Shraddha Prime Projects restates results from April 2025

Shraddha Prime Projects Limited restated its consolidated comparatives from 1 April 2025 after bringing Shraddha Life Spaces Private Limited into the group under common-control accounting, although statutory share-transfer filings remained pending at 30 September 2026. The restated group reported profit after tax of Rs 44.31 crore for the half year ended 30 September 2026.

Why did Shraddha Prime Projects restate its consolidated results?

Shraddha Prime Projects restated the prior periods because Shraddha Life Spaces and Shraddha Prime Projects were ultimately controlled by the same promoter group, Mr. Sudhir Mehta and family, before and after the acquisition. The company said this control was not transitory, so it accounted for the transaction as a business combination under common control using the pooling-of-interests method in Appendix C to Indian Accounting Standard 103, or Ind AS 103.

Under this method, Shraddha Prime Projects included Shraddha Life Spaces’ financial information as though the combination had occurred on 1 April 2025, the start of the preceding comparative period. It therefore restated the consolidated balance sheet at 31 March 2026, the quarter and half year ended 30 September 2025, and the year ended 31 March 2026. The board approved the unaudited consolidated results for the quarter and half year ended 30 September 2026 on 5 November 2026.

The restatement means the presented historical figures now reflect the combined group for periods beginning 1 April 2025, rather than only entities legally held at those earlier dates. The filing identifies real estate development and related construction as the group’s single reportable operating segment under Ind AS 108, with operations predominantly within India and no separate geographical segments.

What was the acquisition status at 30 September 2026?

Shraddha Prime Projects approved the acquisition of 100% of Shraddha Life Spaces for aggregate consideration of Rs 10.37 crore, under Finance Committee approval dated 19 August 2026. The company said it had paid the full consideration by 30 September 2026, the reporting date for the consolidated financial results.

The transfer of shares into Shraddha Prime Projects’ name was still awaiting statutory and regulatory formalities at 30 September 2026, including filings with the Registrar of Companies, or ROC. However, the company concluded, based on contractual arrangements and rights available to it, that it had obtained full control over Shraddha Life Spaces by that date and included its financial information in consolidation.

This distinction separates the accounting conclusion from completion of the legal transfer process. Shraddha Prime Projects said the share transfer and related ROC filings were under way as at 30 September 2026. The filing does not specify a completion date for those formalities, but it says the process of completing the transfer and related filings was continuing.

How did the restated September-half results compare?

Shraddha Prime Projects reported total income of Rs 272.77 crore for the half year ended 30 September 2026, up from restated total income of Rs 199.48 crore for the half year ended 30 September 2025. Revenue from operations increased to Rs 265.55 crore from Rs 193.03 crore, while total expenses rose to Rs 213.84 crore from Rs 170.72 crore.

Profit before exceptional items and tax was Rs 58.93 crore in the 2026 half year, compared with Rs 28.76 crore in the restated prior-year period. The 2025 half year included exceptional items of Rs 17.35 lakh, while no exceptional item was presented for the 2026 half year. Total tax expense increased to Rs 14.63 crore from Rs 11.27 crore across the same comparison.

Profit after tax rose to Rs 44.31 crore for the half year ended 30 September 2026 from Rs 17.32 crore in the restated 2025 half year. For the quarter ended 30 September 2026, total income was Rs 136.01 crore and profit after tax was Rs 24.93 crore, compared with restated total income of Rs 138.15 crore and profit after tax of Rs 8.08 crore for the quarter ended 30 September 2025.

Basic and diluted earnings per share for the quarter ended 30 September 2026 were Rs 6.17 each, against Rs 2.16 each in the restated quarter ended 30 September 2025. The latest quarter’s total income was lower by Rs 2.14 crore year on year, while its reported profit after tax was higher by Rs 16.85 crore under the restated comparative presentation.

What other group changes did Shraddha Prime Projects disclose?

Shraddha Prime Projects reduced its ownership interest in Shraddha Sai Infra, a partnership firm, from 51% to 36% effective 23 July 2026. Shraddha Sai Infra consequently ceased to be a subsidiary and became an associate, as Shraddha Prime Projects said it retained significant influence. This differs from the Shraddha Life Spaces transaction, for which the company concluded it had full control at 30 September 2026.

On 7 August 2026, Shraddha Prime Projects became a partner in newly constituted Shraddha City Spaces, with a 75% profit-sharing ratio. Separately, it entered an arrangement to retire from Aajprav Developers LLP, effective 5 June 2026, and entered a joint development agreement with that firm for the Uttar Bhartiya property at Mulund East, Mumbai.

Shraddha Prime Projects also approved a proposed acquisition of 91% of Atharva Ventures Private Limited for consideration not exceeding Rs 91,000 on 19 August 2026. As at 30 September 2026, no consideration had been paid or transferred, the deal had not been consummated, and Atharva Ventures was not consolidated because the company had not obtained control.

The company further said it was in the initial stages of selling Permanent Transit Camp units in its Shree Ganeshkrupa SRA CHS project to subsidiary firm Shree Krishna Raul Developers under the Slum Rehabilitation Authority, or SRA, clubbing scheme. The proposed transfer covers about 4,132.95 square metres. Shraddha Prime Projects said the arrangement was not expected to affect current-period profitability because the project had not reached revenue recognition under its percentage-of-completion method.

Conclusion

Shraddha Prime Projects’ restatement changes the basis on which investors read the group’s historical comparatives: Shraddha Life Spaces is included from 1 April 2025 under common-control pooling-of-interests accounting. On that restated basis, half-year total income increased to Rs 272.77 crore in 2026 from Rs 199.48 crore in 2025, while profit after tax rose to Rs 44.31 crore from Rs 17.32 crore.

The next disclosed matter to watch is completion of the Shraddha Life Spaces share transfer and ROC filings that remained pending at 30 September 2026. Other unresolved items include negotiations and legal formalities for the proposed Rs 91,000 Atharva Ventures acquisition, while the proposed 4,132.95-square-metre Permanent Transit Camp transfer remains at an initial stage before revenue recognition.