Board Meeting Details

The Board of Directors meeting was held on Friday, 16th October 2026, commencing at 12:00 Hrs (IST) and concluding at 19:05 Hrs (IST).

Key Approvals

1. Approved Un-Audited Financial Results (UFR) for the second quarter ended 30th September 2026, along with the Statutory Auditors' Limited Review Report.

2. Appointment of M/s. Walker Chandiok & Co LLP, Chartered Accountants (Firm Registration No. 001076N/N500013), as Statutory Auditors for 5 years commencing from FY 2027-28, effective from conclusion of 48th AGM (2027) till conclusion of 53rd AGM (2032), subject to shareholder approval.

3. Extension of maturity period of partly secured loan of ₹40.30 Crores taken from Tata Projects Limited (Holding Company) from existing 20 years (due 2037) to 25 years (now due 2042), subject to obtaining requisite approvals from Tata Projects Limited.

Financial Results Highlights (Quarter ended 30 September 2026)

  • Revenue from operations: ₹3,867.61 lakhs (vs ₹2,613.28 lakhs in Q2 FY26)
  • Other income: ₹21.43 lakhs (vs ₹41.45 lakhs in Q2 FY26)
  • Total income: ₹3,889.04 lakhs (vs ₹2,654.73 lakhs in Q2 FY26)
  • Total expenses: ₹3,616.77 lakhs (vs ₹2,731.76 lakhs in Q2 FY26)
  • Profit before tax: ₹272.27 lakhs (vs loss of ₹77.03 lakhs in Q2 FY26)
  • Tax expense: ₹71.65 lakhs (deferred tax)
  • Profit for the period: ₹200.62 lakhs (vs loss of ₹40.73 lakhs in Q2 FY26)
  • Earnings per share (basic and diluted): ₹0.54 (vs loss of ₹0.11 in Q2 FY26)

Half-Year Financial Performance (April-September 2026)

  • Revenue from operations: ₹6,480.89 lakhs
  • Other income: ₹62.88 lakhs
  • Total income: ₹6,543.77 lakhs
  • Profit before tax: ₹195.24 lakhs
  • Tax expense: ₹35.36 lakhs (deferred tax)
  • Profit for the period: ₹159.88 lakhs
  • Earnings per share: ₹0.43

Balance Sheet Position (as at 30 September 2026)

  • Total assets: ₹11,900.24 lakhs (vs ₹12,343.85 lakhs as at 31 March 2026)
  • Equity share capital: ₹369.20 lakhs (3,69,20,000 equity shares of ₹1 each)
  • Other equity: ₹(145.21) lakhs (negative reserves)
  • Total equity: ₹223.99 lakhs
  • Total liabilities: ₹11,676.25 lakhs
  • Borrowings: ₹5,319.36 lakhs (non-current: ₹1,574.25 lakhs, current: ₹3,745.11 lakhs)
  • Trade payables: ₹3,986.16 lakhs (including micro/small enterprises: ₹286.60 lakhs)

Cash Flow Statement (Half-year ended 30 September 2026)

  • Net cash from operating activities: ₹377.68 lakhs
  • Net cash from investing activities: ₹67.92 lakhs
  • Net cash used in financing activities: ₹(445.60) lakhs
  • Cash and cash equivalents at end: ₹0.20 lakhs

Auditor Transition

M/s. Price Waterhouse & Co Chartered Accountants LLP will complete their tenure upon conclusion of the 48th AGM in 2027. The new auditors, Walker Chandiok & Co LLP, are a established firm with 98 partners, 20 offices across India, and registrations with ICAI, PCAOB, and CAG.

Going Concern Assessment

The Management and Board assessed the company's ability to continue as a going concern based on:

  • Letter of support from Tata Projects Limited (Holding Company) to provide adequate business, financial and operational support
  • Review of approved business plan and future cash flow projections

The company has significant accumulated losses as at 30 September 2026.

Significant Accounting Treatment

During the quarter ended September 30, 2026, the Company recognized revenue for a claim amounting to ₹992 lakhs towards recovery of additional costs incurred on account of extension of time, execution of ground improvement works and other related works at the project site. Management believes the amount is recoverable.

Additional Information

  • Company operates in one business segment: Supply of equipments, steel structures and site services of mechanical works
  • The UFR is available on the Company's website www.artson.net