VSF Projects filed its 34th annual report for FY26, reporting a net loss of ₹43.22 lakh on zero revenue from operations. The company generated total income of ₹63.64 lakh entirely from other sources, primarily interest on bank deposits.

The infrastructure developer scheduled its Annual General Meeting (AGM) for September 30, 2026, at its registered office in SPSR Nellore District, Andhra Pradesh. Shareholders will vote on the adoption of financial results and the re-appointment of key board members.

Financial Performance

VSF Projects reported no revenue from operations during FY26, as it focused on setting up a Multi-Product Free Trade Warehousing Zone (FTWZ). Total income stood at ₹63.64 lakh, driven by interest income of ₹63.64 lakh from bank deposits, up from ₹42.88 lakh in FY25.

Total expenses rose to ₹103.73 lakh from ₹69.86 lakh in the previous year. Depreciation increased to ₹25.51 lakh from ₹13.56 lakh, while finance costs jumped to ₹16.71 lakh from ₹2.99 lakh due to higher borrowings. Other expenses were ₹60.47 lakh.

Board Re-Appointments

Shareholders will vote on the re-appointment of two independent directors for a second term of five years, commencing November 15, 2026, and concluding November 14, 2031.

Mr. Ramesh Babu Nemani seeks re-appointment as a Non-Executive Independent Director. He holds a postgraduate degree in law and brings over 30 years of corporate experience across engineering, telecom, and infrastructure sectors.

Mr. Sriramshetty Srinivasa Rao also seeks re-appointment. Having attained the age of 75 years, his continuation requires approval via special resolution under SEBI regulations. He possesses 35 years of experience in project management and SME development.

Mrs. Vijaya Lakshmi Bobba retires by rotation but is eligible for reappointment. She currently serves on the board and holds a 9.36% shareholding in the company.

Voting Details

Remote e-voting commences on September 27, 2026, at 9:00 am and ends on September 29, 2026, at 5:00 pm. The cut-off date for determining voting eligibility is September 23, 2026.

The Register of Members and Share Transfer Books will remain closed from September 24, 2026, to September 30, 2026. Mr. Mohit Gurjar has been appointed as the scrutinizer for the e-voting process.

vsf projects reported a net loss of ₹6.49 lakh for the quarter ended June 30, 2026, reflecting continued operational challenges with no revenue generated from core business activities. The loss widened from ₹3.83 lakh in the corresponding quarter of the previous year, driven by a rise in total expenses to ₹22.86 lakh against other income of ₹9.82 lakh. For the full financial year ended March 31, 2026, the company posted a net loss of ₹43.22 lakh.

The Board of Directors approved the unaudited financial results and the limited review report issued by V D P & Co., Chartered Accountants, during its meeting held on August 10, 2026. The results were prepared in accordance with Indian Accounting Standards (Ind AS) and Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Statutory auditors confirmed that the statement disclosed all required information without material misstatement.

Financial Performance

The company recorded nil net sales or income from operations for the quarter, continuing a trend observed in the preceding periods. Total income was restricted to other income, which stood at ₹9.82 lakh, down from ₹19.07 lakh in the same quarter last year. Expenses increased significantly, primarily due to higher other expenses and depreciation charges.

Earnings per share stood at a loss of ₹0.04 for the quarter, compared to a loss of ₹0.02 in the same period last year. The company’s paid-up equity share capital remained unchanged at ₹1,639.63 lakh.

What the Numbers Show

The absence of operational revenue highlights a lack of active project execution or billing during the quarter. While finance costs remained relatively stable at ₹1.50 lakh, depreciation and other administrative expenses accounted for the bulk of the outflows. The decline in other income from ₹19.07 lakh to ₹9.82 lakh further exacerbated the loss position, indicating reduced non-operating inflows such as interest or gains on investments.

Board Approvals and Director Re-appointments

The Board approved the re-appointment of two independent directors for a second term of five years each, effective from November 15, 2026, to November 14, 2031, subject to shareholder approval at the 34th Annual General Meeting:

• Ramesh Babu Nemani (DIN: 08089820), who holds a postgraduate degree in law and has over 25 years of corporate experience across sectors including engineering, telecom, and infrastructure.
• Srinivashetty Srinivasa Rao (DIN: 00895774), a chemical engineer with 35 years of experience in project management, value engineering, and technology transfer, including roles with multinational companies and UNIDO.

Both directors are not related to any existing directors of the company. The Board also approved the Director’s Report and the notice convening the 34th Annual General Meeting for the financial year ended March 31, 2026.