Financial Performance Highlights

Standalone Performance:

  • Total Income: ₹454.70 crore (▼21.3% from PY ₹577.77 crore)
  • EBITDA: ₹62.22 crore (▼5.0% from PY ₹65.49 crore)
  • Profit After Tax: ₹26.14 crore (▼3.1% from PY ₹26.99 crore)
  • EPS (Basic): ₹0.97 (▼3.0% from PY ₹1.00)
  • Net Worth: ₹239.06 crore (▲12.3% from PY ₹212.93 crore)

Consolidated Performance:

  • Total Income: ₹510.46 crore (▼17.2% from PY ₹616.18 crore)
  • EBITDA: ₹74.56 crore (▲2.4% from PY ₹72.78 crore)
  • Profit After Tax: ₹27.41 crore (▲6.0% from PY ₹25.86 crore)
  • EPS (Basic): ₹1.01 (▲5.2% from PY ₹0.96)
  • Net Worth: ₹240.05 crore (▲12.2% from PY ₹214.03 crore)

Detailed Financial Metrics

Revenue Breakdown:

  • Total revenue from operations: ₹55,823.85 lakhs (FY26) vs ₹69,268.41 lakhs (FY25)
  • Construction Contract: ₹3,543.00 lakhs (FY26) vs ₹1,780.82 lakhs (FY25)
  • Solar Power Generation: ₹605.81 lakhs vs ₹421.35 lakhs
  • Operation & Maintenance: ₹557.75 lakhs vs ₹220.68 lakhs
  • Machinery Rent Income: ₹1,491.28 lakhs vs ₹747.02 lakhs

Key Financial Ratios:

  • Current Ratio: 1.61 (FY26) vs 1.40 (FY25) - 14.46% improvement
  • Debt Equity Ratio: 0.69 vs 0.75 - 8.25% improvement
  • Return on Equity: 0.11 vs 0.12 - 5.84% decrease
  • Net Profit Ratio: 0.05 vs 0.04 - 28.82% improvement
  • Trade Receivable Turnover Ratio: 5.08 vs 6.51 - 22.02% decrease

Financial Position:

  • Net Debt: ₹7,917.14 lakhs (2026) vs ₹6,304.53 lakhs (2025)
  • Gross Debt: ₹16,524.35 lakhs (2026) vs ₹15,996.91 lakhs (2025)
  • Cash and cash equivalents: ₹1,343.79 lakhs
  • Other Bank Balances: ₹7,263.42 lakhs
  • Trade receivables: ₹10,899.33 lakhs

Project Implementation & Business Operations

New Project Awarded during FY 2025-26:

  • 73.15 MW Solar Power Project at various locations in Madhya Pradesh for feeder level solarization under PM-KUSUM C Scheme from Madhya Pradesh Urja Vikas Nigam Limited

Ongoing Projects include:

  • Construction of Bridges on State Highways in Madhya Pradesh (Vidisha and Sagar districts)
  • Railway Over Bridge projects in Damoh, Ashoknagar, Guna, and Sagar
  • Earthwork and construction for new BG line between Dahod-Indore (Western Railway)
  • Four-laning of NH-146 from Rahatgarh to Berkhedi (10.079 km) on Hybrid Annuity Mode
  • Multiple solar power projects (15 MW floating solar at NSPCL Bhilai, 5 MW projects at Songaon and Sambhora, 1.5 MW and 4 MW projects under PGVCL)

Subsidiary Structure

The company has 15 subsidiary companies as of March 31, 2026, primarily engaged in infrastructure development and renewable energy projects. Seven new SPVs were incorporated for implementing grid-connected Solar PV Power Plants under the Surya Mitra Krishi Feeders Scheme (PM-KUSUM-C Scheme).

Corporate Governance & Compliance

Board Composition:

  • Mr. Ashok Khurana (Chairperson & Director)
  • Mr. Amit Khurana (Managing Director)
  • Mrs. Neelakshi Khurana (Director)
  • Mr. Shankar Prasad Bhagat (Independent Director)
  • Ms. Hiral Vinodbhai Patel (Independent Director)
  • Mr. Nikhil Kaushik (Independent Director)

Annual General Meeting:

33rd AGM scheduled for September 30, 2026, with key resolutions including adoption of financial statements, re-appointment of directors, authorization for borrowing limits up to ₹1,000 crore, and approval of related party transactions worth ₹400 crore.

Credit Rating:

CARE Ratings assigned CARE BBB; Stable for Long-Term Bank Facilities of ₹85.05 crore and CARE BBB; Stable / CARE A3 for Long-Term/Short-Term Bank Facilities of ₹450.20 crore.

Risk Management & Provisions

Total provisions increased significantly from ₹71.38 lakhs (31-03-2025) to ₹297.04 lakhs (31-03-2026), primarily due to a substantial increase in 'Others' category from ₹35.59 lakhs to ₹278.98 lakhs. The company maintains robust internal financial control systems and has unqualified audit reports across all audit functions.

Related Party Transactions

Significant transactions with associates include Loan Received: ₹9,664.06 lakhs, Repayment of Loan: ₹10,073.70 lakhs, EPC Contract/Sales (Income): ₹10,980.97 lakhs, Payable to Associates: ₹3,004.31 lakhs, and Receivable from Associates: ₹4,829.03 lakhs.

Corporate Social Responsibility

The company spent ₹62.73 lakhs on CSR activities, meeting the required spending amount, with initiatives focused on Education & Medical facilities and Udaan - Women Empowerment initiative.

Capital Structure & Dividend Policy

  • Authorized Share Capital: ₹91.15 crore
  • Paid-up Share Capital: ₹64.86 crore
  • No dividend recommended for FY 2025-26; profits retained for future growth
  • Promoter holding remained unchanged year-over-year at approximately 67.89%

The company maintains adequate liquidity with unutilized working capital lines of ₹1,424.71 lakhs and follows percentage completion method for construction contracts, operating primarily in one segment: Infrastructure Projects and Solar Projects.