Outcome of the Board Meeting
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 0.2 pts less than Nifty Microcap 250 and 0.4 pts more than its Civil Construction peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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VSF Projects' Board approved the unaudited results for Q2 FY26 and H1 FY26 on 13 November 2025. The company reported zero revenue from operations once again, with total income of only ₹21.78 lakh in Q2 (vs ₹0.26 lakh in Q2 FY25) and ₹40.85 lakh for H1 FY26, entirely from 'other income'. The company posted a loss before tax of ₹(1.98) lakh for Q2 and ₹(3.83) lakh for H1 FY26, an improvement over the ₹(33.37) lakh loss in H1 FY25. Net loss for H1 FY26 stood at ₹(4.15) lakh with EPS of ₹(0.05). On the balance sheet, capital work-in-progress rose sharply to ₹11,320.80 lakh from ₹8,853.67 lakh, while non-current borrowings climbed to ₹7,281.52 lakh. Operating cash flow was positive at ₹2,499.48 lakh, mainly from working capital changes and new borrowings, used largely to fund ₹2,467.13 lakh of WIP outflow. VDP & Co. issued an unmodified limited review report.
Investors should note the company has no operating revenue and continues to report losses, though losses have narrowed and cash burn is modest. The growing Capital Work-in-Progress and rising borrowings suggest heavy capex is underway—future revenue generation from these assets remains the key thing to watch.