Raja Bahadur International Q1 Results: Net loss narrows to ₹18.85 lakh

Raja Bahadur International reported a narrowed net loss for the first quarter of FY27, driven by a modest increase in operating revenue. The company’s standalone results for the quarter ended June 30, 2026, show a net loss of ₹18.85 lakh, compared to a loss of ₹24.30 lakh in the corresponding period of FY26. This represents a reduction in the quarterly deficit by approximately 22.4% year-on-year.

Revenue from operations stood at ₹45.43 lakh, up from ₹40.68 lakh in Q1FY26. Despite the top-line growth, the company continues to operate at a loss, with earnings per share (EPS) coming in at negative ₹0.18, compared to negative ₹0.23 in the prior year quarter.

Financial Performance

The financial data indicates a slight improvement in operational efficiency relative to the previous year, though the absolute scale of revenue remains small. The full-year audited results for FY26 showed a significantly higher revenue base of ₹243.55 lakh, suggesting seasonal or cyclical variations in income generation.

Metric	Q1FY27	Q1FY26	Change
Revenue from Operations	₹45.43 lakh	₹40.68 lakh	+11.7%
Net Profit/(Loss)	₹-18.85 lakh	₹-24.30 lakh	-22.4%
EPS (Basic)	₹-0.18	₹-0.23	Improvement

What the Numbers Show

The divergence between the improved net loss and the persistent liquidity constraint is the defining feature of this quarter’s report. While the operational loss narrowed, the balance sheet disclosures reveal significant structural challenges. The company explicitly stated that its current liabilities are 4.04 times its current assets. This ratio underscores a severe working capital deficit, indicating that short-term obligations far exceed available liquid resources.

This liquidity gap persists despite the top-line growth. The narrowing of the net loss suggests cost containment or reduced operational intensity, but it has not yet translated into sufficient cash flow to address the liability overhang. The reliance on external restructuring mechanisms remains critical for the company’s continuity.

Insolvency Resolution Progress

The financial results were released alongside updates on the company’s ongoing corporate restructuring. Raja Bahadur International had initiated the Pre-Packaged Insolvency Resolution Process (PPIRP) under Section 54C of the Insolvency and Bankruptcy Code, 2016.

The National Company Law Tribunal (NCLT), Mumbai Bench, approved the Resolution Plan on July 10, 2026, under Section 54L read with Section 31 of the IBC. The company noted that the implementation of this plan, including capital restructuring and reduction, is currently in progress. The financial impact of these measures has been recognized to the extent ascertainable as of the reporting date, with further adjustments expected as the process advances.

The Board of Directors approved the unaudited standalone and consolidated financial results at its meeting held on August 13, 2026. The statutory auditors have carried out a limited review of the quarterly results.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.06%	+0.06%	-6.07%	+19.05%	+20.17%	-50.07%

Raja Bahadur International Limited returned to profitability in the financial year ended March 31, 2026, reporting a consolidated net profit of ₹124.48 lakh compared to a net loss of ₹96.44 lakh in the previous year. The company's revenue from operations for FY26 stood at ₹2,865.13 lakh, a marginal increase from ₹2,774.66 lakh in FY25. The turnaround was driven by a significant reduction in finance costs, which fell to ₹1,513.32 lakh from ₹1,667.34 lakh in the prior year, alongside a rise in other income to ₹831.99 lakh.

The Board of Directors at its meeting held on May 26, 2026, adopted the audited financial statements for the fourth quarter and financial year ended March 31, 2026. The auditors, Jain P.C. and Associates, issued an unmodified opinion on the standalone and consolidated financial results. The company noted that due to the nature of its real estate business, profits do not necessarily accrue evenly over the period, and quarterly results may not be representative of the annual performance.

Standalone Financial Performance

On a standalone basis, the company reported a net profit of ₹130.91 lakh for FY26, recovering from a net loss of ₹94.78 lakh in the previous year. Total income for the year increased to ₹3,697.09 lakh from ₹3,056.37 lakh in FY25. For the quarter ended March 31, 2026, the standalone net profit was ₹77.98 lakh, while total income stood at ₹814.71 lakh.

Consolidated Financial Results

The consolidated financial results include the performance of subsidiaries Raja Bahadurs Realty Limited and Samvurdhana Realty Private Limited. The Group's share of total net loss after tax for these subsidiaries was ₹5.24 lakh and ₹1.19 lakh respectively for the period from April 1, 2025, to March 31, 2026. Earnings per share (EPS) on a consolidated basis for FY26 was ₹51.03, compared to a negative EPS of ₹37.84 in the previous year.

Particulars	Year Ended 31/03/2026 (₹ in Lakhs)	Year Ended 31/03/2025 (₹ in Lakhs)
Consolidated Income
Revenue from Operations	2,865.13	2,774.66
Other Income	831.99	286.23
Total Income	3,697.12	3,060.89
Consolidated Expenses
Total Expenses	3,266.13	2,908.35
Profit / (Loss)
Net Profit / (Loss) after Tax	124.48	(96.44)

Borrowings and Liquidity

The company's outstanding qualified borrowings increased to ₹293.38 crore at the end of FY26 from ₹198.60 crore at the start of the financial year. Incremental qualified borrowing during the year amounted to ₹94.82 crore. The company did not undertake any borrowings by way of issuance of debt securities during the year. Cash and cash equivalents as of March 31, 2026, stood at ₹2,617.73 lakh on a consolidated basis.