Ravinder Heights posts Rs 7.10 crore in consolidated loss

Ravinder Heights Limited reported a consolidated loss after tax of Rs 7.10 crore for the quarter ended September 30, 2026, compared with a Rs 39.87 crore profit a year earlier, after the comparable quarter included Rs 55 crore of collaboration-agreement deposit revenue that was not recognised again in the latest period.

Why did Ravinder Heights report a consolidated quarterly loss?

Ravinder Heights reported a loss because total income dropped to Rs 180.81 lakh in the quarter ended September 30, 2026 from Rs 56.31 crore a year earlier, while total expenses increased to Rs 8.96 crore from Rs 3.21 crore. Revenue from operations was Rs 1.47 lakh, compared with Rs 55.01 crore in the September 2025 quarter, and other income increased to Rs 179.34 lakh from Rs 129.69 lakh.

The filing identifies the key prior-year item as Rs 55 crore of revenue recognised from non-refundable security deposits under a collaboration agreement. The group recognised nil revenue from those deposits in the September 2026 quarter, compared with Rs 55 crore in the September 2025 quarter, under Indian Accounting Standard 115, Revenue from Contracts with Customers.

The income movement was accompanied by higher costs in the latest quarter. Employee benefits expense rose to Rs 2.07 crore from Rs 85.52 lakh, other expenditure increased to Rs 7 crore from Rs 1.80 crore, and depreciation and amortisation rose to Rs 86.34 lakh from Rs 50.18 lakh. Finance cost was Rs 2.90 lakh, compared with Rs 6.45 lakh a year earlier.

Loss before tax was Rs 7.19 crore in September 2026, against profit before tax of Rs 53.10 crore in September 2025. Current tax expense declined to Rs 1.70 lakh from Rs 13.07 crore, while deferred tax was a credit of Rs 6.85 lakh against deferred tax expense of Rs 15.52 lakh. Basic and diluted loss per share was Rs 1.18 for the quarter, with quarterly earnings per share not annualised.

How did Ravinder Heights perform against the June 2026 quarter?

Ravinder Heights’ consolidated loss widened from Rs 1.69 crore in the June 30, 2026 quarter to Rs 7.10 crore in the September quarter as expenses climbed faster than income. Total income declined to Rs 180.81 lakh from Rs 2.03 crore, although revenue from operations edged up to Rs 1.47 lakh from Rs 1.34 lakh.

The sequential change was concentrated in expenditure. Total expenses rose to Rs 8.96 crore from Rs 3.82 crore, led by other expenditure of Rs 7 crore against Rs 1.63 crore in June. Employee benefits expense increased to Rs 2.07 crore from Rs 1.38 crore, while depreciation and amortisation increased to Rs 86.34 lakh from Rs 78.44 lakh.

For the half year ended September 30, 2026, Ravinder Heights reported total income of Rs 3.84 crore, down from Rs 56.11 crore in the corresponding 2025 period. Revenue from operations for the six months was Rs 2.81 lakh, compared with Rs 55.14 crore a year earlier, when the Rs 55 crore deposit-related revenue was recognised.

The half-year loss after tax was Rs 8.79 crore, reversing from a Rs 39.36 crore profit in the corresponding 2025 period. First-half expenses were Rs 12.78 crore, compared with Rs 5.86 crore a year earlier, including employee benefits expense of Rs 3.45 crore and other expenditure of Rs 7.62 crore.

What do Ravinder Heights’ cash flows and balance sheet show?

Ravinder Heights generated net cash from operating activities of Rs 23.79 crore in the half year ended September 30, 2026, compared with Rs 21.19 crore in the corresponding 2025 period. Cash generated from operations was Rs 24.32 crore, supported by a Rs 34.53 crore increase in other current liabilities, while net direct taxes paid were Rs 52.25 lakh.

Investing activities used Rs 28.38 crore during the latest half year, compared with an outflow of Rs 19.77 crore in the prior-year period. The reported outflows included Rs 29.77 crore invested in fixed deposits on a net basis, Rs 5.39 crore invested in mutual funds and Rs 2.54 crore spent on property, plant and equipment; redemption of non-convertible debentures provided Rs 6.23 crore.

Cash and cash equivalents fell by Rs 4.64 crore during the six months to Rs 14.44 crore on September 30, 2026, from Rs 19.08 crore on March 31, 2026. Financing activities used Rs 5.77 lakh, representing interest paid, compared with Rs 8.76 lakh used in the corresponding prior-year half.

Total consolidated assets increased to Rs 350.33 crore on September 30, 2026 from Rs 324.75 crore at March 31, 2026. Current assets included inventories of Rs 165.58 crore, cash and cash equivalents of Rs 14.44 crore and other financial assets of Rs 44.03 crore, while total equity declined to Rs 281.13 crore from Rs 289.92 crore.

Current liabilities rose to Rs 63.55 crore from Rs 28.94 crore at March 31. Other current liabilities increased to Rs 48.07 crore from Rs 13.54 crore, and trade payables to creditors other than micro and small enterprises rose to Rs 14.10 crore from Rs 1.23 crore.

What was the collaboration agreement deposit arrangement?

Ravinder Heights disclosed that Radhika Heights Limited, a subsidiary, its wholly owned subsidiaries and Bestech India Pvt. Ltd. signed a second addendum on September 14, 2025 to an original collaboration agreement dated December 10, 2019. Ravinder Heights reports real-estate development, covering residential and commercial construction and property renting, as one operating segment.

The developer had paid a non-refundable security deposit of Rs 25 crore under the original agreement. The second addendum provided for a further Rs 30 crore non-refundable deposit paid on September 19, 2025 and a final Rs 20 crore tranche paid on November 19, 2025.

The owners recognised Rs 55 crore as revenue in the September 2025 quarter, while recognition was nil in the September 2026 and June 2026 quarters and for the half year ended September 30, 2026. Ravinder Heights also disclosed customer receipts of Rs 47.65 crore under the project as of September 30, 2026, but did not provide a schedule for future revenue recognition from those receipts.

The September 2026 results were reviewed by the audit committee and approved by the board on November 14, 2026. Dewan P N Chopra & Co said that nothing had come to its attention in its review to indicate that the consolidated statement lacked disclosures required under Regulation 33 of the Securities and Exchange Board of India listing regulations.

Conclusion

Ravinder Heights’ reported September-quarter reversal principally reflects the absence of the Rs 55 crore deposit-related revenue recorded in the comparable 2025 quarter, alongside higher employee, depreciation and other expenditure. The same comparison drove the half-year movement from Rs 39.36 crore profit to a Rs 8.79 crore loss, even as operating cash inflow rose to Rs 23.79 crore.

The next disclosures can show whether the Rs 47.65 crore of customer receipts reported at September 30, 2026 become revenue under the project’s accounting terms. The source also leaves investors to watch the Rs 48.07 crore other-current-liability balance, cash and cash equivalents of Rs 14.44 crore, and continued investing cash outflows after the Rs 28.38 crore used in the first half.