Key Approvals

1. Financial Results: The Board approved the Unaudited Standalone Half Yearly Financial Results for the period ended September 30, 2026, along with the Statutory Auditors' Report (Annexure-A).

2. Statement of Deviation or Variation: The Board confirmed the Statement pursuant to Regulation 32 of SEBI LODR and SEBI Circular CIR/CFD/CMD1/162/2019 dated December 24, 2019, for the half year ended September 30, 2026 (Annexure-B).

Financial Performance Highlights (H1 FY27 vs H1 FY26)

  • Revenue from Operations: ₹2,523.57 lakh (vs ₹1,222.81 lakh in H1 FY26)
  • Other Income: ₹13.58 lakh (vs ₹23.91 lakh in H1 FY26)
  • Total Revenue: ₹2,537.15 lakh (vs ₹1,246.72 lakh in H1 FY26)
  • Total Expenses: ₹2,585.66 lakh (vs ₹1,004.63 lakh in H1 FY26)
  • Freight, Handling & Servicing Cost: ₹1,712.89 lakh
  • Road Transportation Direct Expenses: ₹481.68 lakh
  • Employee Benefit Expenses: ₹75.58 lakh
  • Finance Cost: ₹113.52 lakh
  • Depreciation and Amortization: ₹119.28 lakh
  • Other Expenses: ₹82.71 lakh
  • Profit/(Loss) Before Tax: (₹48.51) lakh (vs ₹242.09 lakh profit in H1 FY26)
  • Tax Expense: ₹33.61 lakh (Deferred Tax)
  • Net Profit/(Loss) for Period: (₹82.12) lakh (vs ₹180.33 lakh profit in H1 FY26)
  • Earnings Per Share (Basic & Diluted): (₹0.66) (vs ₹2.06 in H1 FY26)
  • Paid-up Equity Share Capital: ₹248.70 lakh (Face Value ₹2)

Balance Sheet Position (as of September 30, 2026 vs March 31, 2026)

  • Total Assets/Liabilities: ₹4,563.06 lakh (vs ₹3,970.87 lakh)
  • Shareholders' Funds: ₹2,173.06 lakh (Share Capital: ₹248.70 lakh; Reserves & Surplus: ₹1,924.36 lakh)
  • Non-Current Liabilities: ₹1,421.38 lakh (Long-Term Borrowings: ₹1,332.99 lakh; Deferred Tax Liabilities: ₹81.19 lakh; Long-term Provisions: ₹7.20 lakh)
  • Current Liabilities: ₹1,134.32 lakh (Short-Term Borrowings: ₹808.16 lakh; Trade Payables: ₹124.17 lakh; Other Current Liabilities: ₹17.96 lakh; Short-term Provisions: ₹18.33 lakh)
  • Non-Current Assets: ₹2,157.24 lakh (Property, Plant & Equipment: ₹1,786.43 lakh; Intangible Assets under Development: ₹85.00 lakh; Long-Term Loans & Advances: ₹210.81 lakh; Other Non-Current Assets: ₹75.00 lakh)
  • Current Assets: ₹2,405.82 lakh (Trade Receivables: ₹843.77 lakh; Cash & Bank Balances: ₹230.96 lakh; Short-Term Loans & Advances: ₹443.32 lakh; Other Current Assets: ₹887.77 lakh)

Cash Flow Statement (H1 FY27)

  • Net Cash from Operating Activities: (₹662.66) lakh
  • Net Cash from Investing Activities: ₹77.92 lakh
  • Net Cash from Financing Activities: ₹601.76 lakh
  • Net Increase in Cash & Equivalents: ₹17.02 lakh
  • Closing Cash & Equivalents: ₹230.95 lakh

Significant Notes to Financial Statements

1. Accounting Policy Change: Effective April 1, 2026, the company changed depreciation method for trucks from Written Down Value to Straight-Line method over 8 years, treated as change in accounting estimate under AS 10. Impact on half-yearly results: ₹206.03 lakh.

2. Cyber Fraud Incident: During the half-year, the company remitted USD 4.87 lakh (approximately ₹470 lakh) to an unrelated bank account based on fraudulent instructions apparently originating from its US service provider's official email.

  • Incident reported to BSE on September 3, 2026, and to Cyber Crime Cell, Ahmedabad.
  • Amount recognized as "Fraud Recovery Claim" under Other Current Assets.
  • Company settled dues with service provider using temporary, repayable financial support from Promoter to protect customer commitments.
  • Recovery efforts include overseas civil action and bank recall requests.
  • Management expects full recovery based on legal advice; no provision made.
  • Auditors have qualified their review conclusion on this matter.

3. Segment Information: Company operates in a single segment (logistics).

4. Dividend: No dividend recommended for period ended September 30, 2026, to conserve resources for capital expansion projects.

Auditor's Review

Ankit M. Shah & Co., Chartered Accountants, issued a qualified review report citing that the recognition of the fraud recovery claim as an asset does not meet the requirements of AS 29 (Provisions, Contingent Liabilities and Contingent Assets) as evidence of virtual certainty of realization is not yet available. The position will be reviewed at year-end.