Terraform Magnum Reports Continued Losses; Director Resigns

Terraform Magnum Limited , a company listed on the BSE (Code: 506162), has released its unaudited financial results for the quarter and half-year ended September 30, 2025, revealing ongoing financial challenges and a change in its board composition.

Financial Performance

The company's financial results paint a picture of continued losses:

Particulars	Q2 FY2026	H1 FY2026	Q2 FY2025
Total Income	0.00	0.02	0.03
Total Expenses	1.21	4.12	1.53
Net Loss	1.21	4.10	1.50
Basic EPS	(0.50)	(1.71)	(0.63)

The company's performance shows a marginal decline compared to the same quarter last year, with the net loss widening slightly from ₹1.50 crore to ₹1.21 crore.

Negative Net Worth and Going Concern

Despite the continued losses, the management has prepared the financial results on a going concern basis. This decision is founded on estimated future cash flow projections and internal assessments, even as the company's net worth remains negative.

Property Assignment Uncertainties

Terraform Magnum continues to face uncertainties regarding a property assignment deal from April 2019 at Kandivali (East). The assignee has reportedly committed various defaults, leading to ongoing disputes about the transaction's completion. The company maintains that it will only recognize revenue under Ind AS 115 upon fulfillment of specific performance obligations and resolution of significant uncertainties.

Board Changes

In a significant development, Ms. Bhavisha Dedhia (DIN: 09471104) has resigned from her position as a Director of the company. Her resignation, citing pre-occupation and personal commitments, took effect from the close of working hours on November 5, 2025. The Board of Directors acknowledged her contribution during their meeting on the same day.

Auditor's Review

J.D. Zatakia & Co., the company's independent auditors, conducted a review of the financial results. While they did not express an audit opinion, they highlighted the material uncertainty related to the company's status as a going concern, given its negative net worth. The auditors also emphasized the ongoing uncertainties surrounding the property assignment deal at Kandivali (East).

Investors and stakeholders are advised to consider these factors when evaluating Terraform Magnum's financial position and future prospects. The company's ability to reverse its losses and resolve the property assignment issues will be crucial for its long-term viability.

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Terraform Magnum Limited , a Mumbai-based company, held its 43rd Annual General Meeting (AGM) on September 17, 2025, marking significant changes in its board composition and approving key financial matters.

New Independent Directors

The shareholders approved the appointment of two new Independent Directors:

Mrs. Renuka Gautam (DIN: 10749255)
Mr. Vineet Mishra (DIN: 06789301)

Both directors have been appointed for a term of five consecutive years, starting from the conclusion of the 43rd AGM until the 48th AGM.

Director Profiles

Mrs. Renuka Gautam

Brings extensive experience in finance and business strategy management
Holds a bachelor's degree in commerce from SIES College of Commerce and Economics
CA Inter qualified professional
Expertise includes strategic planning, risk management, compliance, and corporate governance

Mr. Vineet Mishra

Science Graduate with over 25 years of experience in operations management
Running an Import Export & Trading firm with Freight Forwarding and clearing operations for the past 16 years
Certified Independent Director recognized by the Ministry of Corporate Affairs, Government of India

Key Resolutions Passed

The AGM, chaired by Managing Director Mr. Uday Mota, saw the passing of several important resolutions:

Adoption of Financial Statements: Approved the financial statements for the year ended March 31, 2025, including the audited Balance Sheet and Statement of Profit and Loss
Director Re-appointment: Re-appointed Ms. Bhavisha Dedhia (DIN: 09471104) as a Director, retiring by rotation
Appointment of Independent Directors: Passed special resolutions to appoint Mrs. Renuka Gautam and Mr. Vineet Mishra as Independent Directors

Voting Results

All resolutions were passed with requisite majority through e-voting. Key points:

Scrutinizer: Mr. Nrupang B. Dholakia of Dholakia & Associates LLP, Company Secretaries
Votes in favor: 100% for each resolution
Valid votes cast: 147,350 for each resolution

Meeting Details

Venue: Company's registered office in Mumbai
Duration: 75 minutes
E-voting service provider: National Securities Depository Limited (India) (NSDL)
Remote e-voting period: September 13 to September 16, 2025

Terraform Magnum Limited's proactive approach in strengthening its board with experienced professionals signals its commitment to robust corporate governance and strategic growth.