AI assistant
MODULEX CONSTRUCTION TECHNOLOGIES LIMITED Interim / Quarterly Report 2026
62866_rns_2026-05-22_29a3a554-6eed-4349-b52e-04b8c3c0ada3.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
22nd May, 2026
Ref.: MCTL/2026-27/BSE-065
MODULEX
Modern Method of Construction
To,
The Manager,
Department of Corporate Services,
BSE Limited,
Phiroze Jeejeebhoy Towers,
Dalal Street, Fort,
Mumbai - 400 001.
Security ID: MODULEX
Scrip Code: 504273
Sub: Outcome of the Board Meeting held on Friday, 22nd May, 2026 and submission of Audited Standalone and Consolidated Financial Results of the Company for the Quarter and Financial Year ended 31st March, 2026 and Disclosure under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations").
Dear Sir/Madam,
In reference to the earlier communication dated 15th May, 2026 and pursuant to the provisions of Regulation 30 and Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Board of Directors of the Company at its meeting held on Friday, i.e. 22nd May, 2026, has inter-alia considered and approved the following business items:
- Audited Standalone and Consolidated Financial Results of the Company for the Quarter and Financial Year ended 31st March, 2026 together with Statutory Auditor's Report on Standalone and Consolidated Financial Results as Annexure A pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, are enclosed herewith.
- Statement on impact of Audit Qualifications (for audit report with unmodified opinion) submitted along-with annual Audited Financial Results (Standalone and Consolidated) (applicable only for Annual Filing i.e., 4th quarter) Annexure -B
- Appointment of M/s. MJS & Co., LLP, Chartered Accountants (Firm Registration No. 148649W) as an Internal Auditor of the Company for the FY 2026-27. Annexure – C (attached herewith).
- Statement on deviation or variation for proceeds of preferential issue. - Annexure -D (attached herewith)
- Board of Director's Report along with other statutory reports for the Financial Year ended 31st March, 2026.
- Notice of 53rd Annual General Meeting to be held on Thursday, 23rd July, 2026 at 01.00 p.m. through Video Conferencing/Other Audio Visual Means (VC/OAVM).
- The Register of Members and Share Transfer Register will remain closed from Thursday, 16th July, 2026 to Thursday, 23rd July, 2026 (both day inclusive) for the above-mentioned purpose.
Modulex Construction Technologies Limited t/a Modulex
CIN: L25999PN1973PLC182679
Registered Office: A-82, MIDC Industrial Estate, Indapur – 413 132, Maharashtra
BSE Security Code: 504273 BSE Security ID: MODULEX
Website - www.modulex.in Email - [email protected] Contact - Tel: +91 2111 299200
MODULEX
Modern Method of Construction
- Format for disclosing outstanding default on loans and debt securities – Not applicable.
The meeting of the Board of Directors of the Company commenced at 3.47 pm and concluded at 4.24 pm IST.
You are requested to kindly take the same on records.
Yours faithfully,
For Modulex Construction Technologies Limited
BHOOMI
MEWADA
Digitally signed by
BHOOMI MEWADA
Date: 2024.05.22
16:53:57 +05'30'
Bhoomi Mewada
Company Secretary and Compliance Officer
Encl: As above
Modulex Construction Technologies Limited t/a Modulex
CIN: L25999PN1973PLC182679
Registered Office: A-82, MIDC Industrial Estate, Indapur – 413 132, Maharashtra
BSE Security Code: 504273 BSE Security ID: MODULEX
Website - www.modulex.in Email - [email protected] Contact - Tel: +91 2111 299200
MODULEX CONSTRUCTION TECHNOLOGIES LIMITED
CN: -125999PROSTOPLC382679
Regd. Office: A-82, MISC Industrial Estate, Indapur, Pune, Maharashtra - 413132
Statement of Audited Standalone Financial Results for the Quarter and Year ended March 31, 2026
(INR in Lakhs)
| Sr. No. | Particulars | Standalone Financial Results | ||||
|---|---|---|---|---|---|---|
| Quarter Ended | Year Ended | |||||
| March 31, 2026 | ||||||
| (Audited) | December 31, 2025 | |||||
| (Unaudited) | March 31, 2025 | |||||
| (Audited) | March 31, 2026 | |||||
| (Audited) | March 31, 2025 | |||||
| (Audited) | ||||||
| I | Income | - | - | - | - | - |
| Revenue from operations | - | - | - | - | - | |
| Other income | 80.37 | 71.62 | 6.05 | 250.09 | 18.87 | |
| II | Total income | 80.37 | 71.62 | 6.05 | 250.09 | 18.87 |
| Expenses | ||||||
| Employee benefits expense | 39.41 | 36.91 | 16.29 | 143.99 | 29.16 | |
| Finance costs | - | - | 2.25 | - | 45.66 | |
| Depreciation and amortization expenses | 0.05 | 0.05 | 0.07 | 0.20 | 0.14 | |
| III | Other expenses | 33.41 | 43.37 | 43.69 | 150.23 | 121.16 |
| Total expenses | 72.87 | 80.33 | 62.30 | 294.42 | 196.12 | |
| Profit / (Loss) before tax (I-II) | 7.50 | (8.71) | (56.24) | (44.33) | (177.25) | |
| IV | Tax expenses | |||||
| Current Tax | - | - | - | - | - | |
| Deferred Tax | - | - | - | - | - | |
| V | Short / (Excess) Tax provision of earlier years | - | - | - | - | - |
| Profit / (Loss) after tax (III-IV) | 7.50 | (8.71) | (56.24) | (44.33) | (177.25) | |
| VI | Other comprehensive income / (loss) | |||||
| Items that will not be reclassified to profit or loss | - | - | - | - | - | |
| Items that will be reclassified to profit or loss | - | - | - | - | - | |
| VII | Total comprehensive profit/(loss) net of tax (V+VI) | 7.50 | (8.71) | (56.24) | (44.33) | (177.25) |
| Paid-up equity share capital | ||||||
| (face value of Rs. 10/- each) | 7107.03 | 6920.18 | 6920.18 | 7107.03 | 6920.18 | |
| VIII | Other Equity (excluding Revaluation Reserves) | 33117.26 | 29834.33 | |||
| IX | Earnings per share (EPS) (not annualised) | |||||
| (a) Basic (in Rs.) | ||||||
| (b) Diluted (in Rs.) | 0.01 | |||||
| 0.01 | (0.01) | |||||
| (0.01) | (0.08) | |||||
| (0.08) | (0.06) | |||||
| (0.06) | (0.26) | |||||
| (0.26) |
NOTES:
-
The above audited financial results (statement) have been reviewed and it is recommended by the Audit Committee of the Board which is approved by the Board of Directors at their meeting held on 22nd May, 2026. The Statutory Auditors have reviewed these results.
-
The above financial results ('Statement') have been prepared in accordance with the Indian Accounting Standards ('Ind-AO') prescribed under section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India.
-
In accordance with Ind AS 108 – Operating Segments, the Company has determined that it operates in a single business segment, namely, civil construction. All activities of the Company are aligned to this segment, and the management monitors and reviews the operational performance collectively for this line of business. Accordingly, no separate segment disclosures are required.
-
The fair value of the investment in the subsidiary, Modules Modular Buildings Private Limited (MMBPL) and Give Vinduert Windows & Doors Limited (GVWOPL), as assessed by an independent valuer for the year ended March 31, 2026, is adequate to cover the carrying amount of the investment. The valuation considers the progress of the subsidiary's project and its projected business performance in the coming years. Based on management's long-term outlook and continued commitment to the subsidiary's future business potential, no impairment is considered necessary at this stage.
-
The Company has incurred a net loss (before Other Comprehensive Income) during the current period and in previous years, primarily due to delays in the implementation of the project at Pune through its subsidiary, Modules Modular Buildings Private Limited (MMBPL). These delays, along with other contributing factors, have resulted in a situation where the Company's current assets are insufficient to meet its current liabilities, thereby indicating the existence of a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern.
However, since Q3 of FY 2024-25, MMBPL, a subsidiary of the Company, has completed the Phase -I- internal construction activities for Shed 2 of the factory building and the installation of Plant & Machinery, after receiving a land re-alistment order from MISC and subsequently executed a 95-year long-term lease agreement with the Sub-Registrar at Indapur. The promoters and other investors have extended financial support to facilitate the completion of this project.
In view of these developments, the Standalone Financial Results have been prepared on a going concern basis.
-
During the FY 2024-25, the Board of Directors, in its meeting held on 13th November 2024, approved the issuance of up to 3,71,80,555 convertible warrants, aggregating to ₹6,292.49 lakhs, at an issue price of ₹18 per warrant, on a preferential basis. Subsequently, on 10th December 2024, the shareholders approved the issuance of 3,71,80,555 convertible warrants (aggregating to ₹6,292.49 lakhs) through a resolution passed at the Extraordinary General Meeting. The Company received in-principle approval from the Bombay Stock Exchange on 17th December 2024 for the proposed issue of 3,71,80,555 convertible warrants, each convertible into one equity share of face value ₹10, at a price not less than ₹18 per warrant, to non-promoters on a preferential basis. Further, on 18th December 2024, the Board of Directors approved the allotment of 1,16,89,473 convertible warrants, representing 25% of the total consideration (i.e., ₹1,573.12 lakhs, being 25% of ₹6,292.49 lakhs), in accordance with applicable regulations. During the financial year 2025-26, the Company has received ₹3,049.97 lakhs towards first call and second call money for the convertible warrants. As on 31st March 2026, the Company had received ₹4723.10 lakhs towards application money for the convertible warrants.
-
As per the requirements of Ind AS 33 – Earnings Per Share, potential equity shares such as share warrants are included in the computation of diluted earnings per share only when they have a dilutive effect on earnings per share. In the current year, the Company has incurred a loss attributable to equity shareholders, and the outstanding share warrants, if converted, would result in an increase in earnings per share (i.e., reduce the loss per share). As such, these instruments are considered anti-dilutive in accordance with Paragraph 41 of Ind AS 33. Accordingly, the diluted earnings per share (DEPS) is the same as the basic earnings per share (BEPS) for the reporting period.
-
The figures for the quarter ended 31st March, 2026 are the balancing figures between audited figures in respect of full financial year and the unaudited published year-to-date figures up to 31st December, 2025 which were subject to limited review.
-
The figures of the previous period(s) have been regrouped / reclassified wherever necessary to conform to current year presentation.
For and on behalf of the Board of Directors of
Modules Construction Technologies Limited
JAYESH
NARENDRA
SHETH
OBM/2016/05.22
16:03:59 +07:30'
Jayesh Sheth
A. Managing Director
DIN-03506031
Place: Pune
Date: 22nd May, 2026
| MODULEX CONSTRUCTION TECHNOLOGIES LIMITED |
|---|
| CIN - L25999PN1973PLC182679 |
| Regd. Office : A-82, MIDC Industrial Estate, Indapur, Pune, Maharashtra - 413132 |
| Standalone Audited Statement of Assets and Liabilities as at March 31, 2026 |
(INR in Lakhs)
| Sr. No. | Particulars | As at | As at |
|---|---|---|---|
| March 31, 2026 | March 31, 2025 | ||
| (Audited) | (Audited) | ||
| I | ASSETS | ||
| Non-current assets | |||
| Property, plant and equipment | 0.13 | 0.32 | |
| Financial assets: | |||
| Investments | 36515.31 | 36048.19 | |
| Loans and Advances | 3752.89 | 781.83 | |
| 40268.33 | 36830.34 | ||
| Current assets | |||
| Financial assets: | |||
| Cash and cash equivalents | 76.20 | 28.10 | |
| Other financial assets | 63.78 | 9.64 | |
| Other current assets | 176.60 | 72.59 | |
| 316.58 | 110.33 | ||
| Total | 40584.91 | 36940.67 | |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Share capital | 7107.03 | 6920.18 | |
| Other equity | 33117.26 | 29834.33 | |
| 40224.29 | 36754.51 | ||
| Liabilities | |||
| Non-current liabilities | |||
| Financial liabilities: | |||
| Borrowings | - | - | |
| Other non current financial liabilities | - | - | |
| - | - | ||
| Current Liabilities | |||
| Financial liabilities: | |||
| Borrowings | - | - | |
| Trade payables | |||
| Payable to micro enterprises and small enterprises | 2.72 | 1.19 | |
| Payable to others | 86.48 | 79.75 | |
| Other current financial liabilities | 18.74 | 9.25 | |
| Other current liabilities | 252.68 | 95.97 | |
| 360.62 | 186.16 | ||
| Total | 40584.91 | 36940.67 | |
| For and on behalf of the Board of Directors of Modulex Construction Technologies Limited | |||
| JAYESH | |||
| NARENDRA SHETH | |||
| Digitally signed by JAYESH | |||
| NARENDRA SHETH | |||
| Date: 2026.05.22 | |||
| 16:04:21 +05'30' | |||
| Jayesh Sheth | |||
| Jt. Managing Director | |||
| DIN:03506031 |
Place: Pune
Date: 22nd May, 2026
MODULEX CONSTRUCTION TECHNOLOGIES LIMITED
CIN - L25999PN1973PLC182679
Regd. Office : A-82, MIDC Industrial Estate, Indapur, Pune, Maharashtra - 413132
Statement of Audited Standalone Cash Flow for the Year Ended March 31, 2026
(INR in Lakhs)
| Sr. No. | Particulars | As at | As at | |
|---|---|---|---|---|
| March 31, 2026 | March 31, 2025 | |||
| (Audited) | (Audited) | |||
| A) | Cash Flow from Operating Activities : | |||
| Net (Loss) before tax | (44.32) | (177.25) | ||
| Adjustments for Non-Cash and Non-Operating Items : | ||||
| Interest income on deposit, investment and Income tax refund | (244.63) | (18.80) | ||
| Depreciation | 0.20 | 0.14 | ||
| (Gain) /Loss on financial instruments at fair value through profit and loss | - | 1.80 | ||
| Finance Cost | - | 45.66 | ||
| Other Income | (5.46) | 0.74 | ||
| Operating Loss before Working Capital Charges | (294.22) | (147.71) | ||
| Adjustment for: | ||||
| (Increase) / Decrease in current and non current assets | (79.45) | (22.67) | ||
| Increase / (Decrease) in current and non current liabilities | 179.91 | 51.01 | ||
| Cash generated from Operations | (193.75) | (119.37) | ||
| Income Tax paid (Net of Refund) | - | - | ||
| Net Cash Flow (used in) Operating Activities | (A) | (193.75) | (119.37) | |
| B) | Cash Flow from Investing Activities: | |||
| Repayment of Loan given during the year | 288.09 | 56.33 | ||
| Unsecured loan to Subsidiary Company | (3259.15) | - | ||
| Interest Received on Loan / CCD | 165.94 | 11.89 | ||
| Proceeds from unsecured loan from Holding Company | - | (838.16) | ||
| Recognition of property, plant and equipment | - | (0.45) | ||
| Net Cash (used in) / generated from Investing Activities | (B) | (2805.13) | (770.39) | |
| C) | Cash Flow from Financing Activities: | |||
| Proceeds from unsecured loan from subsidiary | - | 99.10 | ||
| Repayment of unsecured loan by subsidiary | - | (616.53) | ||
| Payment of Interest on unsecured loan from subsidiary | - | (205.11) | ||
| Interest Paid | - | - | ||
| Transaction cost for increase in authorised share capital | (3.00) | (32.76) | ||
| Proceeds from issue of share warrants | 3049.98 | 1673.13 | ||
| Net Cash generated from financing Activities | (C) | 3046.98 | 917.83 | |
| Net Increase/(Decrease) in Cash and Cash Equivalents (A+B+C) | 48.10 | 28.06 | ||
| Reconciliation of Cash and Cash Equivalents with the Balance Sheet | ||||
| Opening Balance | 28.10 | 0.04 | ||
| Closing Balance | 76.20 | 28.10 | ||
| Net Increase/ (Decrease) in cash and cash equivalents | 48.10 | 28.06 |
For and on behalf of the Board of Directors of
Modulex Construction Technologies Limited
JAYESH
NARENDRA
SHETH
Digitally signed by
JAYESH NARENDRA
SHETH
Date: 2026.05.22
16:04:49 +05'30'
Jayesh Sheth
Jt. Managing Director
DIN:03506031
Place: Pune
Date: 22nd May, 2026
DHADDA & ASSOCIATES
CHARTERED ACCOUNTANTS
Independent Auditor's Report on the Quarterly and Year to Date Standalone Financial Results of Modulex Construction Technologies Limited, pursuant to Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, (as amended)
To,
The Board of Directors of,
Modulex Construction Technologies Limited
Report on the audit of the Standalone Financial Results
Opinion
We have audited the standalone financial results of Modulex Construction Technologies Limited (“the Company”), for the year ended March 31, 2026 included in the accompanying Statement of ‘standalone financial results for the quarter and year ended March 31, 2026’ (“the Statement”), being submitted by the Company pursuant to the requirement of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“the Listing Regulations”).
In our opinion and to the best of our information and according to the explanations given to us, the Statement:
i are presented in accordance with the requirements of the Listing Regulations in this regard; and
ii give a true and fair view in conformity with the applicable Indian Accounting Standards prescribed under Section 133 of the Companies Act 2013 (“the Act”) read with relevant rules issued thereunder and other accounting principles generally accepted in India, of the net loss and total comprehensive income and other financial information of the Company for the quarter and year ended March 31, 2026.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in “Auditor’s Responsibilities for the Audit of the Standalone Financial Results” section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (“the ICAI”) together with the ethical requirements that are relevant to our audit of the standalone financial results under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.
Material Uncertainty related to Going Concern
We draw attention to Note 5 of the Standalone Financial Results, which states that the Company has incurred net losses (before Other Comprehensive Income) during the current period and in previous years, primarily due to delays in implementation of the Pune project through its subsidiary, Modulex Modular Buildings Private Limited (“MMBPL”). These conditions, along with other factors, have resulted in the Company’s current liabilities
H.O.-Flat No. 7/8, Bheru Mansion, Gandhi Bazar, B. Prabhu Karnataka - 560004
B.O. - 403, Sumitram Heights, C19-20, 6D, Engineers Colony, Mansarovar, Jaipur - 302020
FAX 013807S
DHADDA & ASSOCIATES
CHARTERED ACCOUNTANTS
exceeding its current assets, indicating the existence of a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern.
However, MMBPL has completed the Phase-I internal construction activities for Shed 2 of the factory building and installation of plant and machinery pursuant to the land re-allotment order received from MIDC and execution of a 95-year long-term lease agreement with the Sub-Registrar at Indapur. Further, the promoters and other investors have continued to extend financial support for completion of the project and meeting the Company's financial obligations.
Accordingly, the management has prepared the Standalone Financial Results on a going concern basis.
Our opinion is not modified in respect of this matter.
Emphasis of Matters
Without Qualifying our opinion, attention is invited to the following: -
a) We draw attention to the Standalone Financial Results, which states that the Company has incurred a net loss of (INR 44.32) lakhs for the current reporting period and has accumulated negative retained earnings of (INR 853.95) lakhs as at March 31, 2026, including losses from earlier years. These conditions indicate the existence of a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern.
The Company's ability to continue as a going concern is dependent upon the successful commencement of its intended business operations, generation of adequate positive cash flows from future activities, and continued financial support from its promoters or group entities. Based on management's assessment of these factors, the financial results have been prepared on a going concern basis.
b) As at March 31, 2026, certain Tax Deducted at Source (TDS) liabilities pertaining to previous years aggregating to INR 30.22 lakhs remain unpaid by the Company. The aforesaid amount includes provision for interest of INR 8.05 lakhs on account of delay in remittance. Further, the Company has not deposited Goods and Services Tax (GST) payable under the Reverse Charge Mechanism (RCM) amounting to INR 28.77 lakhs. The Company has also made a provision for interest liability amounting to INR 5.42 lakhs as at March 31, 2026 arising due to delay in depositing the aforesaid GST dues. The Company is in the process of obtaining expert legal opinion regarding the appropriate resolution of these matters and intends to undertake the necessary corrective actions in the subsequent quarter.
c) As stated in Note 4 of the Standalone Financial Results, the Company has evaluated the carrying value of its investment in its subsidiary, Modulex Modular Buildings Private Limited (MMBPL). This evaluation is supported by an independent valuation as at March 31, 2026, indicated that the fair value of the investment is adequate to cover the investment cost. The management has also reaffirmed its commitment to completing the factory construction project at Indapur, District Pune, through MMBPL. Based on these developments and the independent valuation support, no impairment has been recognised in respect of the investment as at March 31, 2026.
Our opinion is not modified with respect to the above matters.
H.O.-Flat No. 7/8, Bheru Mansion, Gandhi Bazar, Banyahuru, Karnataka - 560004
B.O. - 403, Sumitram Heights, C19-20, 6D, Engineers Colony, Mansarovar, Jaipur - 302020
FAX 013807S
DHADDA & ASSOCIATES
CHARTERED ACCOUNTANTS
Management's Responsibilities for the Standalone Financial Results
This Statement has been prepared on the basis of the standalone annual financial statements. The Company's Board of Directors are responsible for the preparation and presentation of the standalone financial results that give a true and fair view of the net loss and total comprehensive income and other financial information of the Company in accordance with the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 and 52 of the Listing Regulations.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the Statement, the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the Statement as a whole, are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Financial Results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We are also:
-
Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
-
Obtain an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate
H.O.-Flat No. 7/8, Bheru Mansion, Gandhi Bazar, Bengaluru, Karnataka - 560004
B.O. - 403, Sumitram Heights, C19-20, 6D, Engineers Colony, Mansarovar, Jaipur - 302020
FAX 0138075
DHADDA & ASSOCIATES
CHARTERED ACCOUNTANTS
internal financial controls with reference to standalone financial statements in place and the operating effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
- Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Other Matter
The Statement includes the results for the quarter ended March 31, 2026, being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures upto third quarter of the current financial year which were subject to limited review by us, as required under the Listing Regulations.
For Dhadda & Associates
Chartered Accountants
Firm Registration No: 013807S
Place: Jaipur
Date: May 22, 2026
H.O.-Flat No. 7/8, Bheru Mansion, Gandhi Bazar, Bengaluru, Karnataka - 560004
B.O. - 403, Sumitram Heights, C19-20, 6D, Engineers Colony, Mansarovar, Jaipur- 302020
| MODULEX CONSTRUCTION TECHNOLOGIES LIMITED | ||||||
|---|---|---|---|---|---|---|
| CIN - L25999PN1973PLC182679 | ||||||
| Regd. Office: A-82, MIDC Industrial Estate, Indapur, Pune, Maharashtra - 413132 | ||||||
| Statement of Audited Consolidated Financial Results for the Quarter and Year ended March 31, 2026 | ||||||
| (INR in Lakhs) | ||||||
| Sr. No. | Particulars | Consolidated Financial Results | ||||
| Quarter Ended | Year Ended | |||||
| March 31, 2026 (Audited) | December 31, 2025 (Unaudited) | March 31, 2025 (Audited) | March 31, 2026 (Audited) | March 31, 2025 (Audited) | ||
| I | Income from operations | - | - | - | - | - |
| Income from operations | - | - | - | - | - | |
| Other income | 129.11 | 0.75 | 13.42 | 203.01 | 1307.77 | |
| Total income from operations | 129.11 | 0.75 | 13.42 | 203.01 | 1307.77 | |
| Expenses | - | - | - | - | - | |
| II | Employee benefits expense | 175.59 | 183.88 | 96.81 | 685.31 | 258.29 |
| Finance costs | 23.53 | 49.27 | 63.68 | 186.01 | 215.25 | |
| Depreciation and amortization expenses | 109.39 | 66.78 | 3.61 | 305.28 | 11.76 | |
| Other expenses | 100.68 | 148.33 | 121.96 | 508.99 | 359.30 | |
| III | Total expenses | 409.20 | 448.27 | 286.05 | 1685.60 | 844.60 |
| Profit/(Loss) before share in (Loss) of Associate, exceptional item and tax (I-II) | (280.09) | (447.52) | (272.63) | (1482.58) | 463.16 | |
| IV | Share in (Loss) of Associate | - | - | - | - | - |
| V | Profit/(Loss) before exceptional items and tax (III-IV) | (280.09) | (447.52) | (272.63) | (1482.58) | 463.16 |
| VI | Exceptional item | - | - | - | - | - |
| VII | Profit/(Loss) before tax (V-VI) | (280.09) | (447.52) | (272.63) | (1482.58) | 463.16 |
| Tax expenses | - | - | - | - | - | |
| VIII | Current tax | - | - | - | - | - |
| Deferred tax | - | - | - | - | - | |
| IX | Short / (Excess) Tax provision of earlier years | - | - | - | - | (24.20) |
| Profit / (Loss) after tax (III-IV) | (280.09) | (447.52) | (272.63) | (1482.58) | 487.37 | |
| X | Other comprehensive income / (loss) net of tax | |||||
| Items that will not be reclassified to profit or loss | ||||||
| Change in Fair Value of Equity Instrument - FVTOO | (97.75) | (102.12) | - | (138.69) | 362.92 | |
| Share in other comprehensive loss of Associate | - | - | - | - | - | |
| Remeasurement of the defined benefit plans (Net) | 15.15 | - | - | 15.15 | (2.32) | |
| XI | Items that will be reclassified to profit or loss | - | - | - | - | - |
| Total comprehensive profit/(loss) net of tax (V+VI) | (362.69) | (549.64) | (272.63) | (1606.13) | 847.97 | |
| XII | Profit / (Loss) for the period attributable to: | |||||
| Owners of the Group | (344.51) | (440.18) | (227.37) | (1477.43) | 445.49 | |
| Non-Controlling interests | 64.42 | (7.34) | (45.26) | (5.16) | 41.87 | |
| Other Comprehensive Income for the period attributable to : | ||||||
| Owners of the Group | (81.62) | (100.68) | 0.00 | (123.03) | 336.51 | |
| Non-Controlling interests | (0.98) | (1.44) | 0.00 | (0.51) | 24.09 | |
| Total Comprehensive Income for the period attributable to : | ||||||
| Owners of the Group | (426.14) | (540.86) | (227.37) | (1600.46) | 108.98 | |
| Non-Controlling interests | 63.44 | (8.78) | (45.26) | (5.67) | 17.78 | |
| Paid-up equity share capital (face value of Rs. 10/- each) | 7107.03 | 6920.18 | 6920.18 | 7107.03 | 6920.18 | |
| XIII | Other Equity (excluding Revaluation Reserves) | 24928.05 | 23186.34 | |||
| XIV | Earnings per share (EPS) (not annualised) | |||||
| (a) Basic (in Rs.) | (0.48) | (0.64) | (0.33) | (2.08) | 0.64 | |
| (b) Diluted (in Rs.) | (0.48) | (0.64) | (0.33) | (2.08) | 0.64 |
NOTES:
1 The audited consolidated financial results (Statement) have been reviewed as well as recommended by the Audit Committee of the Board which is approved and taken on record by the Board of Directors at their meeting held on 22nd May, 2026. The Statutory Auditors have expressed an unmodified audit opinion on these result.
2 The above consolidated financial results ('Statement') have been prepared in accordance with the Indian Accounting Standards ("Ind-AS") prescribed under section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India.
3 The holding company has made investments in the subsidiary company, Modulex Modular Buildings Private Limited (MMBPL) and is recognised at cost in books of accounts. The subsidiary company had encountered significant delay in starting the commercial operations at Indapur Pune due to multiple factors including delay in raising the funds and non-receipt of an extension letter from MIDC. In FY 23-24, the company received a Letter of offer dated 04th March, 2024 from MIDC with condition of payment of additional re-alistment premium of INR 774.40 lakhs for re-alistment of the land at MIDC Indapur, Pune. After payment of re-alistment premium the company has received a land re-alistment order from MIDC in June 2024 and has registered the a long-term lease agreement for 95 years with the Sub Registrar.
The Phase - I construction activities for Shed 2 of the project site at Indapur, Pune have been completed and common area work around the shed is in progress including drainage system, road and inward outward gate etc. Prototype production has been in progress in Q4 of FY 25-26 and enquiries for commercial activities have started for which the Company has been providing quotations from time to time. The Company is taking efforts for converting these enquiries into final orders and expecting to book the sales in FY 2026-27.
Based on the latest developments and the shareholder's commitment to fund the project and completing the construction project, management believes that no impairment is required for the investment in the subsidiary.
MODULEX CONSTRUCTION TECHNOLOGIES LIMITED
CIN - L25999PN1973PLC182679
Regd. Office : A-82, MIDC Industrial Estate, Indapur, Pune, Maharashtra - 413132
Statement of Audited Consolidated Financial Results for the Quarter and Year ended March 31, 2026
4 In the case of Give Vinduat Windows and Doors Private Limited (GVWDPL), another subsidiary, did not commence their business operations till the date of signing of this report. This condition would raise substantial doubt about the company's ability to continue its operation for the foreseeable future. The Company's ability to continue as a going concern is dependent upon its ability to generate sufficient level of positive cash flows from its future operations and continued financial support of the company. However, the company is planning to start its manufacturing activities of windows and doors in the production facilities at Indapur MIDC, Pune which is currently been constructed by one of its group companies, Modules Modular Buildings Pvt. Ltd. (MMBPL).
The group Company has completed the Phase - I construction activities for Shed 2 and installation of machinery. A common area work around the shed including drainage system, road and inward outward gate etc. is in progress at the factory at Indapur, Pune. The trial production of prototype is in progress and the Company is hopeful that commercial production activities are expected to be taken up at the factory in FY 2026-27. Considering this, the Financial Statements are prepared on a going concern basis.
5 There are no reportable segments under Ind AS-108 'Operating Segments' as all the activities relate to only one segment i.e. civil construction. Further the Group is also reviewing the results / operations as single segment i.e. civil construction.
6 The Group has continuously incurred losses in the previous years due to the delay in implementing the project at Pune through its subsidiary company, Modules Modular Buildings Private Limited (MMBPL). Due to delays faced in the implementation of the project and other factors, the group's current assets are not sufficient to meet its current liabilities and therefore material uncertainty that may cast significant doubt on the group continuing as a going concern.
In June 2024, the subsidiary received a land re-allotment order from MIDC and subsequently registered a 95-year long-term lease agreement with the Sub-Registrar in Indapur on August 9, 2024. Since the beginning of Q3, in FY 24-25, the Company had commenced Phase - I construction of Shed 2 of factory building and installation of machinery at the factory, Indapur, District Pune; which is now completed. The trial production of prototype is in progress and the Company is in process of starting commercial production activities in FY 2026-27.
The management has been successful in completing the Phase - I of the factory construction project in Indapur, District Pune, through its subsidiary. The promoters are also committed to providing financial support as needed. Consequently, the Consolidated Financial Results have been prepared on a going concern basis.
7 In respect of Subsidiary (MMBPL), One of the independent directors demanded the fees of INR 96.33 lakhs in FY 2021-22. The said former Independent Director was brought on board on the mutual understanding that fees will be payable on achieving financial closure of the project and since financial closure was not achieved, the fees were not payable to the said Director. However, in FY 2021-22 and 2022-23, the company had paid INR 47.18 lakhs as expended goodwill, and the balance amount were treated as contingent liabilities in the previous year pending the outcome final dispute/settlement. The entire amount of INR 61.34 lakhs is considered as contingent liabilities as on March 31, 2026.
8 In FY 2024-25, the Board of Directors, in its meeting held on 13th November 2024, approved the issuance of up to 3,71,80,555 convertible warrants, aggregating to ₹ 6,292.49 lakhs, at an issue price of ₹ 18 per warrant, on a preferential basis. Subsequently, on 10th December 2024, the shareholders approved the issuance of 3,71,80,555 convertible warrants (aggregating to ₹ 6,292.49 lakhs) through a resolution passed at the Extraordinary General Meeting. The Company received in-principle approval from the Bombay Stock Exchange on 17th December 2024 for the proposed issue of 3,71,80,555 convertible warrants, each convertible into one equity share of face value ₹ 10, at a price not less than ₹ 18 per warrant, to non-promoters on a preferential basis. Further, on 18th December 2024, the Board of Directors approved the allotment of 1,16,89,473 convertible warrants, representing 25% of the total consideration (i.e., ₹1,573.12 lakhs, being 25% of ₹6,292.49 lakhs), in accordance with applicable regulations. In Q4 24-25, the Company had received ₹1,673.12 lakhs towards application money for the convertible warrants.
During Q1 25-26, the Company made first call money of ₹ 4.5 per warrant and received ₹ 1524.99 lakhs towards the same. During Q3 25-26, the Company made second call money of ₹ 4.5 per warrant and received ₹ 1479.98 lakhs towards the same. As on 31st March 2026, the Company received total ₹ 4723.10 lakhs towards application money, 1st call and 2nd call money for the convertible warrants.
9 As per the requirements of Ind AS 33 – Earnings Per Share, potential equity shares such as share warrants are included in the computation of diluted earnings per share only when they have a dilutive effect on earnings per share. In the current year, the Company has incurred a loss attributable to equity shareholders, and the outstanding share warrants, if converted, would result in an increase in earnings per share (i.e., reduce the loss per share). As such, these instruments are considered anti-dilutive in accordance with Paragraph 41 of Ind AS 33. Accordingly, the diluted earnings per share (DEPS) is the same as the basic earnings per share (BEPS) for the reporting period.
10 The figures for the quarter ended 31st March, 2026 and 31st March 2025 are the balancing figures between audited figures in respect of full financial year 2025 and the unaudited published year-to-date figures up to 3rd Quarter of the current and previous financial years which were subject to limited review.
11 The figures of the previous period(s) have been regrouped / reclassified wherever necessary, to conform to current year presentation.
Place: Pune
Date: 22nd May, 2026
For and on behalf of the Board of Directors of Modules Construction Technologies Limited
JAYESH
NARENDRA
SHETH
Digitally signed by JAYESH NARENDRA
Date: 2026.05.22
16:07:51 +05'30'
Jayesh Sheth
Jt. Managing Director
DIN:03506031
MODULEX CONSTRUCTION TECHNOLOGIES LIMITED
CIN - L25999PN1973PLC182679
Regd. Office : A-82, MIDC Industrial Estate, Indapur, Pune, Maharashtra - 413132
Audited Statement of Consolidated Assets and Liabilities as at March 31, 2026
(INR in Lakhs)
| Particulars | As at | As at |
|---|---|---|
| March 31, 2026 | March 31, 2025 | |
| (Audited) | (Audited) | |
| ASSETS | ||
| Non-current assets | ||
| Property, plant and equipment | 4850.56 | 1067.35 |
| Goodwill on Consolidation | 25903.09 | 25903.09 |
| Capital work in progress | 3219.82 | 6059.93 |
| Financial assets: | ||
| Investments | 224.25 | 362.94 |
| Other non-current assets | 43.19 | 244.42 |
| 34240.91 | 33637.72 | |
| Current assets | ||
| Inventories | 35.69 | - |
| Financial assets: | ||
| Cash and cash equivalents | 81.78 | 121.30 |
| Loans and Advances | 9.85 | 17.20 |
| Other financial assets | 17.06 | 16.31 |
| Other current assets | 928.28 | 939.96 |
| 1072.66 | 1094.78 | |
| TOTAL | 35313.57 | 34732.50 |
| EQUITY AND LIABILITIES | ||
| EQUITY | ||
| Share Capital | 7107.03 | 6920.18 |
| Other equity | 24928.05 | 23201.26 |
| Non Controlling interest | (202.75) | 270.05 |
| 31832.34 | 30391.49 | |
| LIABILITIES | ||
| Non-current liabilities | ||
| Financial liabilities: | ||
| Borrowings | - | - |
| Other financial liabilities | 49.62 | 12.07 |
| Provisions | 32.83 | 48.55 |
| 82.45 | 60.62 | |
| Current Liabilities | ||
| Financial Liabilities: | ||
| Borrowings | 1455.45 | 1812.75 |
| Trade payables | ||
| Payable to micro enterprises and small enterprises | 9.17 | 7.26 |
| Payable to others | 146.61 | 394.88 |
| Other financial liabilities | 1000.18 | 941.74 |
| Other current liabilities | 763.89 | 1100.04 |
| Provisions | 23.47 | 23.72 |
| 3398.78 | 4280.39 | |
| TOTAL | 35313.57 | 34732.50 |
| For and on behalf of the Board of Directors of Modulex Construction Technologies Limited | ||
| JAYESH NARENDRA SHETH Digitally signed by JAYESH NARENDRA SHETH Date: 2026.05.22 16:08:24 +05'30' | ||
| Jayesh Sheth Jt. Managing Director DIN:03506031 |
Place: Pune
Date: 22nd May, 2026
MODULEX CONSTRUCTION TECHNOLOGIES LIMITED
CIN - L25999PN1973PLC182679
Regd. Office : A-82, MIDC Industrial Estate, Indapur, Pune, Maharashtra - 413132
Statement of Audited Consolidated Cash Flow for the Year ended March 31, 2026
(INR in Lakhs)
| Sr. No. | Particulars | As at | As at | |
|---|---|---|---|---|
| March 31, 2026 | March 31, 2025 | |||
| (Audited) | (Audited) | |||
| A) | Cash Flow from Operating Activities : Net loss after exceptional item, share of (Loss) of Associate and before tax | (1482.58) | 463.16 | |
| Adjustments for Non-Cash and Non-Operating Items : | ||||
| Depreciation and Amortisation | 305.28 | 11.76 | ||
| Interest income on deposit, investment, loan and income tax refund | (8.17) | (2.82) | ||
| Liabilities no longer required written off | (192.20) | (11.14) | ||
| Finance cost | 186.01 | 215.25 | ||
| Reversal of CWIP | - | (1293.01) | ||
| Other Income | (2.64) | (0.79) | ||
| Cash Flow before Changes in Working Capital | (1194.30) | (617.60) | ||
| Movement in working capital: (Increase) / Decrease in Current assets | 70.08 | (76.43) | ||
| Increase /(Decrease) in Current liabilities | (288.29) | 475.27 | ||
| Net Cash (Used in) Operating Activities | (1412.51) | (218.76) | ||
| Income Tax paid (Net of Refund) | - | - | ||
| Net Cash Flow (used in) Operating Activities | (A) | (1412.51) | (218.76) | |
| Interest received on Fixed Deposit | 8.17 | 2.82 | ||
| Interest received | 2.64 | 0.79 | ||
| Sale of Shares | - | 0.00 | ||
| Unsecured Loan given to Company in which Directors are interested | 0.17 | (0.15) | ||
| Recognition of Property, plant and equipment Including CWIP (Net of Capital advances) | (1248.39) | (2317.79) | ||
| Capital Advances | 106.73 | (51.05) | ||
| Net Cash (Used In) / generated from Investing Activities | (B) | (1130.67) | (2365.38) | |
| C) | Cash Flow from Financing Activities: | |||
| Proceeds from issue of share warrants | 3049.98 | 1673.13 | ||
| Repayment of borrowings to Directors | - | (160.94) | ||
| Proceeds from borrowings from Directors | - | 20.80 | ||
| Interest paid | (186.01) | (215.25) | ||
| Transaction cost for increase in authorised share capital / Shares Issue Expenses | (3.00) | (32.76) | ||
| Repayment of borrowings to related parties | (357.30) | (147.00) | ||
| Proceeds from borrowings from other company | - | 1566.00 | ||
| Net Cash Flow generated from Financing Activities - | (C) | 2503.66 | 2703.99 | |
| Net Increase/(Decrease) in Cash and Cash Equivalents (A+B+C) | (39.52) | 119.85 | ||
| Reconciliation of Cash and Cash Equivalents with the Balance Sheet | ||||
| Cash & Cash Equivalent at the beginning of the year | 121.30 | 1.45 | ||
| Cash & Cash Equivalent at the end of the year | 81.78 | 121.30 | ||
| Net Increase/ (Decrease) in Cash and Cash Equivalents | (39.52) | 119.85 |
For and on behalf of the Board of Directors of
Modulex Construction Technologies Limited
JAYESH
NARENDRA
A SHETH
Digitally signed by
JAYESH
NARENDRA SHETH
Date: 2026.05.22
16:08:51 +05'30'
Jayesh Sheth
Jt. Managing Director
DIN:03506031
Place: Pune
Date: 22nd May, 2026
DHADDA & ASSOCIATES
CHARTERED ACCOUNTANTS
Independent Auditor's Report on the Quarterly and Year to Date Consolidated Financial Results of Modulex Construction Technologies Limited (The Holding Company), pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, (as amended)
To,
The Board of Directors of,
Modulex Construction Technologies Limited
Report on the audit of the Consolidated Financial Results
Opinion
We have audited the Consolidated Financial Results of Modulex Construction Technologies Limited (“the Holding Company”) and its subsidiaries (the company and its subsidiary together referred to as "the Group") for the quarter and year ended March 31, 2026 and the year to date results for the year ended March 31, 2026 ("the Statement"), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“the Listing Regulations”).
In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of other auditors on separate audited financial statements /financial information of a subsidiaries referred in Other Matters section below, the aforesaid consolidated financial results:
a) include the annual financial results of the following entities to the aforesaid consolidated annual financial results:
| Sr No. | Name of the Entity | Relationship |
|---|---|---|
| i. | Modulex Construction Technologies Limited | Holding Company |
| ii. | Modulex Modular Buildings Private Limited | Subsidiary Company |
| iii. | Give Vinduet Windows and Doors Private Limited | Subsidiary Company |
b) are presented in accordance with the requirements of the Listing Regulations in this regard; and
c) give a true and fair view in conformity with the recognition and measurement principal laid down in applicable Indian Accounting Standards and other accounting principles generally accepted in India of the consolidated total comprehensive income (comprising of Net Loss and other comprehensive income) and other financial information of the Group and its associates for the quarter and year ended March 31, 2026 and the year to date results for the year ended March 31, 2026.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in "Auditor's Responsibilities for the Audit of the Consolidated Financial Results" section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (“the ICAI”) together with the ethical requirements that are relevant to our audit of the Consolidated financial results under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in
H.O.-Flat No. 7/8, Bheru Mansion, Gandhi Bazar, Bengaluru, Karnataka - 560004
B.O. - 403, Sumitram Heights, C19-20, 403 Engineers Colony, Mansarovar, Jaipur - 302020
013807S
DHADDA & ASSOCIATES
CHARTERED ACCOUNTANTS
accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.
Material Uncertainty related to Going Concern
We draw attention to Note No. 6 to the Consolidated Financial Results, which states that the Group has incurred losses during the current period and in previous years, primarily due to delays in implementation of the project through its subsidiary, Modulex Modular Buildings Private Limited ("MMBPL"). Further, delays in execution of the project and other related factors have resulted in the Group's current liabilities exceeding its current assets as at the reporting date. These events and conditions indicate the existence of a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern.
As stated in the said note, MMBPL has received the land re-allotment order from Maharashtra Industrial Development Corporation (MIDC) and subsequently executed a 95-year long-term lease agreement. Further, MMBPL has completed the Phase-I construction activities for Shed 2 of the factory building and installation of plant and machinery at the Indapur MIDC, Pune facility, while certain common area development works are presently in progress. The Group expects commercial production to commence soon. Further, the promoters and group entities have continued to extend financial and strategic support for completion of the project and meeting the Group's operational and financial obligations.
Accordingly, the Consolidated Financial Results have been prepared on a going concern basis.
Our opinion is not modified in respect of this matter.
Emphasis of Matters
Without Qualifying our opinion, attention is invited to the following: -
a) In the case of Modulex Construction Technologies Limited (MCTL), the holding company We draw attention to the Standalone Financial Results, which states that the Company has incurred a net loss of (INR 44.32) lakhs for the current reporting period and has accumulated negative retained earnings of (INR 853.95) lakhs as at March 31, 2026, including losses from earlier years. These conditions indicate the existence of a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern.
The Company's ability to continue as a going concern is dependent upon the successful commencement of its intended business operations, generation of adequate positive cash flows from future activities, and continued financial support from its promoters or group entities. Based on management's assessment of these factors, the financial results have been prepared on a going concern basis.
b) In case of Modulex Construction Technologies Limited (MCTL), the holding company, As at March 31, 2026, certain Tax Deducted at Source (TDS) liabilities pertaining to previous years aggregating to INR 30.22 lakhs remain unpaid by the Company. The aforesaid amount includes provision for interest of INR 8.05 lakhs on account of delay in remittance. Further, the Company has not deposited Goods and Services Tax (GST) payable under the Reverse Charge Mechanism (RCM) amounting to INR 28.77 lakhs. The Company has also made a provision for interest liability amounting to INR 5.42 lakhs as at March 31, 2026 arising due to delay in depositing the aforesaid GST dues. The Company is in the process of obtaining expert legal opinion regarding the appropriate resolution of these matters and intends to undertake the necessary corrective actions in the subsequent quarter.
H.O.-Flat No. 7/8, Bheru Mansion, Gandhi Bazar, Bengaluru, Karnataka - 560004
B.O. - 403, Sumitram Heights, C19-20, 6D, Jammu, Tel: 0138075
Colony, Mansarovar, Jaipur - 302020
DHADDA & ASSOCIATES
CHARTERED ACCOUNTANTS
c) In case of Modulex Construction Technologies Limited (MCTL), the holding company, As stated in Note 4 of the Standalone Financial Results, the Company has evaluated the carrying value of its investment in its subsidiary, Modulex Modular Buildings Private Limited (MMBPL). This evaluation is supported by an independent valuation as at March 31, 2026, indicated that the fair value of the investment is adequate to cover the investment cost. The management has also reaffirmed its commitment to completing the factory construction project at Indapur, District Pune, through MMBPL. Based on these developments and the independent valuation support, no impairment has been recognised in respect of the investment as at March 31, 2026.
d) In the case of Modulex Modular Buildings Private Limited (MMBPL), a subsidiary, As at March 31, 2026, the Company's total current liabilities amounting to INR 3,089.44 lakhs exceed its total current assets of INR 735.77 lakhs. Additionally, the Company has accumulated negative retained earnings of INR (7,528.61) lakhs, including losses from prior years. These conditions raise substantial doubt about the Company's ability to continue its operations in the foreseeable future. The Company's ability to continue as a going concern is dependent on generating adequate positive cash flows from future operations and continued financial support.
e) In the case of Modulex Modular Buildings Private Limited (MMBPL), a subsidiary the Company As of March 31, 2026, the Company has not deposited Tax Deducted at Source (TDS) aggregating to INR 191.22 lakhs. Further, the Company has not deposited Goods and Services Tax (GST) under the Reverse Charge Mechanism (RCM), including provision created towards GST liability and interest thereon, amounting to INR 7.22 lakhs. The Company is in the process of obtaining an expert legal opinion on the appropriate resolution of these matters and intends to take the necessary corrective action in the subsequent quarter.
f) In the case of Modulex Modular Buildings Private Limited (MMBPL), a subsidiary, We draw attention to Note 6 of the Statement of financial results, which describes a demand for fees amounting to INR 96.33 lakhs made by a former Independent Director during FY 2021–22. As disclosed, the said Director was engaged based on a mutual understanding that the fees would become payable only upon the achievement of financial closure of the project. Since financial closure was not achieved, the fees were not considered payable. Nevertheless, the Company paid INR 47.18 lakhs during FY 2021–22 and FY 2022–23 as a goodwill gesture. The remaining balance was disclosed as a contingent liability in the previous year, pending the outcome of the final dispute resolution or settlement. As of March 31, 2026, the entire unpaid balance of INR 61.34 lakhs continues to be recognized as a contingent liability
Our opinion is not modified with respect to the above matters.
Management’s Responsibilities for the Consolidated Financial Results
These quarterly financial results as well as the year-to-date consolidated financial results have been prepared on the basis of the consolidated annual financial statements. The Company’s Board of Directors & Management are responsible for the preparation and presentation of the consolidated financial result that gives a true and fair view of the consolidated net loss and other comprehensive Income and other financial information of the Group including its subsidiaries in accordance with the recognition and measurement principles laid down in applicable Indian Accounting Standards prescribed under section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulations 33 and 52 of the Listing Regulations.
H.O.-Flat No. 7/8, Bheru Mansion, Gandhi Bazar, Bengaluru, Karnataka - 560004
B.O. - 403, Sumitram Heights, C19-20, 6D, 100000, Tel: 013807S
DISTRIBUTOR'S ACCOUNTANT
DHADDA & ASSOCIATES
CHARTERED ACCOUNTANTS
The respective Board of Directors & Management of the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and its associates and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Consolidated Financial Results that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the Statement, the respective Board of Directors & Management of the Group are responsible for assessing the ability of the Group and its associates to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Company or the cease operations, or has no realistic alternative but to do so.
The respective Board of Directors & Management of the Group are also responsible for overseeing the Group's financial reporting process.
Auditor's Responsibilities for the Audit of the Consolidated Financial Results
Our objectives are to obtain reasonable assurance about whether the consolidated financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatement can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement. As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We are also:
-
Identify and assess the risk of material misstatement of the Statement, whether due to fraud of error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal control.
-
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of Consolidated financial statements on whether the Group and its associates (based on the auditor's report of respective companies) has adequate internal financial control with reference to financial statements in place and the operating effectiveness of such controls.
-
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
-
Conclude on the appropriateness of the Management's and Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on ability of the Group and its associates to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial results or, if such disclosures are
H.O.-Flat No. 7/8, Bheru Mansion, Gandhi Bazar, Bengaluru, Karnataka - 560004
B.O. - 403, Sumitram Heights, C19-20, 6D, Engineers Colony, Mansarovar, Jaipur - 302020
0138075
DHADDA & ASSOCIATES
CHARTERED ACCOUNTANTS
inadequate, to modify our opinion. Our opinion are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and its associates to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the Group and its associates to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of the financial information of such entities included in the Statement of which we are the independent auditors.
We communicate with those charged with the governance of the Holding Company and such other entities included in the Statement of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Other Matter
The consolidated financial results include the results for the quarter ended March 31, 2026, being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year, which were subject to limited review by us, as required under the Listing Regulations.
For Dhadda & Associates
Chartered Accountants
Firm Registration No: 013807S
Harsha Ramnani
Partner
Membership No: 411766
UDIN: 26411766KGUOBR2471
Place: Jaipur
Date: May 22, 2026
H.O.-Flat No. 7/8, Bheru Mansion, Gandhi Bazar, Bengaluru, Karnataka - 560004
B.O. - 403, Sumitram Heights, C19-20, 6D, Engineers Colony, Mansarovar, Jaipur- 302020
MODULEX® Modern Method of Construction
22nd May, 2026
To,
The Manager,
Department of Corporate Services,
BSE Limited,
Phiroze Jeejeebhoy Towers,
Dalal Street, Fort,
Mumbai - 400 001.
Security ID: MODULEX
Scrip Code: 504273
Sub.: Declaration under Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the Financial Year ended 31st March, 2026.
Dear Sir/Madam,
In Compliance with Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, I, Mr. Mahendra Kumar Bhurat, Chief Financial Officer of the Company, to the best of my knowledge and belief hereby declare that the Company's Statutory Auditors, M/s Dhadda & Associates, Chartered Accountants, (Firm Registration No.: 013807S), have submitted an unmodified opinion on Audit Report of Audited Standalone and Consolidated Financial Results of the Company for the Financial Year ended 31st March, 2026.
Yours faithfully,
For Modulex Construction Technologies Limited
MAHENDRA
KUMAR
BHURAT
Digitally signed by
MAHENDRA KUMAR
BHURAT
Date: 2026.05.22 00:53:24
+05'30'
Mahendra Kumar Bhurat
Chief Financial Officer
Modulex Construction Technologies Limited t/a Modulex
CIN: L25999PN1973PLC182679
Registered Office: A-82, MIDC Industrial Estate, Indapur – 413 132, Maharashtra
BSE Security Code: 504273 BSE Security ID: MODULEX
Website - www.modulex.in Email - [email protected] Contact - Tel: +91 2111 299200
MODULEX
Modern Method of Construction
Annexure -C
Appointment of Internal Auditor
Pursuant to the provisions of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that based on the recommendation of the Audit Committee, the Board of Directors in its meeting held on Friday, i.e. 22nd May, 2026, has approved the appointment of M/s. MJS & Co., LLP, Chartered Accountants (Firm Registration No. 148649W) as an Internal Auditors of the Company to conduct the Internal Audit for the Financial Year 2026-27.
The details as required under Regulation 30 of the Listing Regulations read with SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated 11th November, 2024 ('SEBI Circular'), are given below:
| Sr. No. | Particulars | Appointment of Internal Auditor – MJS & Co., LLP, Chartered Accountants. |
|---|---|---|
| 1. | Reason for change viz. appointment | Appointment of MJS & Co., LLP Chartered Accountants (Firm Registration No. 148649W), as an Internal Auditors of the Company. |
| 2. | Date of appointment | The Board at its meeting held on 22nd May, 2026, approved the appointment of MJS & Co., LLP Chartered Accountants as an Internal Auditors of the Company for the FY 2026-27. |
| 3. | Term of Appointment | 1 Years |
| 4. | Brief profile (in case of appointment) | MJS & Co., LLP a Chartered Accounting Firm based in Pune, India bearing registration number 148649W is registered with ICAI since January, 2019. Their network spread Pan-India for Statutory Audit, Tax Audit, GST Audit, Internal Audit, Advisory, Compliance and Representation. The firm is ideal Consulting, Audit, Outsourcing & Company Secretary firm for corporate Houses, Multinationals, SMEs & Startups. MJS is a peer reviewed firm by The Institute of Chartered Accountants of India. |
Their objective is to synergize the expertise with information technology, in order to enhance the service delivery with strong client focus. MJS has specialized teams for each of the services being provided by the firm. MJS runs on a collaborative team work with 20 plus team members. The team is an appropriate mix of qualified Chartered Accountants, experienced Inter Chartered Accountants, Company Secretary, Graduates & Articled trainees. The team is trained for handling specialized jobs basis the profiles allocated to them on regular intervals.
They provide services for Domestic and International clients. |
| 5. | Disclosure of relationships between directors (in case of appointment of a Director) | Not Applicable |
| 6. | Information as required pursuant to BSE Circular ref. no. LIST/COMP/14/ 2018-19. | Not Applicable |
Modulex Construction Technologies Limited I/a Modulex
CIN: L25999PN1973PLC182679
Registered Office: A-82, MIDC Industrial Estate, Indapur – 413 132, Maharashtra
BSE Security Code: 504273 BSE Security ID: MODULEX
Website - www.modulex.in Email - [email protected] Contact - Tel: +91 2111 299200
MODULEX
Modern Method of Construction
STATEMENT ON DEVIATION OR VARIATION FOR THE PROCEEDS OF PREFRENTIAL ISSUE
| Statement on Deviation/ Variation in utilization of funds raised | ||||||
|---|---|---|---|---|---|---|
| Name of listed entity | Modulex Construction Technologies Limited | |||||
| Mode of Fund Raising | Preferential Issue of warrants | |||||
| Date of Raising Funds | 18th December 2024, 01st January, 2025 | |||||
| Amount Raised | Rs. 16,72,12,606/- | |||||
| Amount received on application and calls money | Rs. 15,24,98,751/- | |||||
| Report filed for Quarter ended | 31st March, 2026 | |||||
| Monitoring Agency | Not applicable | |||||
| Monitoring Agency Name, if applicable | Not applicable | |||||
| Is there a Deviation/ Variation in use of funds raised | No | |||||
| If yes, whether the same is pursuant to change in NA terms of a contract or objects, which was approved by the shareholders | Not applicable | |||||
| If Yes, Date of shareholder Approval | Not applicable | |||||
| Explanation for the Deviation/ Variation | Not applicable | |||||
| Comments of the Audit Committee after review | No comments | |||||
| Comments of the auditors, if any | No comments | |||||
| Objects for which funds have been raised and where there has been a deviation, in the following table | ||||||
| Original Object | Modified Object, if any | Original Allocation | Modified Allocation if any | Funds Utilized | Amount of Deviation /Variation for the quarter according to applicable object | Remark if any |
| The Company will utilize the proceeds from the preferential issue of Warrants as a loan to its Subsidiary Company for the construction of the factory at Indapur, Pune, Maharashtra. | NA | Rs. 15,24,98,751/- | 0 | Rs. 15,24,98,751/- | Nil | NA |
Modulex Construction Technologies Limited t/a Modulex
CIN: L25999PN1973PLC182679
Registered Office: A-82, MIDC Industrial Estate, Indapur – 413 132, Maharashtra
BSE Security Code: 504273 BSE Security ID: MODULEX
Website - www.modulex.in Email - [email protected] Contact - Tel: +91 2111 299200
MODULEX
Modern Method of Construction
| Deviation or variation could mean: |
|---|
| a) Deviation in the objects or purposes for which the funds have been raised or |
| (b) Deviation in the amount of funds actually utilized as against what was originally disclosed or |
| (c) Change in terms of a contract referred to in the fund-raising document i.e. prospectus, letter of offer, etc. |
For Modulex Construction Technologies Limited
JAYESH
NARENDRA
SHETH
Jayesh Sheth
Joint Managing Director
Digitally signed by JAYESH
NARENDRA SHETH
Date: 2026.05.22 13:25:03
+05'30'
Modulex Construction Technologies Limited t/a Modulex
CIN: L25999PN1973PLC182679
Registered Office: A-82, MIDC Industrial Estate, Indapur – 413 132, Maharashtra
BSE Security Code: 504273 BSE Security ID: MODULEX
Website - www.modulex.in Email - [email protected] Contact - Tel: +91 2111 299200