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VSF Projects Ltd (519331)

📊 BSE: 519331 🏢 Civil Construction 📢 Latest filing: 05 Oct 2026

Latest quarterly results (Q4 FY26)

In its latest reported quarter, Q4 FY26, VSF Projects' revenue was ₹0.0 Cr, and net profit ₹-0.2 Cr (against a profit a year earlier).

Q4 FY26 (₹ Cr)	Value	YoY vs Q4 FY25	QoQ
Revenue	₹0.0	—	—
Operating profit	₹-0.2	loss widened	loss widened
Net profit	₹-0.2	to loss	loss narrowed
EPS (₹)	-0.11	to loss	loss narrowed

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

VSF Projects FTWZ Receives Approval for New Unit Setup by Hina Textile Mills

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 05 Oct 2026, 07:05 PM

VSF Projects announced that the Office of the Development Commissioner, Visakhapatnam SEZ, issued a Letter of Approval dated October 05, 2026, allowing Hina Textile Mills Private Limited to establish a unit in VSF's Free Trade and Warehousing Zone (FTWZ). Under this approval, VSF Projects will generate revenue by leasing warehouse space and earning charges from ICD containers based on actual usage. This is potentially material as the company reported Rs 0 Cr TTM revenue and has been operating at net losses across recent quarters. The implementation approval is valid for one year until October 04, 2027, and extends for five years once operations commence.

Letter of Approval (Form-G) No. 26(D)193/2026-27/SSSEZ/VSEZ granted on October 05, 2026.
Authorises Hina Textile Mills to conduct bonded warehousing and packing of textiles, cashew nuts, and equipment.
Implementation window is valid until October 04, 2027, followed by a 5-year operational validity.
Revenue to be derived from warehouse leasing and usage-based ICD container charges.

💡 Track the project execution timeline over the next 12 months and monitor quarterly financial filings for any initial lease or ICD revenue recognition.

VSF Projects FTWZ Secures Approval for Siddhartha Logistics Unit to Handle Aerospace & Defense Cargo

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 24 Sep 2026, 04:21 PM

VSF Projects announced that the Development Commissioner, Visakhapatnam SEZ, issued a Letter of Approval dated September 23, 2026, to Siddhartha Logistics FTWZ Private Limited to set up a unit within VSF Projects' Free Trade and Warehousing Zone (FTWZ). VSF Projects will generate revenue by leasing space and charging usage fees on Inland Container Depot (ICD) containers. Siddhartha Logistics must implement the project and commence operations within one year (by September 22, 2027), after which the license will remain valid for five years. This development could be significant for VSF Projects, which recorded zero revenue in FY26 and has a debt of ₹85 Cr against a market cap of ₹54 Cr.

Letter of Approval (Form-G) issued on September 23, 2026, under Rule 19 of SEZ Rules, 2006
Approval allows Siddhartha Logistics FTWZ to establish operations including bonded warehousing, sea freight, and logistics
Unit setup must be implemented within 1 year by September 22, 2027, followed by a 5-year operating license validity
VSF Projects will earn space leasing fees and revenue per ICD container used

💡 Monitor subsequent quarterly filings for project implementation progress by Siddhartha Logistics and any commercialization timelines that begin generating rental or ICD container revenue.

VSF Projects Reports Rs 0 Revenue and Rs 6.49 Lakh Net Loss for Q1 FY27

🔴 NEGATIVE ⭐ 6/10

EARNINGS 📅 10 Aug 2026, 08:16 PM

VSF Projects continues to report zero operational revenue for the quarter ended June 30, 2026, maintaining a trend seen throughout FY26 and FY25. The company recorded a net loss of Rs 6.49 Lakhs for the quarter, compared to a loss of Rs 3.83 Lakhs in the same period last year. Other income, which is the sole source of inflows, declined by 48% year-on-year to Rs 9.82 Lakhs. The board also approved the re-appointment of two independent directors for second five-year terms starting November 2026.

Revenue from operations remained at Rs 0.00 for the quarter ended June 30, 2026
Net loss widened to Rs 6.49 Lakhs from Rs 3.83 Lakhs in the year-ago quarter
Other income fell to Rs 9.82 Lakhs from Rs 19.07 Lakhs in June 2025
Total expenses for the quarter stood at Rs 22.86 Lakhs, including Rs 7.04 Lakhs in depreciation
Two Independent Directors re-appointed for 5-year terms from November 15, 2026, to November 14, 2031

💡 Investors should monitor for any signs of business revival or new contract awards, as the company currently lacks operational revenue and carries a high debt of Rs 85 Cr relative to its Rs 55 Cr market cap.

VSF Projects Reports Q1 FY27 Net Loss of ₹6.49 Lakhs on Zero Operating Revenue

🔴 NEGATIVE ⭐ 5/10

EARNINGS 📅 10 Aug 2026, 07:22 PM

VSF Projects continues to report zero revenue from operations for the quarter ended June 30, 2026, consistent with its TTM performance. The company recorded a total income of ₹9.82 lakhs, derived entirely from other income, while total expenses stood at ₹22.86 lakhs. The net loss for the quarter was ₹6.49 lakhs, which was partially offset by a deferred tax credit of ₹6.55 lakhs. With a debt of ₹85 crore against a market cap of ₹52 crore, the persistent lack of core business activity remains a significant concern.

Revenue from operations remained at ₹0.00 for the quarter ended June 30, 2026
Net loss for the quarter stood at ₹6.49 lakhs, compared to a loss of ₹3.83 lakhs in Q1 FY26
Total income decreased by 48.5% YoY to ₹9.82 lakhs from ₹19.07 lakhs
Total expenses were ₹22.86 lakhs, including depreciation of ₹7.04 lakhs and finance costs of ₹1.50 lakhs
Board approved re-appointment of two Independent Directors for 5-year terms starting November 15, 2026

💡 Investors should monitor the company's ability to secure new construction contracts, as the current lack of operating revenue makes the ₹85 crore debt burden difficult to sustain.

VSF Projects reports Rs 0 revenue and Rs 6.49 lakh net loss in Q1 FY27; re-appoints directors

🔴 NEGATIVE ⭐ 6/10

EARNINGS 📅 10 Aug 2026, 07:16 PM

VSF Projects continues to report zero revenue from operations for the quarter ended June 30, 2026, consistent with its performance in FY26 and FY25. The company recorded a net loss of Rs 6.49 lakhs for the quarter, an improvement from the Rs 18.20 lakh loss in the previous quarter (March 2026) but higher than the Rs 3.83 lakh loss in Q1 FY26. Total expenses of Rs 22.86 lakhs were partially offset by other income of Rs 9.82 lakhs. The board also approved the re-appointment of two Independent Directors for a second five-year term starting November 2026.

Revenue from operations remained at Rs 0.00 for the quarter ended June 30, 2026.
Net loss for the quarter stood at Rs 6.49 lakhs, compared to a loss of Rs 18.20 lakhs in the preceding quarter.
Total expenses for the period were Rs 22.86 lakhs, including Rs 14.17 lakhs in other expenses and Rs 7.04 lakhs in depreciation.
Other income of Rs 9.82 lakhs was the sole source of total income for the quarter.
Re-appointment of Mr. Ramesh Babu Nemani and Mr. Sriramshetty Srinivasa Rao as Independent Directors for 5 years effective November 15, 2026.

💡 Investors should monitor the company's ability to secure new civil construction contracts to generate operational revenue, as it currently relies on non-operational income to cover fixed costs.

Aug 10 Board Meeting to approve Q1 FY27 results for VSF Projects

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 04 Aug 2026, 07:05 PM

VSF Projects has scheduled a board meeting on August 10, 2026, to approve its unaudited financial results for the quarter ended June 30, 2026. The company is currently in a challenging financial position, reporting zero revenue for the entire FY26 and a net loss of ₹0.43 Cr. With a debt of ₹85 Cr against a market cap of ₹62 Cr, the upcoming results are critical to see if any operational activity has resumed. The trading window for insiders will reopen on August 13, 2026.

Board meeting scheduled for August 10, 2026, to consider Q1 FY27 results
Trading window for insiders to remain closed until August 13, 2026
Company reported ₹0.0 revenue for the last four consecutive quarters ending March 2026
Total debt stands at ₹85 Cr as per latest available financial context
Net loss for the full year FY26 was ₹0.43 Cr

💡 Monitor the Q1 FY27 results specifically for any signs of revenue generation or new project commencements, as the company has been non-operational at the top-line level for over a year.

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