Date: 12th November, 2026

Board Meeting Outcomes

  • Meeting held on 12th November 2026 from 1:00 PM to 6:35 PM
  • Approved Un-audited Financial Results (Standalone and Consolidated) for quarter and half year ended 30th September 2026
  • Approved Limited Review Report from Statutory Auditors V. Singhi & Associates

Financial Results (Standalone)

Income Statement (Quarter Ended 30th September 2026)

  • Total Income: ₹28,809 thousand
  • Revenue from Operations: ₹12,975 thousand (Dividend Income: ₹12,975 thousand, Sale of Services: ₹0)
  • Other Income: ₹15,834 thousand
  • Total Expenses: ₹4,588 thousand
  • Finance Costs: ₹580 thousand
  • Employee Benefits Expense: ₹980 thousand
  • Depreciation Expense: ₹6 thousand
  • Legal and Professional Charges: ₹998 thousand
  • Other Expenses: ₹2,028 thousand
  • Profit before Tax: ₹24,221 thousand
  • Tax Expense (Deferred Tax): ₹3,991 thousand
  • Profit after Tax: ₹20,230 thousand
  • Other Comprehensive Income: ₹110,020 thousand
  • Total Comprehensive Income: ₹130,250 thousand
  • EPS: ₹1.85 (Basic and Diluted)

Income Statement (Half-Year Ended 30th September 2026)

  • Total Income: ₹40,465 thousand
  • Profit before Tax: ₹30,891 thousand
  • Tax Expense: ₹136,085 thousand
  • Profit after Tax: ₹(105,194) thousand
  • Total Comprehensive Income: ₹164,897 thousand
  • EPS: ₹(9.60)

Balance Sheet (As at 30th September 2026)

  • Total Assets: ₹4,167,608 thousand
  • Financial Assets: ₹3,076,642 thousand
  • Cash and Cash Equivalents: ₹2,695 thousand
  • Other Bank Balances: ₹137 thousand
  • Trade Receivables: ₹93,282 thousand
  • Other Receivables: ₹627,523 thousand
  • Loans: ₹309 thousand
  • Investments: ₹2,455,552 thousand
  • Non-Financial Assets: ₹1,090,966 thousand
  • Deferred Tax Asset: ₹1,083,981 thousand
  • Total Liabilities: ₹61,495,140 thousand
  • Borrowings: ₹51,552,278 thousand
  • Debt Securities: ₹335,091 thousand
  • Other Financial Liabilities: ₹605,883 thousand
  • Equity: ₹(19,941,163) thousand
  • Share Capital: ₹109,564 thousand
  • Other Equity: ₹(21,037,728) thousand

Cash Flows (Half-Year Ended 30th September 2026)

  • Cash from Operating Activities: ₹47,120 thousand
  • Cash from Investing Activities: ₹0
  • Cash from Financing Activities: ₹(47,112) thousand
  • Net Change in Cash: ₹8 thousand

Financial Results (Consolidated)

Income Statement (Quarter Ended 30th September 2026)

  • Total Income: ₹28,809 thousand
  • Profit before Tax: ₹24,715 thousand
  • Share of Loss from Associates/JV: ₹(6) thousand
  • Profit after Tax: ₹20,721 thousand
  • Total Comprehensive Income: ₹130,241 thousand
  • EPS: ₹1.85

Income Statement (Half-Year Ended 30th September 2026)

  • Total Income: ₹40,465 thousand
  • Profit before Tax: ₹30,877 thousand
  • Profit after Tax: ₹(105,206) thousand
  • Total Comprehensive Income: ₹164,683 thousand
  • EPS: ₹(9.60)

Qualified Conclusion Reasons:

1. Material Uncertainty Related to Going Concern: Net worth fully eroded as of 30th September 2026. Company's ability to continue depends on continued finance availability and future profitability. NBFC registration not restored, making company non-compliant with RBI norms.

2. Non-recognition of Interest Expenses:

  • Interest not provided on HDFC Bank secured borrowings from 2021 to September 2026
  • Interest of ₹108,649 thousand not recognized on inter-corporate borrowings for Q2 FY27
  • Constitutes departure from Ind AS 109 and accrual accounting

3. Balance Confirmations: Certain receivables, loan creditor balances lacking reconciliation and confirmation

4. Default in Debt Securities: Default in repayment of principal and interest on NCDs issued to IL&FS Financial Services Limited. Settlement agreement dated 5th May 2023. Neemrana Land sold for ₹902,500 thousand on 9th May 2026 to settle dues

5. Default in Loan Repayment: Default in payment of interest and principal on secured and unsecured loans

6. Non-availability of Bank Statements: HDFC Bank statements for first six months not available as account is not operational

7. Recognition of Deferred Tax Assets: ₹1,083,981 thousand recognized despite going concern uncertainty, violating Ind AS 12

Other Operational/Legal Disclosures

  • RBI cancelled NBFC Registration (Certificate No. 05.05534) vide letter dated 4th July 2022
  • Writ Petition filed before Calcutta High Court on 4th January 2024 (CNR No.: WBCHCA-000486-2024) for license restoration
  • Arbitration Award dated 29th September 2025 from ICC Court of Arbitration for joint liability of ₹5,089,591 thousand to Real Touch Finance Limited
  • Petition filed in Delhi High Court on 5th February 2026 against arbitration award
  • Default in payment to Danta Vyapar Kendra Limited: ₹41,874 thousand (including interest) as of 30th September 2026
  • Unsecured loans given: ₹3,205,396 thousand with accrued interest of ₹242,114 thousand outstanding
  • Provision of ₹3,447,200 thousand recognized against loans
  • Company is a single-segment entity

Subsidiaries/Associates

Consolidation includes:

  • Associates: Williamson Financial Services Limited, Majerhat Estates and Developers Limited
  • Joint Venture: D1 Williamson Magor Bio Fuel Limited
  • Parent Company's share of net loss: ₹6 thousand from Majerhat Estates