Summary of Key Information:

Reporting Period: Fourth quarter and year ended March 31, 2026

Nature of Filing / Announcement: Regulatory filing pursuant to SEBI Listing Regulations 30 and 33

Audit Opinion:

Unmodified opinion (clean) issued by statutory auditors N. A. Shah Associates LLP for both standalone and consolidated financial results.

Auditor’s Comment:

Auditors emphasized two matters: (1) Uncertainty relating to future outcome of pending litigations or regulatory actions (Note 4), and (2) Reliance on valuer reports and internal assessments for fair valuation of investments, loans to subsidiaries/joint ventures/associates, and inventories to ascertain recoverability (Note 3).

Key Financial Highlights [Indian Rupees in lakhs]:

Standalone Results:

Quarter Ended March 31, 2026:

  • Revenue from Operations: ₹0.00 (compared to ₹0.00 in Q4 FY25 and ₹45,358.96 in Q3 FY26)
  • Total Income: ₹112.67 (compared to ₹1,357.38 in Q4 FY25)
  • Net Loss: ₹(7,730.76) (compared to ₹(7,715.21) in Q4 FY25)
  • EPS: ₹(1.43) (compared to ₹(1.43) in Q4 FY25)

Year Ended March 31, 2026:

  • Revenue from Operations: ₹52,913.96 (compared to ₹17,489.13 in FY25)
  • Total Income: ₹53,385.88
  • Net Profit: ₹8,749.81 (compared to net loss of ₹(18,797.63) in FY25)
  • EPS: ₹1.62 (compared to negative in FY25)
  • Other Equity: ₹413,620.52 (compared to ₹499,574.73 in FY25)
  • Cash and Cash Equivalents: ₹149.16 (compared to ₹63.48 in FY25)
  • Debt: Not specifically disclosed in summary format

Consolidated Results:

Quarter Ended March 31, 2026:

  • Revenue from Operations: ₹8,691.25 (compared to ₹53,709.21 in Q4 FY25)
  • Total Income: ₹9,273.00
  • Net Loss: ₹(5,890.35) (compared to ₹(153.43) in Q4 FY25)
  • EPS: ₹(1.09) (compared to ₹(0.04) in Q4 FY25)

Year Ended March 31, 2026:

  • Revenue from Operations: ₹159,326.93 (compared to ₹76,657.84 in FY25)
  • Total Income: ₹166,436.89
  • Net Profit: ₹2,701.48 (compared to net loss of ₹(11,803.10) in FY25)
  • EPS: ₹0.50 (compared to ₹(2.33) in FY25)
  • Other Equity: ₹354,930.76 (compared to ₹435,480.29 in FY25)
  • Cash and Cash Equivalents: ₹5,432.13 (compared to ₹3,719.28 in FY25)
  • Debt: Borrowings of ₹74,675.42 (₹25,597.85 non-current + ₹49,077.57 current)

Segment-wise Performance:

Consequent to the demerger, the company is now engaged solely in the real estate business, which constitutes its only reportable segment. No segment reporting is applicable for the current period.

Corporate Actions:

1. Dividend: Not declared

2. Share Issuance: During the quarter ended June 30, 2025, the company allotted 7.39 lakh equity shares of ₹10 each at ₹41.45 per share upon exercise of ESOP 2022 options

3. Preference Share Conversion: During the quarter, the company allotted 32,02,330 equity shares upon conversion of 6,45,75,000 0.0001% Compulsory Convertible Preference Shares

Other Significant Information:

1. Demerger Completion: The NCLT sanctioned the Composite Scheme of Amalgamation and Arrangement on June 12, 2025, involving:

  • Amalgamation of Esteem Properties Private Limited with Valor Estate Limited (Appointed Date: April 1, 2024)
  • Demerger of hospitality business into Advent Hotels International Private Limited (Appointed Date: April 1, 2025)
  • Scheme became effective on July 1, 2025
  • Shareholders received 1 AHIL share for every 10 Valor shares held as of July 18, 2025

2. Related Party Transaction: The Board approved on March 5, 2026, the purchase of 9,89,800 Class A equity shares of Bamboo Hotels at ₹6,028.54 per share (₹59,670.49 lakhs) and takeover of outstanding loan of ₹1,05,889 lakhs from AHIL, approved by shareholders on April 19, 2026

3. Labor Code Impact: Recognized one-time impact of ₹41.00 lakhs for past service cost due to implementation of new labor codes effective November 21, 2025

4. Deferred Tax Assets: Not recognized on unabsorbed depreciation and carry forward losses due to uncertainty of realization

5. Asset Valuations: Company relies on valuer reports and internal assessments for fair valuation of investments, loans, and inventories