Summary of Key Information:
Reporting Period (Quarter/Year): Quarter and Half Year ended September 30, 2026
Nature of Filing / Announcement: Financial Results pursuant to Regulation 30 and 33 of SEBI LODR
Date of Board Meeting / Approval: November 6, 2026 (11:50 AM to 12:50 PM)
Audit Opinion: Qualified Conclusion with Emphasis of Matter
Auditor's Comment: Qualification regarding ₹10 crore claims receivable and ₹936.09 crore disputed penal interest charges; Material uncertainty relating to going concern
Key Financial Highlights [₹ in Crore]
Standalone Results:
Revenue from Operations: Q2 FY27: ₹2.78 crore (Q2 FY26: ₹4.16 crore); H1 FY27: ₹4.65 crore (H1 FY26: ₹4.84 crore)
Total Income: Q2 FY27: ₹1.27 crore (Q2 FY26: ₹7.92 crore); H1 FY27: ₹8.87 crore (H1 FY26: ₹8.90 crore)
Net Profit: Q2 FY27: Loss of ₹316.78 crore (Q2 FY26: Loss of ₹314.36 crore); H1 FY27: Loss of ₹605.55 crore (H1 FY26: Loss of ₹603.18 crore)
EPS: Q2 FY27: -₹8.59 (Q2 FY26: -₹8.52); H1 FY27: -₹16.42 (H1 FY26: -₹16.35)
Other Equity: Negative ₹12,433.92 crore (March 31, 2026: Negative ₹11,829.16 crore)
Cash and Cash Equivalents: ₹0.00 crore
Debt: Not specifically quantified but finance costs of ₹590.65 crore for H1 FY27
Consolidated Results:
Revenue from Operations: Q2 FY27: ₹7.38 crore (Q2 FY26: ₹10.87 crore); H1 FY27: ₹9.57 crore (H1 FY26: ₹12.33 crore)
Total Income: Q2 FY27: ₹8.80 crore (Q2 FY26: ₹17.12 crore); H1 FY27: ₹11.67 crore (H1 FY26: ₹145.37 crore)
Net Profit: Q2 FY27: Loss of ₹365.51 crore (Q2 FY26: Loss of ₹316.90 crore); H1 FY27: Loss of ₹738.26 crore (H1 FY26: Loss of ₹510.53 crore)
EPS: Q2 FY27: -₹9.91 (Q2 FY26: -₹8.61); H1 FY27: -₹19.94 (H1 FY26: -₹13.85)
Other Equity: Negative ₹13,843.93 crore (March 31, 2026: Negative ₹13,106.53 crore)
Cash and Cash Equivalents: ₹11.18 crore
Segment-wise Performance:
The Company is engaged mainly in "Construction and Engineering" segment. Revenue and total assets from real estate development activities account for less than 10% of total revenue and total assets.
Corporate Actions:
No dividend declarations, share splits, bonus issues, buybacks, or capital raising activities announced.
Auditor Qualifications:
- ₹10.00 crore claims receivable from ongoing/completed/terminated contracts recognized based on independent expert opinion, but auditors unable to comment on realizability due to prolonged elapsed time
- ₹936.09 crore cumulative penal interest/incremental interest/other charges levied by lenders (₹416.31 crore from lenders, ₹519.78 crore from CFM ARC) not provided for as management is disputing and discussing reversal
- Subsidiary Ansaldo Caldaie Boilers India Pvt Ltd has not refunded ₹16.64 crore share application money despite RBI directive
Going Concern Uncertainty:
- Current liabilities exceed current assets by ₹13,303.81 crore (standalone) and ₹14,821.86 crore (consolidated)
- Lenders recalled all loans and facilities; marked as NPA since June 2017
- Trading in equity shares suspended
- Winding up petitions filed by creditors
- Severe manpower issues and defaulting on statutory obligations
- Resolution plan under consideration since 2021; more than 50% debt assigned to ARCs
- Company negotiating waiver of interest/penal charges and haircut on principal based on potential investor
Emphasis of Matter:
- ₹532.91 crore recognized as trade receivables from arbitration awards where clients have preferred appeals
- Prior period error correction in subsidiary increased consolidated profit for FY26 by ₹70.40 crore
Other Significant Information:
- Finance costs: Standalone ₹590.65 crore (H1 FY27); Consolidated ₹707.38 crore (H1 FY27)
- Negative other equity: Standalone ₹12,433.92 crore; Consolidated ₹13,843.93 crore
- Company has positive discussions with ARC companies hopeful of resolution
- Two joint ventures not consolidated due to unavailability of financial statements