Un-audited Standalone and Consolidated Financial results for the quarter and half year ended 30th September, 2025.
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Modulex Construction Technologies reported a standalone loss after tax of ₹43.12 lakhs for H1 FY26, narrower than the ₹76.66 lakh loss a year ago, with Q2 standalone loss shrinking sharply to ₹10.74 lakhs from ₹39.34 lakhs. However, the company still has zero revenue from operations; all income is 'other income' (₹98.10 lakhs in H1). On a consolidated basis, the picture worsened, with a loss of ₹754.98 lakhs versus a profit of ₹942.29 lakhs in H1 FY25, and total income collapsing from ₹1,294.14 lakhs to ₹73.15 lakhs. The auditor (Dhadda & Associates) issued an emphasis-of-matter note flagging a material going-concern uncertainty, accumulated losses of ₹852.74 lakhs, and unpaid TDS of ₹33.19 lakhs and GST reverse-charge of ₹29.18 lakhs. Separately, the board approved a share-swap acquisition of a 16.22% stake in subsidiary Give Vinduet Windows and Doors Pvt Ltd by issuing 19.22 lakh shares at ₹25 each (~₹4.81 crore), classified as a related-party transaction, and cleared a postal ballot for shareholder approval.
Shareholders should note that while standalone losses are shrinking, the company still earns no operating revenue and depends on promoter funding and warrant proceeds (₹3,198 lakhs collected so far) to stay afloat. The going-concern flag, related-party share swap, and sharp consolidated swing from profit to loss point to elevated execution and solvency risk, which could weigh on the stock.