V R Infraspace Limited (VR)
📢 Recent Corporate Announcements
V R Infraspace Limited has issued notice for its 11th Annual General Meeting (AGM) scheduled for Tuesday, September 29, 2026, via Video Conferencing. Key ordinary and special resolutions include the adoption of FY26 audited accounts, the re-appointment of Director Mrs. Sumitaben Vipulbhai Rupareliya, and the appointment of M/s. B R P & Co., Chartered Accountants, as Statutory Auditors for a 5-year term until 2031. The company is also seeking member approvals for material Related Party Transactions (RPTs) involving subsidiaries and guarantees up to Rs 40 crore. E-voting will be available from September 26 to September 28, 2026, with a record/cut-off date of September 22, 2026.
- 11th AGM scheduled for September 29, 2026 at 4:00 PM IST via VC/OAVM
- E-voting period opens September 26, 2026 (9:00 AM IST) and closes September 28, 2026 (5:00 PM IST)
- Cut-off date for determining shareholder voting rights is September 22, 2026
- Appointment of M/s. B R P & Co., Chartered Accountants, as Statutory Auditors for a 5-year term till 2031 AGM
- Approval sought for material Related Party Transactions and guarantee obligations up to Rs 40 crore
V R Infraspace Limited has approved the appointment of M/s. B R P & Co., Chartered Accountants, as its new Statutory Auditors for a 5-year term subject to shareholder approval. The appointment will take effect from the conclusion of the 11th Annual General Meeting (AGM) up to the 16th AGM in 2031. This change follows the completion of the term of the existing statutory auditor, M/s. JCH & Associates LLP. This is a routine statutory rotation and carries no immediate financial impact on the company's Rs 106 Cr TTM revenue base.
- Appointment of M/s. B R P & Co., Chartered Accountants (FRN: 138694W) as Statutory Auditors.
- Tenure spans 5 consecutive years from the 11th AGM to the 16th AGM to be held in 2031.
- Board approved the appointment on September 02, 2026, based on Audit Committee recommendations.
- Existing statutory auditor M/s. JCH & Associates LLP's term concludes at the ensuing 11th AGM.
V R Infraspace has approved the issuance of a corporate guarantee of ₹5 crore in favour of Indian Bank to secure an MSME Loan Against Property (LAP) facility for its subsidiary, Daxon Realty Limited. The guarantee represents ~13.9% of the company's net worth (₹36 crore) and ~4.7% of TTM revenue (₹106 crore). Promoter group member Bhavesh Sojitra is a director and member of Daxon Realty, with the transaction conducted at arm's length. The guarantee will be reported as a contingent liability with no immediate impact on consolidated financials.
- Approved ₹5 crore corporate guarantee in favour of Indian Bank
- Secures MSME LAP facility availed by subsidiary Daxon Realty Limited
- Guarantee equals ~13.9% of net worth (₹36 crore) and ~4.7% of TTM revenue (₹106 crore)
- Related-party interest disclosed with promoter group member on subsidiary board
V R Infraspace Limited has appointed M/s. Paresh Sindhav & Associates, Chartered Accountants, as its Internal Auditor for the financial year 2026-27. The appointment was approved by the Board of Directors at their meeting held on September 02, 2026, pursuant to Section 138 of the Companies Act, 2013. This is a standard statutory governance appointment with no direct financial impact.
- Appointed M/s. Paresh Sindhav & Associates (FRN: 0149376) as Internal Auditor for FY 2026-27
- Board meeting commenced at 17:30 IST and concluded at 18:20 IST on September 02, 2026
- Appointment made pursuant to Section 138 of the Companies Act, 2013 and SEBI LODR regulations
V R Infraspace Limited has appointed M/s. Paresh Sindhav & Associates, Chartered Accountants (FRN: 0149376), as its Internal Auditor for the financial year 2026-27 pursuant to Section 138 of the Companies Act, 2013. The appointment was approved at the Board meeting held on September 02, 2026. This is a standard annual compliance requirement with no direct operational or financial impact on the company's Rs 106 Cr TTM revenue base.
- Board approved the appointment of M/s. Paresh Sindhav & Associates (FRN: 0149376) on September 02, 2026
- Appointment is effective for the Financial Year 2026-27 under Section 138 of Companies Act, 2013
- Board meeting commenced at 17:30 IST and concluded at 18:20 IST on September 02, 2026
V R Infraspace Limited has announced the closure of its trading window for all designated persons and insiders pursuant to SEBI PIT regulations. The trading window will remain closed until 48 hours after the conclusion of the Board meeting scheduled to take place on September 02, 2026. This is a standard statutory compliance filing prior to board deliberations.
- Trading window closed ahead of the upcoming Board meeting.
- Board meeting scheduled for September 02, 2026.
- Trading window to re-open 48 hours after the conclusion of the Board meeting.
V R Infraspace Limited has completed the acquisition of an additional 10% stake (7,50,000 equity shares) in its subsidiary, Daxon Realty Limited, for a cash consideration of ₹17.88 per share (~₹1.34 Cr). Following this transaction, VR's aggregate stake in Daxon Realty increases from 56% to 66%. The target company operates in residential and commercial property development and reported a turnover of ₹41.09 Cr in FY26 compared to ₹22.13 Cr in FY25. The move is intended to strengthen operational oversight and strategic alignment within the group.
- Acquired 10% stake (7,50,000 equity shares) at ₹17.88 per share, totaling ~₹1.34 Cr in cash
- Increases aggregate holding in subsidiary Daxon Realty Limited to 66%
- Target Daxon Realty reported FY26 turnover of ₹4,109.36 Lakhs (up from ₹2,213.46 Lakhs in FY25)
- Transaction conducted at arm's length with related party involvement (Promoter Group member)
V R Infraspace has finalized the acquisition of an additional 5% stake in its subsidiary, Daxon Realty Limited, increasing its total holding to 56%. The acquisition involved 375,000 shares at a price of ₹17.88 per share, totaling approximately ₹0.67 crore. Daxon Realty is a significant contributor to the group, with an FY26 turnover of ₹41.09 crore, which is approximately 38.7% of V R Infraspace's TTM revenue of ₹106 crore. This move is aimed at enhancing managerial oversight and operational integration within the group's core construction business.
- Acquired 375,000 equity shares at a price of ₹17.88 per share
- Total shareholding in subsidiary Daxon Realty Limited increased from 51% to 56%
- Daxon Realty reported a turnover of ₹41.09 crore for FY26, up from ₹22.13 crore in FY25
- The transaction was completed on August 13, 2026, via cash consideration
- Target entity Daxon Realty was incorporated recently on April 26, 2024
V R Infraspace Limited has approved a corporate guarantee of ₹9.35 crore in favor of Indian Bank to secure a loan facility for its subsidiary, Daxon Realty Limited. This guarantee is significant as it represents approximately 26% of the parent company's net worth of ₹36 crore. While the subsidiary's financials are consolidated with the parent, this commitment will be recorded as a contingent liability. The transaction is stated to be at arm's length, despite a promoter group member serving as a director in the subsidiary.
- Issuance of Corporate Guarantee for ₹9.35 Crore to Indian Bank.
- Beneficiary is Daxon Realty Limited, a subsidiary of V R Infraspace.
- Guarantee amount represents ~26% of the company's ₹36 Crore net worth.
- Promoter group member Mr. Bhavesh Sojitra is a Director in the subsidiary.
- The board meeting concluded within 35 minutes (12:30 IST to 13:05 IST).
V R Infraspace Limited has announced the closure of its trading window for all designated persons, including directors and promoters. The closure is effective immediately and will remain in place until 48 hours after the conclusion of the Board meeting scheduled for July 31, 2026. This is a standard regulatory procedure under SEBI (Prohibition of Insider Trading) Regulations, 2015, to prevent trading on potentially price-sensitive information before it is made public.
- Board meeting scheduled for July 31, 2026
- Trading window closed for all designated persons and their immediate relatives
- Window to remain closed until 48 hours after the conclusion of the July 31 meeting
- Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015
Financial Performance
Revenue Growth by Segment
The company operates in residential and commercial real estate. Consolidated net profit for H1 FY26 reached INR 302.01 Lakhs, a 79.6% increase compared to INR 168.13 Lakhs in H1 FY25, driven by project execution in Vadodara.
Geographic Revenue Split
100% of operations and revenue are concentrated in Vadodara, Gujarat, specifically focusing on high-footfall zones and Tier II peripheries.
Profitability Margins
Consolidated Net Profit for H1 FY26 was INR 302.01 Lakhs, significantly exceeding the full-year FY25 profit of INR 264.61 Lakhs. Standalone net profit for H1 FY26 was INR 90.60 Lakhs compared to INR 212.94 Lakhs for the full FY25.
EBITDA Margin
Consolidated Profit Before Tax (PBT) for H1 FY26 stood at INR 221.60 Lakhs, compared to INR 424.43 Lakhs for the full year FY25. Core profitability is impacted by high finance costs of INR 416.01 Lakhs in H1 FY26.
Capital Expenditure
Consolidated purchase of fixed assets amounted to INR 29.58 Lakhs for the half-year ended September 30, 2025.
Credit Rating & Borrowing
The company maintains a low debt-equity ratio to remain resilient to interest rate volatility. Standalone short-term borrowings were INR 202.06 Lakhs as of September 30, 2025, with zero long-term borrowings reported on a standalone basis.
Operational Drivers
Raw Materials
Construction materials including steel, cement, and bricks; specific percentage of total cost not disclosed.
Import Sources
Sourced locally within Gujarat, India, to support projects in the Vadodara region.
Capacity Expansion
Expansion is focused on Tier II peripheries of Vadodara and the launch of 'V R Capital' to diversify the portfolio.
Raw Material Costs
Construction expenses are a primary cost driver; inventory adjustments for H1 FY26 were INR 216.38 Lakhs (Consolidated), reflecting ongoing project development cycles.
Manufacturing Efficiency
Focuses on smart technology and construction methods to improve execution speed and quality.
Strategic Growth
Expected Growth Rate
79.60%
Growth Strategy
Growth will be achieved through the launch of 'V R Capital', expansion into Tier II peripheries of Vadodara, adoption of ESG principles, and strengthening digital customer touchpoints to enhance sales efficiency.
Products & Services
Residential apartments, commercial office spaces, and leased retail/commercial spaces.
Brand Portfolio
V R Infraspace, V R One, V R Capital.
New Products/Services
Launch of 'V R Capital' and incorporation of ESG-compliant sustainable high-quality spaces.
Market Expansion
Targeting Tier II peripheries of Vadodara for new residential and commercial developments in FY 2025-26.
Strategic Alliances
Partnership firms contribute to profit, with a share of profit from partnership firms amounting to INR 117.48 Lakhs in H1 FY26.
External Factors
Industry Trends
Growing demand for sustainable urban living and smart construction in Tier II Indian cities; industry is shifting toward ESG-compliant developments.
Competitive Landscape
Competes with local developers in the Vadodara real estate market; differentiates through 'first-mover' retail targeting.
Competitive Moat
Moat is built on strategic land positioning in high-footfall zones and a low debt-equity ratio, providing financial resilience against competitors with higher leverage.
Macro Economic Sensitivity
Highly sensitive to interest rate volatility and economic slowdowns affecting the real estate and leasing sectors.
Consumer Behavior
Shift toward digital customer touchpoints and demand for high-quality, sustainable urban spaces.
Geopolitical Risks
Minimal direct impact as operations are localized in Vadodara, Gujarat.
Regulatory & Governance
Industry Regulations
Subject to RERA and local building norms in Gujarat; requires significant legal diligence for land titles.
Environmental Compliance
Incorporating ESG principles into all new projects to meet evolving sustainability standards.
Taxation Policy Impact
Effective tax rate includes current tax of INR 58.90 Lakhs for H1 FY26 (Consolidated).
Legal Contingencies
Pending GST appeals for FY 2018-19 (INR 17.42 Lakhs) and FY 2019-20 (INR 18.62 Lakhs), totaling INR 36.04 Lakhs before the State Tax Officer, Vadodara.
Risk Analysis
Key Uncertainties
Fluctuations in rental income due to tenant turnover and economic cycles; potential for adjustments in the value of investments in Sakar Leisure.
Geographic Concentration Risk
100% of revenue is derived from the Vadodara market, making the company vulnerable to local economic downturns.
Third Party Dependencies
Dependency on partnership firms for a portion of profits (INR 117.48 Lakhs in H1 FY26).
Technology Obsolescence Risk
Risk of falling behind in smart construction methods; mitigated by planned adoption of smart technology.
Credit & Counterparty Risk
Trade receivables stood at INR 55.72 Lakhs (Consolidated adjustment) for H1 FY26.
