Annual Report for Financial Year 2024-25
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Awaiting price reaction for this filing.
Shah Construction Company Limited filed its Annual Report for FY 2024-25 along with the notice for the 77th AGM scheduled for September 30, 2025 via video conferencing. Revenue from operations rose to Rs. 371.30 lakhs from Rs. 279.93 lakhs (about 33% year-on-year growth), but the company reported a widened net loss of Rs. 269.07 lakhs versus Rs. 243.82 lakhs in the previous year. Finance costs remained very high at Rs. 491.98 lakhs, exceeding total income of Rs. 613.87 lakhs. No dividend was recommended. Redemption of preference shares worth Rs. 48.2 crore was extended by six years to May 2031 due to insufficient profits. An Economic Offences Wing (EOW) of Mumbai Police order dated June 11, 2025 restricts the company from creating any interest in its Andheri property pending an investigation into alleged criminal breach of trust and cheating. The statutory auditor's report is unmodified.
Continued losses, high finance costs, and the inability to redeem preference shares on time remain red flags for shareholders. The EOW property restriction is an additional overhang to watch, although management claims it has no financial impact and the auditor's report is clean.