Key Quantitative Figures

Financial Performance (Quarter Ended March 31, 2026)

  • Total Income: ₹820.19 lakhs
  • Total Expenses: ₹3,083.97 lakhs
  • Profit Before Tax: Loss of ₹2,263.78 lakhs
  • Tax Expenses: ₹595.41 lakhs (Deferred Tax)
  • Net Profit: Loss of ₹2,859.19 lakhs
  • Other Comprehensive Income: Loss of ₹205.74 lakhs
  • Total Comprehensive Income: Loss of ₹3,064.93 lakhs
  • Basic & Diluted EPS: (₹8.32)

Financial Performance (Year Ended March 31, 2026)

  • Total Income: ₹8,257.24 lakhs
  • Total Expenses: ₹6,416.91 lakhs
  • Profit Before Tax: ₹1,840.33 lakhs
  • Tax Expenses: ₹595.41 lakhs (Deferred Tax)
  • Net Profit: ₹1,244.92 lakhs
  • Other Comprehensive Income: Loss of ₹205.97 lakhs
  • Total Comprehensive Income: ₹1,038.95 lakhs
  • Basic & Diluted EPS: ₹2.44

Balance Sheet Position (As at March 31, 2026)

  • Paid-up Equity Share Capital: ₹2,576.43 lakhs
  • Other Equity: ₹5,124.71 lakhs
  • Total Equity: ₹7,701.14 lakhs
  • Total Non-Current Assets: ₹13,471.60 lakhs
  • Total Current Assets: ₹4,887.18 lakhs
  • Total Assets: ₹18,358.78 lakhs
  • Total Non-Current Liabilities: ₹11.52 lakhs
  • Total Current Liabilities: ₹10,646.12 lakhs
  • Total Equity and Liabilities: ₹18,358.78 lakhs

Cash Flow (Year Ended March 31, 2026)

  • Net Cash from Operating Activities: ₹504.46 lakhs
  • Net Cash from Investing Activities: ₹2,821.51 lakhs
  • Net Cash from Financing Activities: Negative ₹4,332.53 lakhs
  • Net Decrease in Cash & Equivalents: Negative ₹1,006.56 lakhs
  • Closing Cash & Cash Equivalents: ₹336.45 lakhs

Dates of Action

  • Board Meeting Date: May 27, 2026 (4:00 PM to 6:00 PM)
  • Financial Period: Quarter and Year Ended March 31, 2026
  • Auditor Appointment Date: May 27, 2026
  • Stock Split Effective Date: March 03, 2026

Parties Involved

  • Statutory Auditors: M/s. Pankaj R Shah & Associates, Chartered Accountants (Firm Registration No. 107361W)
  • Cost Auditor: M/s. Anuj Aggarwal & Co., Cost Accountants (Firm Registration No. 102409)
  • Internal Auditor: M/s. JAGETIYA & CO, Chartered Accountants
  • Managing Director: Jaimin Gupta (DIN: 06833388)
  • Company Secretary: Abira Mansuri

Corporate Actions

Subsidiary Incorporation

The Board approved incorporation of a wholly-owned subsidiary in India with the following details:

  • Industry: Renewable energy
  • Ownership: 100% by Varvee Global Limited
  • Consideration: Cash/bank transfer for share subscription
  • Government Approvals: Approval of competent authority if required
  • Relationship: Will become a related party upon incorporation

Auditor Appointments

  • Cost Auditor: Re-appointed M/s. Anuj Aggarwal & Co. for FY 2026-27 (Term: FY 2026-27)
  • Internal Auditor: Re-appointed M/s. JAGETIYA & CO for FY 2026-27 (Term: FY 2026-27)

Stock Split

The company undertook sub-division of equity shares from 1 share of ₹10 each to 2 shares of ₹5 each, effective March 03, 2026. Number of shares increased from 2,57,64,339 to 5,15,28,678. New ISIN: INE273D01027.

Financial and Operational Impact

MAT Credit Recognition

  • MAT credit balance of ₹13.57 crores recognized as of March 31, 2026
  • ₹5.54 crores MAT credit lapsed and written off during FY 2025-26
  • Management expects ₹6.00 crores to be utilized and ₹2.01 crores to lapse

Operational Changes

  • No production of finished goods during FY 2025-26
  • Engaged only in job work and trading of goods
  • Fixed asset register updated based on physical verification
  • Assets with net block of ₹1,929.11 lakhs sold during the year from "Asset held for sale"

Labor Code Implementation

Government of India notified four Labour codes effective November 21, 2025. Past service cost recognized immediately in Statement of Income as per Ind AS 19.

Liability Extinguishment

Obtained No Objection Certificates from majority deposit holders confirming deposits constitute excluded liabilities under Share Purchase Agreement dated September 5, 2024. Liabilities extinguished with nil outstanding balance.

Auditor's Emphasis of Matter

Auditors highlighted:

  • Note 3: Continuity in recognition of MAT credit
  • Note 9: Going concern assumption per Ind AS 1
  • Note 11: Property Plant and Equipment sold during quarter
  • Note 12: Calculation of Deferred Tax as per Ind AS 12