Square Four Projects reports zero revenue and a widening annual loss
The real estate firm booked just ₹1.36 lakhs in total income for FY26, while its auditor flagged concerns over the valuation of ₹39.50 lakhs in assets.
— 1 earlier story on Square Four Projects India Ltd. →What's new
- Total income for the full year reached only ₹1.36 lakhs.
- The auditor issued a qualified opinion regarding ₹39.50 lakhs in unvalued investments.
- The company remains inactive in its core real estate segment.
Why this matters
The results confirm a persistent lack of business activity for the ₹18 crore entity. An auditor's qualification on asset valuation adds a layer of uncertainty to the company's already thin balance sheet.
What we're watching
- Any signs of life in the company's core real estate segment.
- Clarification on the valuation of the ₹39.50 lakhs in investments.
- Whether the company can sustain operations with no revenue.
The full read
Square Four Projects India Ltd. finished FY26 with almost no business activity. The company reported total income of just ₹1.36 lakhs for the year, resulting in a net loss of ₹28.21 lakhs. This is a significant deterioration from the ₹7.78 lakhs loss recorded in the previous fiscal year. Beyond the lack of revenue, the external auditor issued a qualified opinion regarding ₹39.50 lakhs in investments that were not valued according to Ind AS standards. This raises questions about the accuracy of the company's reported asset values. For a firm with a market valuation of ₹18 crores, these results confirm a sustained period of inactivity and weak fundamental positioning. The company has yet to show any progress in its core real estate segment.
Questions answered
- How much revenue did Square Four Projects generate in FY26?
- The company reported total income of only ₹1.36 lakhs for the entire fiscal year.
- What is the status of the company's real estate business?
- The results show a total lack of operational revenue, indicating the company remains inactive in its core real estate segment.
- Why did the auditor issue a qualified opinion?
- The auditor flagged the non-valuation of investments totaling ₹39.50 lakhs, which do not comply with Ind AS standards.
- How does the FY26 loss compare to the previous year?
- The net loss widened to ₹28.21 lakhs, compared to a loss of ₹7.78 lakhs in the previous fiscal year.
Story so far
All notes on SFPIL →- 27 May 2026 · 7:56 PM IST Square Four Projects reports zero revenue and a widening annual loss
- today Square Four Projects reports zero revenue for FY26