Vaghani Techno Build , now known as Emrock Corporation Limited, has announced its unaudited financial results for the quarter ended December 31, 2025, showcasing remarkable financial performance across its diversified business portfolio. The company's Board of Directors approved these results in their meeting held on February 12, 2026.

Financial Performance Overview

The company demonstrated strong financial performance during Q3FY26, with significant improvements across key metrics:

Segment-wise Business Performance

Emrock Corporation operates across multiple business segments, with each contributing to the overall growth:

Real Estate Business

The real estate segment emerged as the primary revenue driver, generating ₹47.00 lakhs in Q3FY26 compared to nil in the corresponding previous quarter. The segment contributed ₹31.77 lakhs to segment results, demonstrating strong profitability.

Solar Business

The solar business segment contributed ₹5.00 lakhs in revenue during Q3FY26, with segment results of ₹3.38 lakhs. For the nine-month period, this segment generated ₹35.00 lakhs in revenue with ₹23.90 lakhs in segment results.

Other Business Activities

Other business operations contributed ₹4.70 lakhs in revenue for Q3FY26, maintaining consistent performance with ₹4.61 lakhs in the previous quarter.

Capital Structure Enhancement

A significant development during the period was the conversion of warrants into equity shares:

The conversion of 1,06,00,000 warrants into equity shares significantly strengthened the company's capital base, with the paid-up equity share capital increasing from ₹522 lakhs to ₹1,582 lakhs.

Asset and Liability Position

The company's asset base expanded substantially, with total segment assets reaching ₹1,701.33 lakhs as of December 31, 2025, compared to ₹551.41 lakhs in the previous quarter. The solar business segment assets grew to ₹1,335.32 lakhs, while real estate business assets stood at ₹365.00 lakhs.

Operational Efficiency

The company maintained operational efficiency with controlled expenses:

• Employee benefit expenses: ₹1.04 lakhs for Q3FY26
• Finance costs: ₹0.41 lakhs
• Other expenditure: ₹3.07 lakhs
• Total expenses: ₹4.74 lakhs

The tax expense for the quarter was ₹13.63 lakhs, including current tax of ₹5.43 lakhs and MAT credit entitlement of ₹8.11 lakhs.

Auditor's Review and Key Highlights

Purushottam Khandelwal & Co., the company's statutory auditors, conducted a limited review of the unaudited financial results. The auditors highlighted the company's loan of ₹210.17 lakhs to a related party at 9% per annum interest rate, repayable after 24 months from disbursement date.

The results demonstrate Emrock Corporation's successful diversification strategy and strong execution capabilities across its real estate and solar business segments, positioning the company for continued growth in the coming quarters.

Vaghani Techno Build Limited (now Emrock Corporation Limited) has witnessed significant corporate developments with Whole Time Director Arjunkumar Jagdishbhai Patel acquiring a substantial 8.06% stake through warrant conversion, followed by the filing of disclosure under SEBI regulations on December 16, 2025.

Major Warrant Conversion and Acquisition

Arjunkumar Jagdishbhai Patel, Whole Time Director of Emrock Corporation, acquired 12,75,000 equity shares of face value ₹10 each on December 15, 2025, through conversion of warrants into equity shares. This acquisition constitutes 8.06% of the total paid-up capital of the company and was executed through preferential allotment by conversion of warrants to equity shares.

Shareholding Pattern Changes

Following the warrant conversion, Arjunkumar Patel's shareholding structure in Emrock Corporation has undergone significant changes. The acquisition demonstrates substantial promoter commitment while maintaining compliance with regulatory requirements.

Enhanced Capital Structure

The warrant conversion has substantially expanded Emrock Corporation's equity base, with paid-up share capital increasing from ₹10.82 crores to ₹15.82 crores. The company's total diluted share capital now stands at ₹28.76 crores, reflecting the impact of outstanding convertible securities.

Regulatory Compliance and Disclosure

The substantial acquisition disclosure has been filed under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Arjunkumar Patel submitted the required documentation to BSE Limited on December 16, 2025, ensuring full compliance with takeover regulations. The disclosure confirms the promoter status of the acquirer and provides comprehensive details of the shareholding changes resulting from the warrant conversion exercise.