Detailed Summary

Board Meeting Details

The Board of Directors meeting was convened and held on Tuesday, 11th August 2026 from 1:00 PM to 6:45 PM and approved:

1. Unaudited Financial Results (Standalone & Consolidated) for quarter ended 30th June 2026 with Limited Review Report

2. Monitoring Agency Report dated 11th August 2026 by Care Ratings Limited for utilization of preferential issue proceeds

3. Statement on deviation or variation for proceeds of Preferential Issue under Regulation 32

Financial Results - Standalone (₹ in lakhs)

Quarter ended 30th June 2026:

  • Total Income: ₹15,332
  • Total Expenses: ₹13,889
  • Profit before Exceptional Items and Tax: ₹1,443
  • Exceptional Items: Nil (compared to ₹43 lakhs in March 2026)
  • Tax Expense: ₹400 (Current Tax: ₹130, Deferred Tax: ₹270)
  • Profit for the period: ₹1,043
  • Other Comprehensive Loss: ₹(59)
  • Total Comprehensive Income: ₹984
  • EPS: ₹1.32 (not annualized)
  • Paid-up Equity Share Capital: ₹1,586

Comparative Figures:

  • March 2026: Profit ₹2,043, EPS ₹2.63
  • June 2025: Profit ₹352, EPS ₹0.50

Financial Results - Consolidated (₹ in lakhs)

Quarter ended 30th June 2026:

  • Total Income: ₹29,381
  • Total Expenses: ₹27,879
  • Profit before share of associates/joint ventures and tax: ₹1,502
  • Share of profit/(loss) of associates and joint ventures: ₹(19)
  • Profit before tax: ₹1,483
  • Tax Expense: ₹416 (Current Tax: ₹146, Deferred Tax: ₹270)
  • Profit for the period: ₹1,067
  • Other Comprehensive Loss: ₹(57)
  • Total Comprehensive Income: ₹1,010
  • EPS: ₹1.32 (not annualized)
  • Profit attributable to owners: ₹1,044

Comparative Figures:

  • March 2026: Profit ₹1,897, EPS ₹2.44
  • June 2025: Profit ₹464, EPS ₹0.66

Key Financial Ratios

Standalone as of 30th June 2026:

  • Debt-Equity Ratio: 1.77 (1.81 in March 2026)
  • Debt Service Coverage Ratio: 0.61 (0.36 in March 2026)
  • Current Ratio: 2.39 (2.35 in March 2026)
  • Operating Margin: 13.58%
  • Net Profit Margin: 6.95%
  • Net Worth: ₹72,351 lakhs

Consolidated as of 30th June 2026:

  • Debt-Equity Ratio: 1.72 (1.76 in March 2026)
  • Debt Service Coverage Ratio: 0.63 (0.32 in March 2026)
  • Current Ratio: 2.41
  • Operating Margin: 7.15%
  • Net Profit Margin: 3.67%
  • Net Worth: ₹74,597 lakhs

Debt Restructuring Status

The Company has executed Master Restructuring Agreement (MRA) with National Asset Reconstruction Company Limited (NARCL). Subsequent to MRA, major portion of non-assigned debts have been settled. Settlement with remaining one non-assigned lender (consisting less than 0.50% of total debts) is in advanced stage.

Preferential Allotment Details

During FY 2025-26, the Company allotted:

1. 72,39,447 equity shares of ₹2 each at ₹289 per share to Non-Promoters (fresh infusion)

2. 74,20,935 Convertible Warrants at ₹289 each to Promoter Group and Non-Promoters with 25% upfront payment

3. 8,65,052 equity shares converted from warrants to Non-Promoter Investor on 21st July 2025

4. 25,91,000 equity shares to NARCL at ₹289 per share

5. Additional 1,73,000 and 10,00,000 equity shares to NARCL and a Lender respectively at ₹294 per share via debt conversion

Default Disclosure

As of 30th June 2026:

  • Total loans outstanding: ₹163,194 lakhs
  • Amount of default: ₹4,616 lakhs (same as 31st March 2026)
  • Total financial indebtedness: ₹163,194 lakhs
  • Overdue debts to non-assigned lender: ₹4,616 lakhs under advanced stage negotiation for one-time settlement

Monitoring Agency Report (Care Ratings)

Preferential Issue Details:

  • Issue period: 26th May 2025 to 29th May 2025
  • Issue size: ₹423.69 crore
  • Objects: Working Capital (₹318.69 crore), General Corporate Purpose (₹105.00 crore)

Utilization as of 30th June 2026:

  • Total utilized: ₹281.59 crore
  • Working Capital: ₹143.76 crore (including ₹20.18 crore FD pledged against BGs)
  • General Corporate Purpose: ₹60.03 crore
  • Unutilized proceeds: ₹77.80 crore invested in Punjab National Bank FDs (6.25% return)

Key Findings:

  • No deviation from objects stated in offer document
  • No material deviation observed
  • All government/statutory approvals obtained
  • Share price has fallen below warrant conversion price which may hinder conversion
  • Company rated CARE D due to ongoing delays in debt servicing

Auditor's Review

Binayak Dey & Co. conducted limited review and reported:

  • Nothing came to their attention causing belief that statements contain material misstatement
  • Relied on other auditors for 10 joint operations representing ₹326.81 lakhs revenue
  • Drew attention to Note regarding MRA with NARCL and accounting aspects

Entities Included

Standalone: Includes 13 joint operations

Consolidated: Includes 13 joint operations, 7 subsidiaries, 1 associate, and 2 joint ventures