VL E-Governance Q2 FY27 Revenue Plummets 100%

Date: 4th November, 2026

Profit & Loss Statement (₹ in Lakhs):

Q2 FY2026-27 Revenue from Operations: - (compared to ₹325.19 lakhs in Q2 FY2025-26), representing a 100.00% decline
Q2 FY2026-27 Total Income: ₹2.05 (compared to ₹330.63 lakhs in Q2 FY2025-26), representing a 99.38% decline
Q2 FY2026-27 Total Expenses: ₹54.64 (compared to ₹382.37 lakhs in Q2 FY2025-26), representing an 85.71% decline
Q2 FY2026-27 EBIDTA: (₹49.98) loss (compared to (₹48.31) loss in Q2 FY2025-26)
Q2 FY2026-27 Profit before Tax (PBT): (₹52.59) loss (compared to (₹51.74) loss in Q2 FY2025-26)
Q2 FY2026-27 Profit after Tax (PAT): (₹52.79) loss (compared to (₹52.38) loss in Q2 FY2025-26)
Q2 FY2026-27 Tax Expenses: ₹0.20 (compared to ₹0.64 in Q2 FY2025-26)

Half-Yearly Performance (₹ in Lakhs):

H1 FY2026-27 Revenue from Operations: ₹64.90 (compared to ₹1,148.89 lakhs in H1 FY2025-26), representing a 94.35% decline
H1 FY2026-27 Total Income: ₹69.70 (compared to ₹1,192.05 lakhs in H1 FY2025-26), representing a 94.15% decline
H1 FY2026-27 Total Expenses: ₹179.11 (compared to ₹1,173.51 lakhs in H1 FY2025-26), representing an 84.74% decline
H1 FY2026-27 EBIDTA: (₹104.22) loss (compared to ₹25.12 profit in H1 FY2025-26)
H1 FY2026-27 Profit before Tax (PBT): (₹109.41) loss (compared to ₹18.34 profit in H1 FY2025-26)
H1 FY2026-27 Profit after Tax (PAT): (₹110.15) loss (compared to ₹17.04 profit in H1 FY2025-26)
H1 FY2026-27 Tax Expenses: ₹0.74 (compared to ₹1.30 in H1 FY2025-26)

Balance Sheet Items (₹ in Lakhs):

Sankalp Industrial Smart City Project:

In May 2025, the Company signed an MOU with Ekansh Concepts to act as the EPC Partner for the Sankalp Industrial Smart City Project
The project is strategically located at the intersection of the Mumbai–Nagpur Samruddhi Mahamarg and the Delhi–Mumbai Expressway
Phase I covers 494 acres with an estimated EPC contract value of approximately ₹800 crores
The role as EPC Partner has commenced and started generating revenue from this engagement
The project includes roof top solar installations, open access & captive power infrastructure, power distribution franchisee, data centers, and large-scale warehousing hubs
Future phases include Phase II (565 acres) and Phase III (901 acres)

New Business Opportunities:

The Company is actively exploring new business opportunities in Government e-Governance initiatives
Evaluating participation in projects including:
Unique Land Parcel Identification Number (ULPIN)
Aadhaar Integration with Land Records
National Geospatial Knowledge-Based Land Survey of Urban Habitations (NAKSHA) under Land record digitalization mission (DILRMP)
PM e-Drive EV Charging Station Operator (CPO)
Solar Power Project Implementation
The Company has experience in land record digitization having executed the Philippines Land Titling Computerization project to dematerialise 20 million land deeds

Strategic Investment:

The Company has signed a Binding Term Sheet to acquire a 40% equity stake in HAL-Edgewood Technologies Private Limited (HETL)
The transaction is at an advanced stage
HETL has developed patented, Make-in-India mission computers for military aircraft
This investment strengthens the Company's presence in aviation, aerospace, defence, and satellite technology sectors

Other Strategic Focus Areas:

Exploring business in design, development, manufacture or promotion of high-tech projects/products in infrastructure, renewable energy, electronics, software, hardware and aeronautical systems for Aviation, Aerospace, Defense and Satellite projects
Evaluating such business interests either through acquisition or JV opportunity
Leveraging last mile execution capabilities of Vakrangee Ltd through Master franchisee and kendra network

Business Verticals:

Project Experience:

Philippines Land Titling Computerization: Dematerialised 20 million land deeds for 168 Registrar of Deeds offices
Digitization of Land Records for six districts of Uttar Pradesh
Computerization of Election Commission: Generated 100 million voters' identification cards
UIDAI Aadhaar Enrolment: Enrolled more than 5 crore residents across Pan India
National Population Register Digitization: Data digitization of 145 million resident records
Ministry of Corporate Affairs Project (MCA-21): Setup & maintenance of IT infrastructure at 22 ROC sites
Passport Seva Kendra (PSK): Setup of 77 Ultra modern Passport Seva Kendras
Rashtriya Swasthya Bima Yojana (RSBY): Health Insurance Scheme for BPL families in 479 districts
Smart-card based Public Distribution System (PDS): Creation of 6 million UID linked Smart Ration Cards
Inspector General Registration of Stamp (IGRS): Operation of Nagpur zone SRO offices (approx 144 offices)

Executive Directors:

Mr. Sanjay Nandwana - Managing Director: Technology leader with over 34 years expertise in business management, IT, and digital transformation

Non-Executive Independent Directors:

Mr. Hari Mohan: 1982-batch Indian Ordnance Factories Service (IOFS) officer, former chairman of Ordinance Factory Board
Mr. Anoop Kumar Agrawal: Civil engineer and former Indian Railway Service of Engineers (IRSE) officer with 34 years expertise
Mr. Chandra Kailash Vishwakarma: Mechanical engineer with over four decades experience in aerospace and defense, retired as Executive Director at Hindustan Aeronautics Limited (HAL)
Ms. Tanu Surendra Shukla: 5 years expertise in import and export

The Company continues to focus on operational efficiency and disciplined cost management
Total expenses reduced to ₹54.64 lakhs in Q2 FY2026-27 from ₹59.57 lakhs in the corresponding comparative period
On half-yearly basis, expenses reduced to ₹114.21 lakhs from ₹124.83 lakhs
The Company remains a debt-free organization