Board approves Q2 and H1 results; auditor review unmodified, Rs 41.08 crore refund receivable flagged
Board meeting on 03.11.2026 approved the un-audited results for the quarter and half year ended 30.09.2026.
By ScoutQuest · · 3 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Total income | 27.11 | 74.59 | −63.7% | 73.85 | −63.3% |
| Profit before tax | (48.66) | 0.43 | — | 3.75 | — |
| Profit after tax | (48.66) | (2.15) | — | 3.75 | — |
| Total comprehensive income | (48.66) | (2.15) | — | 3.75 | — |
| Basic EPS | (1.22) | (0.05) | — | 0.09 | — |
- Total income YoY change
- Year ago 74.59 (−63.7%)
- Period
- Sep 30, 2026
Auditor's review
Conclusion: Unmodified
- Company received BSE intimation that its name appeared in the list of shell companies and trading was suspended; vide letter dated 25-06-2024 the suspension of trading has been revoked.
- Refund receivable of ₹41.08 crore against property bookings with M/s Rajesh Projects (India) Pvt Ltd, which is under CIRP; outcome and impact on recoverability cannot be presently determined.
What the board approved
The Board of Directors met on Tuesday, 03.11.2026 from 04:40 P.M. to 05:02 P.M. and approved the un-audited financial results for the quarter and half year ended 30th September, 2026, together with the auditors' limited review report. The figures below are standalone and un-audited, stated in Rs in Lakhs as printed.
The results in numbers
- Revenue from operations: shown as '-' for the quarter and the half year (26.00 in the year ended 31.03.2026).
- Total income: 27.11 for the quarter and 100.96 for the half year; the year-earlier half year was 175.04.
- Total expenses: 75.77 for the quarter and 145.87 for the half year.
- Finance cost: 47.91 for the quarter and 95.82 for the half year.
- Net Profit/(Loss) for the period after tax: (48.66) for the quarter and (44.91) for the half year.
- Basic and diluted EPS: (1.22) for the quarter and (1.12) for the half year, on shares of Rs.10 each.
What drove the quarter
With no revenue from operations in the quarter, total income of 27.11 was other income. Employee benefit expenses were 13.05, finance cost 47.91 and other expenses 14.81, taking total expenses to 75.77.
Balance sheet snapshot (30-09-2026 vs 31-03-2026)
- Total assets: 4,222.90 against 4,212.79.
- Non-current borrowings: 1,679.61 against 1,583.79.
- Current borrowings: 404.85 against 346.07.
- Cash and cash equivalents: 1.44 against 1.61.
Auditor's review conclusion
The limited review report by A D Gupta & Associates states that nothing has come to their attention that causes them to believe the statement has not been prepared in accordance with the applicable accounting standards or that it contains any material misstatement. A review is narrower in scope than an audit, and no audit opinion is expressed.
Two matters the auditor drew attention to
- The company received intimation from Bombay Stock Exchange that its name appeared under the list of shell companies and trading in its shares was suspended by BSE; the suspension of trading was revoked vide letter dated 25-06-2024.
- A refund receivable amounting to ₹41.08 crore against bookings in immovable property in a project being developed by M/s Rajesh Projects (India) Private Limited, which is presently undergoing Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016. The ultimate outcome of the CIRP proceedings and its consequential impact, if any, on the recoverability of the said refund receivable cannot be presently determined.
Other disclosures in the update
- Format for outstanding default on loans and debt securities as on 30th September, 2026: NIL for loans/revolving facilities from banks and financial institutions, and N.A. for unlisted debt securities.
- Related party transaction disclosure for the half year is stated as not applicable. The paid-up equity share capital as on 31st March 2026 was Rs.4,00,00,000/-, consisting of 40,00,000 fully paid-up equity shares of Rs.10/- each, and the net worth was Rs.12,22,18,174/-.
What a retail investor can read closely
- The half year shows a loss at the net level, while the company reported no revenue from operations in the period; finance cost is the largest single expense line for both the quarter and the half year.
- The single largest item to watch is the ₹41.08 crore refund receivable linked to a project under insolvency proceedings, where the auditor has said recoverability cannot be determined at present.
- The company states there is no outstanding default on loans and debt securities as on 30th September, 2026.
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More numbers
- Total income, half year ended 30.09.2026 (Rs in Lakhs)100.96
- Total expenses, quarter (Rs in Lakhs)75.77
- Refund receivable from bookings in Rajesh Projects (India) Pvt Ltd project₹41.08 crore
- Paid-up equity share capital as on 31.03.2026Rs.4,00,00,000/-
- Fully paid-up equity shares of Rs.10/- each40,00,000
- Net worth as on 31.03.2026Rs.12,22,18,174/-
- Total assets as at 30-09-2026 (Rs in Lakhs)4,222.90
- Total income, latest quarter27.11 (Rs in Lakhs)
- Total income, year-ago quarter74.59 (Rs in Lakhs)
- Total income, previous quarter73.85 (Rs in Lakhs)
- Total comprehensive income, latest quarter(48.66) (Rs in Lakhs)
- Total comprehensive income, year-ago quarter(2.15) (Rs in Lakhs)
- Total comprehensive income, previous quarter3.75 (Rs in Lakhs)
- Profit after tax, latest quarter(48.66) (Rs in Lakhs)
- Profit after tax, year-ago quarter(2.15) (Rs in Lakhs)
- Profit after tax, previous quarter3.75 (Rs in Lakhs)
- Profit before tax, latest quarter(48.66) (Rs in Lakhs)
- Profit before tax, year-ago quarter0.43 (Rs in Lakhs)
- Profit before tax, previous quarter3.75 (Rs in Lakhs)
- refund_receivable_from_Rajesh_Projects_under_CIRP₹41.08 crore
- Revenue from operations, latest quarter-
- Revenue from operations, year-ago quarter-
- Revenue from operations, previous quarter-
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