Audited Standalone and consolidated financial results for the quarter and financial year ended 31st March, 2025.
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Modulex Construction Technologies Ltd reported audited FY25 results with zero revenue from operations at the standalone level, earning only ₹18.87 lakhs of total income (almost entirely other income) against expenses of ₹196.12 lakhs, resulting in a net loss of ₹177.25 lakhs, wider than the ₹143.18 lakh loss in FY24. On a consolidated basis, the group swung to a reported profit after tax of ₹487.37 lakhs, but this was almost entirely driven by a ₹362.92 lakh fair value gain on equity investments booked in Other Comprehensive Income, not from operations. The statutory auditor flagged a material uncertainty on going concern because the holding company and both subsidiaries (Modulex Modular Buildings and Give Vinduet Windows & Doors) have incurred repeated losses and current liabilities exceed current assets. Multiple unresolved tax issues persist: ₹50.57 lakhs of TDS, ₹27.99 lakhs of GST under reverse charge, and similar defaults at the subsidiary level totalling over ₹700 lakhs, with related interest provisions recognised. During the year the company allotted convertible warrants aggregating to ₹6,292.49 lakhs and received ₹1,673.12 lakhs as application money to fund the delayed factory project at Indapur, Pune through its subsidiary.
For shareholders this is a high-risk filing — there is no operating revenue, losses are widening, the auditor has explicitly questioned the company's ability to continue as a going concern, and the subsidiaries that hold the actual business prospects have not yet commenced commercial operations. Expect continued stock price pressure and thin liquidity; recovery hinges entirely on the Indapur factory becoming operational and generating real cash flow.