| Scrip Code | 532389 |
|---|---|
| NSE Symbol | VALECHAENG |
| MSEI Symbol | VALECHAENG |
| ISIN | INE624C01015 |
| Name of company | VALECHA ENGINEERING LIMITED |
| Type of company | SME |
| Class of security | Equity |
| Date of start of financial year | 01-04-2025 |
| Date of end of financial year | 31-03-2026 |
| Date of board meeting when results were approved | 18-11-2025 |
| Date on which prior intimation of the meeting for considering financial results was informed to the exchange | 11-11-2025 |
| Description of presentation currency | INR |
| Level of rounding used in financial results | Lakhs |
| Reporting Type | Quarterly |
| Reporting Quarter | Second quarter |
| Nature of report standalone or consolidated | Consolidated |
| Whether results are audited or unaudited for the quarter ended | Unaudited |
| Whether results are audited or unaudited for the Year to date for current period ended/year ended | Unaudited |
| Segment Reporting | Single segment |
| Description of single segment | Civil Construction |
| Start date and time of board meeting | 18-11-2025 16:00:00 |
| End date and time of board meeting | 18-11-2025 18:46:00 |
| Whether cash flow statement is applicable on company | Yes |
| Type of cash flow statement | Cash Flow Indirect |
| Declaration of unmodified opinion or statement on impact of audit qualification | Not applicable |
| Particulars | 3 months/ 6 months ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
|---|---|---|---|
| A | Date of start of reporting period | 01-07-2025 | 01-04-2025 |
| B | Date of end of reporting period | 30-09-2025 | 30-09-2025 |
| C | Whether results are audited or unaudited | Unaudited | Unaudited |
| D | Nature of report standalone or consolidated | Consolidated | Consolidated |
| 1 | Income | ||
| Revenue from operations | 1,014.00 | 1,830.00 | |
| Other income | 664.00 | 721.00 | |
| Total income | 1,678.00 | 2,551.00 | |
| 2 | Expenses | ||
| (a) | Cost of materials consumed | 408.00 | 1,026.00 |
| (b) | Purchases of stock-in-trade | 0.00 | 0.00 |
| (c) | Changes in inventories of finished goods, work-in-progress and stock-in-trade | 0.00 | 0.00 |
| (d) | Employee benefit expense | 73.00 | 152.00 |
| (e) | Finance costs | 4,603.00 | 9,347.00 |
| (f) | Depreciation, depletion and amortisation expense | 203.00 | 406.00 |
| (f) | Other Expenses | ||
| 1 | Other Expenses | 120.00 | 325.00 |
| Total other expenses | 120.00 | 325.00 | |
| Total expenses | 5,407.00 | 11,256.00 | |
| 3 | Total profit before exceptional items and tax | (3,729.00) | (8,705.00) |
| 4 | Exceptional items | 0.00 | 0.00 |
| 5 | Total profit before tax | (3,729.00) | (8,705.00) |
| 6 | Tax expense | ||
| 7 | Current tax | 0.00 | 0.00 |
| 8 | Deferred tax | 0.00 | 0.00 |
| 9 | Total tax expenses | 0.00 | 0.00 |
| 10 | Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement | 0.00 | 0.00 |
| 11 | Net Profit Loss for the period from continuing operations | (3,729.00) | (8,705.00) |
| 12 | Profit (loss) from discontinued operations before tax | 0.00 | 0.00 |
| 13 | Tax expense of discontinued operations | 0.00 | 0.00 |
| 14 | Net profit (loss) from discontinued operation after tax | 0.00 | 0.00 |
| 15 | Share of profit (loss) of associates and joint ventures accounted for using equity method | 0.00 | 0.00 |
| 16 | Total profit (loss) for period | (3,729.00) | (8,705.00) |
| 17 | Other comprehensive income net of taxes | 0.00 | 0.00 |
| 18 | Total Comprehensive Income for the period | (3,729.00) | (8,705.00) |
| 19 | Total profit or loss, attributable to | ||
| Profit or loss, attributable to owners of parent | (4,705.00) | (4,705.00) | |
| Total profit or loss, attributable to non-controlling interests | (4,000.00) | (4,000.00) | |
| 20 | Total Comprehensive income for the period attributable to | ||
| Comprehensive income for the period attributable to owners of parent | 0.00 | 0.00 | |
| Total comprehensive income for the period attributable to owners of parent non-controlling interests | 0.00 | 0.00 | |
| 21 | Details of equity share capital | ||
| Paid-up equity share capital | 2,253.00 | 2,253.00 | |
| Face value of equity share capital | 10 | 10 | |
| 27 | Details of debt securities | ||
| 22 | Reserves excluding revaluation reserve | ||
| 23 | Earnings per share | ||
| i | Earnings per equity share for continuing operations | ||
| Basic earnings (loss) per share from continuing operations | -16.55 | -38.64 | |
| Diluted earnings (loss) per share from continuing operations | -16.55 | -38.64 | |
| ii | Earnings per equity share for discontinued operations | ||
| Basic earnings (loss) per share from discontinued operations | 0 | 0 | |
| Diluted earnings (loss) per share from discontinued operations | 0 | 0 | |
| ii | Earnings per equity share | ||
| Basic earnings (loss) per share from continuing and discontinued operations | -16.55 | -38.64 | |
| Diluted earnings (loss) per share from continuing and discontinued operations | -16.55 | -38.64 | |
| 24 | Debt equity ratio | ||
| 25 | Debt service coverage ratio | ||
| 26 | Interest service coverage ratio | ||
| 27 | Disclosure of notes on financial results | Textual Information(1) | |
| Textual Information(1) | Notes to the Unaudited Consolidated Statements of Financial Results for quarter and half year ended September 30, 2025: 1. The above unaudited Consolidated Financial Results were reviewed and recommended by the Audit Committee and approved by the Board of Directors of the Holding Company at the meeting held on 18/11/2025. The Statutory Auditors have carried out the limited review of the Unaudited Consolidated Financial Results for the quarter and half year ended September 30, 2025 vide their report dated 18/11/2025. 2. This result has been prepared in accordance with Regulation 33 of the SEBI (Listing Obligations and Disclosures Requirement) Regulation, 2015. The material accounting policies applied in preparation of these financial results are consistent with those followed in the annual consolidated financial statements for the year ended March 31, 2025. 3. Specific notes related with Subsidiary Companies: a) Valecha L M Toll Private Limited (VLMTPL) The Hon’ble National Company Law Tribunal, Mumbai Bench, has passed its order on 03.11.2025 for the dissolution of Valecha LM Toll Private Limited, an erstwhile step down subsidiary of the Holding Company, under Section 54 of the Insolvency and Bankruptcy Code, 2016. The company shall be considered dissolved with effect from the date of the order i.e. 03.11.2025. The Liquidator has accordingly demitted office and shall proceed to serve a copy of the dissolution order to the Registrar of Companies for its record. Accordingly, Valecha Infrastructure Limited (VIL), Parent Company of VLMTPL, has written off investment in equity shares of VLMTPL Rs.7.40 Crores and investment in Compulsory Convertible Debentures (CCD) of VLMTPL Rs. 37.31 Crores, aggregating to Rs.44.71 Crores, which were already provided for in earlier years. The amount such written off and provision written back since no longer required, has been shown under “Exceptional Items (Net) [gain/(Loss)]” b) Valecha Reality Limited (VRL) i. VRL has given a loan amounting to Rs 6.51 crores to M/s SVK Arcade LLP which is long outstanding in the Books of Accounts. VRL is not recognizing & receiving any interest on such loan and has neither made any provision for the loan amount outstanding. ii. VRL has received loans from Valecha Engineering Limited (“VEL”) and Valecha Infrastructure Ltd (“VIL”) to the tune of Rs. 0.28 crores and Rs. 6.52 crores respectively. VRL has not paid any interest on the same nor has it made any provisioning of the interest payable. VEL has not recovered any interest in view of already weak financial position of VRL. Similarly, VIL has also not recovered any interest amount from VRL in view of already weak financial position of VRL. iii. The subsidiary company, Valecha Realty Limited, has not accounted for its investment in Valecha Power Limited using the equity method as required under Ind AS 28 – Investments in Associates and Joint Ventures. Instead, the investment has been carried at cost. Management believes that this presentation is appropriate under the circumstances. The possible impact, if any, of this accounting treatment on the unaudited consolidated financial results has not been determined. c) Valecha Kachchh Toll Roads Limited (VKTRL) i. Hon'ble, NCLT, Mumbai, passed Order dated 09.10.2023 in Company Petition no. CP (IB) 360(MB)/2023 filed by Canara Bank, the Financial Creditor /Petitioner, under section 7 of Insolvency & Bankruptcy Code, 2016 (I&B Code) against Valecha Kachchh Toll Roads Limited (VKTRL), Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). Mr. Avil Jerome Menezes, a Registered Insolvency Professional having Registration Number [IBBI/IPA-001/IPP00017/2016-17/10041] has been appointed as Interim Resolution Professional (IRP)(later on confirmed as RP by Committee of Creditors (CoC)), to carry out the functions as mentioned under Insolvency & Bankruptcy Code, 2016 (IBC,2016)for running the CIRP of the Company. Further pursuant to Section 30(4) of IBC, 2016, Resolution plan for revival of the company, submitted by Resolution Applicant has been approved by CoC of VKTRL in the CoC meeting held on 28th March 2025 with the requisite majority and the same is pending for adjudication before the Hon’ble NCLT, Mumbai Bench. In view of the above fact that the Resolution plan is yet to be approved by NCLT and moreover, as per provisions of IBC, 2016, the company is to be kept as a going concern, and hence unaudited financial results are prepared assuming that it will continue as a going concern. ii. The Resolution plan is yet to be approved by NCLT due to which, the Ind AS 109 – Financial Instruments compliance relating to the recognition and derecognition of financial assets and liabilities is not yet done. Consequently, the impact, if any, arising from such recognition and derecognition has not been determined or given effect in the financial results. The same will be considered and accounted for upon conclusion of the CIRP and final approval of the Resolution Plan by the Hon’ble NCLT d) Valecha Infrastructure Limited (VIL) The accumulated losses incurred during quarter and half year ended September 30, 2025 as well as in the past years have resulted in erosion of Company’s Net worth. Also there has been default in repayment of bank borrowing. The management of the Company has decided not to provide for the interest payable and has provided interest till 31.03.2024. The Company continues to carry its investments and loans and advances at its book value pending realisability assessment of entire assets of the Company. e) Valecha International (FZE) The financial statements of Valecha International FZE have been translated using the exchange rate as of March 31, 2023, instead of the applicable exchange rate as of September 30, 2025. 4. Consolidated results for the quarter and half year ended September 30, 2025 includes results of following Subsidiaries:- Sr. No. Name of Company Relation 1 Valecha Infrastructure Limited Wholly Owned Subsidiary Company 2 Professional Realtors Private Limited Wholly Owned Subsidiary Company 3 Valecha International (FZE) Wholly Owned Subsidiary Company 4 Valecha Kachchh Toll Roads Limited Subsidiary Company 5 Valecha Reality Limited Subsidiary Company 6 Valecha Badwani Sendhwa Tollways Limited Step-Down Subsidiary Company 5. The consolidated financial results include goodwill arising on consolidation amounting to Rs. 1.80 crores, which has not been tested for impairment, despite the continued losses and sub-optimal operations of the Group. In accordance with the requirements of Ind AS 36 (Impairment of Assets), goodwill is subject to annual impairment testing or more frequently when indicators of impairment exist. However, no such testing has been carried out during the reporting period. In the absence of detailed impairment analysis, the potential impact, if any, on the consolidated results for the quarter and half year ended September 30, 2025, arising from the non-recognition of impairment on goodwill, cannot be determined at this stage. The company will perform the required impairment testing in compliance with Ind AS 36 in due course. 6. Interest in other entities Joint operations (unincorporated entities): The Group’s share of interest in joint operations is set out below: i) Classification of joint arrangements: The aforementioned entities are joint arrangements whereby the parties that have joint control of the arrangement (i.e. joint operators) have rights to the assets, and obligations for the liabilities, relating to the arrangement. Sl No Name of the entity % of ownership interest held by the Company as at Name of Joint Operator Principal place of Business Principal activities Name of Project Work 31/03/2025 31/03/2024 1.a Valecha CSR (JV) 51% 51% CS Rao Infra Projects India Construction 9 R Bridge Mas-Ajj 1.b 51% 51% CS Rao Infra Projects India Construction Velachery - 1 1.c 51% 51% CS Rao Infra Projects India Construction Velachery-2 MRTS - Phase-Il- 2 Valecha TTC (JV) 51% 51% T. Tachu & Co India Construction Dimapur Piling Works 3 Valecha SDPL (JV) 51% 51% Shinde Developers Private Limited India Construction Nilanga-Latur Road Rehabilitation & Up Gradation To Two / Four Lane 4 Valecha Shradhha (JV) 51% 51% Shraddha Energy And Infraprojects Private Limited India Construction DHAD BHOKARDAN ROAD Rehabilitation and upgradation of existing carriageway to two lanes 5 Valecha SGCCL (JV) 70% 70% Shree Gautam Constn Co Ltd India Construction Construction of two laning from Lalpul Manmao Changlang 6 Valecha VKJ (JV) 60% 60% Vinod Kumar Jain India Construction Widening to 2 Lane and improvement in 97.20 KM Length Barsoor-Geedam-Dantewada-Kirandul-Jagergunda-Mariyagudam Road under PWD, 7 Ashoka Buildcon - VEL (JV) 49% 49% Ashoka Builcon Ltd India Construction Construction of 4/6 lane Access Controlled Chittorgarh Bypass in the State of Rajasthan 8 Valecha - ECCI (JV) 60% 60% East Coast Construction & Indstries Ltd India Construction Construction of flyover between Eastern Express Highway and V N Purav Marg at Suman Nagar Junction, Mumbai 9 Valecha - Transtonnelstroy (JV) 51% 51% Transtonnelstroy Ltd. India Construction Construction of single line BG standard straight alignment tunnel in soil and rock 10 KSSIIPL - VEL (JV) 60% 60% KazStroyService Infrastructure India Pvt Ltd India Construction Bhubaneshwar Puri section of NH-203 from Km 0 to 59 in the State of Orissa on BOT (TOLL) basis on DBFOT Pattern under NHDP Phase.III 11 Valecha - Shivalaya - Intradel (JV) 54% 54% Shivalaya Construction Co Pvt Ltd Intradel (Asia) Limited India Construction Execution of formation (fresh cutting) and surfacing (GSB layer) works for 9.35 km in the hill section from km 10 (realignment) to km 19.35 (existing road) on Gangtok-Nathula Road to NH double-lane standards under 758 BRTF, Project Swastik, Sikkim 12 Bitcon - VUBEPL - GCC-Valecha (JV) 1% 1% Bitcon India Infra. Developers Pvt Ltd. VUB Engineering Pvt Ltd Goverdhan Construction Co. India Construction Construction of CC road with storm water gutters, streetlights, effluent collection pipeline and allied works in TTC Industrial Estate DD-TTC & Kalwa 13 Valecha Atcon (JV) 51% 51% Atcon India Ltd India Construction Widening , Strengthening and reconstruction of Sawai Madhopur Sheopur road Km 76/600 to 112/000 (NH-552 Extn) 14 Valecha - Matere (JV) 51% 51% V M Matere Infrastructures (India) Pvt Ltd India Construction Rehabilitation and Up- gradation to Two Lanes (a) Karad- Tasgaon- Jath- vijapur Road upto Karnataka border road (b) Nagaj Junction at NH 166 to Jath in the State of Maharashtra 15 Valecha - RE Infra (JV) 51% 51% RE Infra Pvt. Ltd. India Construction Construction of a Rail Flyover for Harbour Line at Kurla in connection with Mumbai CST - Kurla 5th & 6th line project The Holding Company (i.e. Joint Operator) recognised its direct right to assets, liabilities, revenue and expenses of Joint Operations and its share of any jointly held or incurred assets, liabilities, revenues and expenses in consolidated financial results for quarter and year ended 30th September, 2025 for following joint ventures :- Sr. No. Name of the Joint Venture 1 Valecha SDPL JV Unaudited 2 Valecha Shraddha JV Unaudited 3 Valecha VKJ JV Unaudited The Holding Company (i.e. Joint Operator) does not recognised its direct right to revenue and expenses of following Joint Operation as the financial statements for quarter and half year ended 30th September, 2025 are not available. Its share of any jointly held or incurred assets, liabilities are recognised till 31st March, 2025 :- Sr. No. Name of the Joint Venture 1 Valecha CSR JV The Holding Company (i.e. Joint Operator) does not recognised its direct right to revenue and expenses of following Joint Operation as the financial statements for quarter and half year ended 30th September, 2025 are not available. Its share of any jointly held or incurred assets, liabilities are recognised till 30th June, 2025 :- Sr. No. Name of the Joint Venture 1 Valecha TTC JV 2 Valecha SGCCL (JV) 3 Valecha - Matere (JV) The Holding Company (i.e. Joint Operator) does not recognised its direct right to assets, liabilities, revenue and expenses of Joint Operations and its share of any jointly held or incurred assets, liabilities, revenues and expenses in consolidated statements for following joint ventures as these projects were completed, foreclosed and terminated long back and relevant financial statements of those joint ventures are not available :- Sr. No. Name of the Joint Venture Sr. No. Name of the Joint Venture 1 Ashoka Buildcon - VEL (JV) 5 Valecha - Shivalaya - Intradel (JV) 2 Valecha - ECCI (JV) 6 Bitcon - VUBEPL - GCC-Valecha (JV) 3 Valecha - Transtonnelstroy (JV) 7 Valecha Atcon (JV) 4 KSSIIPL - VEL (JV) 8 Valecha - RE Infra (JV) 7. The previous period's figures have been re-grouped/ re-classified wherever required to conform to current period's classification. All figures of financials are stated as Rs. in Crores except otherwise stated. For VALECHA ENGINEERING LIMITED SHASHIKANT GANGADHAR BHOGE CHAIRMAN DIN : 05345105 DATE: 18/11/2025 PLACE: MUMBAI |
|---|
| Debt equity ratio | |
|---|---|
| Debt service coverage ratio | |
| Interest service coverage ratio |
| Particulars | Year ended (dd-mm-yyyy) | ||
|---|---|---|---|
| Date of start of reporting period | 01-04-2025 | ||
| Date of end of reporting period | 30-09-2025 | ||
| Whether results are audited or unaudited | Unaudited | ||
| Nature of report standalone or consolidated | Consolidated | ||
| Assets | |||
| 1 | Non-current assets | ||
| Property, plant and equipment | 164.00 | ||
| Capital work-in-progress | 0.00 | ||
| Investment property | 151.00 | ||
| Goodwill | 180.00 | ||
| Other intangible assets | 818.00 | ||
| Intangible assets under development | 0.00 | ||
| Biological assets other than bearer plants | 0.00 | ||
| Investments accounted for using equity method | 0.00 | ||
| Non-current financial assets | |||
| Non-current investments | 8.00 | ||
| Trade receivables, non-current | 0.00 | ||
| Loans, non-current | 0.00 | ||
| Other non-current financial assets | 5,880.00 | ||
| Total non-current financial assets | 5,888.00 | ||
| Deferred tax assets (net) | 0.00 | ||
| Other non-current assets | 2,607.00 | ||
| Total non-current assets | 9,808.00 | ||
| 2 | Current assets | ||
| Inventories | 1.00 | ||
| Current financial asset | |||
| Current investments | 0.00 | ||
| Trade receivables, current | 16,576.00 | ||
| Cash and cash equivalents | 2,312.00 | ||
| Bank balance other than cash and cash equivalents | 100.00 | ||
| Loans, current | 7,101.00 | ||
| Other current financial assets | 783.00 | ||
| Total current financial assets | 26,872.00 | ||
| Current tax assets (net) | |||
| Other current assets | 593.00 | ||
| Total current assets | 27,466.00 | ||
| 3 | Non-current assets classified as held for sale | ||
| 4 | Regulatory deferral account debit balances and related deferred tax Assets | ||
| Total assets | 37,274.00 | ||
| Equity and liabilities | |||
| 1 | Equity | ||
| Equity attributable to owners of parent | |||
| Equity share capital | 2,253.00 | ||
| Other equity | (1,52,623.00) | ||
| Total equity attributable to owners of parent | (1,50,370.00) | ||
| Non controlling interest | |||
| Total equity | (1,50,370.00) | ||
| 2 | Liabilities | ||
| Non-current liabilities | |||
| Non-current financial liabilities | |||
| Borrowings, non-current | 0.00 | ||
| Trade payables, non-current | |||
| (A) Total outstanding dues of micro enterprises and small enterprises | 0.00 | ||
| (B) Total outstanding dues of creditors other than micro enterprises and small enterprises | 0.00 | ||
| Total Trade payable | 0.00 | ||
| Other non-current financial liabilities | 992.00 | ||
| Total non-current financial liabilities | 992.00 | ||
| Provisions, non-current | 10.00 | ||
| Deferred tax liabilities (net) | 0.00 | ||
| Deferred government grants, Non-current | 0.00 | ||
| Other non-current liabilities | 3,175.00 | ||
| Total non-current liabilities | 4,177.00 | ||
| Current liabilities | |||
| Current financial liabilities | |||
| Borrowings, current | 53,675.00 | ||
| Trade payables, current | |||
| (A) Total outstanding dues of micro enterprises and small enterprises | 0.00 | ||
| (B) Total outstanding dues of creditors other than micro enterprises and small enterprises | 2,659.00 | ||
| Total Trade payable | 2,659.00 | ||
| Other current financial liabilities | 1,26,427.00 | ||
| Total current financial liabilities | 1,82,761.00 | ||
| Other current liabilities | 584.00 | ||
| Provisions, current | 122.00 | ||
| Current tax liabilities (Net) | 0.00 | ||
| Deferred government grants, Current | 0.00 | ||
| Total current liabilities | 1,83,467.00 | ||
| 3 | Liabilities directly associated with assets in disposal group classified as held for sale | 0.00 | |
| 4 | Regulatory deferral account credit balances and related deferred tax liability | 0.00 | |
| Total liabilities | 1,87,644.00 | ||
| Total equity and liabilites | 37,274.00 | ||
| Disclosure of notes on assets and liabilities | Textual Information(1) | ||
| Textual Information(1) | Notes to the Unaudited Consolidated Statements of Financial Results for quarter and half year ended September 30, 2025: 1. The above unaudited Consolidated Financial Results were reviewed and recommended by the Audit Committee and approved by the Board of Directors of the Holding Company at the meeting held on 18/11/2025. The Statutory Auditors have carried out the limited review of the Unaudited Consolidated Financial Results for the quarter and half year ended September 30, 2025 vide their report dated 18/11/2025. 2. This result has been prepared in accordance with Regulation 33 of the SEBI (Listing Obligations and Disclosures Requirement) Regulation, 2015. The material accounting policies applied in preparation of these financial results are consistent with those followed in the annual consolidated financial statements for the year ended March 31, 2025. 3. Specific notes related with Subsidiary Companies: a) Valecha L M Toll Private Limited (VLMTPL) The Hon’ble National Company Law Tribunal, Mumbai Bench, has passed its order on 03.11.2025 for the dissolution of Valecha LM Toll Private Limited, an erstwhile step down subsidiary of the Holding Company, under Section 54 of the Insolvency and Bankruptcy Code, 2016. The company shall be considered dissolved with effect from the date of the order i.e. 03.11.2025. The Liquidator has accordingly demitted office and shall proceed to serve a copy of the dissolution order to the Registrar of Companies for its record. Accordingly, Valecha Infrastructure Limited (VIL), Parent Company of VLMTPL, has written off investment in equity shares of VLMTPL Rs.7.40 Crores and investment in Compulsory Convertible Debentures (CCD) of VLMTPL Rs. 37.31 Crores, aggregating to Rs.44.71 Crores, which were already provided for in earlier years. The amount such written off and provision written back since no longer required, has been shown under “Exceptional Items (Net) [gain/(Loss)]” b) Valecha Reality Limited (VRL) i. VRL has given a loan amounting to Rs 6.51 crores to M/s SVK Arcade LLP which is long outstanding in the Books of Accounts. VRL is not recognizing & receiving any interest on such loan and has neither made any provision for the loan amount outstanding. ii. VRL has received loans from Valecha Engineering Limited (“VEL”) and Valecha Infrastructure Ltd (“VIL”) to the tune of Rs. 0.28 crores and Rs. 6.52 crores respectively. VRL has not paid any interest on the same nor has it made any provisioning of the interest payable. VEL has not recovered any interest in view of already weak financial position of VRL. Similarly, VIL has also not recovered any interest amount from VRL in view of already weak financial position of VRL. iii. The subsidiary company, Valecha Realty Limited, has not accounted for its investment in Valecha Power Limited using the equity method as required under Ind AS 28 – Investments in Associates and Joint Ventures. Instead, the investment has been carried at cost. Management believes that this presentation is appropriate under the circumstances. The possible impact, if any, of this accounting treatment on the unaudited consolidated financial results has not been determined. c) Valecha Kachchh Toll Roads Limited (VKTRL) i. Hon'ble, NCLT, Mumbai, passed Order dated 09.10.2023 in Company Petition no. CP (IB) 360(MB)/2023 filed by Canara Bank, the Financial Creditor /Petitioner, under section 7 of Insolvency & Bankruptcy Code, 2016 (I&B Code) against Valecha Kachchh Toll Roads Limited (VKTRL), Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). Mr. Avil Jerome Menezes, a Registered Insolvency Professional having Registration Number [IBBI/IPA-001/IPP00017/2016-17/10041] has been appointed as Interim Resolution Professional (IRP)(later on confirmed as RP by Committee of Creditors (CoC)), to carry out the functions as mentioned under Insolvency & Bankruptcy Code, 2016 (IBC,2016)for running the CIRP of the Company. Further pursuant to Section 30(4) of IBC, 2016, Resolution plan for revival of the company, submitted by Resolution Applicant has been approved by CoC of VKTRL in the CoC meeting held on 28th March 2025 with the requisite majority and the same is pending for adjudication before the Hon’ble NCLT, Mumbai Bench. In view of the above fact that the Resolution plan is yet to be approved by NCLT and moreover, as per provisions of IBC, 2016, the company is to be kept as a going concern, and hence unaudited financial results are prepared assuming that it will continue as a going concern. ii. The Resolution plan is yet to be approved by NCLT due to which, the Ind AS 109 – Financial Instruments compliance relating to the recognition and derecognition of financial assets and liabilities is not yet done. Consequently, the impact, if any, arising from such recognition and derecognition has not been determined or given effect in the financial results. The same will be considered and accounted for upon conclusion of the CIRP and final approval of the Resolution Plan by the Hon’ble NCLT d) Valecha Infrastructure Limited (VIL) The accumulated losses incurred during quarter and half year ended September 30, 2025 as well as in the past years have resulted in erosion of Company’s Net worth. Also there has been default in repayment of bank borrowing. The management of the Company has decided not to provide for the interest payable and has provided interest till 31.03.2024. The Company continues to carry its investments and loans and advances at its book value pending realisability assessment of entire assets of the Company. e) Valecha International (FZE) The financial statements of Valecha International FZE have been translated using the exchange rate as of March 31, 2023, instead of the applicable exchange rate as of September 30, 2025. 4. Consolidated results for the quarter and half year ended September 30, 2025 includes results of following Subsidiaries:- Sr. No. Name of Company Relation 1 Valecha Infrastructure Limited Wholly Owned Subsidiary Company 2 Professional Realtors Private Limited Wholly Owned Subsidiary Company 3 Valecha International (FZE) Wholly Owned Subsidiary Company 4 Valecha Kachchh Toll Roads Limited Subsidiary Company 5 Valecha Reality Limited Subsidiary Company 6 Valecha Badwani Sendhwa Tollways Limited Step-Down Subsidiary Company 5. The consolidated financial results include goodwill arising on consolidation amounting to Rs. 1.80 crores, which has not been tested for impairment, despite the continued losses and sub-optimal operations of the Group. In accordance with the requirements of Ind AS 36 (Impairment of Assets), goodwill is subject to annual impairment testing or more frequently when indicators of impairment exist. However, no such testing has been carried out during the reporting period. In the absence of detailed impairment analysis, the potential impact, if any, on the consolidated results for the quarter and half year ended September 30, 2025, arising from the non-recognition of impairment on goodwill, cannot be determined at this stage. The company will perform the required impairment testing in compliance with Ind AS 36 in due course. 6. Interest in other entities Joint operations (unincorporated entities): The Group’s share of interest in joint operations is set out below: i) Classification of joint arrangements: The aforementioned entities are joint arrangements whereby the parties that have joint control of the arrangement (i.e. joint operators) have rights to the assets, and obligations for the liabilities, relating to the arrangement. Sl No Name of the entity % of ownership interest held by the Company as at Name of Joint Operator Principal place of Business Principal activities Name of Project Work 31/03/2025 31/03/2024 1.a Valecha CSR (JV) 51% 51% CS Rao Infra Projects India Construction 9 R Bridge Mas-Ajj 1.b 51% 51% CS Rao Infra Projects India Construction Velachery - 1 1.c 51% 51% CS Rao Infra Projects India Construction Velachery-2 MRTS - Phase-Il- 2 Valecha TTC (JV) 51% 51% T. Tachu & Co India Construction Dimapur Piling Works 3 Valecha SDPL (JV) 51% 51% Shinde Developers Private Limited India Construction Nilanga-Latur Road Rehabilitation & Up Gradation To Two / Four Lane 4 Valecha Shradhha (JV) 51% 51% Shraddha Energy And Infraprojects Private Limited India Construction DHAD BHOKARDAN ROAD Rehabilitation and upgradation of existing carriageway to two lanes 5 Valecha SGCCL (JV) 70% 70% Shree Gautam Constn Co Ltd India Construction Construction of two laning from Lalpul Manmao Changlang 6 Valecha VKJ (JV) 60% 60% Vinod Kumar Jain India Construction Widening to 2 Lane and improvement in 97.20 KM Length Barsoor-Geedam-Dantewada-Kirandul-Jagergunda-Mariyagudam Road under PWD, 7 Ashoka Buildcon - VEL (JV) 49% 49% Ashoka Builcon Ltd India Construction Construction of 4/6 lane Access Controlled Chittorgarh Bypass in the State of Rajasthan 8 Valecha - ECCI (JV) 60% 60% East Coast Construction & Indstries Ltd India Construction Construction of flyover between Eastern Express Highway and V N Purav Marg at Suman Nagar Junction, Mumbai 9 Valecha - Transtonnelstroy (JV) 51% 51% Transtonnelstroy Ltd. India Construction Construction of single line BG standard straight alignment tunnel in soil and rock 10 KSSIIPL - VEL (JV) 60% 60% KazStroyService Infrastructure India Pvt Ltd India Construction Bhubaneshwar Puri section of NH-203 from Km 0 to 59 in the State of Orissa on BOT (TOLL) basis on DBFOT Pattern under NHDP Phase.III 11 Valecha - Shivalaya - Intradel (JV) 54% 54% Shivalaya Construction Co Pvt Ltd Intradel (Asia) Limited India Construction Execution of formation (fresh cutting) and surfacing (GSB layer) works for 9.35 km in the hill section from km 10 (realignment) to km 19.35 (existing road) on Gangtok-Nathula Road to NH double-lane standards under 758 BRTF, Project Swastik, Sikkim 12 Bitcon - VUBEPL - GCC-Valecha (JV) 1% 1% Bitcon India Infra. Developers Pvt Ltd. VUB Engineering Pvt Ltd Goverdhan Construction Co. India Construction Construction of CC road with storm water gutters, streetlights, effluent collection pipeline and allied works in TTC Industrial Estate DD-TTC & Kalwa 13 Valecha Atcon (JV) 51% 51% Atcon India Ltd India Construction Widening , Strengthening and reconstruction of Sawai Madhopur Sheopur road Km 76/600 to 112/000 (NH-552 Extn) 14 Valecha - Matere (JV) 51% 51% V M Matere Infrastructures (India) Pvt Ltd India Construction Rehabilitation and Up- gradation to Two Lanes (a) Karad- Tasgaon- Jath- vijapur Road upto Karnataka border road (b) Nagaj Junction at NH 166 to Jath in the State of Maharashtra 15 Valecha - RE Infra (JV) 51% 51% RE Infra Pvt. Ltd. India Construction Construction of a Rail Flyover for Harbour Line at Kurla in connection with Mumbai CST - Kurla 5th & 6th line project The Holding Company (i.e. Joint Operator) recognised its direct right to assets, liabilities, revenue and expenses of Joint Operations and its share of any jointly held or incurred assets, liabilities, revenues and expenses in consolidated financial results for quarter and year ended 30th September, 2025 for following joint ventures :- Sr. No. Name of the Joint Venture 1 Valecha SDPL JV Unaudited 2 Valecha Shraddha JV Unaudited 3 Valecha VKJ JV Unaudited The Holding Company (i.e. Joint Operator) does not recognised its direct right to revenue and expenses of following Joint Operation as the financial statements for quarter and half year ended 30th September, 2025 are not available. Its share of any jointly held or incurred assets, liabilities are recognised till 31st March, 2025 :- Sr. No. Name of the Joint Venture 1 Valecha CSR JV The Holding Company (i.e. Joint Operator) does not recognised its direct right to revenue and expenses of following Joint Operation as the financial statements for quarter and half year ended 30th September, 2025 are not available. Its share of any jointly held or incurred assets, liabilities are recognised till 30th June, 2025 :- Sr. No. Name of the Joint Venture 1 Valecha TTC JV 2 Valecha SGCCL (JV) 3 Valecha - Matere (JV) The Holding Company (i.e. Joint Operator) does not recognised its direct right to assets, liabilities, revenue and expenses of Joint Operations and its share of any jointly held or incurred assets, liabilities, revenues and expenses in consolidated statements for following joint ventures as these projects were completed, foreclosed and terminated long back and relevant financial statements of those joint ventures are not available :- Sr. No. Name of the Joint Venture Sr. No. Name of the Joint Venture 1 Ashoka Buildcon - VEL (JV) 5 Valecha - Shivalaya - Intradel (JV) 2 Valecha - ECCI (JV) 6 Bitcon - VUBEPL - GCC-Valecha (JV) 3 Valecha - Transtonnelstroy (JV) 7 Valecha Atcon (JV) 4 KSSIIPL - VEL (JV) 8 Valecha - RE Infra (JV) 7. The previous period's figures have been re-grouped/ re-classified wherever required to conform to current period's classification. All figures of financials are stated as Rs. in Crores except otherwise stated. For VALECHA ENGINEERING LIMITED SHASHIKANT GANGADHAR BHOGE CHAIRMAN DIN : 05345105 DATE: 18/11/2025 PLACE: MUMBAI |
|---|
| Particulars | 3 months/ 6 month ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |||||
|---|---|---|---|---|---|---|---|
| Date of start of reporting period | 01-07-2025 | 01-04-2025 | |||||
| Date of end of reporting period | 30-09-2025 | 30-09-2025 | |||||
| Whether results are audited or unaudited | Unaudited | Unaudited | |||||
| Nature of report standalone or consolidated | Consolidated | Consolidated | |||||
| 1 | Segment Revenue (Income) | ||||||
| (net sale/income from each segment should be disclosed) | |||||||
| Total Segment Revenue | |||||||
| Less: Inter segment revenue | |||||||
| Revenue from operations | |||||||
| 2 | Segment Result | ||||||
| Profit (+) / Loss (-) before tax and interest from each segment | |||||||
| Total Profit before tax | |||||||
| i. Finance cost | |||||||
| ii. Other Unallocable Expenditure net off Unallocable income | |||||||
| Profit before tax | |||||||
| 3 | (Segment Asset - Segment Liabilities) | ||||||
| Segment Asset | |||||||
| Total Segment Asset | |||||||
| Un-allocable Assets | null | null | |||||
| Net Segment Asset | null | null | |||||
| 4 | Segment Liabilities | ||||||
| Segment Liabilities | |||||||
| Total Segment Liabilities | |||||||
| Un-allocable Liabilities | null | null | |||||
| Net Segment Liabilities | null | null | |||||
| Disclosure of notes on segments | |||||||
| Particulars | 3 months/ 6 months ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
|---|---|---|---|
| A | Date of start of reporting period | 01-07-2025 | 01-04-2025 |
| B | Date of end of reporting period | 30-09-2025 | 30-09-2025 |
| C | Whether results are audited or unaudited | Unaudited | Unaudited |
| D | Nature of report standalone or consolidated | Consolidated | Consolidated |
| Other comprehensive income [Abstract] | |||
| 1 | Amount of items that will not be reclassified to profit and loss | ||
| Total Amount of items that will not be reclassified to profit and loss | |||
| 2 | Income tax relating to items that will not be reclassified to profit or loss | 0.00 | 0.00 |
| 3 | Amount of items that will be reclassified to profit and loss | ||
| Total Amount of items that will be reclassified to profit and loss | |||
| 4 | Income tax relating to items that will be reclassified to profit or loss | 0.00 | 0.00 |
| 5 | Total Other comprehensive income | 0.00 | 0.00 |
| Particulars | Year ended (dd-mm-yyyy) | |||||
|---|---|---|---|---|---|---|
| A | Date of start of reporting period | 01-04-2025 | ||||
| B | Date of end of reporting period | 30-09-2025 | ||||
| C | Whether results are audited or unaudited | Unaudited | ||||
| D | Nature of report standalone or consolidated | Consolidated | ||||
| Statement of cash flows | ||||||
| Cash flows from used in operating activities | ||||||
| Profit before tax | (8,705.00) | |||||
| Adjustments for reconcile profit (loss) | ||||||
| Adjustments for finance costs | 9,347.00 | |||||
| Adjustments for decrease (increase) in inventories | 0.00 | |||||
| Adjustments for decrease (increase) in trade receivables, current | 631.00 | |||||
| Adjustments for decrease (increase) in trade receivables, non-current | 0.00 | |||||
| Adjustments for decrease (increase) in other current assets | 20.00 | |||||
| Adjustments for decrease (increase) in other non-current assets | 0.00 | |||||
| Adjustments for other financial assets, non-current | 0.00 | |||||
| Adjustments for other financial assets, current | 0.00 | |||||
| Adjustments for other bank balances | 0.00 | |||||
| Adjustments for increase (decrease) in trade payables, current | (312.00) | |||||
| Adjustments for increase (decrease) in trade payables, non-current | 0.00 | |||||
| Adjustments for increase (decrease) in other current liabilities | 8,794.00 | |||||
| Adjustments for increase (decrease) in other non-current liabilities | 0.00 | |||||
| Adjustments for depreciation and amortisation expense | 406.00 | |||||
| Adjustments for impairment loss reversal of impairment loss recognised in profit or loss | 0.00 | |||||
| Adjustments for provisions, current | 4.00 | |||||
| Adjustments for provisions, non-current | 0.00 | |||||
| Adjustments for other financial liabilities, current | 0.00 | |||||
| Adjustments for other financial liabilities, non-current | 0.00 | |||||
| Adjustments for unrealised foreign exchange losses gains | 0.00 | |||||
| Adjustments for dividend income | 0.00 | |||||
| Adjustments for interest income | 721.00 | |||||
| Adjustments for share-based payments | 0.00 | |||||
| Adjustments for fair value losses (gains) | 0.00 | |||||
| Adjustments for undistributed profits of associates | 0.00 | |||||
| Other adjustments for which cash effects are investing or financing cash flow | 0.00 | |||||
| Other adjustments to reconcile profit (loss) | 0.00 | |||||
| Other adjustments for non-cash items | 0.00 | |||||
| Share of profit and loss from partnership firm or association of persons or limited liability partnerships | 0.00 | |||||
| Total adjustments for reconcile profit (loss) | 18,169.00 | |||||
| Net cash flows from (used in) operations | 9,464.00 | |||||
| Dividends received | 0.00 | |||||
| Interest paid | 0.00 | |||||
| Interest received | 0.00 | |||||
| Income taxes paid (refund) | (82.00) | |||||
| Other inflows (outflows) of cash | 0.00 | |||||
| Net cash flows from (used in) operating activities | 9,546.00 | |||||
| Cash flows from used in investing activities | ||||||
| Cash flows from losing control of subsidiaries or other businesses | 0.00 | |||||
| Cash flows used in obtaining control of subsidiaries or other businesses | 0.00 | |||||
| Other cash receipts from sales of equity or debt instruments of other entities | 0.00 | |||||
| Other cash payments to acquire equity or debt instruments of other entities | 0.00 | |||||
| Other cash receipts from sales of interests in joint ventures | 0.00 | |||||
| Other cash payments to acquire interests in joint ventures | 0.00 | |||||
| Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships | 0.00 | |||||
| Cash payment for investment in partnership firm or association of persons or limited liability partnerships | 0.00 | |||||
| Proceeds from sales of property, plant and equipment | 0.00 | |||||
| Purchase of property, plant and equipment | 172.00 | |||||
| Proceeds from sales of investment property | 0.00 | |||||
| Purchase of investment property | 0.00 | |||||
| Proceeds from sales of intangible assets | 0.00 | |||||
| Purchase of intangible assets | 0.00 | |||||
| Proceeds from sales of intangible assets under development | 0.00 | |||||
| Purchase of intangible assets under development | 0.00 | |||||
| Proceeds from sales of goodwill | 0.00 | |||||
| Purchase of goodwill | 0.00 | |||||
| Proceeds from biological assets other than bearer plants | 0.00 | |||||
| Purchase of biological assets other than bearer plants | 0.00 | |||||
| Proceeds from government grants | 0.00 | |||||
| Proceeds from sales of other long-term assets | 0.00 | |||||
| Purchase of other long-term assets | 0.00 | |||||
| Cash advances and loans made to other parties | 0.00 | |||||
| Cash receipts from repayment of advances and loans made to other parties | 0.00 | |||||
| Cash payments for future contracts, forward contracts, option contracts and swap contracts | 0.00 | |||||
| Cash receipts from future contracts, forward contracts, option contracts and swap contracts | 0.00 | |||||
| Dividends received | 0.00 | |||||
| Interest received | 721.00 | |||||
| Income taxes paid (refund) | 0.00 | |||||
| Other inflows (outflows) of cash | 0.00 | |||||
| Net cash flows from (used in) investing activities | 549.00 | |||||
| Cash flows from used in financing activities | ||||||
| Proceeds from changes in ownership interests in subsidiaries | 0.00 | |||||
| Payments from changes in ownership interests in subsidiaries | 0.00 | |||||
| Proceeds from issuing shares | 0.00 | |||||
| Proceeds from issuing other equity instruments | 0.00 | |||||
| Payments to acquire or redeem entity's shares | 0.00 | |||||
| Payments of other equity instruments | 1,750.00 | |||||
| Proceeds from exercise of stock options | 0.00 | |||||
| Proceeds from issuing debentures notes bonds etc | 0.00 | |||||
| Proceeds from borrowings | 0.00 | |||||
| Repayments of borrowings | 1.00 | |||||
| Payments of lease liabilities | 0.00 | |||||
| Dividends paid | 0.00 | |||||
| Interest paid | 9,347.00 | |||||
| Income taxes paid (refund) | 0.00 | |||||
| Other inflows (outflows) of cash | 0.00 | |||||
| Net cash flows from (used in) financing activities | (11,098.00) | |||||
| Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes | (1,003.00) | |||||
| Effect of exchange rate changes on cash and cash equivalents | ||||||
| Effect of exchange rate changes on cash and cash equivalents | 0.00 | |||||
| Net increase (decrease) in cash and cash equivalents | (1,003.00) | |||||
| Cash and cash equivalents cash flow statement at beginning of period | 3,315.00 | |||||
| Cash and cash equivalents cash flow statement at end of period | 2,312.00 | |||||