Outcome of the Board meeting held on 14th November, 2025
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The Board approved unaudited financial results for Q2 and H1 FY26 (ended 30 Sep 2025). On a standalone basis, the company reported a loss of Rs. 10.74 lakhs in Q2 (improved from Rs. 32.38 lakhs in Q1), with no revenue from operations and only Rs. 56.59 lakhs of other income. Consolidated loss for H1 FY26 widened to Rs. 754.98 lakhs, mainly driven by the subsidiary Modulex Modular Buildings (MMBPL). The Board also approved acquiring the remaining 16.22% stake in Give Vinduet Windows and Doors Pvt Ltd (GVWDPL) via a share swap, issuing 19,22,512 equity shares at Rs. 25 each (Rs. 4.81 crore value). A Postal Ballot has been initiated to seek shareholder approval. The auditor flagged a going concern uncertainty due to recurring losses, current liabilities exceeding current assets on a standalone basis, and delays in the subsidiary's factory project.
Shareholders should note the company is loss-making with negative operating cash flows and an explicit going concern warning from auditors, though management expects commercial production at the subsidiary's Indapur plant to start in Q3 FY26. The share swap acquisition is a related party transaction and will dilute existing shareholders by about 2.78%.