Unaudited Financial Results for the Quarter and Half Year Ended September 30, 2025 along with Limited Review Report is enclosed
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The Board of Directors approved unaudited financial results for the quarter and six months ended September 30, 2025. Revenue from operations surged to ₹1,725.18 lakhs in H1 FY26 from ₹382.85 lakhs in H1 FY25 — over fourfold growth — driven by the real estate development segment. However, profit after tax declined to ₹524.34 lakhs from ₹744.70 lakhs (about 30% drop) as cost of projects jumped sharply to ₹1,708.09 lakhs. Total income stood at ₹2,777.74 lakhs versus ₹1,280.64 lakhs, with EPS of ₹2.62 for the half-year. Operating cash flow remained negative at ₹(397.93) lakhs, and cash on hand is a mere ₹4.90 lakhs against total assets of ₹28,395.84 lakhs. Statutory auditor MSKA & Associates issued an unmodified limited review conclusion. The Board also noted the ongoing merger scheme with Lodha Developers (Macrotech), with a modification to the scheme approved on August 11, 2025.
Strong revenue traction from real estate operations is encouraging, but compressing margins and a fall in profitability suggest rising project costs are eating into earnings. The key catalyst to watch is the proposed merger with Lodha Developers, which remains subject to regulatory approvals; until then, the stock is likely to trade rangebound with limited liquidity.