of SEBI (LODR) Regulations, 2015.

2. Limited Review Report: The Board approved the Limited Review Report on the unaudited financial results for Q1 FY26.

3. Secretarial Auditor Appointment: Based on the recommendation of the Audit Committee, the Board appointed M/s. Jay Bhatt and Associates, Company Secretaries (represented by Mr. Jay Bhatt, Membership No. 46916, COP No. 28320), as the Secretarial Auditor for conducting the Secretarial Audit for the financial year 2025-26, subject to necessary approvals under applicable laws.

Financial Results Highlights (Unaudited Standalone, Rs. in Lakhs):

Quarter Ended 30.06.2026 (Current Quarter) vs. Comparatives:

  • Revenue from Operations: ₹88.46 lakh (Q1 FY26) vs. ₹175.77 lakh (Q1 FY25) and ₹158.67 lakh (Q4 FY26)
  • Other Income: ₹0.47 lakh (Q1 FY26) vs. ₹0.78 lakh (Q1 FY25) and ₹1.78 lakh (Q4 FY26)
  • Total Revenue: ₹88.93 lakh (Q1 FY26) vs. ₹176.54 lakh (Q1 FY25) and ₹160.46 lakh (Q4 FY26)
  • Total Expenses: ₹152.26 lakh (Q1 FY26) vs. ₹209.15 lakh (Q1 FY25) and ₹229.43 lakh (Q4 FY26)
  • Employee Cost: ₹28.26 lakh
  • Direct Operation and Administration Cost: ₹92.82 lakh
  • Finance Cost: ₹12.44 lakh
  • Depreciation: ₹18.73 lakh
  • Profit Before Exceptional Items and Tax: Loss of ₹63.33 lakh (Q1 FY26) vs. Loss of ₹32.61 lakh (Q1 FY25) and Loss of ₹68.97 lakh (Q4 FY26)
  • Exceptional Items: ₹5.69 lakh (credit) in Q4 FY26 only; none in current or year-ago quarter
  • Profit Before Tax: Loss of ₹63.33 lakh (Q1 FY26) vs. Loss of ₹32.61 lakh (Q1 FY25) and Loss of ₹74.66 lakh (Q4 FY26)
  • Total Tax Expense: ₹11.71 lakh (credit) (Q1 FY26) vs. ₹1.41 lakh (credit) (Q1 FY25) and ₹5.92 lakh (debit) (Q4 FY26)
  • Profit for the Period: Loss of ₹75.03 lakh (Q1 FY26) vs. Loss of ₹31.20 lakh (Q1 FY25) and Loss of ₹68.74 lakh (Q4 FY26)
  • Total Comprehensive Income: Loss of ₹75.03 lakh (Q1 FY26) vs. Loss of ₹31.20 lakh (Q1 FY25) and Loss of ₹69.18 lakh (Q4 FY26)
  • Earnings Per Share (Basic & Diluted): (₹0.52) per share (Q1 FY26) vs. (₹0.22) per share (Q1 FY25) and (₹0.48) per share (Q4 FY26)
  • Paid-up Equity Share Capital: ₹1,449.49 lakh (unchanged across all periods)

Full Year Ended 31.03.2026 (Audited):

  • Total Revenue: ₹661.39 lakh
  • Total Expenses: ₹850.22 lakh
  • Profit Before Tax: Loss of ₹194.53 lakh
  • Profit for the Year: Loss of ₹181.96 lakh
  • Total Comprehensive Income: Loss of ₹182.40 lakh
  • EPS (Basic & Diluted): (₹1.26) per share

Notes to the Financial Results:

1. The results for the quarter ended 30th June, 2026 were reviewed by the Audit Committee and approved by the Board of Directors on 13th August, 2026. They were subjected to a limited review by the statutory auditors, B. P. Shah & Co. (FRN: 109517W).

2. The statement is prepared in accordance with Indian Accounting Standards (Ind AS) and other recognized accounting practices.

3. The company operates in a single reportable segment: shipping business.

4. Contingent Liabilities and Disputes:

  • GST Demand (FY 2017-18): A demand of ₹14.13 lakh (tax: ₹5.86 lakh, interest: ₹7.68 lakh, penalty: ₹0.59 lakh) was raised. The company paid the tax component (₹5.86 lakh) in March 2025 and is in appeal against the interest and penalty. No provision has been made.
  • Service Tax Demand (2009-2017): A demand of ₹7.17 crore (tax: ₹2.63 crore, interest & penalty: ₹4.54 crore) is under dispute at the Appellate Tribunal. Considered a contingent liability; no provision made.
  • Income Tax Demand (AY 2020-21): A demand order dated 20 September 2025 under Sections 201(1) and 201(1A) of the Income Tax Act for ₹16.58 lakh (including interest) relating to alleged TDS defaults. The company filed an appeal on 05 January 2026. No provision has been made.

5. Previous year figures have been regrouped/rearranged to conform to the current year's presentation per Schedule III (Division II) of the Companies Act, 2013.

Auditor's Review:

The independent auditor, B. P. Shah & Co., issued a limited review report stating that based on their review, nothing has come to their attention that causes them to believe that the accompanying statement contains any material misstatement or has not disclosed the information required by Regulation 33 of SEBI (LODR) Regulations, 2015.