The Board of Directors of Valor Estate Limited (formerly D B Realty) approved the unaudited standalone and consolidated financial results for the third 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 reflect strong performance in continuing operations despite impacts from discontinued hospitality segments.
Quarterly Financial Outcomes Confirmed
The Board of Directors of Valor Estate Limited convened on Wednesday, February 11, 2026, to consider and approve the financial performance for the period ending December 31, 2025. The outcomes included the approval of the unaudited Standalone and Consolidated Financial Results for the third quarter and the nine months of the financial year, alongside the Limited Review Report provided by the Statutory Auditors.
Corporate Governance and Committee Reconstitution
Significant changes in directorship were ratified:
- The cessation of Mr. Mahesh Gandhi as an Independent Director, effective from the closing of business hours on February 11, 2026, due to the expiry of his second five-year term.
- The appointment of Mr. Sundaram Rajagopal (DIN: 01951392) as an Independent Director for a term of 5 years, commencing from February 12, 2026, pending necessary shareholder approval.
- Consequently, the Board approved the re-constitution of various Board Committees effective February 12, 2026, to reflect the changes in directorship.
Standalone Financial Highlights (Continuing Operations)
For the quarter ended December 31, 2025, Valor Estate reported a Profit before Tax from continuing operations of ₹12,109.80 lakhs, a significant improvement from the previous corresponding quarter’s loss of ₹481.98 lakhs. Profit after tax from continuing operations stood at ₹11,580.03 lakhs.
For the nine months ended December 31, 2025, Profit before Tax from continuing operations reached ₹17,011.61 lakhs, compared to a loss of ₹10,830.19 lakhs in the prior nine-month period. Profit after tax for the nine-month period from continuing operations was ₹16,480.57 lakhs.
Consolidated Financial Performance Summary
At the consolidated level, the Profit/(Loss) before tax for the period (including discontinued operations) for Q3 FY26 was ₹7,067.86 lakhs, contrasted with a loss of ₹2,184.06 lakhs in Q3 FY25. The total comprehensive income for the quarter was ₹6,221.04 lakhs.
For the nine months ended December 31, 2025, the consolidated total comprehensive income was reported at ₹8,585.29 lakhs, recovering from a total comprehensive loss of ₹11,652.70 lakhs in the previous comparable period.
Key Accounting Matters and Disclosures
The auditors highlighted several crucial accounting considerations:
- Litigation Uncertainty: Attention was drawn to ongoing litigation matters, for which no further adjustments were made pending final outcomes.
- Valuation Estimates: The Company relies on independent valuations and management estimates concerning development potential and sales realization for assets like investments, loans, and inventories, as disclosed in Note 3 of the Standalone results.
- Land Conveyance Reassessment: During the quarter, the assessment regarding the conveyance of project land to BMC was revised under Ind AS 115, resulting in the recognition of revenue for the land performance obligation, as lawful access was achieved.
- ESOP Impact: Employee Stock Option Plan (ESOP) impacts were noted as anti-dilutive for the current quarter and nine months ending December 31, 2025.
- Amalgamation Accounting: The amalgamation of Esteem Properties Private Limited (with an appointed date of April 1, 2024) was accounted for using the pooling of interests method, with retrospective effect.
Discontinued Operations Segments
The hospitality business, reclassified as discontinued operations following the demerger effective April 1, 2025, showed a Profit/(loss) after tax of ₹(0.09) lakh for the quarter and ₹1.69 lakh for the nine months ended December 31, 2025, in the standalone results.
Consolidated results for discontinued operations reflected a total comprehensive loss of ₹(2.78) lakh for the quarter and ₹(34.71) lakh for the nine months ended December 31, 2025.
Executive Summary
The meeting concluded at 8.05 p.m. The company continues its real estate focus following the demerger. Furthermore, ongoing discussions with Advent Hotels International Limited (AHIL) regarding restructuring the inter-company receivable resulted in an approved waiver of interest amounting to ₹881.35 lakhs, effective October 1, 2025.
Source: BSE
