In continuation of our letter dated November 6, 2025, this is to inform you that the Board of Directors of the Company at its meeting held today i.e. November 13, 2025, commenced at 2.30 ....

Going-concern doubtQualified audit opinionEmphasis of matterNet loss reportedDebt to equity above the thresholdContingent liabilities increasedResults View source PDF Explain this filing

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Price reactionminutes from the announcement price · days from the prior close

+5.2%Reaction day

₹31.16

prior close

₹31.89

announcement price

After-mkt

timing

Nifty Microcap 250market · in no size index; the smallest one is used-0.1%+5.3% vs market

Residential, Commercial Projects peers, median of 54sector-0.6%+5.8% vs sector

On the reaction day the stock moved 5.3 pts more than Nifty Microcap 250 and 5.8 pts more than its Residential, Commercial Projects peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

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10m

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15m

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30m

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Sessions after the filingfrom the prior close

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Reaction day

+5.2-0.1+5.3-0.6+5.8

Next day

+6.2+0.5+5.7-0.9+7.1

+1.1-0.3+1.4-0.7+1.8

+0.6-0.5+1.1-0.8+1.4

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+0.9-2.8+3.7-2.5+3.4

15d

-5.0-4.9-0.2-4.2-0.8

+12.7-4.7+17.5-2.9+15.7

+1.8-7.7+9.5-6.5+8.3

+5.9-7.8+13.7-9.9+15.8

UpDownMarket · Nifty Microcap 250Sector · Residential, Commercial Projects peers, median of 54Pending

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AI summary

The Board approved unaudited financial results for Q2 and H1 FY26 (ended September 30, 2025). Standalone revenue from operations rose to Rs. 3,712.64 lakhs in H1 FY26 from Rs. 2,705.05 lakhs in H1 FY25 (~37% growth), but the company continued to report losses with a standalone loss after tax of Rs. (588.15) lakhs in H1 FY26 vs Rs. (789.15) lakhs in H1 FY25. Consolidated loss after tax was Rs. (981.44) lakhs in H1 FY26 vs Rs. (1,827.98) lakhs in H1 FY25. The auditor (R Kothari & Co LLP) issued a Qualified Conclusion and flagged Material Uncertainty on Going Concern, noting losses for over three consecutive years and fully eroded net worth (standalone net worth of Rs. (6,296.72) lakhs, consolidated at Rs. (14,008.97) lakhs). Key flags include non-provision of Rs. 1,289.65 lakhs of interest on borrowings from Srei Equipment Finance (cumulative default of Rs. 21,179.93 lakhs), a Rs. 76,100 lakh arbitration award from Rishima SA Investments, and a pending Supreme Court mediation in the Sarga Hotel matter. The NCD is rated BWR C by Brickwork, and debt-to-total-assets ratio is 0.70 (standalone) / 0.80 (consolidated).

Likely market impact

Multiple red flags for shareholders: auditor has qualified the results and flagged going concern risk due to persistent losses and fully eroded net worth. A massive arbitration award (Rs. 76,100 lakhs) remains pending enforcement, and a subsidiary is under CIRP. The BWR C rating on NCDs signals very high credit risk. Stock price is likely to face continued pressure.