Financial Results along with limited review report for the quarter and half year ended september 2025.
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The company reported a sharp decline on a standalone basis, with Q2 FY26 revenue dropping to Rs 1.99 lakh from Rs 32.02 lakh a year earlier, and standalone profit after tax falling to Rs 0.12 lakh from Rs 22.31 lakh. On a consolidated basis, results were much stronger: Q2 revenue rose to Rs 3,172.68 lakh (vs Rs 1,997.39 lakh) and net profit after tax surged to Rs 554.16 lakh (vs Rs 246.85 lakh), driven by the real estate subsidiaries (Vinca Realtors, Marine Drive Realtors, Hariyana Developers). Half-yearly consolidated revenue jumped to Rs 5,170.07 lakh and PAT to Rs 800.99 lakh. The auditor (Satya Prakash Natani & Co.) issued an unmodified limited review report but flagged that the interim financials of three subsidiaries were not reviewed by their auditors and were certified by management.
Standalone numbers are weak and largely cosmetic, since the real business sits in the subsidiaries — investors should focus on the consolidated results, which show strong top-line and profit growth. However, consolidated borrowings of about Rs 7,526 lakh against equity of Rs 6,054 lakh put the debt-to-equity ratio above 1, and reliance on unreviewed subsidiary numbers is a quality concern.