Company Overview
Financial Performance Highlights
H1 FY27 Performance (₹ in Crore)
- Revenue from operations: ₹35.65
- Other income: ₹1.27
- Total income: ₹36.91
- EBITDA: ₹7.00 (excluding other income)
- EBITDA Margin: 19.64%
- Profit After Tax: ₹2.29
- PAT Margin: 6.42%
- EPS: ₹0.45
Q2 FY27 Performance (₹ in Crore)
- Revenue from operations: ₹15.74
- Other income: ₹0.80
- Total income: ₹16.54
- EBITDA: ₹2.94
- EBITDA Margin: 18.68%
- Profit After Tax: ₹1.01
- PAT Margin: 6.41%
- EPS: ₹0.19
Q1 FY27 Performance (₹ in Crore)
- Revenue from operations: ₹19.91
- Other income: ₹0.46
- Total income: ₹20.37
- EBITDA: ₹4.06
- EBITDA Margin: 20.39%
- Profit After Tax: ₹1.27
- PAT Margin: 6.38%
- EPS: ₹0.27
Revenue Mix by Segment (H1 FY27)
- Telecom: 80.56%
- Sewerage: 5.68%
- Gas pipeline: 6.30%
- Others: 7.46%
Balance Sheet Position (as at September 30, 2026)
Assets (₹ in Crore)
- Total Assets: ₹442.31 (vs. ₹341.82 as at March 31, 2026)
- Non-Current Assets: ₹51.12
- Property, Plant & Equipment: ₹35.35
- Right-of-use assets: ₹1.22
- Investment Property: ₹4.73
- Other Non-Current Financial Assets: ₹7.64
- Current Assets: ₹391.20
- Inventories: ₹35.28
- Trade Receivable: ₹142.11
- Unbilled Revenue: ₹59.27
- Cash and Cash Equivalents: ₹23.72
- Other Bank Balance: ₹89.56
Equity and Liabilities (₹ in Crore)
- Total Equity: ₹312.95 (vs. ₹155.26 as at March 31, 2026)
- Equity Share Capital: ₹65.49 (vs. ₹47.81 as at March 31, 2026)
- Other Equity: ₹247.46 (vs. ₹107.45 as at March 31, 2026)
- Non-Current Liability: ₹19.38
- Borrowings: ₹16.75
- Current Liability: ₹109.98
- Borrowings: ₹15.38
- Trade Payables: ₹61.10 (Micro/Small enterprises: ₹1.40, Others: ₹59.70)
Business Operations and Order Book
Order Book Status (as on September 30, 2026)
- Total Order Book: ₹1,018.39 crore
- Number of Ongoing Projects: 30
- Aggregate Contract Value: ₹1,987.90 crore
Top Five Projects by Order Book Value
1. Telecom Infrastructure, Kerala (BharatNet Package No. 16): ₹741.17 crore
2. Sewerage Infrastructure, Kerala: ₹68.70 crore
3. Telecom Infrastructure (West Bengal, Odisha, Sikkim, Bihar, Jharkhand, Andaman & Nicobar): ₹51.62 crore
4. Telecom Infrastructure (West Bengal, Odisha, Sikkim, Andaman & Nicobar): ₹33.25 crore
5. Sewerage Infrastructure, West Bengal: ₹27.11 crore
Business Verticals and Clients
- Telecom Infrastructure: BSNL, Bharat Broadband Network, A2Z Infra, G R Infraprojects
- Sewerage Infrastructure: State agencies in MP, Bihar, Jharkhand, Goa; World Bank and ADB funded programmes
- Railway Signalling: Eastern Railway (government)
- Gas Pipeline: GAIL (4 live projects), IGL, Gujarat Gas
Geographical Presence
Pan-India presence across 10 states and 2 union territories
Management Commentary
Sanjay Kumar Sarraf, Promoter Chairman & Managing Director highlighted:
- H1 FY27 was a transformative period with strong revenue growth and successful listing on BSE and NSE
- Listing provides access to capital to strengthen execution capabilities, invest in machinery, and meet working capital requirements
- Business is traditionally weighted towards second half of financial year
- Expects business momentum to strengthen in Q3 and be particularly strong in Q4 FY27
- Focus remains on timely project execution, operational capabilities, financial discipline
- Exploring adjacent growth opportunities including renewable energy segment with recent MoU with GEIE for ₹44.3 crore JVVNL rooftop solar project
Forward-Looking Strategy
1. Deliver current projects on time and within budget, led by BharatNet Kerala
2. Accelerate billing and collections to improve cash conversion
3. Deepen presence in existing states by winning work in other verticals
4. Enter new states to reduce regional reliance
5. Step into new growth sectors including renewables, solar, and railway signalling
Corporate Development
- Successfully listed on BSE and NSE in September 2026
- Equity share capital increased from ₹47.81 crore to ₹65.49 crore between March 31, 2026 and September 30, 2026