Board approves audited Sept 2026 results; auditors cite true and fair view, all warrants converted
Board meeting on November 04, 2026 approved the audited standalone and consolidated results for the quarter and half year ended September 30, 2026.
By ScoutQuest · · 3 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 9,988.06 | 1,527.91 | +554% | 17,100.26 | −41.6% |
| Total income | 9,947.13 | 1,553.92 | +540% | 17,616.64 | −43.5% |
| Profit before tax | 3,676.95 | 148.89 | — | 1,725.01 | +113% |
| Profit after tax | 2,962.69 | 87.25 | — | 1,602.54 | +84.9% |
| Total comprehensive income | 3,019.60 | 87.25 | — | 1,588.03 | +90.1% |
| Basic EPS | 9.44 | 0.35 | — | 5.48 | +72.3% |
- Total income YoY growth
- +540%
- Period
- 30-Sep-26 (Audited)
Auditor's review
Conclusion: Unmodified
Notes to the results
- The Company, an SME listed entity migrating to the Main Board, adopted Ind AS from the quarter ended December 2025 with transition date 1 April 2024.
- Group operates in Real Estate in India and Advertising Requisites, Trading, Marketing and Consultancy activity abroad; abroad segment revenue for the quarter 5,072.59 lacs.
- Standalone: change of interest-free advances to subsidiaries/associates to repayable on demand led to derecognition of deemed investment, a negative impact of Rs. 4.45 Cr. on Other Income.
- Standalone: Rs 2975.51 Lakhs recognised as revenue in September 2026 from the Godrej Skyline land sale second tranche; balance Rs. 200.00 Lakhs to be recognised on 3rd tranche conditions.
The board of the company met on November 04, 2026 and approved the audited standalone and consolidated financial results for the quarter and half year ended September 30, 2026, prepared under Indian Accounting Standard (Ind AS). The results were reviewed by the Audit Committee and then approved by the Board.
Auditor's conclusion
RHAD & Co., Chartered Accountants, state in their report that the standalone half year results give a true and fair view in conformity with the recognition and measurement principles of the applicable Indian Accounting Standards, and are presented in accordance with Regulation 33. Separately, the report has a section titled 'Other Matter(s)' that draws attention to four specific items in the notes. These are notes to the numbers, not a qualification of the opinion.
Standalone results as printed (₹ in Lacs)
- Quarter ended 30-Sep-2026: Revenue from operations 4,567.31; Other income -355.72; Total income 4,211.59; Profit before tax 2,314.51; Profit after tax 1,817.17.
- Half year ended 30-Sep-2026: Total income 5,544.19; Profit before tax 2,435.30; Profit after tax 1,837.74.
- Earnings per share (basic): 5.96 for the quarter and 6.03 for the half year.
- Other income for the quarter is negative. Note 6 explains that after interest-free loans to subsidiaries and associates were made repayable on demand, the deemed interest and notional interest earlier booked on them was de-recognised, with a negative impact of Rs. 4.45 Cr on Other Income.
The four 'Other Matter(s)' items
- Note 6: under agreements executed on 1 July 2026, interest-free loans to subsidiaries (other than Kesar Middle East FZCO) were made repayable on demand. Capital contribution of Rs.1914.78 Lakhs earlier included in the carrying value of investments was reversed, and the corresponding amount was reclassified to loans and advances with an outstanding balance of Rs. 6567.08 Lakhs as on 30th September 2026.
- Note 13: advances paid towards acquisition of land under memoranda of understanding / token agreements amount to Rs. 19481.77 Lakhs, shown under Other Current Assets; execution of the final sale deed and transfer of legal ownership are subject to fulfilment of the terms of those agreements.
- Note 25: land was sold to Godrej Skyline Developers Limited for total consideration of Rs. 11,571.80 lacs; of this, Rs. 3,471.54 lacs is receivable subject to obtaining approvals from various land authorities.
- Second tranche: revenue of Rs 2975.51 Lakhs was recognised in September 2026 under Ind AS 115, out of remaining consideration of Rs. 3175.51 lakhs, and a balance of Rs. 200.00 Lakhs is to be recognised on fulfilment of the performance obligation.
Warrant conversion
- The company had approved issue of equity warrants at a face value of ₹10 per warrant with a premium of ₹340 per warrant, aggregating to a total issue size of ₹273.72 crore, with 77,33,701 fully convertible warrants and 86,856 equity shares allotted on September 18, 2025.
- During the six months ended September 30, 2026, 39,60,909 warrants were converted into equity shares. Cumulatively, all 77,33,701 warrants stand converted and no warrants remain for conversion as at September 30, 2026.
Balance sheet snapshot (standalone, as at 30-Sep-2026, ₹ in Lacs)
- Total assets 49,645.30; Total equity 36,904.12.
- Non-current borrowings 3,321.78; current borrowings 4,405.41.
- Cash and cash equivalents 6,547.33.
- Net cash used in operating activities for the half year: -9,162.72.
Business segment
The company operates in Real Estate activity, covering real estate and share trading. For the quarter, real estate segment revenue was 4,567.31 with a segment result (profit before tax) of 2,670.24.
The notes also state that, being an SME listed entity, the company is in the process of migrating to the Main Board of the Stock Exchange and has adopted Ind AS with effect from the quarter ended December 2025, with a transition date of April 1, 2024.
Also from Kesar India
Board meeting on November 04, 2026 to consider audited results for quarter and half year ended September 30, 2026
30 Oct 2026
Kesar India Ltd: promoter reports a transaction via conversion of warrants
17 Oct 2026
Preferential Issue Committee allots 17,31,752 equity shares at Rs. 900/- via share swap
14 Oct 2026
More numbers
- Revenue from operations, quarter ended 30-Sep-2026 (standalone)4,567.31 (₹ in Lacs)
- Total income, quarter ended 30-Sep-2026 (standalone)4,211.59 (₹ in Lacs)
- Profit after tax, quarter ended 30-Sep-2026 (standalone)1,817.17 (₹ in Lacs)
- Profit after tax, half year ended 30-Sep-2026 (standalone)1,837.74 (₹ in Lacs)
- Negative impact on Other Income from de-recognition of deemed interestRs. 4.45 Cr
- Land advance under memoranda of understanding / token agreementsRs. 19481.77 Lakhs
- Land sale consideration from Godrej Skyline Developers LimitedRs. 11,571.80 lacs
- Fully convertible warrants now converted into equity shares77,33,701
- Total income, latest quarter9,947.13 (₹ in Lacs)
- Total income, year-ago quarter1,553.92 (₹ in Lacs)
- Total income, previous quarter17,616.64 (₹ in Lacs)
- Total comprehensive income, latest quarter3,019.60 (₹ in Lacs)
- Total comprehensive income, year-ago quarter87.25 (₹ in Lacs)
- Total comprehensive income, previous quarter1,588.03 (₹ in Lacs)
- Profit after tax, latest quarter2,962.69 (₹ in Lacs)
- Profit after tax, year-ago quarter87.25 (₹ in Lacs)
- Profit after tax, previous quarter1,602.54 (₹ in Lacs)
- Revenue from operations, latest quarter9,988.06 (₹ in Lacs)
- Revenue from operations, year-ago quarter1,527.91 (₹ in Lacs)
- Revenue from operations, previous quarter17,100.26 (₹ in Lacs)
- Profit before tax, latest quarter3,676.95 (₹ in Lacs)
- Profit before tax, year-ago quarter148.89 (₹ in Lacs)
- Profit before tax, previous quarter1,725.01 (₹ in Lacs)
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