Key Quantitative Figures - Consolidated (Rs. in Crores)
- Revenue from Operations: Rs 6,407.97 (Q1 FY27) vs Rs 6,171.17 (Q1 FY26) vs Rs 7,777.90 (Q4 FY26)
- Other Income: Rs 77.20 (Q1 FY27) vs Rs 16.35 (Q1 FY26) vs Rs 36.79 (Q4 FY26)
- Total Income: Rs 6,485.17 (Q1 FY27) vs Rs 6,187.52 (Q1 FY26) vs Rs 7,814.69 (Q4 FY26)
- Profit Before Tax: Rs 420.47 (Q1 FY27) vs Rs 290.22 (Q1 FY26) vs Rs 511.35 (Q4 FY26)
- Profit After Tax: Rs 311.53 (Q1 FY27) vs Rs 213.59 (Q1 FY26) vs Rs 430.60 (Q4 FY26)
- Net Profit Attributable to Owners: Rs 310.06 (Q1 FY27) vs Rs 213.62 (Q1 FY26) vs Rs 434.21 (Q4 FY26)
- Basic EPS (Rs. 2 face value): Rs 18.16 (Q1 FY27) vs Rs 12.51 (Q1 FY26) vs Rs 25.42 (Q4 FY26)
- Paid-up Equity Share Capital: Rs 34.16 crores
Key Quantitative Figures - Standalone (Rs. in Crores)
- Total Income: Rs 5,534.27 (Q1 FY27) vs Rs 5,063.12 (Q1 FY26) vs Rs 7,124.32 (Q4 FY26)
- Profit Before Tax: Rs 360.95 (Q1 FY27) vs Rs 274.15 (Q1 FY26) vs Rs 312.42 (Q4 FY26)
- Profit After Tax: Rs 265.36 (Q1 FY27) vs Rs 200.76 (Q1 FY26) vs Rs 219.84 (Q4 FY26)
- Basic EPS (Rs. 2 face value): Rs 15.54 (Q1 FY27) vs Rs 11.76 (Q1 FY26) vs Rs 12.88 (Q4 FY26)
Segment Performance - Consolidated (Q1 FY27)
- EPC Segment Revenue: Rs 6,345.64 crores
- Development Projects Revenue: Rs 11.36 crores
- Others Revenue: Rs 71.25 crores
- Net Segment Revenue: Rs 6,407.97 crores after inter-segmental elimination of Rs 20.28 crores
- Segment Results: EPC Rs 439.01 crores profit, Development Projects Rs (3.03) crores loss, Others Rs 25.61 crores profit
Parties Involved
- Auditors: B S R & Co. LLP (Firm Registration No.: 101248W/W-100022)
- Joint Ventures: Kurukshetra Expressway Private Limited (KEPL)
- Regulatory Counterparty: National Highways Authority of India (NHAI)
- Subsidiaries: Multiple subsidiaries listed in Annexure I including Amber Real Estate Limited, Kalpataru Power Transmission (Mauritius) Limited, etc.
Key Event - Arbitration Matter
Kurukshetra Expressway Private Limited (KEPL), a joint venture of the Company, terminated its Concession Agreement with NHAI in 2021 citing Force Majeure. In subsequent arbitration proceedings, KEPL was awarded Termination Payment with interest. However, NHAI challenged this award. On July 28, 2026, the Hon'ble High Court partially set aside the arbitral award relating to the Termination Payment claim and interest. Based on management assessment and legal advice, no provision is considered necessary in the financial statements of KEPL or the Company at this time. Management will continue monitoring developments.
Exceptional Items (Previous Quarters)
- Q3 FY26 (Dec 2025): Incremental provision of Rs 29.48 crore for employee benefit obligations arising from Labour Codes notified on November 21, 2025.
- Q4 FY26 (Mar 2026): Gain of Rs 156.56 crore on disposal of entire 100% equity interest in Vindhyachal Expressway Private Limited (ceased to be subsidiary); Impairment provision of Rs 90.50 crore for goodwill and intangible assets.
- Standalone Q4 FY26: Additional impairment provision of Rs 515.04 crore for investments in, loans to, and receivables from Estrela Reluzente Participações S.A. and Fasttel Engenharia S.A. due to judicial reorganisation proceedings in Brazil.
Financial Ratios - Consolidated (Q1 FY27)
- Debt Equity Ratio: 0.34 times
- Current Ratio: 1.25 times
- Operating Margin: 8.8%
- Net Profit Margin: 4.9%
- Debt Service Coverage Ratio: 1.02 times
- Interest Service Coverage Ratio: 6.15 times
Additional Disclosure
A separate communication confirms no deviation or variation in the utilization of proceeds from Non-Convertible Debt securities for the quarter ended June 30, 2026, as required under SEBI Master Circular and Regulations 52(7) and 52(7A).
Audit Scope Limitations
The limited review report notes that certain joint operations and subsidiaries (representing specific revenue and profit amounts) were not reviewed by the primary auditors but were covered by other auditors' reports or were deemed not material to the Group.