Dhunseri Ventures Limited classifies food as discontinued

Dhunseri Ventures Limited classified its food-and-beverages business as discontinued operations after Twelve Cupcakes Pte Limited began creditors’ voluntary winding-up in Singapore on 29 October 2025, resulting in loss of control. The discontinued segment generated Rs 26.27 crore of revenue and recorded a Rs 6.44 crore segment loss in the half year ended 30 September 2025.

Why did Dhunseri Ventures classify food and beverages as discontinued operations?

Dhunseri Ventures classified food and beverages as discontinued operations because Twelve Cupcakes, then a subsidiary, initiated creditors’ voluntary winding-up proceedings under Singapore laws on 29 October 2025, and the parent lost control of the company. The filing says the treatment follows Indian Accounting Standard 105, or Ind AS 105, which covers non-current assets held for sale and discontinued operations.

The classification covers the food-and-beverages segment, including Twelve Cupcakes, rather than the treasury operations and flexible packaging films segments. Dhunseri Ventures’ audit committee and board approved the unaudited consolidated results for the quarter and half year ended 30 September 2026 on 6 November 2026, and B S R & Co. LLP issued a limited review report dated the same day.

The filing identifies the winding-up proceeding and the resulting loss of control as the basis for separate reporting, but it does not provide a completion date for the winding-up. It also does not disclose an expected creditor settlement, liquidation proceeds, valuation of Twelve Cupcakes or any amount expected to be returned to Dhunseri Ventures.

How large was Dhunseri Ventures’ discontinued food business?

Dhunseri Ventures reported Rs 12.66 crore of food-and-beverages segment revenue for the quarter ended 30 September 2025 and Rs 26.27 crore for the half year ended that date. The segment generated Rs 29.54 crore of revenue for the year ended 31 March 2026, while the discontinued-operations summary reported total income of Rs 38.18 crore for that financial year.

The discontinued-operations summary recorded total income of Rs 12.72 crore in the September 2025 quarter and Rs 26.33 crore in the first half of that year. These amounts exceed the segment-revenue figures by Rs 6 lakh for the quarter and Rs 6 lakh for the half year, indicating the summary includes income beyond the segment revenue line.

Dhunseri Ventures’ food-and-beverages segment reported a Rs 4.13 crore loss in the quarter ended 30 September 2025 and a Rs 6.44 crore loss in the six months ended that date. Separately, the discontinued-operations summary reported a Rs 6.65 crore loss before tax for the 2025 half year, compared with the segment-result measure of Rs 6.44 crore.

The filing does not show food-and-beverages revenue or segment results for the quarter or half year ended 30 September 2026. That absence is consistent with the stated loss of control on 29 October 2025 and the group’s presentation of the food business as discontinued rather than as part of current continuing operations.

What changed in Dhunseri Ventures’ continuing operations?

Dhunseri Ventures reported continuing-operations revenue of Rs 203.34 crore for the quarter ended 30 September 2026 and Rs 434.93 crore for the half year ended that date. The comparable continuing-operations revenue was Rs 69.23 crore in the September 2025 quarter and Rs 229.11 crore in the first half of that year after excluding food-and-beverages revenue.

Flexible packaging films generated Rs 165.38 crore of revenue in the September 2026 quarter, compared with Rs 84.93 crore a year earlier. Treasury operations reported Rs 37.95 crore of quarterly revenue, compared with negative Rs 15.70 crore in the September 2025 quarter, according to the segment disclosure.

For the six months ended 30 September 2026, flexible packaging films revenue rose to Rs 303.30 crore from Rs 165.04 crore in the prior-year period, while treasury operations revenue increased to Rs 131.63 crore from Rs 64.07 crore. Those two segments accounted for the reported Rs 434.93 crore continuing-operations revenue in the 2026 half year.

The prior-year comparison included Rs 25.54 crore of total segment revenue before the food business was removed, comprising Rs 22.91 crore from continuing operations and Rs 26.27 crore from food and beverages. The current presentation therefore separates the historical food business from the two businesses that remain in the operating-segment disclosure.

What balance-sheet exposure did the food business have?

Dhunseri Ventures’ segment disclosure showed food-and-beverages assets of Rs 7.42 crore and liabilities of Rs 8.24 crore as at 30 September 2025. The disclosed liabilities exceeded the segment assets by Rs 82.12 lakh at that date, before any later developments in the Singapore winding-up that were not detailed in the filing.

The 30 September 2026 segment table does not provide a corresponding food-and-beverages asset or liability balance. The filing instead identifies food and beverages as discontinued operations following the 29 October 2025 loss of control, without setting out liquidation costs, creditor claims or an expected settlement amount.

At group level, total segment assets were Rs 5,419.54 crore at 30 September 2026, compared with Rs 4,877.92 crore at 31 March 2026. The food business’s Rs 7.42 crore asset balance at 30 September 2025 was separately disclosed in the comparative segment information rather than in the current discontinued-operations presentation.

The limited-review report also referred to an unreviewed subsidiary with assets of Rs 48.49 crore at 30 September 2026, no revenue for the six months, and a Rs 19.86 lakh total comprehensive loss. The auditor stated that management considered that interim financial information immaterial to the group, and the report did not identify the subsidiary as Twelve Cupcakes.

Conclusion

Dhunseri Ventures has separated the former food-and-beverages activity from treasury operations and flexible packaging films because the creditors’ voluntary winding-up of Twelve Cupcakes on 29 October 2025 caused loss of control. The historical segment produced Rs 26.27 crore of revenue but a Rs 6.44 crore loss in the half year ended 30 September 2025, while continuing operations generated Rs 434.93 crore in the half year ended 30 September 2026.

The next disclosed matter to watch is the financial outcome of the Singapore winding-up, because the 6 November 2026 filing provides no completion date, creditor-recovery estimate or expected proceeds. Reporting will also centre on the continuing segments, which generated Rs 303.30 crore in flexible packaging films revenue and Rs 131.63 crore in treasury operations revenue during the 2026 half year.