Date: 13th November, 2026

Financial Results (Consolidated)

Q2 FY27 Performance

  • Revenue from Operations: ₹1,539 crore (Q2 FY26: ₹1,343 crore), growth of 15% YoY
  • EBITDA: ₹229 crore (Q2 FY26: ₹195 crore), growth of 18% YoY
  • EBITDA Margin: 14.9% (Q2 FY26: 14.5%)
  • EBIT: ₹194 crore (Q2 FY26: ₹165 crore), growth of 18% YoY
  • EBIT Margin: 12.6% (Q2 FY26: 12.3%)
  • Profit Before Tax: ₹151 crore (Q2 FY26: ₹124 crore), growth of 21% YoY
  • PBT Margin: 9.8% (Q2 FY26: 9.2%)
  • Profit After Tax: ₹113 crore (Q2 FY26: ₹91 crore), growth of 25% YoY
  • PAT Margin: 7.4% (Q2 FY26: 6.7%)
  • Cash PAT: ₹160 crore (Q2 FY26: ₹133 crore), growth of 21% YoY
  • Cash PAT Margin: 10.4% (Q2 FY26: 9.9%)

H1 FY27 Performance

  • Revenue from Operations: ₹3,050 crore (H1 FY26: ₹2,826 crore), growth of 8% YoY
  • EBITDA: ₹443 crore (H1 FY26: ₹411 crore), growth of 8% YoY
  • EBITDA Margin: 14.5% (H1 FY26: 14.6%)
  • EBIT: ₹376 crore (H1 FY26: ₹349 crore), growth of 8% YoY
  • EBIT Margin: 12.3% (H1 FY26: 12.3%)
  • Profit Before Tax: ₹289 crore (H1 FY26: ₹269 crore), growth of 7% YoY
  • PBT Margin: 9.5% (H1 FY26: 9.5%)
  • Profit After Tax: ₹211 crore (H1 FY26: ₹194 crore), growth of 9% YoY
  • PAT Margin: 6.9% (H1 FY26: 6.9%)
  • Cash PAT: ₹309 crore (H1 FY26: ₹281 crore), growth of 10% YoY
  • Cash PAT Margin: 10.1% (H1 FY26: 9.9%)

Cost Breakdown (H1 FY27)

  • Cost of Material Consumed: ₹1,979 crore
  • Construction Expenses: ₹356 crore
  • Employee Expenses: ₹225 crore
  • Other Expenses: ₹47 crore
  • Finance Cost: ₹87 crore
  • Depreciation: ₹99 crore
  • Other Income: ₹32 crore
  • Share in profit of associate: ₹1 crore
  • Tax: ₹79 crore

Balance Sheet (Consolidated as of September 2026)

Assets

  • Total Assets: ₹6,282 crore (March 2026: ₹6,197 crore)
  • Non-Current Assets: ₹2,605 crore (March 2026: ₹2,474 crore)
  • Property, plant and equipment: ₹1,144 crore
  • Capital work-in-progress: ₹314 crore
  • Investment Property: ₹102 crore
  • Goodwill: ₹3 crore
  • Investments: ₹388 crore
  • Investments in Associate: ₹6 crore
  • Other Financial Assets: ₹578 crore
  • Other Non Current Assets: ₹69 crore
  • Current Assets: ₹3,677 crore (March 2026: ₹3,722 crore)
  • Inventories: ₹262 crore
  • Trade Receivables: ₹1,514 crore
  • Cash and Cash Equivalents: ₹140 crore
  • Bank balances other than Cash & Cash equivalents: ₹561 crore
  • Loans: ₹7 crore
  • Other Financial Assets: ₹197 crore
  • Other Current Assets: ₹995 crore

Equity and Liabilities

  • Shareholders' funds: ₹3,561 crore (March 2026: ₹3,368 crore)
  • Equity Share Capital: ₹38 crore
  • Other Equity: ₹3,524 crore
  • Non Controlling Interests: -₹1 crore
  • Non-Current Liabilities: ₹615 crore (March 2026: ₹532 crore)
  • Borrowings: ₹336 crore
  • Lease Liability: ₹0 crore
  • Other Financial Liabilities: ₹260 crore
  • Deferred Tax Liabilities (Net): ₹18 crore
  • Current Liabilities: ₹2,106 crore (March 2026: ₹2,297 crore)
  • Borrowings: ₹487 crore
  • Trade Payables: ₹674 crore
  • Lease Liabilities: ₹1 crore
  • Other Financial Liabilities: ₹214 crore
  • Other Current Liabilities: ₹651 crore
  • Current Tax Liabilities (Net): ₹70 crore
  • Provisions: ₹8 crore

Cash Flow (Consolidated H1 FY27)

  • Cash generated from operations: ₹28 crore (H1 FY26: ₹441 crore)
  • Changes in working capital: -₹424 crore (H1 FY26: ₹34 crore)
  • Taxes paid (net of refund): -₹46 crore (H1 FY26: -₹30 crore)
  • Net Cash from Operating Activities: -₹18 crore (H1 FY26: ₹411 crore)
  • Net Cash from Investing Activities: -₹130 crore (H1 FY26: -₹366 crore)
  • Net Cash from Financing Activities: ₹85 crore (H1 FY26: -₹34 crore)
  • Net Change in cash and cash equivalents: -₹63 crore (H1 FY26: ₹11 crore)
  • Opening Cash Balance: ₹203 crore
  • Closing Cash Balance: ₹140 crore

Order Book and Business Update

  • Order awarded in H1 FY27: ₹5,547 crores
  • Strong order book position as of September 30, 2026
  • Established presence in Maharashtra, NCR, Gujarat, Rajasthan, UP, Tamil Nadu & Karnataka
  • Looking to expand in other states
  • Company specializes in EPC projects including Metros, Flyovers, Subways, Bridges, Roads, Water & Civil Construction
  • Major ongoing projects include Mumbai Underground Metro Line 3, Mumbai Metro Line 9, Pune Elevated Metro, Mumbai Metro Line 4A, Mumbai Metro Line 7A, Pune Underground Metro, Motagaon Creek Bridge, Dwarka Expressway
  • ICRA Rating: A+/ Positive for Fund based and Non Fund based limits

Historical Financial Performance (Consolidated)

  • Revenue CAGR: 11% (FY23-FY26)
  • EBITDA CAGR: 11% (FY23-FY26)
  • PAT CAGR: 12% (FY23-FY26)
  • FY26 Revenue: ₹5,723 crore
  • FY26 EBITDA: ₹823 crore (14.4% margin)
  • FY26 PAT: ₹387 crore (6.8% margin)
  • FY26 Cash PAT: ₹583 crore (10.2% margin)

Management and Governance

  • Board of Directors includes Mr. Raghav Chandra, Mr. Sidharath Kapoor, Ms. Archana S. Yadav, Mr. Praveen Ghag, Mr. Ramesh Kumar Choubey
  • Company Secretary: Poornima Chintakindi
  • Chief Finance Officer: Vasant Savla

Investor Relations Contact

  • Marathon Capital Advisory Pvt. Ltd. serving as investor relations contact
  • Rahul Porwal and Amit Porwal as primary contacts