Key Quantitative Figures - Standalone (₹ in lakhs)

Quarter Ended September 30, 2026 (Q2 FY27)

  • Revenue from operations: ₹0.00 (compared to ₹7,555.00 lakhs in Q2 FY26)
  • Other income: ₹143.27
  • Total Income: ₹143.27
  • Finance costs: ₹2,536.98
  • Impairment and expected credit loss recognition (net): ₹(1,067.53) (reversal)
  • Share of (Profit)/Loss from partnership firms and LLPs (net): ₹397.90 (loss)
  • Loss before tax: ₹(2,728.77)
  • Tax expense: ₹(349.80) (primarily deferred tax)
  • Loss after tax: ₹(2,378.97)
  • Total comprehensive income: ₹(2,382.36)
  • Basic & Diluted EPS: ₹(0.44)

Half Year Ended September 30, 2026 (H1 FY27)

  • Revenue from operations: ₹0.00 (compared to ₹7,555.00 lakhs in H1 FY26)
  • Other income: ₹372.26
  • Total Income: ₹372.26
  • Finance costs: ₹4,123.56
  • Impairment and expected credit loss recognition (net): ₹(1,570.08) (reversal)
  • Share of (Profit)/Loss from partnership firms and LLPs (net): ₹721.39 (loss)
  • Loss before tax: ₹(4,872.80)
  • Tax expense: ₹(325.19)
  • Loss after tax: ₹(4,547.61)
  • Total comprehensive income: ₹(4,554.40)
  • Basic & Diluted EPS: ₹(0.84)

Key Balance Sheet Items (Standalone) as of September 30, 2026

  • Total Assets: ₹6,38,689.56 lakhs
  • Equity Share Capital: ₹54,240.68 lakhs
  • Other Equity: ₹4,08,639.28 lakhs
  • Non-current borrowings: ₹10,759.84 lakhs
  • Current borrowings: ₹59,137.50 lakhs
  • Cash and cash equivalents: ₹13,467.00 lakhs
  • Loans (Current & Non-current): ₹3,06,410.05 lakhs
  • Inventories: ₹35,065.11 lakhs

Key Quantitative Figures - Consolidated (₹ in lakhs)

Quarter Ended September 30, 2026 (Q2 FY27)

  • Revenue from operations: ₹15,641.81
  • Total Income: ₹17,125.46
  • Profit before tax: ₹453.91
  • Tax expense: ₹(384.01)
  • Profit for the period: ₹837.92
  • Profit attributable to owners: ₹845.67
  • Total comprehensive income: ₹834.92
  • Basic & Diluted EPS: ₹0.13

Half Year Ended September 30, 2026 (H1 FY27)

  • Revenue from operations: ₹26,720.53
  • Total Income: ₹28,973.65
  • Profit before tax: ₹335.29
  • Tax expense: ₹(369.79)
  • Profit for the period: ₹705.08
  • Profit attributable to owners: ₹720.66
  • Total comprehensive income: ₹699.09
  • Basic & Diluted EPS: ₹0.42

Key Balance Sheet Items (Consolidated) as of September 30, 2026

  • Total Assets: ₹6,62,058.45 lakhs
  • Equity Share Capital: ₹54,240.68 lakhs
  • Other Equity (Parent): ₹3,55,332.70 lakhs
  • Non-current borrowings: ₹25,459.98 lakhs
  • Current borrowings: ₹72,332.67 lakhs
  • Cash and cash equivalents: ₹19,133.98 lakhs
  • Inventories: ₹1,35,523.56 lakhs

Dates of Action

  • Board Meeting: November 5, 2026 (commenced at 5:15 PM, concluded at 7:15 PM)
  • Period Ended: September 30, 2026
  • Auditor's Report Date: November 5, 2026

Parties Involved

  • Stock Exchanges: BSE Limited, National Stock Exchange of India Limited
  • Statutory Auditors: Mehta Chokshi & Shah LLP (Chetan M Shah, Partner)
  • Management: Shahid Balwa (Vice Chairman & Managing Director), Jignesh Shah (Company Secretary)
  • Subsidiaries/JVs/Associates: 45 entities listed in Annexure I of the consolidated review report, including DB Man Realty Ltd., Bandra Reclamation Project Pvt. Ltd., and Miraland Developers Pvt. Ltd.

Purpose / Stated Rationale

The disclosure is a mandatory regulatory requirement under SEBI LODR to inform the stock exchanges and shareholders about the company's financial performance for the stated quarter and half-year.

Financial / Operational Impact (as disclosed)

  • Standalone: Significant loss reported due to absence of revenue and high finance costs, partially offset by reversals of impairment provisions.
  • Consolidated: Profitable performance driven by revenue from operations and fair value gains.
  • The carrying values of investments, loans, inventories, and advances are based on management estimates and internal assessments regarding development potential, sales prices, and cost optimization. Management believes these amounts are recoverable.

Capital Structure Impact

  • Paid-up equity share capital remained unchanged at ₹54,240.68 lakhs (Face value ₹10 per share) compared to the previous quarter and year-end.
  • ESOPs were anti-dilutive for the current quarter and half-year.

Cash Flow Implications (Standalone H1 FY27)

  • Net cash from operating activities: ₹13,832.38 lakhs (inflow)
  • Net cash used in investing activities: ₹(56,547.58) lakhs (outflow, primarily loans given)
  • Net cash from financing activities: ₹56,033.04 lakhs (inflow, primarily from borrowings)
  • Net increase in cash: ₹13,317.84 lakhs

Legal & Other Proceedings (Emphasis of Matter)

  • Note on Estimates (Note 3): The company relies on management estimates and valuer reports for fair valuation of investments, loans, and carrying value of inventories/advances. Assumptions include development potential, expected sales realization, and cost optimization.
  • Note on Litigation (Note 4): The company is involved in various legal proceedings. Key cases include:
  • Neelkamal Realtors Suburban Pvt. Ltd. (Subsidiary): Writ petition filed with Supreme Court regarding approval of revised plans under UDCPR 2020.
  • MIG (Bandra) Realtors & Builders Pvt. Ltd. (Subsidiary): Demand from MHADA for development charges (₹6,044.93 lakhs provided and paid) and interest (₹5,250.21 lakhs not provided). Matter pending in Supreme Court.
  • Miraland Developers Pvt. Ltd. (Subsidiary): Salt Department's Special Leave Petition in Supreme Court against Bombay High Court judgment upholding subsidiary's title over ~205 acres in Bhayander, Thane.
  • Pending the final outcome of these proceedings, no adjustments have been made to the financial results.
  • Management does not foresee an adverse impact on the company's financial condition from these proceedings.

Other Material Disclosures

  • Acquisition of BHGCPL: The board had approved acquiring 9,89,800 shares of Bamboo Hotels and Global Centre (Delhi) Pvt. Ltd. (BHGCPL) for ₹59,670.49 lakhs and an outstanding loan of ₹1,05,889 lakhs from Advent Hotels International Ltd. (AHIL). Shareholder approval was received on April 19, 2026. Pending lender consent, shares are not yet transferred. Consideration will be adjusted against receivables from AHIL.
  • Acquisition by Subsidiary: MIG (Bandra) Realtors & Builders Pvt. Ltd. entered an agreement to acquire 95.22% of Radius Estates and Developers Pvt. Ltd. for ₹37,283.00 lakhs (expected completion by Dec 2027). An advance of ₹6,599.09 lakhs was paid as of Sept 30, 2026.
  • Deferred Tax Assets: Not recognized on unabsorbed depreciation and carry-forward losses based on prudence.
  • Predecessor Auditor: The financial results for the year ended March 31, 2026, and previous quarters were audited/reviewed by the predecessor auditor, who issued unmodified opinions/reports with similar emphasis of matters.
  • Share of Partnership Firms: Standalone results include share of loss from three partnership firms aggregating ₹(72.28) lakhs (Q2) and ₹(176.41) lakhs (H1), based on unreviewed financial results provided by management.