| 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 | 17-02-2026 |
| Date on which prior intimation of the meeting for considering financial results was informed to the exchange | 13-02-2026 |
| Description of presentation currency | INR |
| Level of rounding used in financial results | Lakhs |
| Reporting Type | Quarterly |
| Reporting Quarter | Third quarter |
| Nature of report standalone or consolidated | Standalone |
| 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 | 17-02-2026 16:00:00 |
| End date and time of board meeting | 17-02-2026 19:56:00 |
| Whether cash flow statement is applicable on company | |
| Type of cash flow statement | |
| Declaration of unmodified opinion or statement on impact of audit qualification | Not applicable |
| Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter? | No |
| No. of times funds raised during the quarter | |
| Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity? | No |
| Notes to the Unaudited Standalone Statements of Financial Results for the quarter and nine months ended December 31, 2025: 1. Approval and Limited Review of Unaudited Financial Results The above unaudited financial results were reviewed and recommended by the Audit Committee and approved by the Board of Directors of the Company at its meeting held on 17/02/2026. The Statutory Auditors have conducted the limited review of the unaudited financial results for the quarter and nine months ended December 31, 2025, and issued their report dated 17/02/2026. 2. This result has been prepared in accordance with Regulation 33 of the SEBI (Listing Obligations and Disclosures Requirement) Regulation, 2015 as available. The material accounting policies applied in preparation of these financial results are consistent with those followed in the annual standalone financial statements for the year ended March 31, 2025. 3. Valecha Engineering Limited (“VEL or the Company”) is engaged in Construction Activity and there are no other reportable segments under Ind AS 108 Operating Segments. 4. Corporate Insolvency Resolution Process of Subsidiary The Hon’ble National Company Law Tribunal (“NCLT”), Mumbai Bench, vide its order dated 9th October 2023, admitted the application for initiation of the Corporate Insolvency Resolution Process (“CIRP”) in respect of Valecha Kachchh Toll Roads Limited (VKTRL), a subsidiary of the Company, under the provisions of the Insolvency and Bankruptcy Code, 2016. Mr. Avil Jerome Menezes was appointed as the Interim Resolution Professional (“IRP”) and was subsequently confirmed as the Resolution Professional (“RP”) by the Committee of Creditors (“CoC”) to perform the functions as stipulated under the Code. The Resolution Plan submitted by the Resolution Applicant has been approved by the CoC with the requisite majority in its meeting held on 28th March 2025. Application for approval of Resolution Plan {IA(IBC)(PLAN)/61/MB/2025} has been filed on 09th May, 2025 with the Hon’ble NCLT, Mumbai Bench and is currently pending adjudication. Pending the outcome of the CIRP and realisability assessment of the assets of VKTRL, the Company continues to carry its investment of Rs 39.84 crores in VKTRL and loans granted of Rs 76.36 crores at book value, aggregating to Rs. 116.20 crores. As required under Ind AS 109 – Financial Instruments and Ind AS 36 – Impairment of Assets, these balances are ordinarily subject to recoverability assessment and impairment testing. Considering the ongoing CIRP and pending adjudication of the Resolution Plan, no impairment has been recognised at this stage. The impact, if any, will be given effect upon conclusion of the CIRP. 5. Investments and Advances in Subsidiaries The Company continues to carry its investments of Rs. 2.18 Crores in four subsidiary companies, along with loans and advances totalling Rs. 169.02 Crores extended to four subsidiaries and one step-down subsidiary, at their respective book values. These carrying amounts have been retained pending a detailed assessment of the recoverability of the underlying assets of these companies. The particulars of the investments and loans are as follows: The investments and loans are carried at book value, pending recoverability assessment. In accordance with Ind AS 109 – Financial Instruments, such financial assets are required to be measured at amortized cost or fair value, with recognition of expected credit losses (ECL) where applicable. The Company has carried out a preliminary review and will undertake a detailed assessment, including ECL recognition if necessary. Management believes that the carrying amounts are appropriately stated, and any adjustments required under the applicable Indian Accounting Standards will be made if deemed necessary. 6. Financial Assets – Trade Receivables, Loans, and Advances The Company’s financial assets comprise trade receivables, loans, advances, and other non-current financial assets. These are stated at their respective book values, pending assessment of recoverability and recognition of expected credit losses in accordance with the applicable Indian Accounting Standards (Ind AS). Certain amounts are subject to legal restrictions or ongoing proceedings, as noted below. Appropriate disclosures regarding the nature, timing, and potential uncertainties related to these assets have been made in the financial statements. The extract of relevant details is as under: - Particulars Amount (Rs. Crores) Remarks Trade Receivables 138.06 Carried at book value, pending further assessment of recoverability. Other Non-Current Financial Assets (including retention) 11.71 Stated at book value; expected credit loss and recoverability will be assessed in accordance with Ind AS 109. Amounts with Canara Bank (restricted) 15.41 Held by the Bank and pending adjustment as per NCLAT order dated 12.02.2020 (Company Appeal AT/127/2019). Loans to related parties (excluding subsidiaries, step-down subsidiaries, associates) 6.50 Carried at book value. The Company will assess recoverability and recognize expected credit loss, if any, in accordance with Ind AS 109. Related party disclosures are made as per Ind AS 24. Loans to other parties 5.03 Stated at book value. Recoverability will be assessed and expected credit loss recognized as required under Ind AS 109. Advances to suppliers 22.40 Carried at book value. Classification as current or non-current will be as per the expected settlement period, with recoverability assessment performed. Name of Company Relation Investment (Rs. Crores) Loans & Advances (Rs. Crores) Valecha Infrastructure Limited Subsidiary 0.05 140.68 Professional Realtors Private Limited Subsidiary 1.80 0.24 Valecha International FZE Subsidiary 0.31 23.57 Valecha Reality Limited Subsidiary 0.02 0.29 Valecha Badwani Sendhwa Tollways Limited Step-down Subsidiary - 4.25 Total 2.18 169.03 7. The Company also continues to carry its Other Non-Current Assets as at December 31, 2025 which includes Rs. 20.46 crores receivable towards various indirect taxes from Government Authorities, at its book value pending realisability assessment of the Assets of the Company. 8. The unpaid liabilities related to amounts withheld from payments to sub-contractors and expenses accrued during CIRP period, are yet to be paid from the funds available for CoC. Accordingly, undistributed pending payable amount aggregating of Rs. 1.69 Crores till December 31, 2025 has been disclosed under relevant heads under liabilities. 9. Undistributed Pending Payables As at December 31, 2025, the Company has undistributed pending payables aggregating of Rs. 3.70 Crores, comprising of Rs. 1.00 Crores towards Gratuity, Rs. 2.66 Crores payable to EPFO, Rs. 0.04 Crores for other contingencies, and Rs. 0.00* Crore (*Rs.18,115/-) for Fixed Deposit holders. These amounts are expected to be settled from funds received from the Successful Resolution Applicant in accordance with the Resolution Plan approved by the Hon’ble NCLT. No provision has been made in the books of accounts for these pending amounts, except for Rs. 0.55 Crores towards Gratuity and Rs. 0.00* Crore (*Rs.18,115/-) payable to Fixed Deposit holders. 10. Loans, Advances, Trade Receivables, and Other Current Assets The Company’s Loans & Advances, Trade Receivables, and Other Current Assets are subject to confirmations, reconciliations, and adjustments as may be necessary upon assessment of their recoverability. The Company continues to monitor and evaluate these balances and any adjustments required under the applicable Indian Accounting Standards will be made if deemed necessary to ensure appropriate presentation and disclosure in the financial statements. 11. During the quarter ended 30th September, 2025, the Company has received interest on Income Tax Refund of Rs.6.07 Crores for A.Y. 2016-17. The same is disclosed under “Other Income”. During the quarter ended 31st December, 2025, the Company initiated an internal reconciliation of refunds received from Government Departments relating to the earlier financial year i.e. 2015-16. The reconciliation is currently in progress and, based on preliminary review, there may be a possible excess or short receipt of refund. The Company is in the process of completing the reconciliation and initiating communication with the concerned department, if required. Pending completion of the reconciliation, the financial impact, if any, is not presently ascertainable. 12. The Government of India has notified the implementation of the four labour codes namely the code on wages 2019, The industrial Relations, Code,2020, the Code on social Security,2020 and the Occupational Safety, Health and working Conditions Code, 2020 with effect from 21st November 2025, rationalising 29 existing labour laws. Once Central/ State Rules are notified by the Government on all aspects of the Codes, the Company will evaluate the impact, if any, on the measurement of employee benefits and would provide appropriate accounting treatment while finalising the accounts for the year ended 31st March 2026. 13. The previous period's figures have been re-grouped/ re-classified wherever required to conform to current period's classification. All figures of financial results are stated as Rupees in Crores except otherwise stated. For VALECHA ENGINEERING LIMITED SHASHIKANT GANGADHAR BHOGE CHAIRMAN DIN : 05345105 DATE: 17/02/2026 PLACE: MUMBAI | |
| 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 | 01-10-2025 | 01-04-2025 |
| B | Date of end of reporting period | 31-12-2025 | 31-12-2025 |
| C | Whether results are audited or unaudited | Unaudited | Unaudited |
| D | Nature of report standalone or consolidated | Standalone | Standalone |
| 1 | Income | ||
| Revenue from operations | 240.00 | 1,870.00 | |
| Other income | 82.00 | 799.00 | |
| Total income | 322.00 | 2,669.00 | |
| 2 | Expenses | ||
| (a) | Cost of materials consumed | 146.00 | 1,116.00 |
| (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 | 61.00 | 177.00 |
| (e) | Finance costs | 3.00 | 10.00 |
| (f) | Depreciation, depletion and amortisation expense | 29.00 | 86.00 |
| (f) | Other Expenses | ||
| 1 | Other Expenses | 58.00 | 161.00 |
| Total other expenses | 58.00 | 161.00 | |
| Total expenses | 297.00 | 1,550.00 | |
| 3 | Total profit before exceptional items and tax | 25.00 | 1,119.00 |
| 4 | Exceptional items | 0.00 | 0.00 |
| 5 | Total profit before tax | 25.00 | 1,119.00 |
| 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 | 25.00 | 1,119.00 |
| 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 | 25.00 | 1,119.00 |
| 17 | Other comprehensive income net of taxes | 0.00 | 0.00 |
| 18 | Total Comprehensive Income for the period | 25.00 | 1,119.00 |
| 19 | Total profit or loss, attributable to | ||
| Profit or loss, attributable to owners of parent | |||
| Total profit or loss, attributable to non-controlling interests | |||
| 20 | Total Comprehensive income for the period attributable to | ||
| Comprehensive income for the period attributable to owners of parent | |||
| Total comprehensive income for the period attributable to owners of parent non-controlling interests | |||
| 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 | 0.11 | 4.97 | |
| Diluted earnings (loss) per share from continuing operations | 0.11 | 4.97 | |
| 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 | 0.11 | 4.97 | |
| Diluted earnings (loss) per share from continuing and discontinued operations | 0.11 | 4.97 | |
| 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 Standalone Statements of Financial Results for the quarter and nine months ended December 31, 2025: 1. Approval and Limited Review of Unaudited Financial Results The above unaudited financial results were reviewed and recommended by the Audit Committee and approved by the Board of Directors of the Company at its meeting held on 17/02/2026. The Statutory Auditors have conducted the limited review of the unaudited financial results for the quarter and nine months ended December 31, 2025, and issued their report dated 17/02/2026. 2. This result has been prepared in accordance with Regulation 33 of the SEBI (Listing Obligations and Disclosures Requirement) Regulation, 2015 as available. The material accounting policies applied in preparation of these financial results are consistent with those followed in the annual standalone financial statements for the year ended March 31, 2025. 3. Valecha Engineering Limited (“VEL or the Company”) is engaged in Construction Activity and there are no other reportable segments under Ind AS 108 Operating Segments. 4. Corporate Insolvency Resolution Process of Subsidiary The Hon’ble National Company Law Tribunal (“NCLT”), Mumbai Bench, vide its order dated 9th October 2023, admitted the application for initiation of the Corporate Insolvency Resolution Process (“CIRP”) in respect of Valecha Kachchh Toll Roads Limited (VKTRL), a subsidiary of the Company, under the provisions of the Insolvency and Bankruptcy Code, 2016. Mr. Avil Jerome Menezes was appointed as the Interim Resolution Professional (“IRP”) and was subsequently confirmed as the Resolution Professional (“RP”) by the Committee of Creditors (“CoC”) to perform the functions as stipulated under the Code. The Resolution Plan submitted by the Resolution Applicant has been approved by the CoC with the requisite majority in its meeting held on 28th March 2025. Application for approval of Resolution Plan {IA(IBC)(PLAN)/61/MB/2025} has been filed on 09th May, 2025 with the Hon’ble NCLT, Mumbai Bench and is currently pending adjudication. Pending the outcome of the CIRP and realisability assessment of the assets of VKTRL, the Company continues to carry its investment of Rs 39.84 crores in VKTRL and loans granted of Rs 76.36 crores at book value, aggregating to Rs. 116.20 crores. As required under Ind AS 109 – Financial Instruments and Ind AS 36 – Impairment of Assets, these balances are ordinarily subject to recoverability assessment and impairment testing. Considering the ongoing CIRP and pending adjudication of the Resolution Plan, no impairment has been recognised at this stage. The impact, if any, will be given effect upon conclusion of the CIRP. 5. Investments and Advances in Subsidiaries The Company continues to carry its investments of Rs. 2.18 Crores in four subsidiary companies, along with loans and advances totalling Rs. 169.02 Crores extended to four subsidiaries and one step-down subsidiary, at their respective book values. These carrying amounts have been retained pending a detailed assessment of the recoverability of the underlying assets of these companies. The particulars of the investments and loans are as follows: The investments and loans are carried at book value, pending recoverability assessment. In accordance with Ind AS 109 – Financial Instruments, such financial assets are required to be measured at amortized cost or fair value, with recognition of expected credit losses (ECL) where applicable. The Company has carried out a preliminary review and will undertake a detailed assessment, including ECL recognition if necessary. Management believes that the carrying amounts are appropriately stated, and any adjustments required under the applicable Indian Accounting Standards will be made if deemed necessary. 6. Financial Assets – Trade Receivables, Loans, and Advances The Company’s financial assets comprise trade receivables, loans, advances, and other non-current financial assets. These are stated at their respective book values, pending assessment of recoverability and recognition of expected credit losses in accordance with the applicable Indian Accounting Standards (Ind AS). Certain amounts are subject to legal restrictions or ongoing proceedings, as noted below. Appropriate disclosures regarding the nature, timing, and potential uncertainties related to these assets have been made in the financial statements. The extract of relevant details is as under: - Particulars Amount (Rs. Crores) Remarks Trade Receivables 138.06 Carried at book value, pending further assessment of recoverability. Other Non-Current Financial Assets (including retention) 11.71 Stated at book value; expected credit loss and recoverability will be assessed in accordance with Ind AS 109. Amounts with Canara Bank (restricted) 15.41 Held by the Bank and pending adjustment as per NCLAT order dated 12.02.2020 (Company Appeal AT/127/2019). Loans to related parties (excluding subsidiaries, step-down subsidiaries, associates) 6.50 Carried at book value. The Company will assess recoverability and recognize expected credit loss, if any, in accordance with Ind AS 109. Related party disclosures are made as per Ind AS 24. Loans to other parties 5.03 Stated at book value. Recoverability will be assessed and expected credit loss recognized as required under Ind AS 109. Advances to suppliers 22.40 Carried at book value. Classification as current or non-current will be as per the expected settlement period, with recoverability assessment performed. Name of Company Relation Investment (Rs. Crores) Loans & Advances (Rs. Crores) Valecha Infrastructure Limited Subsidiary 0.05 140.68 Professional Realtors Private Limited Subsidiary 1.80 0.24 Valecha International FZE Subsidiary 0.31 23.57 Valecha Reality Limited Subsidiary 0.02 0.29 Valecha Badwani Sendhwa Tollways Limited Step-down Subsidiary - 4.25 Total 2.18 169.03 7. The Company also continues to carry its Other Non-Current Assets as at December 31, 2025 which includes Rs. 20.46 crores receivable towards various indirect taxes from Government Authorities, at its book value pending realisability assessment of the Assets of the Company. 8. The unpaid liabilities related to amounts withheld from payments to sub-contractors and expenses accrued during CIRP period, are yet to be paid from the funds available for CoC. Accordingly, undistributed pending payable amount aggregating of Rs. 1.69 Crores till December 31, 2025 has been disclosed under relevant heads under liabilities. 9. Undistributed Pending Payables As at December 31, 2025, the Company has undistributed pending payables aggregating of Rs. 3.70 Crores, comprising of Rs. 1.00 Crores towards Gratuity, Rs. 2.66 Crores payable to EPFO, Rs. 0.04 Crores for other contingencies, and Rs. 0.00* Crore (*Rs.18,115/-) for Fixed Deposit holders. These amounts are expected to be settled from funds received from the Successful Resolution Applicant in accordance with the Resolution Plan approved by the Hon’ble NCLT. No provision has been made in the books of accounts for these pending amounts, except for Rs. 0.55 Crores towards Gratuity and Rs. 0.00* Crore (*Rs.18,115/-) payable to Fixed Deposit holders. 10. Loans, Advances, Trade Receivables, and Other Current Assets The Company’s Loans & Advances, Trade Receivables, and Other Current Assets are subject to confirmations, reconciliations, and adjustments as may be necessary upon assessment of their recoverability. The Company continues to monitor and evaluate these balances and any adjustments required under the applicable Indian Accounting Standards will be made if deemed necessary to ensure appropriate presentation and disclosure in the financial statements. 11. During the quarter ended 30th September, 2025, the Company has received interest on Income Tax Refund of Rs.6.07 Crores for A.Y. 2016-17. The same is disclosed under “Other Income”. During the quarter ended 31st December, 2025, the Company initiated an internal reconciliation of refunds received from Government Departments relating to the earlier financial year i.e. 2015-16. The reconciliation is currently in progress and, based on preliminary review, there may be a possible excess or short receipt of refund. The Company is in the process of completing the reconciliation and initiating communication with the concerned department, if required. Pending completion of the reconciliation, the financial impact, if any, is not presently ascertainable. 12. The Government of India has notified the implementation of the four labour codes namely the code on wages 2019, The industrial Relations, Code,2020, the Code on social Security,2020 and the Occupational Safety, Health and working Conditions Code, 2020 with effect from 21st November 2025, rationalising 29 existing labour laws. Once Central/ State Rules are notified by the Government on all aspects of the Codes, the Company will evaluate the impact, if any, on the measurement of employee benefits and would provide appropriate accounting treatment while finalising the accounts for the year ended 31st March 2026. 13. The previous period's figures have been re-grouped/ re-classified wherever required to conform to current period's classification. All figures of financial results are stated as Rupees in Crores except otherwise stated. For VALECHA ENGINEERING LIMITED SHASHIKANT GANGADHAR BHOGE CHAIRMAN DIN : 05345105 DATE: 17/02/2026 PLACE: MUMBAI |
|---|
| Debt equity ratio | |
|---|---|
| Debt service coverage ratio | |
| Interest service coverage ratio |
| 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 | 01-10-2025 | 01-04-2025 | |||||
| Date of end of reporting period | 31-12-2025 | 31-12-2025 | |||||
| Whether results are audited or unaudited | Unaudited | Unaudited | |||||
| Nature of report standalone or consolidated | Standalone | Standalone | |||||
| 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 | 01-10-2025 | 01-04-2025 |
| B | Date of end of reporting period | 31-12-2025 | 31-12-2025 |
| C | Whether results are audited or unaudited | Unaudited | Unaudited |
| D | Nature of report standalone or consolidated | Standalone | Standalone |
| 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 |