Bharat Agri Fert & Realty has appointed Ramraghav Rameshkumar Jha as its Company Secretary and Compliance Officer. The appointment is effective from September 4, 2026.

The Board of Directors approved the move on September 3, 2026, based on the recommendation of the Nomination and Remuneration Committee. The disclosure was made pursuant to Regulation 30 read with Schedule III of Part A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Appointment Details

Mr. Jha is an Associate Member of the Institute of Company Secretaries of India with membership number A81385. He holds a Bachelor of Commerce degree.

The company confirmed that Mr. Jha is not related to any other director of the firm. He currently holds no shares in the company.

Bharat Agri Fert & Realty Ltd reported a net loss of ₹197.91 lakh for the quarter ended June 30, 2026, compared to a net loss of ₹33.84 lakh in the corresponding quarter of FY25. The deterioration was driven by a decline in revenue from operations to ₹451.36 lakh from ₹556.02 lakh year-on-year, while total expenses stood at ₹636.80 lakh. The Board of Directors approved the unaudited financial results and the limited review report issued by the statutory auditors on August 11, 2026.

The statutory auditors, Desai Saksena & Associates, issued a qualified conclusion on the interim financial statements. The qualification stems from two primary areas: the carrying value of old overdue trade receivables amounting to ₹10.21 crore as of June 30, 2026, for which no provision has been made, constituting a departure from Indian Accounting Standards (Ind AS). Additionally, the auditors noted that the fertiliser segment incurred significant losses with nil capacity utilisation, yet the company failed to conduct an impairment study for related property, plant, and equipment as required under Ind AS 36.

Financial Performance

Revenue from operations declined to ₹451.36 lakh in Q1FY26, down from ₹556.02 lakh in Q1FY25. Other income dropped significantly to ₹31.08 lakh from ₹120.67 lakh in the prior year quarter. Total income for the period was ₹482.44 lakh. On the expense side, cost of materials consumed rose to ₹1,283.75 lakh from ₹742.89 lakh, partially offset by a decrease in changes in inventories to (₹1,618.78 lakh) from (₹952.63 lakh). Finance costs were ₹133.53 lakh, and depreciation and amortization expense stood at ₹151.84 lakh.

Segment Analysis

The resort segment remained the sole revenue contributor, generating ₹451.36 lakh, while the fertiliser and construction segments reported nil gross segment revenue. The resort segment recorded a result of (₹34.45 lakh), compared to ₹62.01 lakh in the prior year quarter. The fertiliser segment posted a loss of ₹73.46 lakh, worsening from a profit of ₹14.59 lakh in Q1FY25. The construction segment also incurred a loss of ₹36.11 lakh. Total segment assets increased to ₹24,785.73 lakh from ₹15,547.90 lakh in the previous year, driven largely by the construction segment's asset base rising to ₹16,730.44 lakh.

What the Numbers Show

The financial data reveals a sharp divergence between top-line contraction and margin pressure. While revenue fell nearly 19%, other income collapsed by over 74%, indicating a loss of non-operational support that previously cushioned the bottom line. Furthermore, the construction segment’s asset base more than doubled year-on-year to ₹16,730.44 lakh without generating any corresponding revenue, suggesting significant capital deployment into projects that have yet to reach monetisation stages. This imbalance highlights liquidity risks, especially given the auditor’s flag on unprovided receivables.

Corporate Developments

The Board approved the re-appointment of Mr. Kalpesh Chandrakant Shah and Mr. Hemant Nandkishor Bataviya as Non-Executive Independent Directors for a five-year term commencing March 31, 2027, subject to shareholder approval at the ensuing Annual General Meeting. Both directors are not liable to retire by rotation. Additionally, the Board accepted the resignation of Mr. Akshay Kumar as Company Secretary and Compliance Officer, effective August 31, 2026, citing career opportunities outside the company.

Sub Judice Matters

The company disclosed ongoing sub judice matters involving a short receipt of Transferable Development Rights (TDR) from M/s Hubtown Limited. The company paid ₹9.66 crore for TDRs in September 2014 but received short TDR for an area of 332.180 sq. mtrs., aggregating to ₹1.16 crore. A case has been filed in the National Company Law Tribunal (NCLT), and no provision has been made for this amount. Another matter involves maintenance charges payable of ₹0.33 crore, where the company has filed a counter-claim and made no provision.