Financial Performance Highlights

Quarter Ended September 30, 2026:

  • Revenue from operations: ₹26.50 lakhs (compared to ₹16.23 lakhs in Q2 FY2025)
  • Other income: ₹1.52 lakhs (compared to ₹9.00 lakhs in Q2 FY2025)
  • Total revenue: ₹28.02 lakhs (compared to ₹25.23 lakhs in Q2 FY2025)
  • Total expenses: ₹35.74 lakhs (compared to ₹36.34 lakhs in Q2 FY2025)
  • Net loss: ₹7.72 lakhs (compared to net loss of ₹11.11 lakhs in Q2 FY2025)
  • Earnings per share (basic and diluted): -₹0.07

Half Year Ended September 30, 2026:

  • Revenue from operations: ₹43.08 lakhs (compared to ₹30.56 lakhs in H1 FY2025)
  • Other income: ₹14.28 lakhs (compared to ₹10.15 lakhs in H1 FY2025)
  • Total revenue: ₹57.36 lakhs (compared to ₹40.71 lakhs in H1 FY2025)
  • Total expenses: ₹66.36 lakhs (compared to ₹59.32 lakhs in H1 FY2025)
  • Net loss: ₹9.00 lakhs (compared to net loss of ₹18.61 lakhs in H1 FY2025)
  • Earnings per share (basic and diluted): -₹0.08

Comparative Figures:

  • Full Year FY2026 (Audited): Net loss of ₹3.15 lakhs with EPS of -₹0.03
  • Paid-up share capital remains unchanged at ₹352.05 lakhs (par value ₹3 per share)

Financial Position as of September 30, 2026

Assets:

  • Total assets: ₹111.27 lakhs (down from ₹119.25 lakhs as of March 31, 2026)
  • Non-current assets: ₹11.20 lakhs (unchanged)
  • Investments: ₹0.38 lakhs
  • Other financial assets: ₹10.82 lakhs
  • Current assets: ₹100.07 lakhs
  • Trade receivables: ₹24.00 lakhs (down from ₹30.71 lakhs)
  • Cash and cash equivalents: ₹27.22 lakhs (up from ₹18.03 lakhs)
  • Other financial assets: ₹7.00 lakhs
  • Other current assets: ₹40.80 lakhs
  • Current tax asset: ₹1.05 lakhs

Equity and Liabilities:

  • Total equity: Negative ₹929.82 lakhs (worsened from negative ₹920.82 lakhs)
  • Equity share capital: ₹352.05 lakhs
  • Other equity: Negative ₹1,281.87 lakhs (accumulated losses)
  • Non-current liabilities: ₹826.49 lakhs
  • Loans and advances: ₹823.51 lakhs
  • Provisions: ₹2.98 lakhs
  • Current liabilities: ₹214.60 lakhs
  • Trade payables: ₹120.54 lakhs
  • Other financial liabilities: ₹44.26 lakhs
  • Provisions: ₹11.40 lakhs
  • Other current liabilities: ₹38.40 lakhs

Cash Flow Statement (Half Year Ended September 30, 2026)

  • Net cash used in operating activities: ₹2.97 lakhs
  • Net cash from investing activities: ₹0
  • Net cash from financing activities: ₹12.16 lakhs (mainly from borrowings)
  • Net increase in cash: ₹9.19 lakhs
  • Cash and cash equivalents at end: ₹27.22 lakhs (comprising cash on hand ₹0.02 lakhs and bank balances ₹27.20 lakhs)

Critical Notes to Financial Results

Note 03: Trade receivables of ₹24.00 lakhs as of September 30, 2026 are considered recoverable by management, and no provision has been made. Confirmations have not been received from customers.

Note 04: The Company has accumulated losses of ₹1,251.87 lakhs as of September 30, 2026 but prepares financial results on a going concern basis. Current business operations were transferred to Thakral Innovation Private Limited effective October 1, 2023, but management believes future new business prospects will improve operations.

Note 05: Previous period figures have been regrouped or rearranged for consistency with current year classification.

Note 06: Quarterly figures represent the difference between half-year and previous quarter results.

Auditor's Review Report

K.S. Rao & Co., Chartered Accountants (ICAI Firm Registration No: 003109S) issued a qualified review report with the following basis for qualified conclusion:

1. The Company has been served with a recovery order from EPFO amounting to ₹60.36 lakhs. An interim stay was obtained from the High Court of Karnataka by depositing ₹10.00 lakhs in October 2023. Pending management evaluation, the auditor is unable to comment on potential adjustments or impact.

2. The Company has interest-free loans outstanding of ₹823.51 lakhs as of September 30, 2026. As per Ind AS 109, these should be recognized at amortized cost by discounting and amortizing interest expense, but the Company has not made this adjustment. The auditor is unable to comment on this matter.

3. Despite accumulated losses of ₹1,281.87 lakhs and fully eroded net worth, the Company prepares financial results on a going concern basis based on management's view of future business prospects and support letters from shareholders and lenders.

Regulatory Compliance Disclosure

A separate communication to BSE dated November 12, 2026 states that Regulation 23(9) of SEBI (LODR) Regulations, 2015 regarding related party transactions is not applicable to the Company. As of March 31, 2026, the Company's paid-up equity share capital was ₹3.520 crores and net worth was negative ₹9.21 crores, below the applicability thresholds of ₹10 crores and ₹25 crores respectively.