Key Quantitative Figures

  • Revenue from Operations: ₹220.24 lakhs (FY 2025-26) vs ₹268.64 lakhs (FY 2024-25), decrease of 18.01%
  • Pre-tax Loss: ₹106.38 lakhs (FY 2025-26) vs ₹19.45 lakhs loss from continuing operations (FY 2024-25)
  • Earnings Per Share (EPS): ₹(0.26) (FY 2025-26) vs ₹(0.06) (FY 2024-25)
  • Paid-up Equity Share Capital: ₹402.24 lakhs (40,224,250 equity shares of ₹1 each)
  • Total Assets: ₹2,553.22 lakhs (31 March 2026) vs ₹2,602.17 lakhs (31 March 2025)
  • Current Ratio: 21.67% (31 March 2026) vs 43.25% (31 March 2025)
  • Inventory Value: ₹1,505.03 lakhs (primarily work-in-progress real estate)
  • Cash & Cash Equivalents: ₹7.07 lakhs (31 March 2026) vs ₹112.80 lakhs (31 March 2025)

Dates of Action

  • AGM Date: Monday, 28th September, 2026 at 02:00 PM
  • Book Closure: Tuesday, 22nd September, 2026 to Monday, 28th September, 2026 (both days inclusive)
  • E-voting Period: Friday, 25th September, 2026 at 9:00 AM to Sunday, 27th September, 2026 at 5:00 PM
  • Financial Year: 1st April, 2025 to 31st March, 2026
  • Report Date: 29th July, 2026

Parties Involved

  • Statutory Auditors: M/s. S G D G & Associates LLP, Chartered Accountants
  • Secretarial Auditor: Mr. Prashant S. Mehta of M/s. P. Mehta & Associates, Practicing Company Secretaries
  • RTA: MUFG Intime India Private Limited
  • Bankers: Axis Bank Limited, IDBI Bank Limited, State Bank of India
  • Solicitors: M/s Vigil Juris, Advocates, Solicitors & Notary

Board of Directors

  • Mr. Ashok C. Pillai - Independent Director & Chairman
  • Mr. Maulik H Dave - Whole time Director
  • Mr. Ashok J. Patel - Non-Executive Director
  • Mr. Jatin V. Daisaria - Non-Executive Director
  • Mr. Shilpin K. Tater - Non-Executive Director
  • Ms. Diana K. Dias - Independent Woman Director

Key Management Personnel

  • Mr. Harshal Phatak - Chief Financial Officer
  • Ms. Neelam H. Shah - Company Secretary
  • Mr. Kartikey Patwa - Chief Executive Officer

Operational Highlights

  • Revenue from Real Estate Division: ₹191.97 lakhs (FY 2025-26) vs ₹213.16 lakhs (FY 2024-25)
  • Revenue from Construction Equipment Division: Nil (FY 2025-26) vs ₹1.33 lakhs (FY 2024-25)
  • Company has sold approximately 3606.14 sqm of office space at Ghatkopar with potential to construct further 3233.84 sqm subject to approvals
  • Construction of "F" Wing & "E" Wing at Karjat project has started
  • Company is in advanced stage of finalizing sale of Wada property
  • No dividends declared for FY 2025-26

Pending Litigation and Contingencies

  • Ghatkopar Project: Awaiting Ministry of Defence approvals for approximately 16 years. Developer has filed SLP in Supreme Court for relief, outcome awaited.
  • Income Tax Disputes: ₹24.93 lakhs under appeal (AY 2007-08: ₹0.75 lakhs; AY 2013-14: ₹24.18 lakhs)
  • DGBR Arbitration: ₹131.62 lakhs arbitration award challenged, amount deposited and shown under Other Financial Assets

Capital Structure Impact

No change in share capital during the year. Issued and paid-up share capital remains at ₹402.24 lakhs divided into 40,224,250 equity shares of ₹1 each.

Cash Flow Implications

  • Net cash used in operating activities: ₹(163.63) lakhs
  • Net cash from investing activities: ₹57.90 lakhs
  • No cash flow from financing activities

Forward-looking Statements

Management discusses positive outlook for real estate industry revival but notes concerns about higher interest rates impacting buyer sentiment and speed of regulatory approvals. Company awaits approvals for Ghatkopar project which is expected to bring significantly enhanced revenue and profits.