Vikas Lifecare FY26 Results with Qualified Audit Opinion

Board Meeting Details

Meeting held on June 24, 2026, commenced at 06:20 PM and concluded at 10:10 PM.

Financial Results Approval

The Board of Directors approved both Standalone and Consolidated Audited Financial Results for the quarter and financial year ended March 31, 2026.

Basis for Qualified Opinion

1. Delays in Statutory Dues: During the year, there were certain delays in deposit of statutory dues while the Company continued business and investment activities. Auditors were not provided sufficient appropriate audit evidence regarding business rationale of investments and inter-corporate deposits.

2. Related Party Transactions: The Company entered into material related party transactions in nature of inter-corporate deposits, acquisition of investments with promoter group entities, subsidiaries and associates. Requisite shareholder approvals under Section 188 of Companies Act, 2013 and Regulation 23 of SEBI LODR Regulations were not obtained as of date of financial results approval.

Emphasis of Matters

1. Settlement of Debenture Transactions: Company had transactions for acquisition of debentures aggregating ₹52.00 crore from Hallow Securities Private Limited (HSPL). Subsequent to reporting date, entered into Settlement Agreement dated May 30, 2026 whereby parties agreed to settle principal amount of ₹52.00 crore with additional compensation of ₹3.00 crore to be paid to Company. No impairment provision recognized.

2. Investment in Ebix International Holdings: During previous year, Eraaya Lifespaces Limited acquired Ebix Inc through Chapter 11 proceedings. Company contributed ₹2,977.27 million (US$34.83 million) as part of consortium. Through settlement deed during quarter ended June 30, 2025, received 51% equity shares of Ebix International Holdings Limited. Regulatory approvals yet to be obtained.

3. Non-compliance with Section 186: Investments and loans made during year not in compliance with Section 186(8) of Companies Act, 2013 due to existing defaults in repayment of interest on certain borrowings.

4. Investment in IGL Genesis Technologies: Share Purchase Agreement with Genesis Gas Solutions for transfer of investment in IGL Genesis Technologies. Shares transferred in dematerialized form in May 2025 but conditions precedent pending, including approvals from Boards of Indraprastha Gas Limited and IGTL.

5. Tax Implications on Ebix Transaction: Company obtained independent expert tax opinion concluding no tax liability arises on acquisition of Ebix International Holdings shares. No tax provision recognized.

6. FEMA Compliance: Overseas investment in Ebix International Holdings requires compliance with FEMA regulations, including filing prescribed forms with AD Bank/RBI. Compliance measures including Late Submission Fees payment pending.

7. Disposal of Subsidiary Shares: Disposed entire 51.38% investment in Shashi Beriwal and Co Private Limited for ₹4.15 crores, recognizing loss of ₹7.06 crores (carrying amount ₹11.21 crore).

8. Sale of Immovable Property: Sold property at Arihant Nagar, Delhi for ₹3.00 crore, recognizing loss of ₹2.56 crore (carrying amount: land ₹4.36 crore + building ₹1.02 crore).

9. Impairment of Advance: Advance of ₹5.00 crore paid for proposed acquisition of Abhhyam Services Private Limited impaired. Legal proceedings initiated for recovery as purported share transfer disputed.

10. ED Provisional Attachment: Enforcement Directorate issued provisional attachment order dated June 5, 2026 under PMLA attaching immovable properties with approximate purchase value of ₹1,333.84 lakhs in connection with Mahadev Online Book investigation.

Financial Performance (Standalone)

Quarterly Performance (₹ in lakhs)

| Revenue from Operations | 16,584.72 | 9,653.77 | 12,966.91 |

| Total Income | 16,606.48 | 9,639.32 | 15,064.61 |

| Total Expenses | 19,536.52 | 11,515.57 | 15,149.09 |

| Profit/(Loss) Before Tax | (2,930.04) | (1,876.25) | (84.48) |

| Net Profit/(Loss) | (2,325.15) | (1,472.41) | 91.38 |

| EPS (Basic) | (0.13) | (0.08) | 0.00 |

Annual Performance (₹ in lakhs)

| Particulars | FY26 (Audited) | FY25 (Audited) |

| Revenue from Operations | 49,205.46 | 46,357.62 |

| Total Income | 62,555.60 | 48,990.27 |

| Total Expenses | 55,046.24 | 49,345.51 |

| Profit/(Loss) Before Tax | 7,509.36 | (355.24) |

| Net Profit/(Loss) | 8,617.23 | (225.66) |

| EPS (Basic) | 0.46 | (0.01) |

Financial Performance (Consolidated)

Quarterly Performance (₹ in lakhs)

| Revenue from Operations | 16,862.38 | 9,702.93 | 13,520.46 |

| Total Income | 16,950.34 | 9,775.81 | 15,629.26 |

| Total Expenses | 19,790.29 | 11,615.70 | 15,837.07 |

| Share in Profit/(Loss) of Associate | 6,366.71 | (1,478.28) | (316.05) |

| Profit/(Loss) Before Tax | 3,526.75 | (3,318.17) | (523.87) |

| Net Profit/(Loss) | 4,159.62 | (2,927.65) | (282.21) |

| EPS (Basic) | 0.22 | (0.16) | (0.02) |

Annual Performance (₹ in lakhs)

| Particulars | FY26 (Audited) | FY25 (Audited) |

| Revenue from Operations | 49,936.33 | 48,002.24 |

| Total Income | 63,510.33 | 50,598.52 |

| Total Expenses | 56,014.44 | 51,293.57 |

| Share in Profit/(Loss) of Associate | (6,782.23) | (591.87) |

| Profit/(Loss) Before Tax | 713.65 | (1,286.93) |

| Net Profit/(Loss) | 1,836.19 | (1,091.54) |

| EPS (Basic) | 0.10 | (0.06) |

Capital Structure

Paid-up Equity Share Capital: ₹18,598.36 lakhs (Face Value ₹1 each) for both standalone and consolidated

Segment Reporting (Standalone)

Revenue by Geographical Location (₹ in lakhs)

| Location | Q4 FY26 | Q3 FY26 | Q4 FY25 | FY26 | FY25 |

| Domestic | 16,584.72 | 9,653.77 | 12,581.62 | 49,205.46 | 45,972.33 |

| Export (Ghana) | - | - | 385.28 | - | 385.28 |

| Total | 16,584.72 | 9,653.77 | 12,966.91 | 49,205.46 | 46,357.62 |

Revenue by Business Segment (₹ in lakhs)

| Segment | Q4 FY26 | Q3 FY26 | Q4 FY25 | FY26 | FY25 |

| Polymers | 1,040.37 | 937.80 | 417.09 | 2,726.24 | 1,753.87 |

| Agro | 13,216.71 | 7,313.70 | 10,381.80 | 40,684.31 | 37,908.90 |

| Infrastructure | 2,327.65 | 1,402.27 | 2,168.02 | 5,794.92 | 6,694.85 |

| Total | 16,584.72 | 9,653.77 | 12,966.91 | 49,205.46 | 46,357.62 |

Income Tax Demands

Received demand notices aggregating ₹26.44 crore from Income Tax Department for various assessment years. Company has filed appeals and rectification applications.

SEBI Investigation

Ongoing investigation under Section 11C of SEBI Act, 1992 concerning certain matters. No final conclusion or order passed as of date.

Inter-Corporate Borrowings

Demand notices received from Capital Tradelinks Limited for inter-corporate borrowings with interest
Outstanding unsecured loans and interest payable to Vitasta Software India Private Limited (undergoing CIRP), balances unconfirmed

Statement on Impact of Audit Qualifications

Management stated no financial impact requiring adjustments to reported figures due to audit qualifications. Management believes qualifications do not warrant adjustments to financial results.