Victoria Enterprises Limited concluded its 44th Annual General Meeting (AGM) on September 30, 2026, with all proposed resolutions passing unanimously. The meeting, held at the company's registered office in Mumbai, saw the adoption of audited financial statements for FY26 and the re-appointment of a director by rotation.

The scrutiny report confirmed that both ordinary resolutions received 100% votes in favor. No votes were cast against any resolution, and no invalid votes were recorded during the e-voting process. The meeting was conducted in compliance with Section 108 of the Companies Act, 2013, and SEBI Listing Regulations.

Voting participation and shareholder turnout

The record date for determining entitlement to vote was September 24, 2026. As of this date, the company had 53 equity shareholders. The total paid-up equity share capital stood at ₹50 lakh, divided into 500,000 equity shares of ₹10 each.

Voting rights were exercised through remote e-voting between September 27 and September 29, 2026, and via e-voting at the AGM itself. The results indicate a significant concentration of voting power among promoters, who accounted for all votes cast.

Resolutions adopted

Two ordinary resolutions were put to vote and approved:

1. Adoption of the Audited Standalone Balance Sheet as at March 31, 2026, the Statement of Profit and Loss for FY26, and the Reports of the Board of Directors and Auditors thereon.
2. Appointment of Mr. Krishna Kumar Ramdeo Pittie as Director, replacing himself upon retirement by rotation.

Both resolutions were approved by 2 members representing 371,500 shares. These members belong to the promoter group. The public shareholders, holding 128,500 shares, did not cast any votes during the remote e-voting period or at the meeting.

What the numbers show

The voting data reveals a complete absence of minority shareholder participation relative to their holding. While public non-institutional investors hold 25.7% of the outstanding shares (128,500 out of 500,000), they contributed zero votes to the outcome. Consequently, the entire decision-making power for the AGM rested solely with the two voting members from the promoter group, who held 74.3% of the total share capital. This structure ensures that management proposals face no opposition but also indicates low engagement from the broader shareholder base.

Victoria Enterprises Limited reported a 45.48% decline in net profit for the financial year ended March 31, 2026, clocking in at ₹129.24 lakh. The Mumbai-based real estate developer saw its bottom line shrink significantly compared to the restated profit of ₹237.08 lakh in the previous fiscal year.

Revenue from operations fell by 35.59% year-on-year, dropping from ₹8,333.11 lakh in FY25 to ₹5,364.70 lakh in FY26. The company attributed the slowdown to delays in completing its ongoing projects, Pittie Chambers and Pittie Paradise, citing market volatility and working capital constraints. Despite the drop in top-line performance, finance costs reduced substantially from ₹4,732.51 lakh to ₹1,544.19 lakh.

Financial Performance Overview

The company’s standalone financial statements reveal a contraction in both revenue and profitability. While operating expenses such as construction costs remained relatively stable, the reduction in revenue recognition due to delayed handovers impacted the overall margin structure.

Note: FY25 figures have been retrospectively restated to account for prior period errors.

Project Delays and Operational Challenges

The Board’s report highlights that the company operates two primary real estate projects: Pittie Chambers in Bandra-Kurla Complex and Pittie Paradise in Dadar. A portion of Pittie Chambers has been completed, but the remaining phase and Pittie Paradise remain under construction. The company acknowledged that projects could not be completed within pre-decided timelines due to unfavorable market conditions and a lack of working capital funds.

Inventories, which constitute a significant portion of current assets, stood at ₹7,047.72 lakh as of March 31, 2026, down from ₹9,800.25 lakh in the previous year. The reduction reflects the transfer of completed units to finished goods and subsequent sales, although revenue recognition was impacted by the timing of control transfers.

Balance Sheet and Liquidity Position

The company’s total equity remains negative at ₹(39.45) lakh, improved from ₹(168.69) lakh in the previous year. Total borrowings increased to ₹7,115.35 lakh, primarily driven by unsecured loans from related parties which rose to ₹4,949.63 lakh. Cash and cash equivalents increased to ₹101.06 lakh from ₹28.62 lakh, providing marginal liquidity relief.

A critical concern flagged by the statutory auditors relates to ₹1,000.00 lakh of 5% Non-Cumulative Redeemable Preference Shares. The redemption amount is overdue by more than six years. Management is currently negotiating with investors to restructure or extend the redemption terms, yet the liability remains classified as non-current in the absence of a formal extension agreement.

What the Numbers Show

A divergence exists between the sharp reduction in finance costs and the continued erosion of net profit. Finance costs plummeted by 67.37%, yet this operational saving was insufficient to offset the 35.59% drop in revenue. This indicates that the profitability pressure is structural, tied to delayed project completions rather than just interest burdens. Furthermore, related party transactions remain dominant, with loans given to related parties accounting for approximately 76.60% of total loans outstanding, highlighting a significant dependency on promoter group entities for capital deployment.