Key Business Transacted

1. Unaudited Financial Results

The Board considered and approved the Unaudited Standalone and Consolidated Financial Results of the Company for the first quarter ended June 30, 2026. The results were reviewed by the Audit Committee and approved by the Board. The statutory auditors, Shabbir & Rita Associates LLP, issued limited review reports for both standalone and consolidated results with an unmodified opinion.

2. Transfer of Subsidiary Assets

The Board granted final approval for the transfer/disposal of material assets and liabilities of its wholly-owned subsidiary, Verasco FZE, Dubai, to Inergy FZE, Sharjah, UAE. This approval was pursuant to earlier in-principle approval from December 3, 2025, and subsequent shareholder approval. The transaction is subject to the execution of definitive agreements and completion of applicable regulatory and statutory requirements.

Financial Results Details

Standalone Financials (Q1 FY27 ended June 30, 2026)

  • Revenue from Operations: ₹90.59 Lakh
  • Total Income: ₹90.59 Lakh
  • Total Expenses: ₹163.77 Lakh
  • Loss before tax: ₹(73.18) Lakh
  • Tax Expense: ₹(4.72) Lakh (Deferred Tax)
  • Net Loss after tax: ₹(68.46) Lakh
  • Total Comprehensive Loss: ₹(68.46) Lakh
  • Paid-up Equity Share Capital: ₹268.10 Lakh (Face value ₹1 per share)
  • Basic & Diluted EPS: ₹(0.26)
  • Cash and Cash Equivalents: ₹8.81 Lakh

Consolidated Financials (Q1 FY27 ended June 30, 2026)

  • Revenue from Operations: ₹897.52 Crore
  • Total Income: ₹898.05 Crore
  • Total Expenses: ₹894.45 Crore
  • Profit before tax: ₹360.90 Lakh
  • Tax Expense: ₹(4.72) Lakh (Deferred Tax)
  • Net Profit after tax: ₹365.62 Lakh
  • Other Comprehensive Loss: ₹(72.40) Lakh
  • Total Comprehensive Income: ₹293.22 Lakh
  • Paid-up Equity Share Capital: ₹268.10 Lakh
  • Basic & Diluted EPS: ₹1.36
  • Cash and Cash Equivalents: ₹531.39 Lakh

Segment-wise Performance (Consolidated)

  • Distribution & Development Segment Results: ₹1,117.98 Lakh
  • Warehousing Segment Results: ₹(160.04) Lakh
  • Manufacturing Segment Results: ₹957.94 Lakh
  • Total Segment Assets: ₹3,95,853.27 Lakh
  • Total Segment Liabilities: ₹1,62,372.24 Lakh

Subsidiary Disposal Details (Annexure B)

The disposal of Verasco FZE's assets and liabilities involves the following key details:

  • Turnover Contribution: ₹66.55 Crore (2.14% of consolidated turnover for last financial year)
  • Net Worth Contribution: ₹910.06 Crore (31.77% of consolidated net worth)
  • Agreement Date: August 12, 2026
  • Expected Completion Date: Upon obtaining requisite procedural clearances from competent authorities
  • Consideration: Up to USD 51 million on mutually agreed commercial terms
  • Buyer: Inergy FZE, a company incorporated in UAE involved in trading petroleum products and chemicals
  • Related Party Transaction: No
  • Arm's Length: Not applicable (not a related party transaction)

Additional Information

  • The Board meeting commenced at 3:00 PM and concluded at 5:00 PM on August 12, 2026.
  • The company is supporting an integrated manufacturing complex project at Dighi Port, Maharashtra, through its subsidiary Veritas Polychem Private Limited.
  • The consolidated results include subsidiaries: Veritas Polychem Private Limited, Veritas International FZE, Verasco FZE, Veritas Agro Ventures Private Limited, Veritas Infra & Logistics Private Limited, Global Com trade Pte Ltd, and Veritas Global PTE Limited.
  • The auditors noted that they did not review the interim financial statements of two subsidiaries whose statements reflect total revenues of ₹897.52 Crore and net profit of ₹465.89 Lakh.
  • The financial results are available on BSE's website (www.bseindia.com) and the company's website (www.veritasindia.net).