Key Decisions and Approvals
- Director Appointment: Ms. Sheuli Sandeep Mujharjee appointed as Non-Executive & Independent Director effective 13.08.2026.
- Financial Results Approval: Approved Standalone and Consolidated Audited Financial Results for quarter and year ended 31 March 2026, including Audited Statement of Assets and Liabilities and Audited Cash Flow Statement.
- Auditor Appointments:
- Reappointed M/s. Jain Jagawat Kamdar & Co as Statutory Auditors for FY 2026-27.
- Appointed M/s PAMSP & Associate as Internal Auditor for FY 2026-27.
- Appointed M/s. Rohit Periwal and Associates as Secretarial Auditors for FY 2026-27, subject to shareholder approval at AGM.
- Unaudited Results: Approved unaudited Financial Results as at 30.06.2026.
Financial Results Highlights (Standalone)
For quarter ended 30.06.2026 (Unaudited) vs 30.06.2025 (Unaudited):
- Total Income: ₹3.48 crore (vs ₹7.91 crore)
- Total Expenses: ₹3.34 crore (vs ₹7.52 crore)
- Profit before tax: ₹0.18 crore (vs ₹0.39 crore)
- Profit for period: ₹0.18 crore (vs ₹0.39 crore)
- EPS: ₹0.08 (vs ₹0.17)
For year ended 31.03.2026 (Audited) vs previous year:
- Total Income: ₹2.74 crore (vs ₹29.43 crore)
- Total Expenses: ₹8.26 crore (vs ₹23.76 crore)
- Loss before tax: ₹(9.43) crore (vs profit ₹1.76 crore)
- Loss for period: ₹(9.43) crore (vs profit ₹1.76 crore)
- EPS: ₹(4.19) (vs ₹0.78)
Financial Results Highlights (Consolidated)
For quarter ended 30.06.2026 (Unaudited):
- Total Income: ₹3.50 crore
- Total Expenses: ₹53.91 crore (including Finance costs ₹50.58 crore)
- Loss before tax: ₹(50.37) crore
- Loss for period: ₹(50.37) crore
- EPS: ₹(22.36)
- Net loss attributable to shareholders: ₹(29.14) crore
For year ended 31.03.2026 (Audited):
- Total Income: ₹5.97 crore
- Total Expenses: ₹95.56 crore
- Loss before tax: ₹(93.41) crore
- Loss for period: ₹(93.41) crore
- EPS: ₹(41.46)
- Net loss attributable to shareholders: ₹(72.78) crore
Subsidiary Updates and Contingencies
1. Valecha Kachchh Toll Roads Limited (VKTRL):
- CIRP ongoing since NCLT order dated 09.10.2023
- Resolution Plan approved by CoC on 28.03.2025, pending NCLT approval
- Company carrying investment of ₹39.84 crore and loans of ₹76.36 crore (total ₹116.20 crore) at book value without impairment provision
2. Other Subsidiary Investments:
- Total investments of ₹0.31 crore in subsidiaries
- Loans and advances of ₹169.04 crore to four subsidiaries and one step-down subsidiary
- Carried at book value pending recoverability assessment
3. Valecha Infrastructure Limited (VIL):
- Holding company sold 42,000 equity shares (consideration ₹4.20 lakh received 30.06.2026)
- Transfer of 28,000 shares completed 01.07.2026; 14,000 shares pending transfer
- VIL remained subsidiary as of 30.06.2026, ceased to be subsidiary post-quarter
4. Valecha Badwani Sendhwa Tollways Limited (VBSTL):
- MPRDC suspended toll collection rights effective 01.04.2026
- Potential liability of ₹5.47 crore + ₹0.76 crore for maintenance works claimed by MPRDC
- Company contesting the claims
Capital Reserve and Asset Assessment
- Capital reserve arose from implementation of Resolution Plan under IBC
- During quarter, wrote back statutory dues payable of ₹0.01 crore through capital reserve
- Ongoing assessment of pre-CIRP assets and liabilities
Audit Qualifications and Emphasis Points
Auditors highlighted several key matters:
1. No impairment recognized on VKTRL exposure (₹116.20 crore) pending CIRP outcome
2. Investments and loans in subsidiaries (₹169.35 crore total) carried at book value without comprehensive ECL assessment
3. Trade receivables of ₹136.18 crore, retention of ₹5.00 crore, loans to parties ₹11.53 crore, and advances to suppliers ₹21.37 crore not evaluated for expected credit losses
4. Undistributed pending payables of ₹3.68 crore (Gratuity ₹0.98 crore, EPFO ₹2.66 crore, contingencies ₹0.04 crore, FD holders ₹18,115) not provided for in books
5. Financial statements of foreign subsidiary Valecha International FZE translated using exchange rate as of March 2023 instead of current rate
Corporate Actions Timeline
- Book Closure: 23.09.2026 to 30.09.2026
- Cut-off Date: 16.09.2026
- E-voting Period: 27.09.2026 (9:00 AM) to 29.09.2026 (5:00 PM)