Key Financial Figures (₹ in lakhs)

Standalone Performance:

  • Q2 FY27 Revenue: ₹2,01,910.11
  • Q2 FY27 Profit After Tax: ₹16,103.63
  • H1 FY27 Revenue: ₹4,44,252.33
  • H1 FY27 Profit After Tax: ₹36,468.16
  • EPS (Q2 FY27): Basic ₹16.64, Diluted ₹16.65
  • EPS (H1 FY27): Basic ₹37.69, Diluted ₹37.70

Consolidated Performance:

  • Q2 FY27 Revenue: ₹2,32,541.78
  • Q2 FY27 Profit After Tax: ₹29,030.25
  • H1 FY27 Revenue: ₹5,10,952.87
  • H1 FY27 Profit After Tax: ₹64,809.34
  • EPS (Q2 FY27): Basic ₹30.25, Diluted ₹30.26
  • EPS (H1 FY27): Basic ₹67.18, Diluted ₹67.19

Exceptional Items

  • Standalone: Recognized gains from sale of four wholly-owned subsidiaries to Indus Infra Trust totaling ₹25,315.26 lakhs during FY26
  • Consolidated: Recognized gain of ₹6,121.44 lakhs from dilution of stake in associate Indus Infra Trust due to QIP issuance

Legal and Regulatory Matters

CBI Case (June 2022):

  • Case registered under Prevention of Corruption Act 1988 involving three employees
  • Chargesheet includes company and employees
  • Matter stayed by Gauhati High Court, currently sub judice

Income Tax Search (FY26):

  • Search conducted under Section 132 at company premises and promoter residences
  • No assessment order, tax demand, or penalty notice received as of reporting date
  • Business operations continue without disruption

Contract Termination:

  • Company issued termination notice for EPC contract, customer reciprocated and invoked bank guarantees
  • Advance bank guarantee of ₹4,952.59 lakhs and performance surety bonds of ₹4,133.71 lakhs invoked
  • Discussions held on 10th October 2026 for amicable resolution
  • No financial impact recognized in current results

Subsidiary and Associate Transactions

Subsidiary Sales (FY26):

Sold 100% equity in four highway subsidiaries to Indus Infra Trust:

  • GR Bahadurganj Araria Highway: ₹4,793.31 lakhs (including deferred ₹873.73 lakhs)
  • GR Ena Kim Expressway: ₹15,378.00 lakhs (including deferred ₹3,242.77 lakhs)
  • GR Bilaspur Urga Highway: ₹10,293.01 lakhs (including deferred ₹2,201.94 lakhs)
  • GR Ujjain Badnawar Highway: ₹1,650.94 lakhs

Acquisition (FY26):

  • Acquired 100% of Rajgarh Neemach Power Transmission Limited for ₹1,888.04 lakhs
  • Acquisition pursuant to bid won for transmission system project in Madhya Pradesh

Labor Code Implementation

  • Government consolidated 29 labor legislations into four Codes effective 21st November 2025
  • Company recognized incremental liability of ₹2,427.30 lakhs as past service cost for post-employment benefits

Capital Structure

  • Paid-up Equity Capital: ₹4,838.04 lakhs (Face value ₹5 each)
  • Standalone Net Worth (30 Sep 2026): ₹9,17,153.80 lakhs
  • Consolidated Net Worth (30 Sep 2026): ₹9,96,744.05 lakhs
  • Debt-Equity Ratio: Standalone 0.04, Consolidated 0.60

Related Party Transactions (Half-year ended 30 Sep 2026)

  • Total transaction value: ₹588,303.62 lakhs
  • Includes remuneration to directors and key management personnel
  • Extensive transactions with subsidiaries including sales, investments, loans, and advances
  • Outstanding trade receivables from subsidiaries and associates

NCD Proceeds Utilization

  • Fully utilized proceeds from three NCD issuances:
  • ₹75 crores raised 20/01/2022 (INE201P08175)
  • ₹40 crores raised 30/08/2022 (INE201P08191)
  • ₹100 crores raised 05/02/2024 (INE201P08209)
  • No deviation from stated objects

Auditor Review

  • Limited review conducted by B S R & Co, Chartered Accountants
  • Unmodified conclusion on both standalone and consolidated results
  • Includes unreviewed financial information from 37 subsidiaries and 7 joint operations considered immaterial