Financial Performance Highlights - Q2 FY27 (Consolidated)

Revenue & Profitability:

  • Total Income: ₹2,906 Cr, down 6.3% YoY from ₹3,101 Cr in Q2 FY26
  • Revenue from Operations: ₹2,635 Cr (Q2 FY26: ₹2,988 Cr)
  • Other Income: ₹271 Cr (Q2 FY26: ₹113 Cr)
  • EBITDA: ₹316 Cr, down 21.2% YoY from ₹401 Cr in Q2 FY26
  • EBITDA Margin: 10.9% (Q2 FY26: 12.9%)
  • Profit Before Tax: ₹82 Cr, down 44.8% YoY from ₹149 Cr in Q2 FY26
  • Profit After Tax: ₹41 Cr, down 60.9% YoY from ₹105 Cr in Q2 FY26
  • PAT Margin: 1.4% (Q2 FY26: 3.4%)
  • EPS: ₹1.12 (Q2 FY26: ₹2.85)

Quarter-over-Quarter Performance (Q2 FY27 vs Q1 FY27):

  • Total Income increased 6.6% from ₹2,727 Cr
  • EBITDA increased 20.3% from ₹263 Cr
  • Profit Before Tax increased 62.8% from ₹51 Cr
  • Profit After Tax increased 35.6% from ₹30 Cr

Half Year FY27 Performance (Consolidated)

H1 FY27 Results:

  • Total Income: ₹5,633 Cr, down 13.6% YoY from ₹6,520 Cr in H1 FY26
  • Revenue from Operations: ₹5,306 Cr (H1 FY26: ₹6,359 Cr)
  • Other Income: ₹327 Cr (H1 FY26: ₹161 Cr)
  • EBITDA: ₹578 Cr, down 31.6% YoY from ₹846 Cr in H1 FY26
  • EBITDA Margin: 10.3% (H1 FY26: 13.0%)
  • Profit Before Tax: ₹133 Cr, down 60.0% YoY from ₹333 Cr in H1 FY26
  • Profit After Tax: ₹71 Cr, down 70.6% YoY from ₹242 Cr in H1 FY26
  • PAT Margin: 1.3% (H1 FY26: 3.7%)
  • EPS: ₹1.94 (H1 FY26: ₹6.59)

Historical Financial Performance

Full Year Comparison:

  • FY26 Revenue from Operations: ₹11,948 Cr (FY25: ₹12,548 Cr; FY24: ₹13,268 Cr)
  • FY26 EBITDA: ₹1,439 Cr with 11.7% margin (FY25: ₹1,662 Cr, 12.8%; FY24: ₹1,583 Cr, 11.6%)
  • FY26 PAT: ₹251 Cr with 2.0% margin (FY25: ₹487 Cr, 3.7%; FY24: ₹450 Cr, 3.3%)
  • FY26 included exceptional item impact of ₹76.51 Cr related to labor code implementation

Balance Sheet Position (Consolidated)

As of H1 FY27:

  • Total Equity: ₹5,465 Cr
  • Total Liabilities: ₹13,955 Cr
  • Total Assets: ₹19,420 Cr
  • Key Asset Components:
  • Tangible Assets: ₹3,381 Cr
  • Contract Asset: ₹8,255 Cr
  • Trade Receivables: ₹3,744 Cr
  • Cash & Bank Balance: ₹717 Cr
  • Other Financial Assets: ₹807 Cr
  • Inventories: ₹950 Cr

Liabilities Structure:

  • Borrowings: ₹4,765 Cr (FY26: ₹3,538 Cr; FY25: ₹2,235 Cr)
  • Trade Payables: ₹4,346 Cr
  • Contract Liabilities: ₹3,852 Cr
  • Other Financial Liabilities: ₹547 Cr

Cash Flow Statement (Consolidated)

H1 FY27 Cash Flow:

  • Net Cash from Operating Activities: -₹340 Cr
  • Net Cash from Investing Activities: -₹374 Cr
  • Net Cash from Financing Activities: ₹834 Cr
  • Net increase in Cash & Cash equivalents: ₹120 Cr
  • Cash and cash equivalents at period end: ₹504 Cr

Operational Highlights

Order Book & Pipeline:

  • Order Book as of September 2026: ₹43,837 Cr
  • Bid Pipeline for FY27: ₹80,602 Cr
  • Urban Infrastructure: ₹17,718 Cr (22%)
  • Hydro & Underground: ₹28,478 Cr (35%)
  • Marine & Industrial: ₹28,986 Cr (36%)
  • Surface Transport: ₹5,420 Cr (7%)

Global Presence:

  • Projects delivered/presence in 32 countries across South Asia, Africa, Middle East, Europe and CIS
  • Ranked among top international contractors by Engineering News-Record (2025)

Strategic Equipment Base:

  • Indigenous strategic equipment fleet worth ₹5,136 Cr
  • One of the largest inventories of customized tunnel boring machines among Indian peers
  • Two workshops in Delhi and Nagpur for maintenance and innovation

Leadership & Governance

Board of Directors:

  • Mr. Shapoorji Pallonji Mistry - Chairman Emeritus (38+ years experience)
  • Mr. Subramanian Krishnamurthy - Executive Chairman (42+ years experience)
  • Mr. Srinivasan Paramasivan - Managing Director (40+ years experience)
  • Mr. Giridhar Rajagopalan - Deputy Managing Director (46+ years experience)
  • 8 additional directors including independent directors with extensive experience

Sustainability Initiatives

Environmental Performance (FY2025-26):

  • Water Recycled for Reuse: 0.44%
  • ~10% Reduction in Water Intensity per ₹ Turnover (compared to FY2024-25)
  • Implementation of dust suppression, fly ash & GGBS usage, energy-efficient VFD installations
  • DG emission control systems across construction sites

Social Initiatives:

  • Healthcare, education, and skill development programs
  • Farmer livelihood and skilling initiatives
  • Water access improvement through harvesting
  • Charitable and welfare activities

Risk Management & Growth Strategy

Risk Management:

  • Led by Chief Risk Officer
  • Robust contracts management system
  • Demonstrated ability to assess and manage risks across project lifecycle

Growth Strategy:

  • Grow business sustainably by maintaining order book matching execution capacity
  • Rationalize costs and improve execution efficiencies
  • Develop capabilities and capacity for project delivery
  • Focus on urban infrastructure, hydro & underground, and marine & industrial segments

Investor Relations Contacts

Company Representative:

  • Ms. Drisha Poddar

IR Advisors:

  • MUFG Intime India Private Limited
  • Contacts: Ms. Ayushi Gupta, Mr. Nikunj Seth