Ras Resorts Board Approves FY26 Results, Delisting Proposal

Ras Resorts & Apart Hotels has released its audited financial results for the quarter and year ended March 31, 2026, as approved by the Board of Directors at their meeting held on May 16, 2026. The results were reviewed by the Audit Committee and carry an unmodified audit opinion from Khandelwal & Mehta LLP, Chartered Accountants. Managing Director Vishamber Shewakramani signed off on the financials on behalf of the company.

Financial Performance Overview

The company's full-year financial results reflect an improvement in profitability, with net profit after tax rising to ₹52.41 lakhs from ₹32.74 lakhs in the previous year. Total revenue for the year stood at ₹1,314.92 lakhs, compared to ₹1,322.71 lakhs in the prior year. The following table presents the key financial highlights:

Metric: FY26 (Audited) FY25 (Audited) Revenue from Operations: ₹1,299.77 lakhs ₹1,297.36 lakhs Other Operating Income: ₹15.15 lakhs ₹25.35 lakhs Total Revenue: ₹1,314.92 lakhs ₹1,322.71 lakhs Total Expenses: ₹1,242.88 lakhs ₹1,276.45 lakhs Profit Before Tax: ₹72.04 lakhs ₹46.26 lakhs Net Profit After Tax: ₹52.41 lakhs ₹32.74 lakhs Total Comprehensive Income: ₹57.57 lakhs ₹(36.95) lakhs Basic & Diluted EPS (₹10 face value): ₹1.32 ₹0.82

Quarterly Performance

For the quarter ended March 31, 2026, the company reported total revenue of ₹394.16 lakhs, up from ₹344.53 lakhs in the corresponding quarter of the previous year. Net profit for the quarter stood at ₹5.77 lakhs, compared to ₹1.10 lakhs in the same period last year.

Metric: Q4 FY26 (Audited) Q3 FY26 (Unaudited) Q4 FY25 (Audited) Total Revenue: ₹394.16 lakhs ₹378.77 lakhs ₹344.53 lakhs Total Expenses: ₹382.69 lakhs ₹339.35 lakhs ₹341.29 lakhs Profit Before Tax: ₹11.47 lakhs ₹39.42 lakhs ₹3.24 lakhs Net Profit After Tax: ₹5.77 lakhs ₹29.74 lakhs ₹1.10 lakhs EPS (₹10 face value): ₹0.15 ₹0.75 ₹0.03

Segment Performance

The company operates primarily through its Hoteliering segment, with the Real Estate segment reporting no revenue during the period. Segment-wise results for the year are presented below:

Segment: FY26 Revenue FY25 Revenue FY26 Segment Result FY25 Segment Result Hoteliering: ₹1,314.92 lakhs ₹1,322.71 lakhs ₹105.01 lakhs ₹96.52 lakhs Real Estate: — — — — Total Capital Employed: ₹1,974.85 lakhs ₹1,912.20 lakhs — —

The Hoteliering segment's capital employed increased to ₹1,586.41 lakhs from ₹1,523.69 lakhs, while the Real Estate segment (at pre-operative stage) held capital employed of ₹388.44 lakhs.

Balance Sheet and Cash Flow

As at March 31, 2026, total assets stood at ₹2,815.24 lakhs, compared to ₹2,993.51 lakhs in the previous year. Total equity was ₹1,974.85 lakhs, with equity share capital remaining unchanged at ₹396.97 lakhs. Cash and cash equivalents declined to ₹62.99 lakhs from ₹159.36 lakhs at the start of the year, reflecting net cash used in financing activities of ₹232.51 lakhs, primarily on account of net borrowing repayments of ₹213.91 lakhs. Net cash from operating activities for the year was ₹139.04 lakhs, up from ₹128.16 lakhs in the prior year.

Balance Sheet Item: 31.03.2026 (Audited) 31.03.2025 (Audited) Total Assets: ₹2,815.24 lakhs ₹2,993.51 lakhs Total Equity: ₹1,974.85 lakhs ₹1,916.10 lakhs Total Liabilities: ₹840.39 lakhs ₹1,077.41 lakhs Cash & Cash Equivalents: ₹62.99 lakhs ₹159.36 lakhs Net Cash from Operations: ₹139.04 lakhs ₹128.16 lakhs

Voluntary Delisting Proposal

The Board of Directors has granted approval to the voluntary delisting proposal for the company's equity shares from BSE Limited. The decision is subject to receipt of necessary approvals from shareholders, stock exchanges, and other regulatory authorities. The Board has certified that the company and the acquirers are in compliance with applicable securities laws and that the delisting is in the interest of shareholders. The floor price for the delisting offer is set at ₹43.73 per share, with an indicative price of ₹56 per share. The company will seek shareholder approval via postal ballot and e-voting. The auditors have noted this as a material subsequent event but maintained an unmodified opinion.

Ras Resorts and Apart Hotels Limited has received in-principle approval from its Board of Directors for the voluntary delisting of equity shares from BSE Limited. The Board meeting held on May 02, 2026, considered the Letter of Intention from the Promoter Group and the Initial Public Announcement dated May 01, 2026, submitted by merchant banker Sobhagya Capital Options Private Limited.

Board Meeting Outcome

The Board meeting, which commenced at 17.00 PM and concluded at 17.36 PM on May 02, 2026, approved the voluntary delisting proposal in accordance with SEBI (Delisting of Equity Shares) Regulations, 2021. The approval is subject to necessary consents from shareholders, stock exchanges, and other regulatory authorities. Company Secretary Komal Bafna (Mem. No.: A29152) submitted the regulatory disclosure to BSE Limited under Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Delisting Offer Parameters

The promoters intend to acquire up to 9,21,582 fully paid-up equity shares of face value ₹10.00 each, representing 23.22% of the company's paid-up equity share capital. The offer targets all 39,69,743 listed equity shares on BSE Limited, excluding 97,211 shares held by the Investor Education and Protection Fund (IEPF).

Offer Parameters: Details Script Code: 507966 Shares to Acquire: 9,21,582 equity shares Face Value: ₹10.00 per share Capital Percentage: 23.22% Total Listed Shares: 39,69,743 IEPF Exclusion: 97,211 shares

Appointment of Due Diligence Partner

The Board approved the appointment of M/s. Parikh and Associates as Peer Review Company Secretaries to conduct due diligence under Regulation 10 of SEBI Delisting Regulations. The firm brings over 30 years of experience in corporate laws, securities laws, and capital market transactions, including delisting and open offers. They hold a valid Certificate of Practice from ICSI and are empanelled for undertaking due diligence under SEBI regulations.

Regulatory Framework and Next Steps

The delisting process requires approval from public shareholders through a special resolution via postal ballot, where votes in favor must be at least two times votes cast against. Public shareholders holding 90% or more of public shareholding must provide written consent. The exit price will be determined under Regulation 19A read with Regulation 20 and/or Regulation 20A of SEBI Delisting Regulations, through reverse book building or fixed delisting price mechanism. Sobhagya Capital Options Private Limited (MB/INM000008571) continues as the manager for this delisting offer.

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