Dharan Infra-EPC Ltd

SEBI information delay under CIRP

• SEBI information request pending; suspended directors, KMP, and statutory auditor have not furnished data.
• Company will keep exchanges informed of any material developments per SEBI Listing Regulations.
• Interim Resolution Professional continuing CIRP oversight; process ongoing under regulators' framework.

SEBI investigation and CIRP status

• SEBI investigation ongoing; summons May–June 2026 to Directors and KMP for pre-CIRP period.
• Suspended board and KMP have submitted part of the information and sought extensions.
• They have requested a further 7-day extension to complete remaining information.
• IRP: Palak Swapnil Desai; CIRP ongoing.
• Company will keep exchanges informed of material developments per law.

SEBI investigation update under CIRP

• SEBI summoned Directors and KMP in May–June 2026 for pre-CIRP information.
• Suspended board and KMP have submitted part of the requested information.
• They have sought multiple extensions to furnish the remaining data.
• As of date, a further 7-day extension is requested to complete submissions.
• Company will inform exchanges of material developments as required by law.
• Interim Resolution Professional is Palak Swapnil Desai.

Dharan Infra-EPC Limited: Trading Window closed from July 1, 2026 till the completion of 48 hours after declaration of the financial results of the Company for the quarter ended June 30, 2026

Financial Performance 📊

• Q2 FY26 standalone revenue from operations was INR 320.90 lakh, up from negative INR 5.84 lakh in Q1 FY26.
• Standalone total income for H1 FY26 was INR 413.82 lakh versus INR 1,692.97 lakh in H1 FY25.
• Standalone net loss after tax for H1 FY26 was INR 1,160.92 lakh, compared to INR 1,648.59 lakh in H1 FY25.
• Consolidated revenue from operations for H1 FY26 was INR 360.93 lakh, down from INR 1,553.01 lakh in H1 FY25.
• Consolidated net loss after tax for H1 FY26 was INR 1,255.05 lakh versus INR 1,583.79 lakh in H1 FY25.
• Basic and diluted EPS for H1 FY26 was negative INR 0.04 standalone and negative INR 0.05 consolidated.

Segment Performance

• Real Estate segment revenue was INR 320.90 lakh in Q2 FY26 standalone and INR 303.78 lakh consolidated.
• Investment segment contributed INR 150.40 lakh revenue in consolidated H1 FY26.
• Civil Contracting segment reported negligible revenue and profit in both standalone and consolidated results.

Financial Costs & Expenses

• Standalone finance costs decreased to INR 350.92 lakh in H1 FY26 from INR 467.25 lakh in H1 FY25.
• Consolidated finance costs for H1 FY26 were INR 351.64 lakh, down from INR 467.25 lakh in H1 FY25.
• Total standalone expenses for H1 FY26 were INR 1,573.81 lakh, down from INR 3,340.87 lakh in H1 FY25.
• Total consolidated expenses for H1 FY26 were INR 1,713.81 lakh, down from INR 3,426.47 lakh in H1 FY25.

Balance Sheet & Cash Flow

• Standalone total assets as of Sept 30, 2025 were INR 102,848.86 lakh; consolidated total assets were INR 121,083.18 lakh.
• Standalone total equity was INR 84,610.25 lakh; consolidated total equity was INR 94,629.60 lakh as of Sept 30, 2025.
• Standalone net cash flow from operating activities was positive INR 449.01 lakh for H1 FY26; consolidated was INR 3,753.19 lakh.

Corporate & Regulatory Updates

• Company under CIRP since Dec 12, 2025, initiated by Tata Capital Housing Finance for INR 28.04 crore default.
• Financial creditor received INR 10 crore settlement post quarter; NCLT hearing on March 20, 2026 pending.
• GST registration cancelled Dec 1, 2022; GST returns not filed since then; Direct Tax Vivad Se Vishwas Scheme filed.
• FCCBs of USD 95 million issued in FY23; no conversions; funds deployment deviated from approved purpose.
• Non-compliance with FEMA noted; RBI compounding application rejected; re-filing pending.
• Most construction sites non-operational causing losses; interest on loans provisional due to NPA classification.
• Auditors issued qualified opinions due to FEMA non-compliance and financial uncertainties.

CIRP Status and Legal Proceedings

• CIRP initiated for Dharan Infra-EPC Limited; Board appealed to NCLAT seeking stay on proceedings.
• Company settled entire dues with Financial Creditor Tata Capital Housing Finance Limited on 31 Dec 2025.
• NCLAT on 6 Jan 2026 directed IRP to file Section 12A application for withdrawal of CIRP before NCLT Mumbai.
• IRP instructed to collate claims but refrain from further CIRP actions pending NCLT decision.
• IRP has initiated filing of Section 12A application seeking withdrawal of Section 7 insolvency petition.
• NCLAT scheduled next hearing for 29 Jan 2026 to consider withdrawal application.

CIRP Status and Legal Developments

• Dharan Infra-EPC Limited's CIRP was stayed following an appeal by the suspended Board to NCLAT.
• NCLAT directed the Interim Resolution Professional (IRP) to file an application under Section 12A for CIRP withdrawal.
• IRP is preparing to approach NCLT Mumbai Bench to seek CIRP withdrawal as per NCLAT order dated 06 January 2026.
• No further CIRP actions will occur until NCLT decides on the Section 12A application.

Financial Settlements

• The company settled all outstanding dues with original financial creditor Tata Capital Housing Finance Limited by 31 December 2025.