Outcome of Board Meeting

Ref. No. VIPUL/SEC/FY2026-27/2466 November 5, 2026 The Secretary The Manager (Listing) BSE Limited, (Equity Scrip Code: 511726) National Stock Exchange of India Limited, Corporate Relationship Department, (Equity Scrip Code: VIPULLTD) At: 1ST Floor, New Trading Ring, Rotunda Exchange Plaza, BandraKurla Complex, Building,PhirozeJeejeebhoy Towers, Dalal Bandra, Mumbai-400051 Street, Fort, Mumbai-400001 Sub: Outcome of the meeting of Board of Directors held on Thursday, November 5, 2026 and Unaudited Financial Results for 2nd Quarter and Half Year ended September 30, 2026 (Standalone and Consolidated) Dear Sir/Madam, This in continuation our letters no. Ref. No. VIPUL/SEC/FY2026-27/2465 dated October 28, 2026, pursuant to the provisions of Regulations 30 and 33 read with Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’), the Board of Directors of the Company at its meeting held today i.e. Thursday, November 5, 2026 through audio visual means of communication; 1. Considered and approve the Unaudited Financial Results along with Statement of assets and liability along with cash flow statement as on September 30, 2026 (Standalone & Consolidated). A copy of the aforesaid results along-with the Limited Review Report of the Statutory Auditor of the Company, as required under Regulation 33 of the Listing Regulations, is enclosed herewith. 2. Appointment of Company Secretary and Compliance Officer: As recommended by Nomination and Remuneration Committee, the Board has appointed Mr. Vikas Sharma (Membership no. – ACS-27430) as a Company Secretary and Compliance officer of the Company. The Board meeting commenced at 03:00 P.M. and concluded at 16:45 P.M. The aforesaid information is also being hosted on the website of the company www.vipulgroup.in You are requested to take the above information on record and bring the same to the notice of all concerned. Thanking You For Vipul Limited (Punit Beriwala) Managing Director, CEO & CFO DIN: 00231682 Encl: as stated above Regd. Off: LGF, B-57, South Extension, Part-II, New Delhi-110049 CIN: L65923DL2002PLC167607 JSUS &. rtSSOCTATES 11/8, SOUTH SEALDAH ROAD GROUND FLOOR C IIAfr TE 8E D A CCO ANTlqil TS KOLKATA . 7OO 015 Tel : +91-33-2350 0296 Website www.jsus.co.in E-mail jsus@jsus.co.in Ref: SA/J/V/42R Limited Review RePort The Board of Directors Vipul Limited I " We have reviewed the accompanying statement of unaudited standalone financial results ("the Statement") of Vipul Limiied ("the Company") for the quarter and half year ended September 30,2026. 2. This Statement, which is the responsibility of the Company's Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting (,,I;d AS 34"), prescribed under Section 133 of the Companies Act,2013, and other accounting principles generally accepted in India. Our responsibility is to issue a report on the Statement based on our review' 3" We conducted our review of the Statement in accordance with the Standards on Review Engagement (SRE) 2410 "Review of Interim Financial Information Performed by the Indipindent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires the we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of the Company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not plrformed an audit and accordingly, we do not express an audit opinion. Basis for Qualified Conclusion 4. Matters described in the Basis for Qualified Conclusion: i. We draw attention to Note 4 to the financial results, which describes the accounting teatrnent followed by the Company consequent to the Scherne of Anangement ("Scheme") for amalgamation of five wholly owned subsidiaries with the Company. The Scheme has been approved by the Hon'ble National Company Law Tribunal ("NCLT"), Delhi, vide its order daied 17 ltpril2026, with an appointed date of I April 2022, and a certified copy of the said order was filed by the company with the Registrar of companies, Delhi, on 15 May 2026' As stated in the aforesaid Note, in accordance with the Scheme approved by the NCLT, the Company has given effect to the Scheme from the retrospective appointed date specified therein, i.e. i lprit 2022. Snce the Transferor Companies were wholly owned subsidiaries of the Company, the amalgamation has been accounted for under the pooling of interest method. However, the accounting effect relating to revenue and project costs arising from the Joint Development Agreemeni ("IDA") entered into amongst the amalgamating entities and Vipul Limited for the development of the Lavanya Project has been given effect to in the standalone furancial statements for the year ended 3l March 2026,irctead of from the appointed date of the Scheme, i.e" I April 2022. Accordingly, the cumulative effect of such revenue and project costs has been recognised in the furancial year 2025-26 and the corresponding impact has not been recognised from the appointed date. Consequently, the comparative information has not been restated in respect ofsuch revenue and project costs' JSUS e.TSSOCIATES cTtE zt@rco0;,rr7tt71t The aforesaid accounting treatment is not in accordance with the applicable requirements of the Indian Accounting Standards and the Scheme, which require the accounting effects of the amalgamation to be given effect from the appointed date of I April 2022. Consequently, the revenue, project costs, profrt or loss, assets, liabilities and reserves for the curent quarter and the comparative information are affected to the extent of the aforesaid matter. Subsequent to the year end, the Board of Directors at its meeting held on September 15, 2026 has granted in-principle approval for a further scheme of amalgamation of six wholly owned subsidiaries of the Company with the Company under Section 233 of the Companies Act,20l3 (fast tack merger). The said scheme is subject to requisite approvals and has no impact on these results. ii. Project advances falling under other non- current assets includes an amount of Rs.2,200 Iakhs recoverable from Shri Kamala Priya Auto and General Agencies Private Limited and Rs. 200 lakhs from one of the associated person of the entity namely Mallipudi Anand. Subsequent to the grant of the aforesaid advance, the name of the above-mentioned Company has been struck off from the Register of Companies. The Company has made a provision of 50% of the aforesaid amounts i.e. Rs. 1,200 lakhs inFY 2025-26. The recovery ofthe balance is uncertain. iii. The Company has advanced funds aggregating to Rs 6086.31 lakhs to Flying Fox Private Limited under Other Financial Assets as at 30 September 2026 as project advance, an entity whose net worth has been eroded. The Company has not recognised any impairment provision in respect thereof. Consequently, profit for the quarter may be overstated to the extent of any impairment provision that may be required' iv. The Company has project advances Rs. 3,588.50 lakhs relating to Amritsar Project under other Financial Assets as at 30 September 2026. These advances are subject to ongoing litigation. Considering the current status of litigation, the recovery is doubtful. Consequently, profit for the quarter may be overstated to the extent of any impairment provision that may be required' v. The Company has granted several secured and unsecwed loans and advances aggregating to Rs' 14,541.4a hkhs included in cunent assets as at 30 September 2026. The company is in process of finalising the terms and conditions for recovery of the said amounts' In view of the above, the company should have impaired these loan and advances [Showing first 8,000 characters — download PDF for full document]