Company Overview

NSE Symbol: SUPREMEINF

Document Dates: October 17, 2026 (Notice of AGM); August 14, 2026 (Directors' Report); July 9, 2026 (Auditor's Report)

Financial Performance Highlights (Standalone)

Supreme Infrastructure India Limited reported a dramatic turnaround in FY26, recording a standalone net profit of ₹5,79,659.70 lakhs (₹57,966 crore) compared to a loss of ₹1,42,635.34 lakhs in FY25. This transformation was primarily driven by an exceptional gain of ₹6,46,563.62 lakhs (₹64,656 crore) resulting from the implementation of an NCLT-approved Scheme of Compromise and Arrangement under Sections 230-232 of the Companies Act, 2013.

Debt Restructuring Implementation

The NCLT Mumbai Bench sanctioned the Scheme on March 28, 2025, enabling the company to settle with 11 out of 14 financial creditors who issued No-Due Certificates. Partial payments have been made to the remaining three lenders (State Bank of India, Punjab National Bank, and Union Bank of India) with final settlements pending. The restructuring resulted in significant financial improvements:

  • Net debt reduced from ₹8,73,244.53 lakhs to ₹2,27,215.05 lakhs
  • Net worth turned positive at ₹23,723.24 lakhs from negative ₹6,22,832.62 lakhs
  • Accumulated losses reduced from ₹6,79,064.12 lakhs to ₹99,402.93 lakhs
  • Current ratio improved by 399.95% to 0.41

The company created a Fixed Deposit of ₹120 crores with State Bank of India earmarked for balance settlements.

Capital Raising Activities

To support the restructuring, the company executed a preferential allotment of 7,18,04,428 equity shares at ₹86.94 per share (including premium of ₹76.94), raising approximately ₹617.60 crore. Additionally, 2,21,12,953 warrants were allotted at the same price, potentially raising another ₹192.25 crore upon conversion. During Q4 FY26, 7,67,000 warrants were converted into equity shares, raising ₹6.67 crore. The company also privately placed secured NCDs aggregating ₹25 crore to InRe Fund II at 20% coupon rate.

Operational Performance

Revenue from operations declined marginally to ₹6,533.86 lakhs from ₹6,618.85 lakhs in FY25, attributed to the ongoing revival process and limited project execution. The company maintained approximately 62 employees with a diverse workforce across functions.

Audit Qualifications and Material Uncertainties

Auditors Borkar & Muzumdar issued a qualified opinion highlighting several material concerns:

  • Interest reversal of ₹2,78,805.87 lakhs for 3 lenders without final No-Due Certificates
  • Non-accrual of interest of ₹21,436.79 lakhs on reversed amounts
  • Long-outstanding trade receivables of ₹7,56,44.24 lakhs with recoverability concerns
  • Investments in and receivables from Supreme Infrastructure BOT Private Limited (₹142,556.84 lakhs) and Supreme Panvel Indapur Tollways Private Limited (₹22,693.87 lakhs) despite their admission to CIRP
  • Material uncertainty regarding going concern due to accumulated losses and pending lender settlements
  • Material weaknesses in internal financial controls over impairment assessment and related party transactions

Corporate Governance and Appointments

The 43rd AGM is scheduled for November 12, 2026 through VC/OAVM. Key agenda items include:

  • Re-appointment of Mr. Pankaj Prakash Sharma as Director retiring by rotation
  • Appointment of Dr. Prabhakant as Non-Executive Independent Director for 5 years until September 14, 2031

The Board composition includes 7 Directors (1 Executive, 6 Non-Executive including 4 Independent Directors). Key committees met regularly: Audit Committee (5 times), NRC (3 times), SRC (1 time).

Risk Factors and Contingencies

Key Threats: Competitive bidding pressure, project execution delays, rising material costs, liquidity constraints, regulatory changes

Pending Litigations: Corporate guarantees outstanding of ₹1,51,347.85 lakhs; Tax disputes including service tax (₹11,987.26 lakhs), VAT (₹1,919.78 lakhs), GST (₹2,797.22 lakhs), Income tax (₹7,040.05 lakhs); Arbitration proceedings with NTPC and NHAI

Outlook

Despite the material uncertainties highlighted by auditors, management believes the going concern basis is appropriate based on the partial implementation of the NCLT scheme, future business growth prospects, exit of majority financial creditors, and improved financial position post-restructuring. The company continues to focus on completing pending settlements and revitalizing operations in the infrastructure sector.