| Textual Information(1) |
Notes 1 MBL Infrastructure Ltd. ('the Holding Company') and its subsidiaries are together referred to as 'the Group' in the following notes. These unaudited consolidated financial results have been prepared in accordance with the Indian Accounting Standards (Ind AS) prescribed under Companies (Indian Accounting Standards) Rules, 2015 as amended. The consolidated financial results of the Group have been reviewed by the Audit Committee and approved and taken on record by the Board of Directors of the Holding Company in their meeting held on July 23, 2026. The same have also been subjected to Limited Review by the Statutory Auditors. 2 The Resolution Plan of the Holding Company dated November 22, 2017 submitted by Mr. A K Lakhotia with 78.50% CoC majority support was approved under IBC, 2016 and Orders dated April 18, 2018, March 11, 2022, September 13, 2023 and September 30, 2024 by Hon'ble National Company Law Tribunal (NCLT), Kolkata, Orders dated August 16, 2019, May 23, 2023 and August 10, 2023 by Hon'ble National Company Law Appellate Tribunal (NCLAT) and Orders dated January 18, 2022, August 04, 2023 and September 25, 2023 by Hon’ble Supreme Court were passed regarding approval and implementation of the Resolution Plan and the Resolution Plan has attained finality. The documents for implementation of the Approved Resolution Plan have been executed by the Banks and the date of implementation of the Package/Resolution Plan has been declared by the Banks as September 04, 2024. 3 The Resolution Plan approved under IBC is binding on all creditors including the Central Government, State Government, any Local Authority under section 31(1) of IBC, 2016. Claims not filed/ not admitted/ claims which do not form part of the approved Resolution Plan stand extinguished. The payments of admitted claims are subject to reconciliation and rights and remedies available to the Holding Company and are not acknowledged as debt. 4 As per legal advice received, in case of claim not filed by creditor against Corporate Guarantee provided by the Holding Company in respect of subsidiary company, the same stand extinguished. Without prejudice to the above, as per the Resolution Plan dated November 22, 2017 of the Company approved under IBC, 2016 read with Orders dated April 18, 2018, March 11, 2022 , September 13, 2023 and Septemeber 30, 2024 by Hon'ble NCLT, Kolkata, Order dated August 16, 2019 , May 23, 2023 and August 10, 2023 passed by Hon'ble NCLAT and Order dated January 18, 2022, August 04, 2023 and September 25, 2023 passed by Hon’ble Supreme Court, the treatment of Corporate Guarantee is Any amount arising out of invocation of existing Corporate Guarantees/Contingent Liabilities other than the current sub-judice matters will be paid after the payment of all the dues of Financial Creditors as per resolution plan, without any interest and penalties subject to the rights and remedies available to the Company and All amounts will be paid after proper reconciliation and without prejudice to the legal remedies available to the Company. 5 There has been delay in Completion / Commercial Operation Date (COD) in respect of the DBFOT Project of the wholly owned subsidiary company Suratgarh Bikaner Toll Road Company Private Limited (SBTRCPL). The SBTRCL is under Corporate Insolvency Resolution Process (CIRP) under Insolvency & Bankruptcy Code (IBC, 2016) vide order dated December 01, 2025 passed by Adjudicating Authority, National Company Law Tribunal, Kolkata. The powers of the SBTRCPL of the Board are suspended and management of the Company vests with Resolution Professional. Committee of Creditors comprising of consortium of five banks has been constituted. The SBTRCL continues as a going concern. Provision for finance cost @9.60% p.a. has been made till November 30, 2025. No provision for finance cost has been made since initiation of CIRP i.e. December 01, 2025. The IRP/RP has invited and collated claims from all the creditors of the SBTRCL. These claims are subject to outcome of CIRP proceedings and have not been accounted for. Revenue from operations includes fees from Overloaded Vehicles collected over and above the next category of vehicle and excludes revenue shortfall compensation on implementation of Annual Pass Scheme of Authority and O&M Charges of hybrid ETC System and MSMWIM, which are yet to approved by the Authority. The Resolution Professional invited Expression of Interest and had shortlisted Prospective Resolution Applicants (PRAs). Resolution Plans have been submitted by some PRAs and are being evaluated by the Committee of Creditors. The financial statements shall be recasted on the basis of Resolution Plan which on approval by the Adjudicating Authority shall be binding on the SBTRCLand its employees, members, creditors including Central Government, State Government, any Local Authority, guarantors and other stakeholders under section 31(1) of IBC, 2016. In case, Resolution Plan is not approved or is rejected by Adjudicating Authority, the SBTRCL may not be a going concern. CIRP expenses of Rs.19 lakhs have been disclosed as Exceptional Expenses. 6 There was a participation in concession agreement dated September 09, 2011 by way of project centric ECB facility as per prudential norms of financing infrastructure projects in India as per RBI guidelines and other applicable Indian laws in DBFOT project of MBL Highway Development Company Limited (MHDCL). Repayments and interest were to be made from escrow account out of deposit of user fee (toll) on achievement of Commercial Operation Date (COD). However the concession agreement was terminated by Authority on November 18, 2016. Legal proceedings are pending at various forums for adjudication of disputes including dispute resolution proceedings in India and summary judgement and certificate of enforcement from a foreign country and its execution petition in India by such participant. The MHDCL has received legal advice that the same is not enforceable. The MHDCL has counter claims against the participant exceeding the amount of the claims. However, provision has been made for claims including foreign exchange fluctuation as per ‘conservative principles of accounting’ but the same is not acknowledged as debt. The MHDCL has invoked arbitration against the Authority and Lenders Representative / Escrow Agent on account of material defaults/breach on their part in fulfilling their obligations as per provisions of Substitution Agreement & Escrow Agreement and has filed claims. Provisions already made may be reversed in case of Resolution. 7 MSP Infrastructures Limited(MSPIL) had entered into concession agreement for Strengthening, Widening, Upgradation, Operation and Maintenance of Raisen-Rahatgarh road on BOT(Build-Operate-Transfer) basis with M.P. Road Development Corporation Ltd. (MPRDC). The said concession agreement was terminated by MPRDC. Arbitration was initiated. Arbitration Tribunal passed an Award dated 27.11.2006 in favour of MSPIL which was set aside by Hon'ble Commercial Court, Bhopal by order dated 24.11.2022. MSPIL has invoked fresh arbitration and case no. AC 2358 has been registered with Indian Council of Arbitration. MSPIL has filed Statement of Claims and arbitration proceedings are pending adjudication. The claims shall be accounted on certainty of their realization. 8 The Group has claims in respect of cost over-run arising due to client responsibility delays, client's suspension of projects, deviation in design, change in scope of work etc., which are at various stages of negotiation/ discussion with the clients/ arbitration/ litigation. The realisability of these claims are estimated by the Company based on contractual terms, historical experience with similar claims as well as legal opinion obtained from internal and external experts, wherever necessary. Revenue in respect of claim is recognised to the extent the Group is reasonably certain of their realisation. Realisation of above claims may be lower than the claims recognized if the Company decides to settle the same out of court in future considering the substantial time involved in litigation. Impact thereof will be considered in the year of such settlement. . 9 a. Other income comprises: (Rs. In Lakhs) Particulars Quarter Ended Year Ended June 30, 20256(Unaudited) March 31, 2026 (Audited) June 30, 2025 (Unaudited) March 31, 2026 (Audited) a. Ind-AS Adjustment 1,809 5,373 3,464 8,544 b. Interest on fixed deposits & others 144 66 64 219 c. Others 11 289 2 790 Total 1,964 5,728 3,530 9,553 b. Other expenses comprises: (Rs. In Lakhs) Particulars Quarter Ended Year Ended June 30, 2026 (Unaudited) March 31, 2026 (Audited) June 30, 2025 (Unaudited) March 31, 20256(Audited) a. Ind-AS Adjustment on Financial Asset 154 1,391 2,644 5,063 b. Ind-AS Adjustment on Financial Liabilites 1,200 1,155 1,130 4,615 b. Miscellaneous Expenses etc. 786 1,007 732 4,342 Total 2,140 3,553 4,506 14,020 10 The Group is engaged in Infrastructure Construction/Project activities which are seasonal in nature and the margins vary based on the accrual of cost and recognition of income in different quarters due to nature of business or events which lead to revision in cost to complete. 11 The Group operations consist of construction/project activities and there are no other reportable segments under Indian Accounting Standard 108 - Operating Segments. 12 The Group reports consolidated financial results on quarterly basis as per Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended. The standalone financial results are available on Company's website viz www.mblinfra.com and on website of BSE (www.bseindia.com) and NSE (www.nseindia.com). The specified items of the standalone financial results of the Holding Company for the quarter ended June 30, 2026 and year ended March 31, 2026 are given below: (Rs. in Lakhs) Particulars Quarter ended Year Ended June 30, 2026 (Unaudited) March 31, 2026 (Audited) June 30, 2025 (Unaudited) March 31, 2026 (Audited) Revenue 4,497 9,218 5,345 21,214 Profit/ (Loss) Before Exceptional Items & Tax 1,970 5,328 296 6,170 Profit/ (Loss) Before Tax 1,970 5,328 296 6,170 Profit/ (Loss) for the Period 376 81 296 923 13 The figure for the quarter ended March 31, 2026 is balancing figures between the audited figures in respect of the full financial year upto March 31, 2026 and the unaudited published year to date figure upto the third quarter ended December 31, 2025 being the date of the end of third quarter of the financial year which were subjected to limited review. 14 Figures for the previous period/quarter have been reworked/regrouped/recasted, wherever considered necessary. 15 All figures are in lakhs except earnings per share. Figures in ( ) denote negative/decrease. For MBL Infrastructure Ltd. Anjanee Kumar Lakhotia Date: July 23, 2026 Chairman & Managing Director Place: New Delhi DIN 00357695 |