Key Financial Figures (Standalone)

  • Total Income for FY26: ₹11,656.93 lakhs
  • Total Expenses for FY26: ₹12,094.23 lakhs
  • Net Loss for FY26: ₹279.25 lakhs
  • Accumulated Losses as of March 31, 2026: ₹1,07,659.78 lakhs
  • Earnings Per Share (Basic & Diluted) for FY26: (₹0.16)
  • Paid-up Equity Share Capital: ₹17,611.99 lakhs (face value ₹10 per share)
  • Other Equity: Negative ₹17,160.02 lakhs
  • Total Assets: ₹28,705.95 lakhs
  • Total Liabilities: ₹28,253.98 lakhs
  • Net Worth: ₹451.97 lakhs

Key Financial Figures (Consolidated)

  • Total Income for FY26: ₹40,273.82 lakhs
  • Total Expenses for FY26: ₹38,988.41 lakhs
  • Net Profit for FY26: ₹523.61 lakhs
  • Earnings Per Share (Basic & Diluted) for FY26: ₹0.25
  • Paid-up Equity Share Capital: ₹17,611.99 lakhs
  • Other Equity: Negative ₹12,664.63 lakhs
  • Total Assets: ₹46,066.85 lakhs
  • Total Liabilities: ₹42,864.49 lakhs
  • Net Worth: ₹3,187.79 lakhs (excluding capital reserve of ₹14.57 lakhs)

Delay in Filing and Regulatory Compliance

The meeting for considering the financial results was originally scheduled for May 29, 2026, but was postponed multiple times due to pending receipt of information from project sites and non-availability of directors. The meeting was finally held on July 14, 2026. The company received notices from BSE (Ref: SOP-Review-30/06/2026) and NSE (Letter no. NSE/LIST-SOP/FINES/0717) dated June 30, 2026, advising payment of fines as per SEBI Master Circular. The company has paid the requisite penalty and submitted the results to both stock exchanges.

Emphasis of Matters

Auditors drew attention to:

1. Arbitration Disputes with Sugar Mills: Arbitral awards aggregating ₹7,234.73 lakhs plus interest were passed against the company in 2021 relating to three cogeneration power plants. The company has challenged these awards under Section 34 of the Arbitration Act. The High Court of Punjab and Haryana appointed a Sole Arbitrator on December 5, 2025, and proceedings are ongoing. The company had fully impaired the carrying value of these power plants in earlier periods.

2. EOW Investigation in Chhattisgarh: The Economic Offences Wing - Anti Corruption Bureau, Chhattisgarh is investigating certain contracts executed by subsidiary A2Z Infraservices Ltd with Chhattisgarh State Marketing Corporation Limited. Mr. Amit Mittal, Managing Director of A2Z Infra and Non-Executive Director of the subsidiary, was taken into judicial custody on May 13, 2026, and granted bail by the Chhattisgarh High Court on July 3, 2026. The subsidiary has invoked arbitration against Chhattisgarh State Marketing Corporation Limited.

Exceptional Items (Standalone)

Net exceptional gain of ₹70.24 lakhs for FY26, including:

  • One-time settlement with banks: ₹825.87 lakhs gain
  • Loan settled on behalf of subsidiary and associate: ₹6,360.90 lakhs gain
  • Liabilities written back: ₹1,084.25 lakhs gain
  • Provision on debtors written back: ₹763.88 lakhs gain
  • Provision on loans and advances from associates and subsidiary: ₹7,999.28 lakhs loss
  • Amount paid/payable towards settlement liability: ₹305.00 lakhs loss
  • Capital work-in-progress impaired/written off: ₹660.38 lakhs loss

Segment Information (Consolidated)

The group operates in four segments:

1. Engineering Services (ES): Revenue ₹11,371.07 lakhs, Segment loss ₹396.07 lakhs

2. Facility Management Services (FMS): Revenue ₹21,840.77 lakhs, Segment profit ₹1,122.05 lakhs

3. Municipal Solid Waste (MSW): Revenue ₹8,606.73 lakhs, Segment profit ₹383.74 lakhs

4. Others: Revenue not specified, Segment loss ₹1.96 lakhs

Subsequent Events

  • Mr. Amit Mittal, Managing Director and Director of subsidiary A2Z Infraservices Ltd, was taken into judicial custody on May 13, 2026, by EOW-ACB, Chhattisgarh, in connection with investigations into contracts with Chhattisgarh State Marketing Corporation Limited. He was granted bail on July 3, 2026, by the Chhattisgarh High Court.
  • The subsidiary has invoked arbitration against Chhattisgarh State Marketing Corporation Limited for recovery of dues.

Management's Assessment on Going Concern

Management believes the company can continue as a going concern based on:

  • One-time settlement agreements entered with various lenders
  • Ongoing negotiations with remaining lenders for debt settlement
  • Discussions with customers for recovery of trade receivables, expecting substantial realization within the upcoming year
  • No adjustments made in financial results as they believe the company can settle debts and realize receivables

Impact of Audit Qualifications

Management states the impact of the audit qualifications is not ascertainable. The financial figures reported remain unchanged after considering the qualifications.

Board Meeting Details

Commencement: 6:05 PM

Conclusion: 7:00 PM

Date: July 14, 2026