Mac Charles Hub Projects issues Rs 440 crore in NCDs by September

Mac Charles Hub Projects Private Limited had issued Rs 440 crore of senior, secured, redeemable, listed and rated non-convertible debentures by 30 September 2026 under a proposed Rs 540 crore programme. The consolidated Group’s borrowings were Rs 1,537.061 crore and total equity was negative Rs 47.543 crore, compared with negative Rs 10.499 crore at 31 March 2026.

How much has Mac Charles Hub Projects issued in NCDs?

Mac Charles Hub Projects had issued 44,000 non-convertible debentures, or NCDs, with an aggregate value of Rs 440 crore as at 30 September 2026. The debentures have a face value of Rs 1 lakh each and are senior, secured, redeemable, listed and rated instruments issued in dematerialised form.

Mac Charles Hub Projects proposed the private-placement programme on 2 December 2025 for 54,000 NCDs worth Rs 540 crore. Based on the disclosed cumulative issuance, Rs 100 crore, representing 10,000 NCDs, had not been issued as at 30 September 2026; the filing does not disclose a timetable for that balance.

Series C consisted of 9,000 listed NCDs worth Rs 90 crore, allotted on 1 June 2026. That series was part of the Rs 440 crore cumulative issuance, but the filing does not provide issue dates, coupon rates, maturities, investor details or security terms for the remaining 35,000 NCDs.

What happened to Group borrowings after the NCD issuance?

The Group’s total borrowings increased to Rs 1,537.061 crore at 30 September 2026 from Rs 1,507.565 crore at 31 March 2026. Non-current borrowings rose by Rs 116.208 crore, while current borrowings declined by Rs 86.712 crore, shifting more of the borrowing balance into non-current liabilities.

The consolidated balance sheet does not separately identify the NCDs within the Rs 1,537.061 crore of borrowings. It therefore does not establish how much of the closing borrowings balance was directly attributable to Mac Charles Hub Projects’ listed debentures, although the Rs 440 crore programme was issued by a subsidiary within the Group.

Total liabilities were Rs 1,611.074 crore at 30 September 2026, compared with Rs 1,591.771 crore at 31 March 2026, while total assets fell to Rs 1,563.531 crore from Rs 1,581.273 crore. Investment property increased to Rs 1,035.921 crore from Rs 1,010.520 crore, but bank balances other than cash and cash equivalents declined to Rs 118.382 crore from Rs 152.708 crore.

Why did the Group’s equity deficit widen?

The Group’s total equity deficit widened to Rs 47.543 crore at 30 September 2026 from Rs 10.499 crore at 31 March 2026. Equity share capital was unchanged at Rs 13.101 crore, while other equity moved to negative Rs 60.644 crore from negative Rs 23.600 crore.

The Group reported a loss after tax of Rs 38.893 crore for the six-month period ended 30 September 2026, compared with a loss of Rs 37.340 crore in the corresponding 2025 period. Other comprehensive income was positive Rs 0.424 crore, against negative Rs 0.109 crore a year earlier, resulting in total comprehensive loss of Rs 38.469 crore.

Finance costs rose to Rs 84.990 crore in the latest six-month period from Rs 63.083 crore a year earlier. Revenue from operations increased to Rs 65.245 crore from Rs 45.547 crore, but total expenses also increased to Rs 110.384 crore from Rs 87.783 crore, leaving a loss before tax of Rs 38.893 crore.

Which segments supported revenue in the latest six months?

Real-estate leasing was the Group’s largest operating segment, generating Rs 60.956 crore of revenue in the six months ended 30 September 2026, up from Rs 40.888 crore a year earlier. Its segment result was Rs 5.877 crore, compared with a segment loss of Rs 8.247 crore in the prior-year period.

The sale-of-electricity segment recorded revenue of Rs 4.190 crore, down from Rs 4.564 crore in the six months ended 30 September 2025. Its segment result increased to Rs 1.873 crore from Rs 1.010 crore, while the other segment reported Rs 9.9 lakh of revenue and Rs 9.9 lakh of segment result.

Combined segment results before other adjustments were Rs 7.849 crore, compared with a loss of Rs 7.142 crore in the prior-year period. Unallocable expenses increased to Rs 52.416 crore from Rs 34.863 crore and exceeded unallocable other income of Rs 5.674 crore, producing the consolidated loss before exceptional items and tax of Rs 38.893 crore.

Real-estate leasing held segment assets of Rs 1,056.910 crore at 30 September 2026, compared with Rs 17.787 crore for sale of electricity. Its segment liabilities were Rs 1,115.551 crore, while unallocated liabilities were Rs 479.424 crore, according to the segment disclosure.

What does the cash flow statement show about financing?

The Group received Rs 90 crore in proceeds from long-term borrowings during the six months ended 30 September 2026, compared with Rs 54.3 lakh in the corresponding period a year earlier. It repaid Rs 53.887 crore of long-term borrowings and paid Rs 85.842 crore in interest, resulting in net cash used in financing activities of Rs 52.392 crore.

Net cash from operating activities was Rs 49.045 crore for the latest six-month period, up from Rs 9.643 crore a year earlier. Investing activities generated net cash of Rs 1.039 crore, compared with Rs 46.896 crore, and cash and cash equivalents fell to Rs 1.775 crore at 30 September 2026 from Rs 4.083 crore at the beginning of the period.

The audit committee reviewed, and the board approved, the unaudited consolidated results on 2 November 2026. The statutory auditor said its review had not identified anything causing it to believe that the statement lacked required disclosures or contained a material misstatement.

Conclusion

Mac Charles Hub Projects had issued Rs 440 crore of a proposed Rs 540 crore listed NCD programme by 30 September 2026, while the Group’s total borrowings increased to Rs 1,537.061 crore. Leasing revenue and segment performance improved year on year, but higher finance costs and unallocable expenses contributed to a Rs 38.893 crore six-month loss and a wider equity deficit.

The disclosed matter to watch is the proposed demerger of the demerged undertaking from the holding company to Embassy Prism Ventures Limited, a wholly owned subsidiary. The board approved the scheme on 13 September 2024, BSE had issued a no-objection, and the final order from the National Company Law Tribunal remained awaited as of 2 November 2026.