Key Financial Figures - Standalone (Rs. in Lakhs)

Income Statement Q1 FY2027:

  • Revenue from Operations: ₹2,659 lakhs (vs. ₹1,857 lakhs in Q1 FY2026)
  • Other Income: ₹1,838 lakhs (vs. ₹3,488 lakhs in Q1 FY2026)
  • Total Income: ₹4,497 lakhs (vs. ₹5,345 lakhs in Q1 FY2026)
  • Total Expenses: ₹2,527 lakhs (vs. ₹5,049 lakhs in Q1 FY2026)
  • Profit before Tax: ₹1,970 lakhs (vs. ₹296 lakhs in Q1 FY2026)
  • Tax Expense: ₹1,594 lakhs (all deferred tax)
  • Net Profit: ₹376 lakhs (vs. ₹296 lakhs in Q1 FY2026)
  • EPS (Basic and Diluted): ₹0.25 (vs. ₹0.23 in Q1 FY2026)

Other Standalone Metrics:

  • Paid-up Equity Share Capital: ₹15,253 lakhs (unchanged)
  • Other Equity: ₹1,21,190 lakhs (as of March 31, 2026)

Key Financial Figures - Consolidated (Rs. in Lakhs)

Income Statement Q1 FY2027:

  • Revenue from Operations: ₹3,755 lakhs (vs. ₹2,769 lakhs in Q1 FY2026)
  • Other Income: ₹1,964 lakhs (vs. ₹3,530 lakhs in Q1 FY2026)
  • Total Income: ₹5,719 lakhs (vs. ₹6,299 lakhs in Q1 FY2026)
  • Total Expenses: ₹4,619 lakhs (vs. ₹7,524 lakhs in Q1 FY2026)
  • Loss before Tax: ₹1,081 lakhs (vs. loss of ₹1,244 lakhs in Q1 FY2026)
  • Tax Expense: ₹1,600 lakhs (all deferred tax)
  • Net Loss: ₹519 lakhs (vs. loss of ₹1,245 lakhs in Q1 FY2026)
  • EPS (Basic and Diluted): -₹0.34 (vs. -₹0.94 in Q1 FY2026)

Other Consolidated Metrics:

  • Paid-up Equity Share Capital: ₹15,253 lakhs (unchanged)
  • Other Equity: ₹80,347 lakhs (as of March 31, 2026)

Resolution Plan Status

The Resolution Plan dated November 22, 2017 submitted by Mr. A K Lakhotia with 78.50% CoC voting share was approved under IBC, 2016 and has attained finality through orders from NCLT Kolkata (April 18, 2018, March 11, 2022, September 13, 2023, September 30, 2024), NCLAT (August 16, 2019, May 23, 2023, August 10, 2023), and Supreme Court (January 18, 2022, August 04, 2023, September 25, 2023).

The Banks declared September 04, 2024 as the implementation date of the Resolution Plan. The plan is binding on all creditors under section 31(1) of IBC, 2016, and claims not filed/not admitted/not part of the approved plan stand extinguished.

Subsidiary Investments and Legal Proceedings

MBL Projects Limited:

  • Investment: ₹3,984 lakhs (wholly owned subsidiary)
  • Status: Subsidiary holds shares in downstream SPVs with cancelled/terminated projects
  • Claims filed against project cancellations/terminations
  • Management confident of recovery exceeding carrying value based on contractual tenability and legal advice

MBL Highway Development Company Limited:

  • Investment: ₹5,110 lakhs (wholly owned subsidiary)
  • Status: Concession agreement terminated by Authority on November 18, 2016
  • Legal proceedings pending at various forums including dispute resolution in India and foreign enforcement proceedings
  • Company has counter claims exceeding participant claims
  • Provision made for claims including foreign exchange fluctuation as per 'conservative principles of accounting'
  • Management confident of recovery exceeding carrying value

Suratgarh Bikaner Toll Road Company Private Limited:

  • Investment: ₹18,505 lakhs (wholly owned subsidiary)
  • Status: Under Corporate Insolvency Resolution Process (CIRP) since December 01, 2025 per NCLT Kolkata order
  • Powers of Board suspended, management vests with Resolution Professional
  • Company has submitted Resolution Plan as Prospective Resolution Applicant
  • Finance cost provided @9.60% p.a. only till November 30, 2025; no provision since CIRP initiation
  • CIRP expenses of ₹19 lakhs disclosed as Exceptional Expenses in consolidated results
  • Management confident of recovery exceeding carrying value

Claims Recognition

The company has claims for cost over-runs due to client responsibility delays, project suspensions, design deviations, and scope changes at various stages of negotiation/arbitration/litigation. Revenue recognized to extent company is reasonably certain of realization. Realization may be lower if settled out of court.

Other Income and Expense Breakdown

Standalone Other Income (Q1 FY2027):

  • Ind-AS Adjustment: ₹1,809 lakhs
  • Interest on fixed deposits & others: ₹18 lakhs
  • Others: ₹11 lakhs

Standalone Other Expenses (Q1 FY2027):

  • Ind-AS Adjustment on Financial Asset: ₹154 lakhs
  • Ind-AS Adjustment on Financial Liabilities: ₹1,200 lakhs
  • Others: ₹267 lakhs

Consolidated Other Income (Q1 FY2027):

  • Ind-AS Adjustment: ₹1,809 lakhs
  • Interest on fixed deposits & others: ₹144 lakhs
  • Others: ₹11 lakhs

Consolidated Other Expenses (Q1 FY2027):

  • Ind-AS Adjustment on Financial Asset: ₹154 lakhs
  • Ind-AS Adjustment on Financial Liabilities: ₹1,200 lakhs
  • Miscellaneous Expenses etc.: ₹786 lakhs

Auditor Emphasis Matters

The statutory auditors (SARC & Associates) emphasized four key areas in their limited review report:

1. The Resolution Plan implementation and its binding nature on all creditors

2. Recoverability of investments in subsidiaries facing legal/arbitration proceedings

3. Corporate Insolvency Resolution Process of SBTRCPL

4. Recognition of claims based on management's assessment of realizability

The opinion was not modified in respect of these matters.

Meeting Details

The Board meeting commenced at 6:15 p.m. and concluded at 7:50 p.m. on July 23, 2026.