Ansal Properties & Infrastructure Ltd reported a net profit of ₹3,623 lakh for the financial year ended March 31, 2026, reversing from a loss of ₹1,62,933 lakh in the previous year. The Board of Directors approved the audited standalone financial results on September 29, 2026, while noting an inability to submit consolidated results for the same period.

The company’s revenue from operations stood at ₹3,928 lakh in FY26, a significant decline from ₹64,644 lakh in FY25. Despite the drop in top-line revenue, the company swung to profitability primarily driven by exceptional gains and reduced operational expenses. Total income for the year was recorded at ₹5,406 lakh, compared to ₹65,701 lakh in the prior year.

Financial performance overview

The shift to profit was largely influenced by exceptional items and lower costs. Exceptional gains amounted to ₹7,073 lakh, offsetting exceptional losses of ₹3,774 lakh. Finance costs dropped sharply to ₹43 lakh from ₹996 lakh in FY25. Other expenditure also decreased significantly to ₹2,058 lakh from ₹83,354 lakh in the previous year.

Consolidated results not filed

The company stated it could not provide consolidated financial results for the quarter and year ended March 31, 2026. Ansal Properties cited "huge difficulty" in obtaining financial statements and relevant documents from its subsidiaries and other entities required to be consolidated under Ind AS 110. Consequently, only standalone results were submitted to the stock exchanges.

Corporate governance and compliance updates

The Board noted that the Annual General Meeting (AGM) for FY26 would not be held by September 30, 2026, due to unavoidable circumstances. No application for extension was filed with the Registrar of Companies. Additionally, the Board appointed M/s J.D. Associates as Cost Auditors for FY27 and authorized Whole Time Director Siddhartha Goenka to determine materiality of events for stock exchange disclosures.

The company also disclosed that its business activities fall within a single reportable segment. Licenses and RERA registrations for projects in Haryana, Uttar Pradesh, and Rajasthan have expired, with management stating they are in the process of reviving various projects.

What the numbers show

A critical divergence exists between the reported net profit and the underlying asset base. While the company reported a net profit of ₹3,623 lakh, the balance sheet reveals accumulated losses of ₹3,11,848.35 lakh as of March 31, 2026. This has resulted in a negative net worth of (₹1,77,946) lakh. Furthermore, current liabilities exceed current assets by ₹2,17,714.92 lakh, indicating severe liquidity constraints despite the reported annual profit.

Ansal Properties & Infrastructure Ltd appointed SLO Technologies Private Limited (AdvaRisk) as forensic auditor to investigate corporate transactions spanning from April 1, 2016, to March 31, 2026. The board initiated the audit effective August 19, 2026, after identifying irregularities during a preliminary review of the company’s affairs following its reconstitution in February 2026.

The current board noted that the erstwhile board had represented the company’s affairs as a "clean slate" without material transactions requiring investigation. However, the preliminary review uncovered transactions involving possible undervaluation, illegal dealings with related or connected parties, and lack of adequate documentary support or requisite approvals.

Key Findings and Audit Scope

The review highlighted several specific concerns regarding financial governance:

• Utilisation of borrowed funds for purposes other than those sanctioned.
• Possible diversion or misapplication of funds.
• Issues concerning customer receipts and amounts required to be deposited in designated or project-specific accounts, including Real Estate Regulatory Authority (RERA) accounts.

AdvaRisk, a division of SLO Technologies Private Limited, was selected for its experience in conducting third-party investigations for financial institutions, banks, NBFCs, and private equity investors.

Project Authorizations and Governance Changes

In addition to the forensic audit, the board cancelled earlier resolutions passed by the erstwhile directors on November 3, 2021, which authorized Shri Dhirendra Singh, Shri Devendra Kumar Agrawal, and Shri Inder Goel to sign sale and conveyance deeds for the Sushant Taj City project in Agra.

The board authorized Shri Shreesh Asthana and Shri Sandeep Mishra to execute all necessary acts, deeds, and documents for signing and presenting sale and conveyance deeds for the same Agra project.

Ongoing Insolvency Proceedings

The company disclosed that the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016, is currently confined to projects in Lucknow and Rajasthan, as per a settlement agreement dated March 3, 2022, between IL&FS Financial Services Limited and Ansal Properties & Infrastructure Ltd. These projects are managed by Resolution Professional Shri Navneet Kumar Gupta.

Shri Navneet Kumar Gupta also manages the Serene Residency Group Housing Project in Greater Noida, whose resolution plan was approved by the National Company Law Tribunal (NCLT), New Delhi Bench II, on October 6, 2025. The Fernhill Project in Gurugram is managed by Resolution Professional Shri Jalesh Kumar Grover.