Raja Bahadur International Ltd

Dispute over ScanX publication

• Continued dispute over false publication on ScanX; issued Sept 9, 2026 notice demanding removal, retraction, apology, and verification.
• Raise Securities claimed the article was removed in its Sept 10 reply; later Sept 15 reply disputed availability.
• Company notes inconsistency between removal claim and later denial; issued Rejoinder Notice Sept 28, 2026.
• Rejoinder seeks explanation, publication source, authoring, verification, and preservation of records.
• Publication non-availability does not impact the company's financial position, performance, operations, or cash flows.
• Company reserves all rights and will disclose further material developments per SEBI LODR.
• Rejoinder enclosed for information; no material governance changes indicated.

Raja Bahadur International Ltd trading window closed from October 01, 2026 until 48 hours after declaration/announcement of un-audited financial results (Standalone & Consolidated) for the 2nd quarter and half year ended September 30, 2026.

AGM Details

• Date and time: 17 September 2026, 3:00 PM, held via VC/OAVM.
• Concluded at 3:12 PM.
• Quorum: 19 members present via VC/OAVM.
• Record date/cut-off: 10 September 2026.

Resolutions

• Resolution 1 (Ordinary): Adoption of standalone and consolidated financial statements.
• Resolution 2 (Ordinary): Re-appointment of Nayan Mirani, retiring by rotation.
• Resolution 3 (Special): Re-appointment of Shridhar Pittie as Chairman and Managing Director.
• Resolution 4 (Special): Re-appointment of Sandeep Gokhale as Independent Director.
• Resolution 5 (Special): Revision in remuneration of Umang Pittie, Executive Director.
• Resolution 6 (Special): Revision in remuneration of Vaibhav Pittie, Executive Director.

Voting results

• All resolutions passed with requisite majority; no material against reported.
• Overall votes polled represented 70.47% of outstanding shares; all votes in favour for each resolution.

Directors & Remuneration

• Shridhar Pittie re-appointed as Chairman and Managing Director.
• Sandeep Gokhale re-appointed as Independent Director.
• Nayan Mirani re-appointed as Director (by rotation).
• Remuneration revisions approved for Umang Pittie and Vaibhav Pittie.

Attendance & Shareholder Details

• Cut-off date: 10 September 2026; total shareholders on record: 1,233.
• VC/OAVM attendance: promoters 5, public 14; total attendees 19.

Insolvency dispute and defamation

• Denies PPIRP initiation or any NCLT insolvency filing.
• Claims scanx.trade statements are false; legal action initiated; notice attached.
• No application filed before NCLT for insolvency or capital restructuring.

Q1 FY27 results and liquidity

• Q1FY27 standalone net loss ₹18.85 lakh; YoY loss ₹24.30 lakh.
• Revenue from operations ₹45.43 lakh; up 11.7%.
• EPS basic negative ₹0.18 vs ₹0.23 in prior year.
• Going concern uncertainty; liquidity weak with liabilities 4.04x assets; results approved Aug 13, 2026.

PPIRP approval and restructuring progress

• NCLT Mumbai approved PPIRP Resolution Plan on July 10, 2026.
• Implementation of capital restructuring and reduction in progress.
• Financial impact recognized to extent ascertainable; further adjustments expected.

Shareholder communications and AGM update

• Letters sent to shareholders without registered emails directing access to Annual Report 2025-26 online.
• AR 2025-26 accessible at https://rajabahadur.com/fin.php.
• 100th AGM to be held on Sept 17, 2026 at 3:00 PM IST via VC/OAVM.
• Letters dated August 24 and 25, 2026 communicated.
• Reminds shareholders to update KYC details under SEBI 2024 circular; email optional.
• KYC update mandatory to receive payments; electronic mode required for physical folios.
• RTA Satellite Corporate Services contact details provided for queries.

AGM Details

• 100th AGM scheduled for 17 September 2026 at 3:00 PM IST.
• Mode: Video Conferencing or other Audio Visual Means.
• Notice to shareholders published in Financial Express and Pratahkal on 25 August 2026.
• Notice/related documents available on company website and stock exchanges.

Notice & Voting Details

• Electronic voting via NSDL/CDSL platforms; details in the notice.
• Cut-off dates and eligibility for e-voting specified in the notice.
• Newspaper clippings of AGM notice enclosed.
• Investor contact: investor@rajabahadur.com.

Financial highlights

• Revenue from operations: 2,865.13 lakh for FY2025-26.
• EBITDA: 2,145.03 lakh; EBITDA margin 74.87%.
• PAT: 130.91 lakh; year-over-year improvement from loss.
• Finance costs: 1,513.32 lakh; Depreciation: 192.43 lakh.
• EPS: Basic/Diluted 53.60; per share value.
• Cash from operations: 3,844.38 lakh.
• Total borrowings: 31,190.80 lakh; long-term 28,722.60; short-term 2,468.20.
• Current ratio: 1.23x; Debt-Equity: 24.55x.
• DSCR: 1.17x; ROE: 0.10%.
• Net profit margin: 0.05%.

CWIP & capex

• CWIP balance stands at 18,507.61 lakh; RB101 A Wing in progress.
• RB101 A Wing CWIP largely under 1 year; total 18,507.61.
• RB101 Wing B launch planned subject to approvals.

Operations & outlook

• Revenue rose to 2,865.13 lakh from 2,774.66 year-on-year.
• Standalone PAT turned positive: 130.91 lakh versus prior-year loss.
• Consolidated revenue: 3,697.12 lakh; Consolidated PAT: 127.57 lakh.
• Market outlook: real estate pace supported by urbanisation and policy reforms.
• Risks include regulatory delays, labour availability, and interest-rate fluctuations.

Governance & board

• Chairman & MD Shri Shridhar Pittie reappointed; Board includes Independent Directors.
• Sandeep Gokhale reappointed as Independent Director; Nayankumar Mirani joined 2025.
• Tanaya Daryanani appointed Company Secretary Sept 2025.

Subsidiaries & consolidation

• Subsidiaries: Raja Bahadurs Realty Limited; Samvurdhana Realty Private Limited.
• Wholly owned SAMVURDHANA REALTY PRIVATE LIMITED formed 06-12-2025.
• Consolidated financial statements prepared; no joint ventures.

Dividend & AGM

• Dividend not declared for FY2025-26 to conserve resources.
• 100th AGM held via VC/OAVM on Sep 17, 2026; remote e-voting Sep 14-16.
• Notice included Explanatory Statement as per Companies Act.

Related party transactions

• Remuneration to KMP and relatives: 418.12 lakh in FY2025-26.
• Total payments to related parties: 93.84 lakh; receipts 16.98 lakh; contracts 89.11 lakh.

Risks & mitigation

• Industry risks include approvals delays, labour shortages, and rising input costs.
• Company focuses on prudent project planning and cost optimization to mitigate risks.

AGM Details

• AGM date/time/mode: 17 Sep 2026, 3:00 PM, VC/OAVM.
• Record date for voting rights: 10 Sep 2026.
• Remote e-voting window: 14-16 Sep 2026.

Key Resolutions

• Ordinary: Adoption of standalone and consolidated financial statements for 2025-26.
• Ordinary: Re-appointment of Nayankumar Chandrasinh Mirani as Director on rotation.
• Special: Re-appoint Shridhar Pittie as Chairman & MD for 3 years.
• Special: Re-appoint Sandeep Gokhale as Independent Director for second five-year term.
• Special: Revision in remuneration of Umang Pittie, Executive Director.
• Special: Revision in remuneration of Vaibhav Pittie, Executive Director.