| Scrip Code | 511726 |
|---|---|
| NSE Symbol | VIPULLTD |
| MSEI Symbol | NOTLISTED |
| ISIN | INE946H01037 |
| Name of company | VIPUL LIMITED |
| Type of company | Main Board |
| 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 | 29-09-2026 |
| Date on which prior intimation of the meeting for considering financial results was informed to the exchange | 24-09-2026 |
| 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 | REAL ESTATE |
| Start date and time of board meeting | 29-09-2026 13:30:00 |
| End date and time of board meeting | 29-09-2026 20:30:00 |
| 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 | Statement on impact of audit qualification |
| 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 | 4,075.42 | 5,957.75 | |
| Other income | 1,016.31 | 2,832.86 | |
| Total income | 5,091.73 | 8,790.61 | |
| 2 | Expenses | ||
| (a) | Cost of materials consumed | 2,538.95 | 4,561.24 |
| (b) | Purchases of stock-in-trade | 0.00 | 0.00 |
| (c) | Changes in inventories of finished goods, work-in-progress and stock-in-trade | 1,084.42 | 1,438.87 |
| (d) | Employee benefit expense | 241.80 | 676.06 |
| (e) | Finance costs | 640.68 | 762.88 |
| (f) | Depreciation, depletion and amortisation expense | 35.05 | 85.02 |
| (f) | Other Expenses | ||
| 1 | Other Expenses | 2,009.10 | 2,716.76 |
| Total other expenses | 2,009.10 | 2,716.76 | |
| Total expenses | 6,550.00 | 10,240.83 | |
| 3 | Total profit before exceptional items and tax | (1,458.27) | (1,450.22) |
| 4 | Exceptional items | 0.00 | 737.77 |
| 5 | Total profit before tax | (1,458.27) | (712.45) |
| 6 | Tax expense | ||
| 7 | Current tax | (5.79) | (5.79) |
| 8 | Deferred tax | 140.21 | 140.21 |
| 9 | Total tax expenses | 134.42 | 134.42 |
| 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 | (1,592.69) | (846.87) |
| 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 | 47.67 | 3.88 |
| 16 | Total profit (loss) for period | (1,545.02) | (842.99) |
| 17 | Other comprehensive income net of taxes | 69.95 | 69.95 |
| 18 | Total Comprehensive Income for the period | (1,475.07) | (773.04) |
| 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 | 1,409.59 | 1,409.59 | |
| Face value of equity share capital | 1 | 1 | |
| 27 | Details of debt securities | ||
| 22 | Reserves excluding revaluation reserve | 36,632.70 | |
| 23 | Earnings per share | ||
| i | Earnings per equity share for continuing operations | ||
| Basic earnings (loss) per share from continuing operations | -1.1 | -0.6 | |
| Diluted earnings (loss) per share from continuing operations | -1.1 | -0.6 | |
| 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 | -1.1 | -0.6 | |
| Diluted earnings (loss) per share from continuing and discontinued operations | -1.1 | -0.6 | |
| 24 | Debt equity ratio | ||
| 25 | Debt service coverage ratio | ||
| 26 | Interest service coverage ratio | ||
| 27 | Disclosure of notes on financial results | ||
| 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 | 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 | 503.63 | |
| Capital work-in-progress | 531.49 | |
| Investment property | 0.00 | |
| Goodwill | 0.00 | |
| Other intangible assets | 0.00 | |
| 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 | 226.06 | |
| Trade receivables, non-current | 0.00 | |
| Loans, non-current | 882.50 | |
| Other non-current financial assets | ||
| 1 | Loans & advances | 1,267.90 |
| Total of other non-current financial assets | 1,267.90 | |
| Total non-current financial assets | 2,376.46 | |
| Deferred tax assets (net) | 14.65 | |
| Other non-current assets | ||
| 1 | income tax assets (net) | 1,151.48 |
| 2 | Other non-current assets | 2,068.31 |
| Total of other non-current assets | 3,219.79 | |
| Total non-current assets | 6,646.02 | |
| 2 | Current assets | |
| Inventories | 42,551.84 | |
| Current financial asset | ||
| Current investments | 0.00 | |
| Trade receivables, current | 26,982.81 | |
| Cash and cash equivalents | 3,532.81 | |
| Bank balance other than cash and cash equivalents | 0.00 | |
| Loans, current | 0.00 | |
| Other current financial assets | ||
| Total of other current financial assets | 31,866.60 | |
| Total current financial assets | 62,382.22 | |
| Current tax assets (net) | 0.00 | |
| Other current assets | ||
| Total of other current assets | ||
| Total current assets | 1,04,934.06 | |
| 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 | 1,11,580.08 | |
| Equity and liabilities | ||
| 1 | Equity | |
| Equity attributable to owners of parent | ||
| Equity share capital | 1,409.59 | |
| Other equity | 35,223.11 | |
| Total equity attributable to owners of parent | 36,632.70 | |
| Non controlling interest | ||
| Total equity | 36,632.70 | |
| 2 | Liabilities | |
| Non-current liabilities | ||
| Non-current financial liabilities | ||
| Borrowings, non-current | 204.85 | |
| 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 | Other non-current liabilities | 393.08 |
| Total of other non-current financial liabilities | 393.08 | |
| Total non-current financial liabilities | 597.93 | |
| Provisions, non-current | 0.00 | |
| Deferred tax liabilities (net) | 0.00 | |
| Deferred government grants, Non-current | 0.00 | |
| Other non-current liabilities | ||
| Total of other non-current liabilities | ||
| Total non-current liabilities | 597.93 | |
| Current liabilities | ||
| Current financial liabilities | ||
| Borrowings, current | 7,955.26 | |
| 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 | 4,440.29 | |
| Total Trade payable | 4,440.29 | |
| Other current financial liabilities | ||
| 1 | other financial liabilities | 14,931.25 |
| Total of other current financial liabilities | 14,931.25 | |
| Total current financial liabilities | 27,326.80 | |
| Other current liabilities | 47,022.65 | |
| 1 | Other current liabilities | 47,022.65 |
| Total of other current liabilities | 47,022.65 | |
| Provisions, current | 0.00 | |
| Current tax liabilities (Net) | 0.00 | |
| Deferred government grants, Current | 0.00 | |
| Total current liabilities | 74,349.45 | |
| 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 | 74,947.38 | |
| Total equity and liabilites | 1,11,580.08 | |
| Disclosure of notes on assets and liabilities | ||
| 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 | |||||||
| 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 | Amount of items that will not be reclassified to profit and loss | 69.95 | 69.95 |
| Total Amount of items that will not be reclassified to profit and loss | 69.95 | 69.95 | |
| 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 | ||
| 1 | Amount of items that will be reclassified to profit and loss | 0.00 | 0.00 |
| Total Amount of items that will be reclassified to profit and loss | 0.00 | 0.00 | |
| 4 | Income tax relating to items that will be reclassified to profit or loss | 0.00 | 0.00 |
| 5 | Total Other comprehensive income | 69.95 | 69.95 |
| 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 | (712.45) | |||||
| Adjustments for reconcile profit (loss) | ||||||
| Adjustments for finance costs | 762.88 | |||||
| Adjustments for decrease (increase) in inventories | 1,442.57 | |||||
| Adjustments for decrease (increase) in trade receivables, current | 252.37 | |||||
| Adjustments for decrease (increase) in trade receivables, non-current | 0.00 | |||||
| Adjustments for decrease (increase) in other current assets | 0.00 | |||||
| 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 | (1,201.94) | |||||
| Adjustments for other bank balances | 0.00 | |||||
| Adjustments for increase (decrease) in trade payables, current | (5,827.03) | |||||
| Adjustments for increase (decrease) in trade payables, non-current | 0.00 | |||||
| Adjustments for increase (decrease) in other current liabilities | 0.00 | |||||
| Adjustments for increase (decrease) in other non-current liabilities | 0.00 | |||||
| Adjustments for depreciation and amortisation expense | 85.02 | |||||
| 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 | (230.04) | |||||
| 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 | 0.00 | |||||
| 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) | 175.25 | |||||
| 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) | (4,540.92) | |||||
| Net cash flows from (used in) operations | (5,253.37) | |||||
| Dividends received | 0.00 | |||||
| Interest paid | 0.00 | |||||
| Interest received | 0.00 | |||||
| Income taxes paid (refund) | (2,199.69) | |||||
| Other inflows (outflows) of cash | 0.00 | |||||
| Net cash flows from (used in) operating activities | (3,053.68) | |||||
| 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 | 325.09 | |||||
| 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 | 1,201.94 | |||||
| Income taxes paid (refund) | 0.00 | |||||
| Other inflows (outflows) of cash | 0.00 | |||||
| Net cash flows from (used in) investing activities | 876.85 | |||||
| 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 | 2,044.70 | |||||
| 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 | 325.46 | |||||
| Payments of lease liabilities | 0.00 | |||||
| Dividends paid | 0.00 | |||||
| Interest paid | 762.88 | |||||
| Income taxes paid (refund) | 0.00 | |||||
| Other inflows (outflows) of cash | 0.00 | |||||
| Net cash flows from (used in) financing activities | 956.36 | |||||
| Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes | (1,220.47) | |||||
| 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 | (1,220.47) | |||||
| Cash and cash equivalents cash flow statement at beginning of period | 0.00 | |||||
| Cash and cash equivalents cash flow statement at end of period | (1,220.47) | |||||
| Whether results are audited or unaudited | Audited |
|---|---|
| Declaration of unmodified opinion or statement on impact of audit qualification | Statement on impact of audit qualification |
| Auditor's opinion | Qualified opinion |
| Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results |
| Sr No. | Audit firm's name | Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI | Certificate valid upto | ||
| 1 | JSUS & ASSOCIATES | Yes | 31-05-2028 | ||
|---|---|---|---|---|---|
| Sr. | Particulars | Audited Figures (as reported before adjusting for qualifications) | Adjusted Figures (audited figures after adjusting for qualifications) |
|---|---|---|---|
| 1 | Turnover / Total income | 8,788.62 | 8,788.62 |
| 2 | Total Expenditure | 10,202.71 | 10,202.71 |
| 3 | Net Profit/(Loss) | (1,409.16) | (1,409.16) |
| 4 | Earnings Per Share | -1 | -1 |
| 5 | Total Assets | 1,13,338.74 | 1,13,338.74 |
| 6 | Total Liabilities | 74,031.09 | 74,031.09 |
| 7 | Net Worth | 39,307.65 | 39,307.65 |
| Sr. | Details of Audit Qualification | Type of Audit Qualification | Frequency of qualification | For Audit Qualification(s) where the impact is quantified by the auditor | For Audit Qualification(s) where the impact is not quantified by the auditor | ||
|---|---|---|---|---|---|---|---|
| Management's Views | (i) Management's estimation on the impact of audit qualification | (ii) If management is unable to estimate the impact, reasons for the same | Auditors' Comments on (i) or (ii) above | ||||
| 1 | Textual Information(1) | Qualified opinion | Whether appeared first time | Textual Information(2) | Textual Information(3) | Textual Information(4) | Textual Information(5) |
| 2 | Textual Information(6) | Qualified opinion | Whether appeared first time | Textual Information(7) | Textual Information(8) | Textual Information(9) | Textual Information(10) |
| 3 | Textual Information(11) | Qualified opinion | Whether appeared first time | Textual Information(12) | Textual Information(13) | Textual Information(14) | Textual Information(15) |
| 4 | Textual Information(16) | Qualified opinion | Whether appeared first time | Textual Information(17) | Textual Information(18) | Textual Information(19) | Textual Information(20) |
| 5 | Textual Information(21) | Qualified opinion | Whether appeared first time | Textual Information(22) | Textual Information(23) | Textual Information(24) | Textual Information(25) |
| 6 | Textual Information(26) | Qualified opinion | Repetitive | Textual Information(27) | Textual Information(28) | Textual Information(29) | Textual Information(30) |
| 7 | Textual Information(31) | Qualified opinion | Repetitive | Textual Information(32) | Textual Information(33) | Textual Information(34) | Textual Information(35) |
| 8 | Textual Information(36) | Qualified opinion | Repetitive | Textual Information(37) | Textual Information(38) | Textual Information(39) | Textual Information(40) |
| Textual Information(1) | Project advances falling under other non- current assets includes an amount of Rs.2,200 lakhs recoverable from Shri Kamala Priya Auto and General Agencies Private Limited and Rs. 200 lakhs from one of the associated person of the entity namely Mallipudi Anand. Subsequent to the grant of the aforesaid advance, the name of the above mentioned Company has been struck off from the Register of Companies. The Company has made a provision of 50% of the aforesaid amount i.e Rs. 1,200 lakhs. The recovery of the balance is uncertain. |
|---|---|
| Textual Information(2) | The advance was granted in the normal course of business towards acquisition of land for a project. Management is actively pursuing recovery from the promoters of the struck-off company, including Mr. Mallipudi Anand, and is also evaluating legal remedies. nAs a measure of prudence, a provision of 50% (Rs. 1,200 lakhs) has already been made. Management is reasonably confident of recovering the balance and will review the adequacy of the provision at each reporting date based on progress of recovery. n |
| Textual Information(3) | The advance was granted in the normal course of business towards acquisition of land for a project. Management is actively pursuing recovery from the promoters of the struck-off company, including Mr. Mallipudi Anand, and is also evaluating legal remedies. nAs a measure of prudence, a provision of 50% (Rs. 1,200 lakhs) has already been made. Management is reasonably confident of recovering the balance and will review the adequacy of the provision at each reporting date based on progress of recovery. n |
| Textual Information(4) | The advance was granted in the normal course of business towards acquisition of land for a project. Management is actively pursuing recovery from the promoters of the struck-off company, including Mr. Mallipudi Anand, and is also evaluating legal remedies. nAs a measure of prudence, a provision of 50% (Rs. 1,200 lakhs) has already been made. Management is reasonably confident of recovering the balance and will review the adequacy of the provision at each reporting date based on progress of recovery. n |
| Textual Information(5) | No specific comments other than our observation in auditor's report. Impact on revenue is unascertainable. |
| Textual Information(6) | The Company has advanced funds aggregating to Rs 6,414.80 lakhs to Flying Fox Private Limited under Other Financial Assets as at 31 March 2026 as project advance, an entity whose net worth has been eroded. The Company has not recognised any impairment provision in respect thereof. Consequently, Other Financial Assets and profit for the year may be overstated to the extent of any impairment provision that may be required. |
| Textual Information(7) | Management has noted the auditors' observation. Based on management's assessment of expected cash flows, the advance is considered recoverable at present. Management remains mindful of the concern raised and will continue to monitor the position closely, reassessing the need for any impairment at each reporting date and providing for it, if circumstances so warrant. |
| Textual Information(8) | Management has noted the auditors' observation. Based on management's assessment of expected cash flows, the advance is considered recoverable at present. Management remains mindful of the concern raised and will continue to monitor the position closely, reassessing the need for any impairment at each reporting date and providing for it, if circumstances so warrant. |
| Textual Information(9) | Management has noted the auditors' observation. Based on management's assessment of expected cash flows, the advance is considered recoverable at present. Management remains mindful of the concern raised and will continue to monitor the position closely, reassessing the need for any impairment at each reporting date and providing for it, if circumstances so warrant. |
| Textual Information(10) | No specific comments other than our observation in auditor's report. Impact on revenue is unascertainable. |
| Textual Information(11) | The Company has project advances Rs. 3,588.50 lakhs relating to Amritsar Project under other Financial Assets as at 31 March 2026. These advances are subject to ongoing litigation. Considering the current status of litigation, the recovery is doubtful. Consequently, Other Financial Assets and profit for the year may be overstated to the extent of any impairment provision that may be required. |
| Textual Information(12) | The advances relating to the Amritsar Project are the subject of litigation in which, based on legal advice, the Company believes it has a strong case on merits. Management expects a favourable outcome and full recovery of the amount. Any provision, if required, will be considered upon the outcome of the litigation. |
| Textual Information(13) | The advances relating to the Amritsar Project are the subject of litigation in which, based on legal advice, the Company believes it has a strong case on merits. Management expects a favourable outcome and full recovery of the amount. Any provision, if required, will be considered upon the outcome of the litigation. |
| Textual Information(14) | The advances relating to the Amritsar Project are the subject of litigation in which, based on legal advice, the Company believes it has a strong case on merits. Management expects a favourable outcome and full recovery of the amount. Any provision, if required, will be considered upon the outcome of the litigation. |
| Textual Information(15) | No specific comments other than our observation in auditor's report. Impact on revenue is unascertainable. |
| Textual Information(16) | The Company has granted several secured and unsecured loans and advances aggregating to Rs. 14,730.11 lakhs included in current assets as at 31 March 2026. The company is in process of finalising the terms and conditions for recovery of the said amounts. In view of the above, the company should have impaired these loan and advances which has not been done. Consequently, the current assets and profits for the year may be overstated to that extent. |
| Textual Information(17) | These loans and advances were granted in the ordinary course of business, and a significant portion of them is secured. nManagement considers these amounts good and recoverable, and will assess the need for any expected credit loss provision once the terms of recovery are finalised. n |
| Textual Information(18) | These loans and advances were granted in the ordinary course of business, and a significant portion of them is secured. nManagement considers these amounts good and recoverable, and will assess the need for any expected credit loss provision once the terms of recovery are finalised. n |
| Textual Information(19) | These loans and advances were granted in the ordinary course of business, and a significant portion of them is secured. nManagement considers these amounts good and recoverable, and will assess the need for any expected credit loss provision once the terms of recovery are finalised. n |
| Textual Information(20) | No specific comments other than our observation in auditor's report. Impact on revenue is unascertainable. |
| Textual Information(21) | The Company has advanced an amount of Rs. 1,080.66 lakhs, included under Other Non-current Assets as at 31 March 2026, to its associate company, Vipul Karamchand SEZ Private Limited, towards a project which is on hold due to certain regulatory issues. Considering the current status of the project, we are unable to express an opinion on recoverability of the aforesaid amount. |
| Textual Information(22) | The project of the associate, Vipul Karamchand SEZ Private Limited, is temporarily on hold pending certain regulatory clearances, which the associate is actively pursuing with the authorities concerned. The underlying project asset remains with the associate. Management considers the advance recoverable either on revival of the project or through realisation of the underlying assets, and hence no provision is considered necessary at this stage. |
| Textual Information(23) | The project of the associate, Vipul Karamchand SEZ Private Limited, is temporarily on hold pending certain regulatory clearances, which the associate is actively pursuing with the authorities concerned. The underlying project asset remains with the associate. Management considers the advance recoverable either on revival of the project or through realisation of the underlying assets, and hence no provision is considered necessary at this stage. |
| Textual Information(24) | The project of the associate, Vipul Karamchand SEZ Private Limited, is temporarily on hold pending certain regulatory clearances, which the associate is actively pursuing with the authorities concerned. The underlying project asset remains with the associate. Management considers the advance recoverable either on revival of the project or through realisation of the underlying assets, and hence no provision is considered necessary at this stage. |
| Textual Information(25) | No specific comments other than our observation in auditor's report. Impact on revenue is unascertainable. |
| Textual Information(26) | The Company has not provided interest expense on its certain ICDs amounting to Rs 1,582.28 lakhs as negotiations with the lenders are under process, these borrowings will be settled mutually. Additionally, interest expense on advance received from customers has also not been booked as negotiations for settlement of the same is under progress. As agreements governing these balances are not available, consequently, the terms and conditions necessary for determining the applicable interest rate and computing the related interest expense could not be determined and potential overstatement or understatement cannot be ascertained. In view of the above, we are unable to express an opinion thereon. |
| Textual Information(27) | The Company is in negotiation with the ICD lenders for a mutually agreed settlement, which is expected to include waiver or reduction of interest. Since the settlement is expected to be concluded without a material interest liability, no interest has been provided. Similarly, advances received from customers towards projects, settlement discussions are in progress. Any liability arising on final settlement will be recognised in the period in which the terms are concluded. |
| Textual Information(28) | The Company is in negotiation with the ICD lenders for a mutually agreed settlement, which is expected to include waiver or reduction of interest. Since the settlement is expected to be concluded without a material interest liability, no interest has been provided. Similarly, advances received from customers towards projects, settlement discussions are in progress. Any liability arising on final settlement will be recognised in the period in which the terms are concluded. |
| Textual Information(29) | The Company is in negotiation with the ICD lenders for a mutually agreed settlement, which is expected to include waiver or reduction of interest. Since the settlement is expected to be concluded without a material interest liability, no interest has been provided. Similarly, advances received from customers towards projects, settlement discussions are in progress. Any liability arising on final settlement will be recognised in the period in which the terms are concluded. |
| Textual Information(30) | No specific comments other than our observation in auditor's report. Impact on revenue is unascertainable. |
| Textual Information(31) | Certain Trade Receivables of the company are not confirmed as they are under reconciliation as mentioned in the notes to accounts. |
| Textual Information(32) | Management acknowledges the auditors' observation. Based on the information available, management does not presently anticipate any material adjustment. Any differences identified on completion of the reconciliation will be suitably addressed in the books, and management will continue to work towards strengthening the confirmation process going forward. |
| Textual Information(33) | Management acknowledges the auditors' observation. Based on the information available, management does not presently anticipate any material adjustment. Any differences identified on completion of the reconciliation will be suitably addressed in the books, and management will continue to work towards strengthening the confirmation process going forward. |
| Textual Information(34) | Management acknowledges the auditors' observation. Based on the information available, management does not presently anticipate any material adjustment. Any differences identified on completion of the reconciliation will be suitably addressed in the books, and management will continue to work towards strengthening the confirmation process going forward. |
| Textual Information(35) | No specific comments other than our observation in auditor's report. Impact on revenue is unascertainable. |
| Textual Information(36) | The Company has outstanding ICDS aggregating to Rs. 6,902.96 lakhs as at 31 March 2026. The agreements and other supporting documentation governing these balances have not been executed and are not available as at the reporting date and the outstanding balances remain unconfirmed by the respective lenders as most of these borrowings are presently pending before various legal and judicial forums. In the absence of duly executed agreements and balance confirmations, interest payable, wherever applicable, has been computed based on the details and information provided by the management. |
| Textual Information(37) | The Company is in negotiation with the ICD lenders for a mutually agreed settlement, which is expected to include waiver or reduction of interest. Since the settlement is expected to be concluded without a material interest liability, no interest has been provided. Similarly, advances received from customers towards projects, settlement discussions are in progress. Any liability arising on final settlement will be recognised in the period in which the terms are concluded. |
| Textual Information(38) | The Company is in negotiation with the ICD lenders for a mutually agreed settlement, which is expected to include waiver or reduction of interest. Since the settlement is expected to be concluded without a material interest liability, no interest has been provided. Similarly, advances received from customers towards projects, settlement discussions are in progress. Any liability arising on final settlement will be recognised in the period in which the terms are concluded. |
| Textual Information(39) | The Company is in negotiation with the ICD lenders for a mutually agreed settlement, which is expected to include waiver or reduction of interest. Since the settlement is expected to be concluded without a material interest liability, no interest has been provided. Similarly, advances received from customers towards projects, settlement discussions are in progress. Any liability arising on final settlement will be recognised in the period in which the terms are concluded. |
| Textual Information(40) | No specific comments other than our observation in auditor's report. Impact on revenue is unascertainable. |
| Name of CEO / Managing director | PUNIT BERIWALA |
|---|---|
| Name of CFO | PUNIT BERIWALA |
| Name of audit committee chairman | AJAY ARJIT SINGH |
| Name of statutory auditor | JSUS & ASSOCIATES |
| Name of other signatory, if any, with designation | NA |
| Place | GURUGRAM |
| Date | 29-09-2026 |