Integrated Filing — IndAS



General information about company

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 05-06-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 21-05-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Fourth quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Audited
Segment Reporting Single segment
Description of single segment Civil Construction
Start date and time of board meeting 05-06-2026   16:00:00
End date and time of board meeting 05-06-2026   22:30:00
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



Financial Results Ind-AS

Amount in (Lakhs)

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 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 1,144.00 3,297.00
Other income (547.00) 258.00
Total income 597.00 3,555.00
2 Expenses
(a) Cost of materials consumed 741.00 1,916.00
(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 74.00 304.00
(e) Finance costs 4,883.00 19,018.00
(f) Depreciation, depletion and amortisation expense 204.00 813.00
(f) Other Expenses
1 Other Expenses 3,654.00 4,020.00
Total other expenses 3,654.00 4,020.00
Total expenses 9,556.00 26,071.00
3 Total profit before exceptional items and tax (8,959.00) (22,516.00)
4 Exceptional items (382.00) (382.00)
5 Total profit before tax (9,341.00) (22,898.00)
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 (9,341.00) (22,898.00)
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 (9,341.00) (22,898.00)
17 Other comprehensive income net of taxes 9.00 9.00
18 Total Comprehensive Income for the period (9,332.00) (22,889.00)
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent (7,278.00) (14,833.00)
Total profit or loss, attributable to non-controlling interests (2,063.00) (8,065.00)
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent (7,269.00) (14,824.00)
Total comprehensive income for the period attributable to owners of parent non-controlling interests (2,063.00) (8,065.00)
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 (1,71,843.00)
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations -41.46 -101.63
Diluted earnings (loss) per share from continuing operations -41.46 -101.63
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 -41.46 -101.63
Diluted earnings (loss) per share from continuing and discontinued operations -41.46 -101.63
24 Debt equity ratio 0 0
25 Debt service coverage ratio 0 0
26 Interest service coverage ratio 0 0
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) Notes to the Audited Consolidated Statements of Financial Results for the quarter and year ended March 31, 2026: 1. The above audited 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 05/06/2026. The Statutory Auditors have carried out the audit of the Audited Consolidated Financial Results for the quarter and year ended March 31, 2026 vide their report dated 05/06/2026. 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. The Company has incurred continuous losses during the current and previous financial years and, as at March 31, 2026. Further, the Company has experienced adverse financial conditions which indicate the existence of a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern. Based on the management’s assessment and considering the absence of future plans for revival of operations and generation of sufficient cash flows, the financial statements have not been prepared on a going concern assumption. Accordingly, the Company has recognised diminution in the value of investment amounting to Rs. 0.03 crores and made provision for doubtful advances amounting to Rs. 6.51 crores as on 31.03.2026. thereby bringing entire assets to its current realisable Value. 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. 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. 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. 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 audited 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 audited 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 year ended March 31, 2026 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. Further, the Company has experienced adverse financial conditions which indicate the existence of a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern. Based on the management’s assessment and considering the absence of future plans for revival of operations and generation of sufficient cash flows, the financial statements of the Company have not been prepared on a going concern assumption. Accordingly, the assets of the Company have been stated at realizable value. The Company has recognised diminution in the value of investment amounting to Rs. 18.53 crores and made provision for doubtful advances amounting to Rs. 35.72 crores as on 31.03.2026. thereby bringing entire assets to its current realisable Value. e) Valecha Badwani Sendhwa Tollways Limited (VBSTL) Madhya Pradesh Road Development Corporation (MPRDC), vide its letter no.9034569 dated 24/03/2026 received by Company on 30/03/2026 has suspended the Company’s (Concessionaire) Rights to collect Toll fee and other revenues w .e .f. 01st April 2026 leading to freeze in earning revenue of the Company. However, MPRDC has appointed an agency to collect Toll which shall be deposited in the Escrow Account of the Company. The 26th Annuity receivable by the Company from January 2025 up to June 2025, also becomes Contingent due to this event. The Toll Assets were to be handed over to the MPRDC from October 2026 as per the Concession Agreement. In addition to Bank Loan Liability, the Liability on account of execution of maintenance work at Risk and Cost to the Company by MPRDC, may accrue to the Company, the quantum of which is evaluated by the MPRDC at the amount of Rs.5.47 Cr. and Rs.75.98 Lakhs, required for repair & maintenance works (O&M Expenses). The Company has contested the said letter and claim of the MPRDC. f) 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 March 31, 2026. g) Professional Realtors Private Limited (PRPL) The Company has incurred continuous losses during the current and previous financial years and, as at March 31, 2026. Further, the Company has experienced adverse financial conditions which indicate the existence of a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern. Based on the management’s assessment and considering the absence of future plans for revival of operations and generation of sufficient cash flows, the financial statements have not been prepared on a going concern assumption. Accordingly, the assets of the Company have been stated at realizable value.



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 31-03-2026
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 267.00
Capital work-in-progress 0.00
Investment property 149.00
Goodwill 0.00
Other intangible assets 345.00
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 5.00
Trade receivables, non-current 0.00
Loans, non-current 0.00
Other non-current financial assets
1 Security Deoposit 263.00
2 Retention 772.00
3 Advance to suppliers 2,248.00
4 Others 1,784.00
Total of other non-current financial assets 5,067.00
Total non-current financial assets 5,072.00
Deferred tax assets (net) 0.00
Other non-current assets
1 Advance income tax (net of provisions) 546.00
2 Deposits 12.00
Total of other non-current assets 558.00
Total non-current assets 6,391.00
2 Current assets
Inventories 1.00
Current financial asset
Current investments 0.00
Trade receivables, current 15,846.00
Cash and cash equivalents 2,428.00
Bank balance other than cash and cash equivalents 683.00
Loans, current 3,530.00
Other current financial assets
Total of other current financial assets 804.00
Total current financial assets 23,291.00
Current tax assets (net) 0.00
Other current assets
1 Balance with GST Authorities (Refer note no.48) 312.00
2 Advance Income Tax (net of provisions) 2.00
3 Advance to suppliers (Refer note no.48) 3.00
4 Others (Refer note no.48) 8.00
Total of other current assets 325.00
Total current assets 23,617.00
3 Non-current assets classified as held for sale 0.00
4 Regulatory deferral account debit balances and related deferred tax Assets 0.00
Total assets 30,008.00
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 2,253.00
Other equity (91,029.00)
Total equity attributable to owners of parent (88,776.00)
Non controlling interest (78,314.00)
Total equity (1,67,090.00)
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
1 Amount Withheld and Retention from sub-contractors 708.00
Total of other non-current financial liabilities 708.00
Total non-current financial liabilities 708.00
Provisions, non-current 7.00
Deferred tax liabilities (net)
Deferred government grants, Non-current
Other non-current liabilities
1 Provision for contractual obligations 3,176.00
Total of other non-current liabilities 3,176.00
Total non-current liabilities 3,891.00
Current liabilities
Current financial liabilities
Borrowings, current 53,675.00
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 6.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 2,040.00
Total Trade payable 2,046.00
Other current financial liabilities
1 Current Maturities of lease liabilities 91.00
2 Interest Accrued and Due on Borrowings (Refer note no.48) 1,35,626.00
3 Liability for distribution to financial creditors 1,541.00
4 Earnest Money Deposit from Prospective Resolution Applicants 100.00
Total of other current financial liabilities 1,37,358.00
Total current financial liabilities 1,93,079.00
Other current liabilities 78.00
1 Statutory Dues 69.00
2 Others 9.00
Total of other current liabilities 78.00
Provisions, current 50.00
Current tax liabilities (Net)
Deferred government grants, Current
Total current liabilities 1,93,207.00
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 1,97,098.00
Total equity and liabilites 30,008.00
Disclosure of notes on assets and liabilities



Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

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 01-01-2026 01-04-2025
Date of end of reporting period 31-03-2026 31-03-2026
Whether results are audited or unaudited Audited Audited
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



Other Comprehensive Income

Amount in (Lakhs)

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 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
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
1 Items that will not be reclassified to profit or loss 9.00 9.00
Total Amount of items that will not be reclassified to profit and loss 9.00 9.00
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 9.00 9.00



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2025
B Date of end of reporting period 31-03-2026
C Whether results are audited or unaudited Audited
D Nature of report standalone or consolidated Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax (22,898.00)
Adjustments for reconcile profit (loss)
Adjustments for finance costs 19,018.00
Adjustments for decrease (increase) in inventories 0.00
Adjustments for decrease (increase) in trade receivables, current 2,058.00
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets 3,371.00
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 (925.00)
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities 17,600.00
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 813.00
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current 0.00
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 1.00
Adjustments for interest income 233.00
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 192.00
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) 41,893.00
Net cash flows from (used in) operations 18,995.00
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) (84.00)
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities 19,079.00
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 38.00
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 1.00
Interest received 233.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) investing activities 196.00
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 0.00
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 1,065.00
Payments of lease liabilities 79.00
Dividends paid 0.00
Interest paid 19,018.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) financing activities (20,162.00)
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes (887.00)
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 (887.00)
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 2,428.00