Veer Global Infraconstruction Ltd has approved raising capital through a rights issue of equity shares for an amount not exceeding ₹15 Crores. The Board of Directors also sanctioned the allotment of equity shares on a preferential basis by way of conversion of loans into equity shares during its meeting held on June 22, 2026.

The Board took note of the in-principle approval received from BSE Limited for the proposed preferential issue. The exchange had previously approved the issuance of 8,00,000 equity shares of ₹10 each at a price not less than ₹85 each to non-promoters. The BSE reference for this approval is LOD/PREF/DA/FIP/395/2026-27.

The meeting, which commenced at 04:00 PM and concluded at 04:24 PM, was convened pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015. The decisions were taken to bolster the company's capital structure and support its growth objectives.

Veer Global Infraconstruction Limited reported a net profit of ₹160.81 lakh for the financial year ended March 31, 2026, a decline from ₹180.81 lakh in the previous year. Revenue from operations for FY26 stood at ₹660.32 lakh, significantly lower than the ₹1162.95 lakh recorded in FY25. The company’s board approved the audited financial results on May 30, 2026, following a review by the audit committee. The results were published in newspapers on May 31, 2026, pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

For the quarter ended March 31, 2026, the company posted a net profit of ₹58.27 lakh on revenue from operations of ₹208.67 lakh. Total income for the quarter was ₹194.18 lakh, while total expenses were reported at ₹110.78 lakh. Earnings per share (EPS) for the fiscal year was ₹1.12, compared to ₹1.12 in the prior year.

Financial Performance

The company’s financial statements for the year ended March 31, 2026, reflect a mixed performance with a contraction in top-line revenue but maintained profitability. The table below summarizes the key financial metrics for the quarter and year ended March 31, 2026, compared to the corresponding previous periods.

Auditor’s Report and Key Observations

M/s Bansilal Shah and Company, the statutory auditors, issued an audit report with an unmodified opinion on the financial results for the year ended March 31, 2026. However, the auditors drew attention to an emphasis of matter regarding the recoverability and classification of trade receivables, advances, and project balances. External confirmations were not available for all these balances, which are material to the real estate development business. The auditors performed alternative procedures, including testing ageing schedules and subsequent collections, to form their opinion.

In its report on internal financial controls over financial reporting, the auditor identified a material weakness relating to the monitoring, recovery, and reconciliation of loans and advances and balances of debtors and creditors. Consequently, while the auditor believes the company has an adequate internal financial controls system in all material respects, this opinion is qualified by the noted material weakness.

Regulatory Disclosures and Board Decisions

The board meeting also addressed several regulatory and administrative matters. The board ratified decisions and actions taken by directors or employees during the interim period between April 1, 2025, and March 31, 2026, to ensure compliance with statutory requirements. Additionally, the board authorized Directors Shri Vijaybhai Bhanshali and Shri Priyank Parikh to handle statutory compliance and filings.

The filing included disclosures regarding a pending dispute under the Goods and Services Tax Act, where a Show Cause Notice has been issued for ₹22,12,72,895 including interest and penalty. The matter is sub-judice, and the Hon’ble High Court has granted a stay on the proceedings; hence, no provision has been recognized in the financial statements. The company also reported a default in repayment of borrowings to Bank of Baroda amounting to ₹90,01,141.74 for a period of 50 days as of March 31, 2026.