The Board of Valor Estate Limited (formerly DB Realty) approved the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. Key governance changes include the cessation of Mr. Mahesh Gandhi as an Independent Director upon term expiry and the appointment of Mr. Sundaram Rajagopal, subject to shareholder approval. The results also reflect reclassifications due to the recent demerger of the hospitality business.
Board Meeting Outcome and Financial Review
The Board of Directors of Valor Estate Limited (formerly D B Realty Limited) met on Wednesday, February 11, 2026, to consider and approve several key items, concluding the meeting at 8:05 p.m.
Unaudited Financial Results
The Board approved the unaudited Standalone and Consolidated Financial Results for the third quarter and the nine months ended December 31, 2025, along with the Limited Review Report from the Statutory Auditors.
Standalone Performance Highlights (Q3 Ended Dec 31, 2025)
The standalone results show a Profit/(loss) before tax from continuing operations of ₹12,109.80 lakhs for the quarter, compared to a loss of ₹481.98 lakhs in Q3 FY24. The Profit/(loss) after tax from continuing operations for the quarter stood at ₹11,580.03 lakhs. This contrasts sharply with the prior year’s Q3 loss of ₹359.95 lakhs (before tax).
Consolidated Performance Highlights (Q3 Ended Dec 31, 2025)
On a consolidated basis, the Profit/(Loss) before tax for the period (after accounting for exceptional items and share of joint ventures) was ₹7,067.86 lakhs, against a loss of ₹2,184.06 lakhs in the comparative quarter. The Total Comprehensive Income for the period for the quarter was ₹6,221.04 lakhs (attributable to owners of equity).
Governance and Committee Re-constitution
The Board approved significant changes concerning its Independent Directors:
- Cessation of Mr. Mahesh Gandhi as an Independent Director due to the expiry of his second five-year term, effective at the close of business on February 11, 2026.
- Appointment of Mr. Sundaram Rajagopal (DIN: 01951392) as an Independent Director for a term of 5 years, commencing from February 12, 2026, subject to shareholder approval.
- The Board committees were re-constituted effective February 12, 2026, following these changes.
Key Notes and Accounting Adjustments
Several accounting notes provided context to the results:
- Litigation Uncertainty: Attention was drawn to Note 4 regarding pending litigation outcomes, where no further adjustments were made as of December 31, 2025.
- Valuation Estimates: Note 3 covers reliance on independent valuations and management estimates for assets like investments, inventory, and project advances.
- Land Conveyance Revenue Recognition (Standalone): In a significant event, the company reassessed the land conveyance to BMC for the PAP resettlement project under Ind AS 115. Due to secured access, the land component was treated as a distinct performance obligation, leading to revenue recognition in the current quarter.
- Demerger Impact (Consolidated): Consequent to the demerger, hospitality business results from prior periods have been reclassified and disclosed as discontinued operations (refer to Note 14 on page 14). The comparative figures for prior periods have been reclassified accordingly.
- ESOP Impact: Employee Stock Option Plans (ESOPs) were noted as anti-dilutive except for the quarter and nine months ended December 31, 2025.
Discontinued Operations Overview
The brief particulars for discontinued operations (Hospitality Business) show a Profit/(loss) after tax of (₹0.09) lakhs for the quarter ended December 31, 2024 (comparative figure), with a total comprehensive loss of (₹3.79) lakhs for the same quarter.
Source: BSE
