Summary of Key Information:
Reporting Period: Quarter and Half Year ended September 30, 2026
Nature of Filing / Announcement: Unaudited Financial Results pursuant to Regulation 30 of SEBI Listing Regulations
Audit Opinion:
Clean, unmodified review opinion from Surana Maloo & Co. (Firm Registration Number: 112171W). Nothing came to their attention causing belief that the statements contain material misstatements.
Auditor's Comment: The review report states that the financial results have been prepared in accordance with Ind AS 34 and comply with SEBI Listing Regulations requirements. No qualifications or modifications noted.
Key Financial Highlights [₹ Millions]:
Standalone Results:
Revenue from Operations:
- Q2 FY27: ₹8,170.94 (30% increase YoY from ₹6,285.55 in Q2 FY25)
- H1 FY27: ₹15,951.11 (4% increase YoY from ₹15,364.92 in H1 FY25)
Total Income:
- Q2 FY27: ₹8,238.69
- H1 FY27: ₹16,109.46
Net Profit:
- Q2 FY27: ₹699.54 (48% increase YoY from ₹472.56 in Q2 FY25)
- H1 FY27: ₹1,310.41 (7% increase YoY from ₹1,223.14 in H1 FY25)
EPS:
- Q2 FY27: ₹2.41 (from ₹1.74 in Q2 FY25)
- H1 FY27: ₹4.52 (from ₹4.50 in H1 FY25)
Other Equity: ₹11,021.38 as of September 30, 2026 (from ₹7,396.58 as of March 31, 2026)
Cash and Cash Equivalents: ₹2,341.06 as of September 30, 2026 (from ₹1,423.03 as of March 31, 2026)
Debt:
- Short-term borrowings: ₹8,233.64
- Long-term borrowings: ₹499.09
- Total borrowings: ₹8,732.73
Consolidated Results:
Revenue from Operations:
- Q2 FY27: ₹8,857.30 (34% increase YoY from ₹6,613.27 in Q2 FY25)
- H1 FY27: ₹16,883.20 (5% increase YoY from ₹16,068.43 in H1 FY25)
Total Income:
- Q2 FY27: ₹8,918.68
- H1 FY27: ₹17,022.74
Net Profit:
- Q2 FY27: ₹769.51 (58% increase YoY from ₹485.59 in Q2 FY25)
- H1 FY27: ₹1,427.12 (13% increase YoY from ₹1,264.40 in H1 FY25)
- Attributable to owners: ₹1,381.32 for H1 FY27
EPS:
- Q2 FY27: ₹2.57 (from ₹1.71 in Q2 FY25)
- H1 FY27: ₹4.77 (from ₹4.53 in H1 FY25)
Other Equity: ₹11,219.81 as of September 30, 2026 (from ₹7,524.11 as of March 31, 2026)
Cash and Cash Equivalents: ₹2,384.45 as of September 30, 2026 (from ₹1,721.64 as of March 31, 2026)
Segment-wise Performance [₹ Millions]:
The company operates primarily in EPC Construction segment of irrigation and water treatment plants
Infrastructure Development Segment:
- Q2 FY27 Revenue: ₹8,834.34
- Q2 FY27 Segment Result: ₹1,355.29
- H1 FY27 Revenue: ₹16,829.53
- H1 FY27 Segment Result: ₹2,546.12
Unallocable:
- Q2 FY27 Revenue: ₹22.96
- Q2 FY27 Segment Result: ₹13.93
- H1 FY27 Revenue: ₹53.67
- H1 FY27 Segment Result: ₹18.05
Corporate Actions:
IPO Completion: The company successfully completed its Initial Public Offer of 2,92,56,232 equity shares of face value ₹5 each, comprising 1,76,71,232 fresh issue shares and 1,15,85,000 offer for sale shares, aggregating to ₹4,271.41 millions. Shares listed on NSE and BSE on September 17, 2026.
IPO Proceeds Utilization (Fresh issue of ₹2,580.00 Millions):
- Purchase of equipment: ₹146.91 (allocated, not utilized)
- Prepayment/repayment of borrowings: ₹285.91 utilized of ₹1,800.00 allocated
- General Corporate Purposes: ₹0.01 utilized of ₹417.28 allocated
- Offer related expenses: ₹140.72 utilized of ₹215.81 allocated
- Total utilized: ₹426.63, Unutilized: ₹2,153.37
Other Significant Information:
Exceptional Items: Statutory impact of new Labour Codes of ₹8.23 million for year ended March 31, 2026 (not applicable to current quarter)
IPO-related expenses: ₹172.02 million (net of GST) allocated for issue of new shares adjusted against securities premium as permissible under Section 52 of Companies Act, 2013
Entities included in consolidation: 3 subsidiaries, 9 joint operations, and 6 associates
Cash Flow: Net cash from operating activities was negative (₹882.06 million standalone, ₹1,160.23 million consolidated) primarily due to working capital changes