Financial Performance Highlights
Standalone Results (Quarter ended September 30, 2026):
- Revenue from Operations: ₹2,635.26 crore (compared to ₹2,987.67 crore in Q2 FY2025, down 11.8% YoY)
- Other Income (Net): ₹272.29 crore (includes ₹183.33 crore interest on arbitration award)
- Total Income: ₹2,907.55 crore
- Profit Before Tax: ₹172.71 crore (compared to ₹156.17 crore in Q2 FY2025)
- Total Tax Expense: ₹40.87 crore
- Profit After Tax: ₹131.84 crore (compared to ₹112.03 crore in Q2 FY2025, up 17.7%)
- Basic EPS: ₹3.58 (compared to ₹3.05 in Q2 FY2025)
Standalone Results (Half year ended September 30, 2026):
- Revenue from Operations: ₹5,306.16 crore (compared to ₹6,350.96 crore in H1 FY2025, down 16.5%)
- Profit After Tax: ₹168.72 crore (compared to ₹247.76 crore in H1 FY2025, down 31.9%)
- Basic EPS: ₹4.59 (compared to ₹6.74 in H1 FY2025)
Consolidated Results (Quarter ended September 30, 2026):
- Revenue from Operations: ₹2,635.25 crore (compared to ₹2,988.39 crore in Q2 FY2025, down 11.8%)
- Profit Before Tax: ₹82.38 crore (compared to ₹149.24 crore in Q2 FY2025, down 44.8%)
- Profit After Tax: ₹41.09 crore (compared to ₹105.08 crore in Q2 FY2025, down 60.9%)
- Basic EPS: ₹1.12 (compared to ₹2.85 in Q2 FY2025)
- Attributable to Owners: ₹41.25 crore
Consolidated Results (Half year ended September 30, 2026):
- Revenue from Operations: ₹5,306.25 crore (compared to ₹6,358.77 crore in H1 FY2025, down 16.5%)
- Profit After Tax: ₹71.39 crore (compared to ₹242.48 crore in H1 FY2025, down 70.6%)
- Basic EPS: ₹1.94 (compared to ₹6.59 in H1 FY2025)
Balance Sheet Position (Standalone as of September 30, 2026)
- Total Assets: ₹19,052.07 crore
- Equity Share Capital: ₹367.78 crore
- Reserves: ₹4,744.42 crore
- Total Equity: ₹5,112.20 crore
- Total Borrowings: ₹4,782.99 crore (Non-current: ₹1,267.58 crore, Current: ₹3,515.41 crore)
- Contract Assets: ₹8,185.97 crore (Non-current: ₹2,045.56 crore, Current: ₹6,140.41 crore)
Cash Flow Statement (Standalone H1 FY2026)
- Net Cash Used in Operating Activities: ₹(368.83) crore
- Net Cash Used in Investing Activities: ₹(373.56) crore
- Net Cash from Financing Activities: ₹833.98 crore
- Net Increase in Cash: ₹91.59 crore
Key Operational Metrics (Standalone)
- Debt Equity Ratio: 0.94 times
- Current Ratio: 1.11 times
- Operating Margin: 5.08% (Q2), 6.52% (H1)
- Net Profit Margin: 5.00% (Q2), 3.18% (H1)
Legal and Arbitration Matters
The auditors highlighted several ongoing legal proceedings:
1. Transtonnelstroy Afcons Joint Venture (TTA JV) with Chennai Metro Rail Limited:
- Variations claims of ₹659.87 crore recognized in 'Contract assets' as non-current assets
- Arbitration award of ₹120.81 crore recognized as 'Non-current Trade Receivables'
- Interest on arbitration award of ₹30.63 crore as 'Other non-current financial assets'
- Bank guarantee encashed by client of ₹25.77 crore as 'Other non-current financial assets'
- Proceedings ongoing in arbitration, Madras High Court, and Supreme Court
2. Dahej Standby Jetty Project Undertaking:
- ₹79.28 crore disclosed as 'Other Non-current Financial assets'
- ₹11.10 crore as 'Contract assets - Non-current assets'
- Challenging unfavourable arbitration award at Delhi High Court
3. Konkan Railway Corporation Limited (KRCL) Project:
- ₹115 crore shown as 'Contract assets - Non-current assets' for claims
- Claims related to Steel Arch Bridge across river Chenab completed August 3, 2023
- Proceedings ongoing in arbitration and High Court
Exceptional Items
- ₹76.51 crore impact for year ended March 31, 2026, due to implementation of new Labour Codes notified on November 21, 2025
- Presented as exceptional item due to material regulatory-driven and non-recurring nature
Subsidiaries and Joint Operations
Consolidated entities include:
- 12 subsidiaries
- 14 joint operations
- 19 international branches
Unaudited subsidiaries (6 entities):
- Total assets: ₹66.50 crore
- Net loss: ₹(4.57) crore for H1 FY2026
- Considered not material to the Group