Revised Financials
Awaiting price reaction for this filing.
Devoted Construction Limited has refiled its half-yearly financial results for the period ended 30 September 2025 after identifying a missing bifurcation of Trade Payables (MSME vs non-MSME) in the original submission. The company reported almost no revenue from operations (Rs 10 lakhs) and widened its loss to Rs 7.61 lakhs compared to a loss of Rs 1.85 lakhs in the same half of the previous year. The auditor (KRA & Associates) gave an unmodified opinion but flagged an Emphasis of Matter on FSI (Floor Space Index) inventory of Rs 14,765.90 lakhs held at historical cost, and a note disclosed that an ICICI Bank account holding about Rs 9.97 crores has been frozen/liened by the Income Tax Department since April 2023.
This is a corrective filing with no change in headline numbers, so near-term stock impact should be limited. However, investors should note serious red flags: near-zero revenue, growing losses, an Income Tax lien on bank balances, massive long-term debt of Rs 12,674.95 lakhs against equity of only Rs 858 lakhs, and dependence on recovering a large FSI inventory asset.