Purohit Construction Limited held its 35th annual general meeting on September 7, 2026. The event was conducted through video conferencing to transact business as outlined in the notice dated August 12, 2026.

The meeting commenced at 11:30 am with Narendra Purohit, Chairman and Managing Director, occupying the chair. The Company Secretary confirmed that the requisite quorum was present during the live streaming of the proceedings.

Meeting Proceedings

Attendees included all directors, the Company Secretary, Chief Financial Officer, statutory auditors, secretarial auditors, and the scrutinizer. The NSDL portal remained open for members to join via video conference throughout the session.

Narendra Purohit briefed shareholders on the company's operations. The Company Secretary informed members that the annual report for FY26 had been sent in compliance with applicable laws. Both the statutory and secretarial audit reports contained no qualifications or adverse remarks.

Voting Process

Shareholders exercised their voting rights electronically pursuant to Section 108 of the Companies Act, 2013 and Regulation 44 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Remote e-voting ran from 10:00 am on September 4, 2026, to 5:00 pm on September 6, 2026.

Uday G Dave of M/s. Parikh Dave & Associates served as the scrutinizer for the e-voting process, with Umesh Parikh as the alternate. Members attending via video conference who had not voted earlier were invited to cast their votes during the meeting. The facility remained open for 15 minutes after the conclusion of the AGM.

No queries were raised by members during the proceedings. The combined results of remote and live e-voting are scheduled to be announced within two working days and submitted to the stock exchange.

Purohit Construction Limited ( Purohit Construction ) reported a standalone net loss of ₹78.75 lakh for the first quarter ended June 30, 2026 (Q1FY27), compared to a loss of ₹9.98 lakh in the corresponding quarter of FY26. The company recorded no revenue from operations during the period, reflecting its current stage of real estate development activities.

The Board of Directors approved the standalone unaudited financial results for the quarter ended June 30, 2026, in a meeting held on August 14, 2026. The results were subsequently published in newspapers including Free Press Gujarat and Lok Mitra on August 15, 2026.

The widening loss was primarily driven by a one-time provision of ₹69.45 lakh related to a Goods and Services Tax (GST) demand. This charge significantly impacted the bottom line, as operating expenses remained relatively stable at ₹78.62 lakh against negligible income.

Key Financial Metrics

GST Dispute and Provision

The financial results were heavily influenced by developments in an ongoing tax dispute. During Q3FY26, the company received a GST demand order for FY18 totaling ₹4.16 crore, comprising ₹2.08 crore for input tax credit disallowance and ₹2.08 crore in penalties and interest.

Initially, the company did not recognize a provision, citing strong legal grounds. However, the Commissioner (Appeals) rejected Purohit Construction’s appeal on June 24, 2026. Consequently, the company recognized a provision of ₹69.45 lakh in Q1FY27, representing its best estimate of the liability at this stage. Management intends to contest the order before the Goods and Services Tax Appellate Tribunal (GSTAT).

What the Numbers Show

The company’s balance sheet reflects a negative equity position of ₹-378.41 lakh under 'Other Equity', bringing total equity down to ₹62.15 lakh from ₹140.91 lakh at the end of FY26. This erosion is directly attributable to the accumulated losses from the GST provision.

Additionally, non-current liabilities surged to ₹77.31 lakh from ₹7.86 lakh in March 2026, largely due to the new GST provision. While cash reserves remain thin at ₹1.24 lakh, the company raised ₹6.25 lakh in short-term borrowings during the quarter to maintain liquidity.

Auditor Review

BNPS and Associates LLP conducted the limited review of the unaudited standalone financial results. In their report, the auditors included an 'Emphasis of Matter' paragraph drawing attention to the GST dispute and the associated provision, noting that the ultimate outcome depends on appellate authorities. No other material misstatements were identified.