VIPULLTD2026-01-012026-03-31VIPULLTD2026-03-31VIPULLTD2025-03-31VIPULLTD2025-04-012026-03-31VIPULLTD2026-01-012026-03-31in-capmkt:OtherExpenses1MemberVIPULLTD2025-04-012026-03-31in-capmkt:OtherExpenses1MemberVIPULLTD2026-03-31OtherNoncurrentAssetsDomain1VIPULLTD2026-03-31OtherNoncurrentAssetsDomain2VIPULLTD2026-03-31OtherCurrentFinancialAssetsDomain1VIPULLTD2026-03-31OtherCurrentAssetsDomain1VIPULLTD2026-03-31OtherNoncurrentFinancialLiabilitiesDomain1VIPULLTD2026-03-31OtherCurrentFinancialLiabilitiesDomain1VIPULLTD2026-03-31OtherCurrentLiabilitiesDomain1VIPULLTD2026-01-012026-03-31ItemsThatWillNotBeReclassifiedToProfitAndLoss1VIPULLTD2025-04-012026-03-31ItemsThatWillNotBeReclassifiedToProfitAndLoss1VIPULLTD2026-01-012026-03-31ItemsThatWillBeReclassifiedToProfitAndLoss1VIPULLTD2025-04-012026-03-31ItemsThatWillBeReclassifiedToProfitAndLoss1VIPULLTD2026-01-012026-03-31RelatedPartyTransactionDomain1VIPULLTD2025-12-31RelatedPartyTransactionDomain1VIPULLTD2026-03-31RelatedPartyTransactionDomain1VIPULLTD2026-01-012026-03-31RelatedPartyTransactionDomain2VIPULLTD2025-12-31RelatedPartyTransactionDomain2VIPULLTD2026-03-31RelatedPartyTransactionDomain2VIPULLTD2026-01-012026-03-31RelatedPartyTransactionDomain3VIPULLTD2025-12-31RelatedPartyTransactionDomain3VIPULLTD2026-03-31RelatedPartyTransactionDomain3VIPULLTD2026-01-012026-03-31RelatedPartyTransactionDomain4VIPULLTD2025-12-31RelatedPartyTransactionDomain4VIPULLTD2026-03-31RelatedPartyTransactionDomain4VIPULLTD2026-01-012026-03-31RelatedPartyTransactionDomain5VIPULLTD2025-12-31RelatedPartyTransactionDomain5VIPULLTD2026-03-31RelatedPartyTransactionDomain5VIPULLTD2026-01-012026-03-31RelatedPartyTransactionDomain6VIPULLTD2025-12-31RelatedPartyTransactionDomain6VIPULLTD2026-03-31RelatedPartyTransactionDomain6VIPULLTD2026-01-012026-03-31RelatedPartyTransactionDomain7VIPULLTD2025-12-31RelatedPartyTransactionDomain7VIPULLTD2026-03-31RelatedPartyTransactionDomain7VIPULLTD2026-01-012026-03-31RelatedPartyTransactionDomain8VIPULLTD2025-12-31RelatedPartyTransactionDomain8VIPULLTD2026-03-31RelatedPartyTransactionDomain8VIPULLTD2026-01-012026-03-31RelatedPartyTransactionDomain9VIPULLTD2025-12-31RelatedPartyTransactionDomain9VIPULLTD2026-03-31RelatedPartyTransactionDomain9VIPULLTD2026-01-012026-03-31RelatedPartyTransactionDomain10VIPULLTD2025-12-31RelatedPartyTransactionDomain10VIPULLTD2026-03-31RelatedPartyTransactionDomain10VIPULLTD2026-01-012026-03-31RelatedPartyTransactionDomain11VIPULLTD2025-12-31RelatedPartyTransactionDomain11VIPULLTD2026-03-31RelatedPartyTransactionDomain11VIPULLTD2026-01-012026-03-31RelatedPartyTransactionDomain12VIPULLTD2025-12-31RelatedPartyTransactionDomain12VIPULLTD2026-03-31RelatedPartyTransactionDomain12VIPULLTD2026-01-012026-03-31AuditorDomain1VIPULLTD2026-01-012026-03-31in-capmkt:AuditedMemberVIPULLTD2026-03-31in-capmkt:AuditedMemberVIPULLTD2026-01-012026-03-31in-capmkt:AdjustedMemberVIPULLTD2026-03-31in-capmkt:AdjustedMemberVIPULLTD2026-01-012026-03-31AuditQualification1VIPULLTD2026-01-012026-03-31AuditQualification2VIPULLTD2026-01-012026-03-31AuditQualification3VIPULLTD2026-01-012026-03-31AuditQualification4VIPULLTD2026-01-012026-03-31AuditQualification5VIPULLTD2026-01-012026-03-31AuditQualification6VIPULLTD2026-01-012026-03-31AuditQualification7VIPULLTD2026-01-012026-03-31AuditQualification8iso4217:INRiso4217:INRxbrli:shares511726VIPULLTDNOTLISTEDINE946H01037VIPUL LIMITEDMain BoardEquity2025-04-012026-03-312026-09-292026-09-24INRLakhsQuarterlyFourth quarterSingle segmentREAL ESTATE2026-09-2913:30:002026-09-2920:30:00trueCash Flow IndirectStatement on impact of audit qualificationtruetrueNoNAfalsetrue2025-02-05http://www.vipulgroup.in/assets/invester-pdf/notice-shareholders-stock-exchange/notice-for-shareholdersstock-exchange-policy-of-materiality-and-dealing-with-related-party-transactions67a597ab25557.pdffalsetrue2026-01-012026-03-31AuditedStandalone407542000101547000509089000253895000010843200024180000640680003505000197219000651299000-1422100000-14221000049200004920000-1427020000000-1427020006995000-1357070001409590001-1.01-1.0100-1.01-1.012025-04-012026-03-31AuditedStandalone5957750002830870008788620004561240000143874000676060007628800085020002678760001020270000-1414080000-14140800049200004920000-1419000000000-1419000006995000-13490500014095900013789806000-1.59-1.5900-1.59-1.59Other Expenses197219000Other Expenses267876000502790000000000159650000436940000452905000842000230712000734738000404071900002698018000337648000001106355000414202100002416396000105991360000011333874000140959000378980600039307650003930765000204850000003913600059621000000596210007955270000441198000441198000149277600027295010004613987000000734348800000740310900011333874000income tax assets (net)99869000Other non-current assets130843000Other current financial assets1106355000Other current assets2416396000Other non-current financial liabilities39136000Other current financial liabilities1492776000Other current liabilities4613987000762880005855400025026000-878500017525000178968000000-65336900000085020000000000-1200390000000000-177252000-3186600000002132730000-531933000000000000-3053500000000000000107500000000000120039000002580740000000000034995000-6654100000-76288000020447000038229400010843500001084350000108435000Amount of items that will not be reclassified to profit and loss69950006995000Amount of items that will not be reclassified to profit and loss6995000699500000Amount of items that will be reclassified to profit and loss00Amount of items that will be reclassified to profit and loss000069950006995000Vipul Limited******Bhatinda Hotels Ltd.******SubsidiaryAny other transactionReimbursementNA11000178000188000Vipul Limited******Enterpreneurs Calcutta Pvt. Ltd.******SubsidiaryAdvanceNA9626000283675000293301000Vipul Limited******Maxworth Marketing Pvt. Ltd.******SubsidiaryAny other transactionReimbursementNA3080001339100013699000Vipul Limited******Ritwiz Builders and Developers Pvt. Ltd.******SubsidiaryAny other transactionReimbursementNA60021000-1893400041087000Vipul Limited******URR Housing and Construction Pvt. Ltd.******SubsidiaryAdvanceNA381520001700000055152000Vipul Limited******Vipul Hospitality Limited******SubsidiaryAdvanceNA1438000117626000119064000Vipul Limited******Vipul Karamchand SEZ Pvt. Ltd.******AssociateAny other transactionReimbursementNA0108066000108066000Vipul Limited******Choice Real Estate Developers Pvt. Ltd.******AssociateAny other transactionReimbursementNA-7480007666400075916000Vipul Limited******Whitfield Infrastructure Development Pvt. Ltd.******AssociateAny other transactionReimbursementNA010240001024000Vipul Limited******S.U Finance Ltd.******Entities in which a KMP is interestedAny other transactionReimbursementNA0299000299000Vipul Limited******Punit Beriwala******KMPRemunerationNA678000000Vipul Limited******Piyush Bairagi******KMPRemunerationNA31300000115901000AuditedQualified opinionJSUS & ASSOCIATEStrue2028-05-3187886200087886200010202710001020271000-140916000-140916000-1-111333874000113338740007403109000740310900039307650003930765000Project 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.Qualified opinionWhether appeared first timeThe 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. <br /> As 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. <br /> 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. <br /> As 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. <br /> 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. <br /> As 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. <br /> No specific comments other than our observation in auditor's report. Impact on revenue is unascertainable.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.Qualified opinionWhether appeared first timeManagement 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.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.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.No specific comments other than our observation in auditor's report. Impact on revenue is unascertainable.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.Qualified opinionWhether appeared first timeThe 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.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.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.No specific comments other than our observation in auditor's report. Impact on revenue is unascertainable.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.Qualified opinionWhether appeared first timeThese loans and advances were granted in the ordinary course of business, and a significant portion of them is secured. <br /> Management considers these amounts good and recoverable, and will assess the need for any expected credit loss provision once the terms of recovery are finalised. <br /> These loans and advances were granted in the ordinary course of business, and a significant portion of them is secured. <br /> Management considers these amounts good and recoverable, and will assess the need for any expected credit loss provision once the terms of recovery are finalised. <br /> These loans and advances were granted in the ordinary course of business, and a significant portion of them is secured. <br /> Management considers these amounts good and recoverable, and will assess the need for any expected credit loss provision once the terms of recovery are finalised. <br /> No specific comments other than our observation in auditor's report. Impact on revenue is unascertainable.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.Qualified opinionWhether appeared first timeThe 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.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.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.No specific comments other than our observation in auditor's report. Impact on revenue is unascertainable.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.Qualified opinionRepetitiveThe 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.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.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.No specific comments other than our observation in auditor's report. Impact on revenue is unascertainable.Certain Trade Receivables of the company are not confirmed as they are under reconciliation as mentioned in the notes to accounts.Qualified opinionRepetitiveManagement 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.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.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.No specific comments other than our observation in auditor's report. Impact on revenue is unascertainable.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.Qualified opinionRepetitiveThe 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.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.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.No specific comments other than our observation in auditor's report. Impact on revenue is unascertainable.PUNIT BERIWALAPUNIT BERIWALAAJAY ARJIT SINGHJSUS & ASSOCIATESNAGURUGRAM2026-09-2979100000079100000000791000000