Outcome of Board Meeting held on November 11, 2025
Awaiting price reaction for this filing.
The board approved the unaudited standalone results for Q2/H1 FY26 (ended Sept 30, 2025) and submitted several delayed consolidated results for FY25 quarters (Q1, Q2, Q3 FY25) and audited FY25 statements. Standalone revenue from operations fell sharply to ₹168.56 lakhs in Q2 FY26 from ₹444.96 lakhs a year ago (a ~62% decline), while net loss widened to ₹3,174.93 lakhs from ₹1,623.19 lakhs, with EPS at -₹5.77. The company booked ₹408.73 lakhs in exceptional items, mainly impairment of land. Statutory auditor Batliboi & Purohit issued a modified opinion on the FY25 consolidated statements, citing a qualified conclusion on unprovided stock exchange penalties, a material uncertainty on going concern, and emphasis-of-matter notes on pending IEPF transfers and assets held for sale. Operating cash flow remained deeply negative at -₹2,302 lakhs for the half year. The board also appointed Ms. Shweta Jain as an independent director and Viral Sanghavi & Associates as secretarial auditors for FY25.
Shareholders should note the deepening losses, sharp revenue erosion, modified audit opinion, and explicit going-concern flag, all of which signal continued financial stress despite the post-IBC resolution. The stock may remain volatile and risky until trial production translates into meaningful revenue and the pending NCLT waiver on exchange fines is resolved.