VIPUL Q1 : STANDALONE NET LOSS AT 14.17 CR; QUALIFIED AUDIT CONCLUSION. WEAK (ON 1ST LOOK)

• Standalone loss for the quarter ended June 30, 2026 at ₹14.17 Cr; total comprehensive loss at ₹14.17 Cr • Change in inventories in finished goods at (₹14.14 Cr) • Auditor's qualified conclusion: accounting effect of JDA revenue and project costs for Lavanya Project given from FY2025-26 instead of appointed date April 1, 2022 • Auditor says loans and advances under litigation, on-hold projects and to struck-off/liquidated entities should have been impaired; profit may be overstated • Disclaimer of conclusion on interest expense not provided on certain ICDs and customer advances as negotiations are ongoing • Arbitral award of ₹148.7 Cr yet to be recovered from Tanamera Developments; NCLT restrains Tanamera from alienating assets • Board approved 35th AGM on November 12, 2026; book closure November 5-12, 2026 for FY2025-26

Vipul Limited

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