Outcome of Adjourned Board Meeting Held on 17.02.2026
Awaiting price reaction for this filing.
The Board approved unaudited standalone and consolidated financial results for Q3 FY26 and the nine months ended December 31, 2025. On a standalone basis, Q3 revenue from operations fell sharply to ₹2.40 crore (vs ₹4.69 crore in Q3 FY25, a ~49% YoY decline), though the company reported a small profit of ₹0.25 crore versus a loss of ₹0.59 crore a year ago. For the nine-month period, standalone profit swung to ₹11.19 crore (from a ₹2.17 crore loss), aided by a one-time ₹6.07 crore income tax refund interest. On a consolidated basis, however, the picture is grim: nine-month loss stood at ₹135.57 crore, with consolidated other equity deeply negative at ₹(1,457.33) crore, reflecting severe group-level stress. Subsidiary Valecha Kachchh Toll Roads (VKTRL) remains under CIRP with ₹116.20 crore of investment/loans at risk, and Valecha Infrastructure (VIL) has fully eroded net worth with bank loan defaults. An exceptional gain of ₹433.62 crore (standalone) was booked on dissolution of step-down subsidiary VLMTPL.
Despite a headline standalone profit, the group is in deep financial distress — consolidated losses continue, net worth is severely negative, and multiple subsidiaries face insolvency proceedings with hundreds of crores of exposure unresolved. The auditor has flagged multiple Emphasis of Matter issues including unrecovered receivables of ₹138+ crore, pending tax refunds of ₹20.46 crore, and undistributed payables of ₹3.70 crore. Shareholders should expect continued uncertainty and potential stock volatility given the going-concern risks at the subsidiary level.