Financial Performance Highlights

Full Year FY26 Results

  • Revenue from operations: INR820 crore (61% YoY growth from INR510 crore in FY25)
  • EBITDA (excluding other income): INR75 crore (82% YoY growth from INR41 crore in FY25)
  • EBITDA margin: 9.13% (105 basis points improvement from FY25)
  • Profit after tax: INR44.92 crore (77.8% YoY growth from INR25.27 crore in FY25)
  • PAT margin: 5.48% (52 basis points improvement from FY25)

H2 FY26 Results

  • Revenue from operations: INR478 crore (61% YoY growth)
  • EBITDA: INR47.48 crore (61% YoY growth)
  • Profit after tax: INR28.72 crore (49.5% YoY growth)
  • EBITDA margin: 9.93%

Operational and Business Highlights

Business Segments and Revenue Breakdown

  • EPC road and building: INR395 crore
  • Ready-mix concrete: INR20 crore
  • Wastewater treatment: INR6 crore
  • Toll collection contracts: INR388 crore

Order Book Status (as of 31 March 2026)

  • Total order book: INR1,235 crore
  • Road projects: INR758 crore
  • Building projects: INR75 crore
  • Wastewater treatment projects: INR162 crore
  • Toll collection contracts: INR240 crore

New Orders Secured in FY26

  • Wastewater treatment and underground sewage infrastructure project in Tamil Nadu: INR167 crore
  • Toll collection contracts from NHAI:
  • Kathpur toll plaza: INR91.71 crore
  • Simliya toll plaza: INR86.7 crore
  • Aashpur toll plaza: INR70.39 crore
  • Khambara toll plaza: INR47.83 crore
  • Paraghat toll plaza: INR33.27 crore
  • Hockey and athletic stadium project in Ujjain, Madhya Pradesh

Operational Capabilities

  • 37 ongoing projects across 9 states: Madhya Pradesh, Maharashtra, Gujarat, Rajasthan, Uttar Pradesh, Tamil Nadu, Chhattisgarh, Mizoram, and Manipur
  • Over 230 construction equipment and vehicles
  • 1,100+ employees
  • Clients include NHAI, Public Works Departments, municipal corporations, urban development authorities

Corporate Developments

Financial and Rating Updates

  • India Ratings upgraded short-term banking loan facility rating to IND A2 from IND A3+
  • Board approved preferential issue of convertible warrants aggregating up to INR13.09 crore
  • Board proposed enhancement of borrowing limits to support larger project opportunities
  • Board recommended maiden dividend of 0.25% per share (2.5% of face value of INR10 per share)

Strategic Investments

  • Acquired 10% stake in Virtuoso Infra Meditech LLP (real estate company based in Indore)
  • Project involves construction of building with saleable area of 3-3.5 lakh square feet
  • Estimated revenue of INR150 crore for the overall construction and sale
  • Investment timeframe: 2-2.5 years

Management Outlook and Guidance

Growth Targets

  • Target 20-25% annual revenue growth
  • Aim to increase order book to INR2,000 crore
  • Bid pipeline of INR1,500-2,000 crore currently submitted

Business Mix Strategy

  • Target revenue mix:
  • EPC road and building: 35-40%
  • Wastewater treatment: 20-25%
  • Toll collection and other businesses: 35-40%

Margin Expectations

  • Current blended EBITDA margin: 9.13%
  • Target EBITDA margin: 10-11%
  • Segment margins:
  • EPC: 13-15%
  • Toll collection: 4% (EBITDA level)
  • Wastewater treatment: 15-20%

Expansion Plans

  • Entry into PPP projects and BOT models
  • Exploring toll collection TOT models (INR1,500-2,000 crore opportunities)
  • Bid capacity: INR2,000 crore for overall projects
  • Individual road project capacity: INR600-700 crore
  • Individual building project capacity: INR150 crore
  • Toll collection: Unlimited based on net worth

Strike Rates

  • EPC projects: 10-15%
  • Toll collection contracts: Above 70%

Working Capital and Cash Flow

  • Working capital cycle: 30-45 days
  • Focus on centrally funded projects to ensure timely payments
  • Operating cash flow turned positive in FY26 after IPO funds deployment
  • Expected to maintain positive cash flow in current year

Risk Factors and Challenges

  • Geopolitical scenarios affecting project execution timelines
  • Increased competition in wastewater sector (15-20 bidders for INR200 crore projects)
  • Operational challenges in municipal corporation limits for wastewater projects
  • Fuel price volatility with pass-through mechanisms via force majeure clauses

Project Execution Focus

  • Preference for projects with allocated government funds
  • Emphasis on National Highway projects due to funding certainty
  • Selective bidding in building projects with allocated funds (e.g., MPBDC in MP, UPDA in UP)
  • Avoidance of projects with uncertain annual plan funding

Geographical Presence

  • Maintaining INR100-150 crore order book in Indore (promoter base)
  • Expansion beyond Madhya Pradesh to 8 additional states
  • Focus on high-growth infrastructure segments and geographies