VSF PROJECTS LTD.

Building and preparing to operate a Multi-Product Free Trade Warehousing Zone (FTWZ) spread across 132.96 acres (53.81 hectares) at Ankulapaturu Village, Chilakuru Mandal, Tirupati District, Andhra Pradesh. The project received its final project approval in April 2023 and secured the Consent to Operate from the Andhra Pradesh Pollution Control Board in December 2025 (valid until 31 October 2030) along with a No Objection Certificate for occupancy from the AP State Disaster Response and Fire Services Department in January 2026. Despite these clearances, the company reported zero revenue from operations for FY26, with total income of only Rs. 63.64 lakh entirely from other income. The business is in heavy capital-investment mode, with Capital Work in Progress standing at Rs. 11,634.34 lakh as of March 2026, up Rs. 2,780.67 lakh year-on-year. Non-current borrowings rose to Rs. 8,468.26 lakh from Rs. 6,043.69 lakh, funding the build-out. The company posted a net loss of Rs. 43.22 lakh for FY26 (versus Rs. 29.41 lakh in FY25) on total expenses of Rs. 103.73 lakh. The Board approved doubling authorized share capital from Rs. 17 crore to Rs. 34 crore specifically for FTZ expansion.