Intimation of the Annual Report of the Financial Year 2025-26

Date: 8th SSeptember, 22026 The Genneral Manageer, The Vice‐Prresident, Listing DDepartment Listing Deppartment BSE Limiited National Sttock Exchangee of India Limmited Phiroze JJeejeebhoy TTowers, “Exchange Plaza”, Dalal Strreet, Bandra – Kuurla Complexx, Mumbaii 400 001 Bandra (E),, Mumbai – 4400 051 Scrip Codde : 533160 Scrip Symbool : DBREALTYY Sub: Commpliance undeer Regulation 30 and 34 off SEBI (Listingg Obligationss and Disclosuure Requiremments) Regullations, 20155. Dear Sir/MMadam, Pursuant to Regulationn 30 and 34 oof SEBI (Listing Obligationss and Disclosuure Requiremments) Regulaations, 2015 (‘SEEBI Listing Reegulations’), please find attached thee Annual Report of the Company foor the financial yyear 2025‐266 along with tthe Notice coonvening 20thh Annual Genneral Meetingg (‘AGM’), whhich is being sennt through emmail to the MMembers whoose email ids are registereed with the CCompany/Reggistrar and Sharee Transfer Agent/Depositoory Participannt in accordannce with the relevant circuulars issued bby the Ministry oof Corporate AAffairs and thhe Securities aand Exchangee Board of Inddia. Further, in compliancee with Regulation 36(1)(b) of the SEBI LListing Regulaations, a letteer has been seent to the Shareeholders whose e‐mail adddresses are not registeredd with the Company /RTA//DPs providinng the weblink along with thee path to acceess the Annuaal Report. The 20th Annual Genneral Meetingg of the Company is sccheduled to be held on Wednesday, 30th Septembeer, 2026, at 03.00 p.m. (ISTT), through Viideo Conferencing (VC)/ AAudio Visual MMeans (OAVMM). The Annual Report of tthe Companyy for the Financial Year 20025‐26 includiing, inter alia, the Notice oof the 20th AGM is also available on the weebsite of the Company viz. www.dbreaalty.co.in. This is forr your informaation and records. Thanking you, Yours trully, For Valor Estate Limiteed (Formerlyy known as D B Realty Limmited) Jignesh Shhah Companyy Secretary VALOR ESTATE LIMMITED (Foormerly known as D B Realtty Limited) Regd. Office: 7th Flooor, Resham Bhavvan, Veer Nariman Road, Churchhgate, Mumbai-4400 020 Tel: 91-222- 4747 8686 Webssite: www.dbrealty.co.in Email: innfo @dbg.co.in CIN: L702000MH2007PLC1666818 DEAR SHAREHOLDERS DEAR SHAREHOLDERS FY 2025-26 was a landmark year for Valor Estate Limited. We delivered our highest-ever consolidated revenue, returned to profitability, reduced debt by more than ₹1,100 crore, completed a transformative corporate restructuring and obtained full occupation of Ten BKC. The Company enters the new year with a simplified structure, a materially stronger balance sheet and one of the deepest development pipelines in the Mumbai Metropolitan Region. The sector remained resilient through the year, supported by robust housing demand, improving infrastructure, urban redevelopment opportunity and rising institutional participation. Our response was disciplined: focused capital allocation, selective partnerships and steady monetisation of an extensive land bank. Restructuring. The demerger of our hospitality undertaking to Advent Hotels International Limited was completed pursuant to the approval of the Hon’ble National Company Law Tribunal. Shareholders received Advent equity under the approved Scheme, and Advent’s subsequent listing gives investors direct participation in two focused businesses with independent growth strategies and clearer valuation for each. Valor now largely concentrates on real estate development. Delivery and development. Ten BKC, our joint development with Adani Realty, received the Occupancy Certificate for the entire project and contributed significantly to revenue. At Godrej Avenue Eleven, our joint venture with Godrej Properties, we launched Tower B and cast the top slab of Tower A. The Brihanmumbai Municipal Corporation issued a revised Letter of Acceptance for our Project Affected Persons scheme, followed by execution of the agreements and conveyance to BMC. At approximately 13,374 housing units, it ranks among the largest developments in Mumbai and carries significant long-term revenue potential alongside a meaningful contribution to urban redevelopment and inclusive growth. The Company received Credit Notes and Land TDR which was proportionately recognized as revenue during the year. The Government of Goa (Department of Public Private Partnership) awarded the Company the project of the International Convention Centre, Convention Hotel and associated downstream facilities at Dona Paula on a Design, Build, Finance, Operate and Transfer basis; the Concession Agreement has since been executed. This is amongst the largest project of this type in the country and we are very excited about this opportunity. Redevelopment and commercial portfolio. At The Prestige Place, Worli — one of the largest urban regeneration projects in South Mumbai, undertaken with Prestige Estates Projects Limited — the entire site clearance process was completed during the year. Our commercial portfolio comprises option agreements for BKC 101 (about 0.8 million sq. ft. of leasable area, completion 2028) and Prestige Mahalakshmi (about 1.10 million sq. ft., completion 2029), both executed by the Prestige Group and both offering annuity revenue potential in the future. At Bandra (W), construction of the transit camps was completed potentially, unlocking over two million sq. ft. of commercial area for development. At Lonavala, our 400-acre golf-course township with the Prestige Group is expected to commence development in the next financial year as the land for the project has largely been acquired. At approx. 1 hour from the Navi Mumbai International Airport, this project is expected to usher in the suburban living in the MMR. Land bank. Mira Road entered a new phase with rental income commencing from the casting yard serving major infrastructure works. Critically, the long-standing title dispute relating to the Mira Road land was conclusively resolved in our favour by the Hon’ble Bombay High Court, giving complete legal certainty over one of our most valuable strategic assets and substantially enhancing its development potential. Balance sheet. Overall debt was reduced by more than ₹1,100 crore through strong operating cash flows, disciplined capital management and monetisation of non-core assets, including divestment of our minority investment in Schreiber Dynamix Dairies Private Limited and identified bulk cooler assets held through group entities. Capital released has been recycled into high-return core real estate developments. Outlook. Our priorities are clearly defined: accelerate execution across ongoing developments, advance construction at The Prestige Place, progress the PAP project, expand the commercial portfolio, unlock value at Mira Road and across the wider land bank, and pursue selective partnerships that enhance returns while maintaining capital efficiency. We remain committed to developments that integrate quality design, environmental responsibility and community development. Detailed disclosures on the Company’s operations, financial performance, corporate governance practices, risk management framework, Management Discussion and Analysis, the Business Responsibility and Sustainability Report and statutory reporting under the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 follow in the subsequent sections of this Annual Report. On behalf of the Board, I express my sincere gratitude to our shareholders, customers, financial institutions, business partners, employees and regulatory authorities for their continued confidence. With a simplified corporate structure, a significantly stronger balance sheet and a high- quality development pipeline, we remain confident of creating sustainable long-term value for all our stakeholders. Thank you for your continued trust and support. www.dbrealty.co.in ABOUT US Valor Estate Ltd. (Formerly known as D B Realty Ltd.), (‘VEL’) founded in 2007, is a [Showing first 8,000 characters — download PDF for full document]