Peninsula Land

Peninsula Land Limited submitted a monitoring agency report for the quarter ended June 30, 2025, revealing a deviation in the utilization of funds raised through a preferential issue of optionally convertible debentures worth Rs. 149.99 crore. CARE Ratings Limited, the monitoring agency, reported that the company utilized Rs. 13.25 crore for land acquisition payments, vendor payments, and earnest money deposits, which deviates from the stated object of making investments into the real estate platform. The company invested Rs. 22.65 crore in a real estate platform entity through its subsidiary Peninsula Holdings and Investments Private Limited. The monitoring agency noted that Rs. 35.90 crore from Tranche B OCDs was invested into RE Platform entities, with Rs. 1.60 crore remaining unutilized as of quarter-end. The company reported a net loss of Rs. 5.03 crore in Q1 FY26, following a net loss of Rs. 36 crore in FY25. The stock price stood at Rs. 37.30 per share as of August 11, 2025, below the conversion price of Rs. 56.60 per share, potentially creating repayment risk if the OCDs are not converted to equity.

Peninsula Land Limited's Board approved unaudited financial results for the quarter ended June 30, 2025, showing a standalone loss after tax of Rs. 581 lakhs compared to Rs. 188 lakhs loss in the same quarter last year. Revenue from operations increased to Rs. 3,684 lakhs from Rs. 3,003 lakhs year-over-year. The Board approved the reappointment of Rajeev A. Piramal as Executive Vice Chairman and Managing Director for five years from October 26, 2025, and Nandan A. Piramal as Whole Time Director for the same period, both subject to shareholder approval. New appointments include Amyn Asgarali Jassani as Additional Non-Executive Independent Director, Shivam Sharma & Associates as Secretarial Auditor for five years, and Aneja Assurance Private Limited as Internal Auditor for 2025-2026. The company faces uncertainty regarding Rs. 9,615 lakhs in investments and loans related to joint venture entity Hem Infrastructure and Development Private Limited, which is undergoing Corporate Insolvency Resolution Process. The company converted 77.27 lakh compulsorily convertible debentures into equity shares during the quarter.

Peninsula Land Ltd has reported that its joint venture company, Hemil Developers Private Limited (HDPL), is facing a corporate insolvency resolution process initiated by the National Company Law Tribunal (NCLT) due to a loan default of ₹266 crore. Peninsula Land had already written off its investment in HDPL in previous financial statements. The company stated that this development is not expected to have any material impact on its financial position.