Key Financial Figures (Standalone)

Income Statement (₹ in lakhs):

  • Q2 FY27 (Sep 2026): Revenue from Operations: ₹6,744.99; Other Income: ₹976.93; Total Income: ₹7,721.92; Total Expenses: ₹55,159.45; Loss before tax: ₹(47,437.53); Net Loss: ₹(47,437.53); Total Comprehensive Loss: ₹(47,481.00)
  • Q1 FY27 (Jun 2026): Revenue from Operations: ₹6,580.07; Other Income: ₹1,132.47; Total Income: ₹7,712.54; Total Expenses: ₹46,531.69; Loss before tax: ₹(38,819.15); Net Loss: ₹(38,819.15); Total Comprehensive Loss: ₹(38,816.80)
  • H1 FY27 (Sep 2026): Revenue from Operations: ₹13,325.06; Other Income: ₹2,109.40; Total Income: ₹15,434.46; Total Expenses: ₹101,691.14; Loss before tax: ₹(86,256.68); Net Loss: ₹(86,256.68); Total Comprehensive Loss: ₹(86,297.80)
  • FY26 (Mar 2026): Revenue from Operations: ₹34,098.84; Other Income: ₹3,929.60; Total Income: ₹38,028.44; Total Expenses: ₹185,238.68; Loss before tax: ₹(147,210.24); Exceptional Items: ₹(31,794.92); Net Loss: ₹(179,005.16); Total Comprehensive Loss: ₹(178,903.12)

Earnings Per Share (Face Value ₹2):

  • Q2 FY27: Basic & Diluted: ₹(1.82)
  • H1 FY27: Basic & Diluted: ₹(3.30)
  • FY26: Basic: ₹(6.89); Diluted: ₹(6.84)

Balance Sheet (Standalone as of 30 Sep 2026, ₹ in lakhs):

  • Total Assets: ₹16,42,684.79
  • Total Equity: Negative ₹(6,55,940.47) (Equity Share Capital: ₹52,326.02; Other Equity: Negative ₹(7,08,266.49))
  • Total Liabilities: ₹22,60,241.97 (Non-current: ₹38,383.29; Current: ₹22,21,858.68)
  • Key Current Liabilities: Borrowings: ₹5,10,872.02; Trade Payables: ₹85,561.46; Other Financial Liabilities: ₹89,4100.94; Short Term Provisions: ₹7,69,349.97

Key Financial Figures (Consolidated)

Income Statement (₹ in lakhs):

  • Q2 FY27: Revenue from Operations: ₹10,773.68; Other Income: ₹1,320.33; Total Income: ₹12,094.01; Total Expenses: ₹92,440.88; Loss before tax: ₹(80,850.07); Net Loss: ₹(80,845.08); Total Comprehensive Loss: ₹(80,888.55)
  • H1 FY27: Revenue from Operations: ₹21,374.74; Other Income: ₹2,795.34; Total Income: ₹24,170.08; Total Expenses: ₹1,75,270.62; Loss before tax: ₹(151,100.54); Net Loss: ₹(151,129.45); Total Comprehensive Loss: ₹(151,170.57)
  • Net Loss attributable to Owners: H1 FY27: ₹(1,24,286.13)

Earnings Per Share (Consolidated, Face Value ₹2):

  • Q2 FY27: Basic & Diluted: ₹(2.57)
  • H1 FY27: Basic & Diluted: ₹(4.75)

Auditor Disclaimer and Key Issues

Statutory Auditors GSA & Associates LLP issued a disclaimer of conclusion on both standalone and consolidated results due to multiple material uncertainties:

1. Going Concern Uncertainty: Company has eroded net worth, incurred consistent losses, defaults on debt repayments (₹11,554.27 crore standalone, ₹13,356.17 crore consolidated including interest), and has pending litigations. Appropriateness depends on Supreme Court's decision on Resolution Framework and ability to raise finance.

2. Non-Impairment of Investments: Management did not conduct impairment assessment despite indicators for:

  • Standalone: Investments in subsidiaries (₹428.54 lakh), JVs (₹540.61 lakh), associates (₹299.25 lakh), unrelated entities (₹609.07 lakh) - total ₹1,972.15 lakh
  • Consolidated: Investments in JVs (₹533.33 lakh), associates (₹6.54 lakh), unrelated entities (₹1,693.16 lakh), goodwill (₹383.80 lakh) - total ₹2,616.83 lakh

3. Expected Credit Loss Not Assessed: No assessment for:

  • Standalone: Loans/advances to subsidiaries/JVs/associates (₹4,496.30 lakh), trade receivables (₹45.55 lakh), loans to unrelated entities (₹373.52 lakh), trade receivables unrelated (₹416.55 lakh), inter-corporate deposits (₹138.53 lakh), security deposits (₹529.72 lakh)
  • Consolidated: Loans to JVs/associates (₹83.81 lakh), trade receivables (₹18.68 lakh), loans to unrelated entities (₹862.31 lakh), trade receivables unrelated (₹682.54 lakh), inter-corporate deposits (₹249.98 lakh), security deposits (₹534.27 lakh)

4. Corporate/Bank Guarantees: No assessment for estimated loss allowance on guarantees of ₹2,332.74 lakh for subsidiaries/JVs/associates.

5. Pending Reconciliations: Multiple balances pending reconciliation/confirmation including Supreme Court registry balances, trade receivables/payables, bank balances, borrowings, advances from customers, inter-corporate deposits.

6. Statutory Dues Default: Unpaid income tax (₹79.29 lakh), professional tax (₹0.59 lakh) from erstwhile management period.

7. Public Deposits Interest: Interest of ₹64,388.64 lakh not provided on public deposits of ₹506.81 lakh, based on Supreme Court directions for principal-only repayment.

8. Revenue Recognition: Applied percentage of completion method for real estate revenue, but auditors note contract terms may not meet Ind AS 115 criteria for over-time recognition.

9. Inventory Issues: No provision for onerous contracts despite ₹9,560.72 lakh (standalone) and ₹19,348.34 lakh (consolidated) in "project in progress" where revenue not recognized. Physical possession handed over in some projects but still capitalized.

10. Physical Verification: Pending for property, plant, equipment, unsold flats & land.

Supreme Court and Resolution Framework

  • Supreme Court order dated 20th January 2020 superseded previous board; new government-appointed board took charge on 21st January 2020.
  • Resolution Framework filed with Supreme Court on 15th July 2020, revised on 5th February 2021 and 8th August 2022, seeking concessions/reliefs for project completion and liability meeting. Not yet approved.
  • Impact of proposed reliefs not considered in books.
  • Supreme Court directed dialogue with banks for One Time Settlement (OTS); PwC appointed on 29th May 2026 to examine suggestions. Next hearing on 17th November 2026.
  • Justice (Retd.) A.M. Sapre attempted resolution with Noida/Greater Noida Authorities; revised layout plans approved for key projects.

Contingent Liabilities (Standalone as of 30 Sep 2026, ₹ in lakhs)

  • Claims for delayed interest/penal interest: ₹83,423.41
  • Income tax disputes: ₹2,08,160.73
  • TDS disputes: ₹11,270.73
  • Sales tax disputes: ₹15,669.61
  • Service tax disputes: ₹9,950.66
  • GST disputes: ₹514.56
  • Claims by homebuyers/others: ₹42,859.79
  • Bank guarantees: ₹12,590.10
  • Corporate guarantees: ₹2,33,274.34
  • Penal interest banks/FIs: ₹4,34,522.81
  • 2,376 litigation cases: Amount unascertainable
  • Total: ₹10,52,236.64

Other Material Matters

  • Libya Branch: Assets of ₹1,328.47 lakh fully provided due to political situation; unaudited.
  • Woman Director: Not appointed after resignation of Ms. Uma Shankar on 7th March 2026; matter referred to MCA.
  • CFO Vacancy: Resigned on 29th May 2026; not compliant with SEBI LODR Regulation 26A(2).
  • Forensic Audit: Report submitted to Supreme Court in sealed cover; not available to company; ED investigating.
  • ED Attachment: Properties of subsidiary Unitech Hi-Tech Developers attached related to UGCC project.
  • GNIDA Matter: ₹18,339.80 lakh shown recoverable from GNIDA; lease cancellation challenged in Allahabad HC.
  • LCIA Award: USD 298,382,949.34 award against company; decree pending execution.

Financial Impact

Financial impact of most disputed items (investments, loans, guarantees, contingencies) not quantified in the disclosure due to pending reconciliations, Supreme Court decisions, and legacy issues.