Key Quantitative Figures

Financial Results for Quarter Ended 30th June 2026:

Standalone:

  • Total Income: ₹9,501 lakhs
  • Total Expenses: ₹32,108 lakhs
  • Loss before tax: ₹22,607 lakhs
  • Net Loss: ₹22,607 lakhs
  • Basic & Diluted EPS: (₹31.33) per share of ₹10 face value
  • Paid-up equity share capital: ₹7,216 lakhs

Consolidated:

  • Total Income: ₹9,945 lakhs
  • Total Expenses: ₹32,274 lakhs
  • Loss before tax: ₹22,329 lakhs
  • Net Loss attributable to owners: ₹22,414 lakhs
  • Basic & Diluted EPS: (₹31.06) per share of ₹10 face value

Segment-wise Performance (Standalone):

  • Capital Goods Revenue: ₹191 lakhs, Segment Loss: ₹4,325 lakhs
  • Construction and EPC Revenue: ₹1,339 lakhs, Segment Profit: ₹1,643 lakhs
  • Total Segment Loss: ₹2,228 lakhs before interest
  • Interest cost: ₹20,379 lakhs

Significant Contract Claims:

  • NUPPL Ghatampur Contract: Claim raised ₹162,042 lakhs, conciliation committee recommended ₹33,969 lakhs
  • Q1 FY27 charge: ₹1,913 lakhs
  • Cumulative charge (Jul'24-Jun'26): ₹41,496 lakhs
  • NTTPS Vijayawada Contract: Claim raised ₹76,980 lakhs (pending admission)
  • Q1 FY27 charge: ₹2,266 lakhs
  • Cumulative charge (Jan'26-Jun'26): ₹7,573 lakhs

Debt Restructuring:

  • 9 PSBs assigned dues to NARCL on 29th September 2025
  • Interest provided for Q1 Jun'26: ₹17,177 lakhs
  • Promoter infusion: ₹43,318 lakhs unsecured loans till date

Liability Adjustments:

  • Commercial debit notes raised: ₹4,460.25 lakhs
  • Operational creditor balances written back: ₹3,056.75 lakhs (due to limitation period expiry)

Dates of Action

  • Board Meeting: 29th July 2026 (15:45 to 19:30)
  • MD reappointment effective: 11th November 2026 to 10th November 2031
  • President appointment effective: 29th July 2026
  • NCLAT stay on NCLT order: Extended till 30th July 2026

Parties Involved

  • Regulators: SEBI, NSE, BSE, NCLT, NCLAT, Ministry of Corporate Affairs
  • Banks/Lenders: State Bank of India, Bank of Baroda, Bank of India, Central Bank of India, Canara Bank, Indian Bank, IDBI Bank, Punjab National Bank, Union Bank of India, ICICI Bank, Axis Bank, Kotak Mahindra Bank
  • ARC: National Assets Reconstruction Company Ltd (NARCL)
  • Auditors: Anand & Ponnappan Chartered Accountants
  • Management: Mr. Arjun Govind Raghupathy (MD), Mr. Rangarajan Mukunthan (President), Mrs. Sasikala Raghupathy (Non-Executive Director)

Management Appointments

1. Mr. Arjun Govind Raghupathy (DIN:02700864) reappointed as Managing Director for 5 years from 11th November 2026, subject to shareholder approval at 40th AGM

  • Mechanical Engineering graduate from Anna University, joined company in 2011
  • Responsible for business development, sales, contracts delivery, financial management, operations control, and human resources
  • Son of Mrs. Sasikala Raghupathy, Non-Executive Director

2. Mr. Rangarajan Mukunthan appointed as President for Business Division (Senior Management Personnel) effective 29th July 2026

  • 30+ years experience in strategic planning, operations, business transformation
  • Qualifications: MBA (Loyola), M.S. Operations Management (BITS Pilani), B.E. Industrial Engineering (NITIE Mumbai), Diploma in Mechanical Engineering

Fundraising Approvals

1. Unsecured Loans from Managing Director: Up to ₹29 crore in single/multiple tranches for capex, operational expenditure, working capital, and general corporate purposes

  • Counterparty: Mr. Arjun Govind Raghupathy (MD and Promoter)
  • Shareholding: 2,220 equity shares (0.00%) as of 30th June 2026
  • Transaction at arm's length basis

2. Loans from Promoter/Promoter Group: With option to convert into equity/preference shares/convertible securities

  • Subject to shareholder approval
  • May increase promoter group shareholding if conversion option exercised

Registered Office Relocation

  • Approved shifting from Andhra Pradesh to Tamil Nadu
  • Requires amendment to Memorandum of Association Clause II
  • Subject to shareholder approval at 40th AGM and Regional Director, MCA approval

Financial Impact Assessment

  • Material uncertainty regarding going concern due to ongoing NARCL negotiations
  • Significant debt restructuring expected to reduce principal and interest liability
  • Management confident of agreement with NARCL in Q2 FY27
  • Accounts prepared on going concern basis considering promoter support and ongoing operations

Auditor Qualifications

  • Limited review report with emphasis on material uncertainties
  • Financial statements of subsidiaries BGR Boilers and BGR Turbines not audited for FY26
  • Qualified conclusion on consolidated results due to unaudited subsidiary financials