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Lake Shore Realty Ltd
| Financial Results – Q4 & FY 2025-26
Summary : Lake Shore Realty Limited, formerly Mahaan Foods, underwent a control change, shifting its business model to real estate and reporting a significant profit decline and cash outflow from financing, with auditors noting going concern uncertainty.
Quarterly Report Analysis & Insights
Financial Disclosures
- Total expenses 108.17 lakhs (2026) vs 38.95 lakhs (2025).
- Other expenses (95.64 lakhs) and employee benefits (12.45 lakhs) are main components.
- Trade receivables ageing schedule shows zero or blank values.
- Total revenue 131.46 lakhs (2026) vs 135.80 lakhs (2025).
- Other income (interest, dividends) is primary revenue source.
- Operational revenue (commission/brokerage) is minimal.
- Net cash from operating activities positive 0.27 lakhs (2026).
- Net cash from investing activities positive 139.96 lakhs (2026).
- Net cash from financing activities negative 1375.72 lakhs (2026).
- Overall net decrease in cash and equivalents of 1235.49 lakhs.
- Tax demands from various authorities (54.28 lakhs).
- No claims against company acknowledged as debts.
- Total assets decreased slightly to 2059.38 lakhs (2026).
- Equity share capital stable, other equity increased.
- Significant long-term loans and advances as non-current assets.
- Cash and cash equivalents decreased substantially.
- Significant loan given to Indigo Advisory Private Limited.
- Interest income received from Indigo Advisory Private Limited.
- Payments for commission and legal fees to related parties.
- Standalone financial results presented.
- Operating segment disclosure in consolidated results only.
Corporate Overview
- Registered office in New Delhi, plans to shift to Maharashtra.
- Shifted from manufacturing dairy/pharma to real estate, infrastructure, hospitality, education, healthcare.
- Factual and procedural, reporting board decisions and financial results.
- Primarily other income from interest and dividends.
- Minimal revenue from operations (commission/brokerage).
Risk Factors
- Profit after tax significantly decreased.
- Large cash outflow from financing.
- Material uncertainty about going concern.
- Significant change in business operations.
Key Drivers
- New promoters acquired controlling stake.
- Company shifted business model.
- Board reconstituted with new directors.
- Audited financial results approved.
Auditor’s Report
- Unmodified opinion on standalone financial statements.
- Change in control, management, and business operations.
- Acquisition of controlling stake by new promoters.
- Change of name and business focus.
Board Commentary
- Reconstitution of Board and Key Managerial Personnel.
- Appointment of new independent director.
- Re-appointment of internal and secretarial auditors.
- No dividend declared or paid during the year.
- Auditor noted material uncertainty regarding going concern.
- No pending litigations impacting financial position.
- No material foreseeable losses from long-term contracts.
- Tax demands listed as contingent liabilities.
- Board approved loan/advance/guarantee/security under Companies Act, 2013.
Corporate Governance
- Company adheres to ICAI's Code of Ethics.
- Appointment of one independent director.
- Audit Committee recommendations for auditor re-appointments.
- Change in control and reconstitution of Board of Directors.
Management Discussion & Analysis
Future Strategy
- Strategic shift to real estate, infrastructure, hospitality, education, healthcare sectors.
Performance Drivers
- Significant other income from interest and dividends.
- Minimal operational revenue from commission and brokerage.
Critical Risks
- Material uncertainty regarding company's ability to continue as going concern.
- Risks associated with complete business model change.
- Tax demands as contingent liabilities.