Key Financial Figures (₹ in Lakhs)

Quarterly Performance (Q2 FY27 vs Q2 FY26)
  • Revenue from operations: ₹8,181.08 (Q2 FY27) vs ₹1,902.28 (Q2 FY26)
  • Other income: ₹123.78 (Q2 FY27) vs ₹5.99 (Q2 FY26)
  • Total revenue: ₹8,304.86 (Q2 FY27) vs ₹1,908.27 (Q2 FY26)
  • Total expenses: ₹9,775.47 (Q2 FY27) vs ₹2,695.44 (Q2 FY26)
  • Loss before tax: ₹(1,470.61) (Q2 FY27) vs ₹(787.17) (Q2 FY26)
  • Net loss: ₹(1,470.61) (Q2 FY27) vs ₹(787.17) (Q2 FY26)
  • Basic EPS: ₹(25.28) (Q2 FY27) vs ₹(15.47) (Q2 FY26)
Half-Yearly Performance (H1 FY27 vs H1 FY26)
  • Revenue from operations: ₹13,398.93 (H1 FY27) vs ₹1,935.76 (H1 FY26)
  • Other income: ₹163.08 (H1 FY27) vs ₹17.11 (H1 FY26)
  • Total revenue: ₹13,562.01 (H1 FY27) vs ₹1,952.87 (H1 FY26)
  • Total expenses: ₹16,530.69 (H1 FY27) vs ₹3,204.40 (H1 FY26)
  • Loss before tax: ₹(2,968.68) (H1 FY27) vs ₹(1,251.53) (H1 FY26)
  • Net loss: ₹(2,968.68) (H1 FY27) vs ₹(1,251.53) (H1 FY26)
  • Basic EPS: ₹(51.04) (H1 FY27) vs ₹(24.59) (H1 FY26)
Balance Sheet Highlights (as of September 30, 2026, vs March 31, 2026)
  • Total assets: ₹25,986.85 lakhs (Sep 2026) vs ₹24,769.26 lakhs (Mar 2026)
  • Equity share capital: ₹629.61 lakhs (Sep 2026) vs ₹496.60 lakhs (Mar 2026)
  • Other equity: ₹(1,868.47) lakhs (Sep 2026) vs ₹(224.88) lakhs (Mar 2026)
  • Total equity: ₹(1,238.86) lakhs (Sep 2026) vs ₹271.72 lakhs (Mar 2026)
  • Non-current liabilities: ₹24,488.47 lakhs (Sep 2026) vs ₹23,239.31 lakhs (Mar 2026)
  • Current liabilities: ₹2,737.25 lakhs (Sep 2026) vs ₹1,258.22 lakhs (Mar 2026)
  • Total liabilities: ₹27,225.71 lakhs (Sep 2026) vs ₹24,497.53 lakhs (Mar 2026)
Cash Flow (H1 FY27 vs FY26)
  • Net cash from operating activities: ₹(1,483.75) lakhs (H1 FY27) vs ₹(10,751.88) lakhs (FY26)
  • Net cash from investing activities: ₹(813.98) lakhs (H1 FY27) vs ₹(848.26) lakhs (FY26)
  • Net cash from financing activities: ₹145.25 lakhs (H1 FY27) vs ₹1,274.93 lakhs (FY26)
  • Net decrease in cash: ₹(845.27) lakhs (H1 FY27) vs ₹114.91 lakhs (FY26)
  • Cash and equivalents at period end: ₹325.16 lakhs (Sep 2026) vs ₹117.04 lakhs (Mar 2026)
Financial Ratios (as of September 30, 2026)
  • Debt equity ratio: (0.48)
  • Debt service coverage ratio: (0.61)
  • Interest service coverage ratio: (0.50)
  • Current ratio: 3.69
  • Long-term debt to working capital ratio: 3.08
  • Bad debts to accounts receivable ratio: 0.10
  • Current liability ratio: 0.87
  • Total debts to total assets ratio: 0.89
  • Debtors turnover ratio (annualized): 10.74
  • Inventory turnover ratio: 1.95
  • Operating margin: (17.98%)
  • Net profit margin: (22.16%)

Rights Issue Details

During H1 FY27, the company allotted 1,330,060 equity shares of face value ₹10 each at an issue price of ₹112 per share (including a premium of ₹102 per share), aggregating ₹1,489.66 lakhs. The rights issue was offered in the ratio of 5 rights equity shares for every 1 fully paid-up equity share held as of the record date, May 15, 2026. The shares were allotted on June 06, 2026, and listed on June 08, 2026.

Utilization of Proceeds (as of September 30, 2026)
  • Funding long-term working capital requirements: ₹1,159.66 lakhs (allocated and utilized)
  • General corporate purposes: ₹300.00 lakhs (allocated and utilized)
  • Issue-related expenses: ₹30.00 lakhs (allocated and utilized)
  • Total: ₹1,489.66 lakhs (fully utilized)

No deviation or variation in the utilization of proceeds was reported. The monitoring agency is Infomerics Valuation and Rating Limited.

Security Cover Certificate

As of September 30, 2026, the security cover ratio for listed, secured, redeemable non-convertible debentures aggregating ₹160 crores (paid-up amount ₹140 crores) was certified at 2.14x. The total value of securities provided was ₹34,554.59 lakhs against outstanding debts of ₹16,177.86 lakhs (including interest). The assets include exclusive charges on property, plant, equipment, and pari-passu charges on properties developed by Goddard Builders and Constructions Private Limited.

Auditors' Reports

The limited review report by T R Chadha & Co LLP concluded that the financial results are prepared in accordance with Ind AS 34 and contain no material misstatement. The security cover certificate and statement on deviation were also reviewed, with no adverse findings.