Pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosures Requirements) Regulations, 2015. The Standalone Quarterly and Half Yearly Results ....
Awaiting price reaction for this filing.
The Board approved the standalone unaudited financial results for the half year ended September 30, 2025. Revenue from operations stood at Rs. 10.00 lakhs (vs nil in H1 FY25), while the net loss widened to Rs. 7.61 lakhs from Rs. 1.85 lakhs a year ago, with EPS at Rs. (0.25). Statutory auditor KRA & Associates issued an unmodified opinion but flagged an Emphasis of Matter regarding FSI (Floor Space Index) inventory of Rs. 14,765.90 lakhs held at historical cost, which constitutes nearly 99% of the company's total assets. The company remains heavily indebted with long-term borrowings of Rs. 12,674.95 lakhs against total equity of only Rs. 858 lakhs (debt-equity ratio ~14.8x). Additionally, an ICICI Bank account has been under a lien/freeze of Rs. 9.97 crores by the Income Tax Department since April 2023.
The company continues to post losses with virtually no operating business activity; its value rests almost entirely on unrealized FSI inventory. The frozen bank account by tax authorities and the high leverage are serious concerns. Existing shareholders face elevated risk, and the stock should be treated as high-risk/speculative.