Integrated Filing - Financial Result for the Quarter and Financial Year ended 31st March, 2025.
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Modulex Construction Technologies reported zero revenue from operations for both Q4 FY25 and the full financial year, with the entire total income of ₹18.87 lakhs (standalone) coming from other income. The standalone net loss widened to ₹177.25 lakhs in FY25 from ₹143.18 lakhs in FY24, while consolidated results showed a positive PAT of ₹487.37 lakhs largely due to fair value gains on equity instruments. The auditor (Dhadda & Associates) flagged a material uncertainty on going concern, noting that the company has incurred losses in both current and prior years and its current assets are insufficient to meet current liabilities. The company's main value rests in its subsidiary Modulex Modular Buildings (MMBPL), which received a 95-year MIDC land lease in August 2024 and has begun factory construction at Indapur, Pune, but has not yet started commercial operations. The company raised ₹1,673.12 lakhs via preferential convertible warrants (at ₹18/warrant) to fund the project, and promoters have pledged continued financial support.
Shareholders face significant risk: the auditor explicitly questioned the company's ability to continue as a going concern, operations remain non-revenue generating, and the stock's value is entirely dependent on the subsidiary's yet-to-start factory project. Near-term recovery hinges on MMBPL commencing commercial operations in FY26 as planned.