Key Quantitative Figures (Standalone - Rs. in Lakhs)

  • Revenue from Operations: 772.34 (Q1 FY27) vs 169.32 (Q1 FY26) vs 4,075.42 (Q4 FY26)
  • Other Income: 2,011.82 (Q1 FY27) vs 1,180.08 (Q1 FY26) vs 1,015.47 (Q4 FY26)
  • Total Income: 2,784.16 (Q1 FY27) vs 1,349.40 (Q1 FY26) vs 5,090.89 (Q4 FY26)
  • Total Expenses: 2,861.28 (Q1 FY27) vs 1,453.08 (Q1 FY26) vs 6,512.99 (Q4 FY26)
  • Net Loss: (77.12) (Q1 FY27) vs (103.68) (Q1 FY26) vs (1,417.18) (Q4 FY26)
  • Basic EPS: (0.05) (Q1 FY27) vs (0.07) (Q1 FY26) vs (1.01) (Q4 FY26)

Key Quantitative Figures (Consolidated - Rs. in Lakhs)

  • Revenue from Operations: 772.34 (Q1 FY27) vs 169.32 (Q1 FY26) vs 4,075.42 (Q4 FY26)
  • Other Income: 2,012.22 (Q1 FY27) vs 1,181.23 (Q1 FY26) vs 1,016.31 (Q4 FY26)
  • Total Revenue: 2,784.56 (Q1 FY27) vs 1,350.55 (Q1 FY26) vs 5,091.73 (Q4 FY26)
  • Net Loss attributable to owners: (77.03) (Q1 FY27) vs (142.18) (Q1 FY26) vs (1,475.07) (Q4 FY26)
  • Basic EPS: (0.05) (Q1 FY27) vs 0.10 (Q1 FY26) vs (1.10) (Q4 FY26)

Dates of Action

  • Board Meeting: October 15, 2026 (12:30 PM to 4:30 PM)
  • AGM Date: November 12, 2026 at 12:00 Noon
  • Record Date/Cut-off Date: November 5, 2026
  • Register of Members Closure: November 5, 2026 to November 12, 2026 (both days inclusive)
  • E-voting Period: November 7, 2026 (9:00 AM) to November 11, 2026 (5:00 PM)

Parties Involved

  • Statutory Auditor: JSUS & Associates (Firm Registration No.: 3297848)
  • Scrutinizer: M/s AVA Associates through Partner Mr. Amitabh, Practicing Company Secretary (Membership No. A14190, COP No. 5500)
  • E-voting Provider: National Securities Depository Limited (NSDL)
  • Arbitration Counterparty: Orissa State Housing Board (OSHB)
  • Recovery Target: Tanamera Developments Private Limited (Earlier Vipul SEZ Developers Private Limited)

Auditor's Qualified Opinion

The statutory auditor issued a qualified conclusion on the financial results citing:

1. Amalgamation Accounting Issue: The Scheme of Arrangement for amalgamation of five wholly owned subsidiaries was approved by NCLT, Delhi vide order dated April 17, 2026 with appointed date of April 1, 2022. However, revenue and project costs from the Joint Development Agreement for Lavanya Project were recognized in FY 2025-26 instead of from the appointed date, contrary to Ind AS requirements.

2. Loan Impairment Issue: The company has granted/taken several secured and unsecured loans and advances (including project advances) included in Current Assets, Non-Current Assets, Borrowings as at June 30, 2026. Certain loans are: (i) under litigation, (ii) for projects on hold, (iii) granted to entities under liquidation, with eroded networth, or struck off by ROC. The company should have impaired these loans but has not done so.

3. Trade Receivables: Certain trade receivables are not confirmed as they are under reconciliation.

4. Interest Provisioning: The company has not provided interest on advance received from certain customers as negotiations for settlement are under progress.

Basis for Disclaimer of Conclusion

The auditor disclaimed conclusion on certain ICDs and advances from customers where agreements governing these balances are not available, making it impossible to determine applicable interest rates and compute related interest expense.

Emphasis of Matters

1. Bank Guarantee: The company furnished a Bank Guarantee of ₹3,91,14,400 in favor of OSHB for the Integrated Residential Township project at Bhubaneswar. An arbitral award dated February 9, 2026 (amended March 31, 2026) rejected OSHB's claims and entitled the company to encash the guarantee with interest at admissible bank rate.

2. MSME Dues: No dues to Micro, Small or Medium Enterprises under MSMED Act, 2006 at quarter end.

Other Matters (Consolidated)

The consolidated results include six subsidiaries not reviewed by their auditors (total revenue: ₹0.39 lakhs, net loss: ₹0.20 lakhs) and four associates not reviewed by their auditors (share of net profit: ₹0.29 lakhs). Management considers these immaterial to the Group.

Legal and Arbitration Matters

1. Tanamera Recovery: The company is yet to recover ₹14,870 lakhs awarded under an Arbitral Award dated May 14, 2023 from Tanamera Developments Private Limited. Company Petition (CP No. 205/ND/2025) filed before NCLT, New Delhi. Interim order dated December 10, 2025 restrained Tanamera from selling/transferring assets.

2. OSHB Arbitration: Arbitral award dated February 9, 2026 (amended March 31, 2026) in Arbitration Case No. 01(P) of 2024 rejected OSHB's claims and entitled company to encash bank guarantee of ₹3,91,14,400 with interest.

Additional Notes

  • The company's main business is real estate, falling within a single operating segment.
  • Previous period figures have been regrouped/rearranged where necessary.
  • Results available on company website (www.vipulgroup.in) and stock exchange websites.

AGM Arrangements

  • 35th AGM to be held through video conferencing/audio-visual means
  • Deemed venue: Registered Office at LGF, B-57, South Extension, Part-II, New Delhi-110049
  • Notice of AGM and Annual Report 2025-26 will be sent electronically only to members with registered email addresses