Summary of Key Information:
Reporting Period (Quarter/Year): Quarter and Half Year ended September 30, 2026 (Q2 FY27, H1 FY27)
Nature of Filing / Announcement: Outcome of Board Meeting and Submission of Unaudited Standalone & Consolidated Financial Results
Date of Board Meeting / Approval: November 12, 2026
Audit Opinion: Review Report with Emphasis of Matters (Not a qualified opinion, but highlights several key issues)
Auditor’s Comment: The auditors issued a limited review report, not an audit opinion. They drew attention to several Emphasis of Matters concerning the IBC Resolution Plan and the recoverability of investments in multiple subsidiaries.
Key Financial Highlights [Rs. in Lakhs]
Standalone Results:
Revenue from Operations: Q2 FY27: ₹487; Q1 FY27: ₹2,659; Q2 FY26: ₹3,055 | H1 FY27: ₹3,146; H1 FY26: ₹4,912
Total Income: Q2 FY27: ₹3,656; Q1 FY27: ₹4,497; Q2 FY26: ₹6,592 | H1 FY27: ₹8,153; H1 FY26: ₹11,937
Net Profit: Q2 FY27: ₹150; Q1 FY27: ₹376; Q2 FY26: ₹332 | H1 FY27: ₹526; H1 FY26: ₹628
EPS (after exceptional items, Basic and Diluted): Q2 FY27: ₹0.10; Q1 FY27: ₹0.25; Q2 FY26: ₹0.23 | H1 FY27: ₹0.35; H1 FY26: ₹0.44
Other Equity: As of September 30, 2026: ₹121,715; As of March 31, 2026: ₹121,190
Cash and Cash Equivalents: As of September 30, 2026: ₹206; As of March 31, 2026: ₹3,386
Debt:
- Non-Current Borrowings: As of Sep 30, 2026: ₹70,276; As of Mar 31, 2026: ₹68,334
- Current Borrowings: As of Sep 30, 2026: ₹4,511; As of Mar 31, 2026: ₹4,711
Consolidated Results:
Revenue from Operations: Q2 FY27: ₹1,345; Q1 FY27: ₹3,755; Q2 FY26: ₹5,011 | H1 FY27: ₹5,100; H1 FY26: ₹7,780
Total Income: Q2 FY27: ₹4,727; Q1 FY27: ₹5,719; Q2 FY26: ₹8,595 | H1 FY27: ₹10,446; H1 FY26: ₹14,894
Net Profit (Loss): Q2 FY27: (₹807); Q1 FY27: (₹519); Q2 FY26: ₹766 | H1 FY27: (₹1,326); H1 FY26: (₹479)
EPS (after exceptional items, Basic and Diluted): Q2 FY27: (₹0.52); Q1 FY27: (₹0.34); Q2 FY26: ₹0.54 | H1 FY27: (₹0.86); H1 FY26: (₹0.03)
Other Equity: As of September 30, 2026: ₹79,022 (Attributable to Owners); As of March 31, 2026: ₹80,347
Cash and Cash Equivalents: As of September 30, 2026: ₹4,894; As of March 31, 2026: ₹5,169
Corporate Actions:
Equity Allotment: The company allotted 33,50,000 equity shares of ₹10 each to the Promoter Group pursuant to the IBC-approved Resolution Plan. This increased the paid-up equity share capital from ₹15,253 lakhs (as of March 31, 2026) to ₹15,588 lakhs (as of September 30, 2026).
No dividend declarations, share splits, bonus issues, or buybacks were announced.
Other Significant Information:
Investments in Subsidiaries (Standalone): The company holds significant investments in subsidiaries, which auditors highlighted due to ongoing issues:
- MBL (MP) Road Nirman Company Limited: ₹1,000 lakhs. Claims filed against project cancellation/termination.
- MBL Projects Limited: ₹3,984 lakhs. Subsidiary holds investments in SPVs with cancelled projects.
- MBL Highway Development Company Limited: ₹5,110 lakhs. Concession agreement terminated in 2016; legal proceedings ongoing.
- Suratgarh Bikaner Toll Road Company Private Limited: ₹18,505 lakhs. Under CIRP.
Management considers all these investments good and recoverable based on future business plans and legal advice.
Claims Recognition: The company has recognized claims for cost overruns due to client delays, project suspensions, etc. These are under negotiation, arbitration, or litigation. Revenue is recognized based on management's assessment of realizability.
Exceptional Items: A net exceptional loss of ₹34 lakhs was recorded in the consolidated cash flow for H1 FY27, related to CIRP expenses for SBTRCPL.
Segment-wise Performance: The company's operations consist solely of construction/project activities, with no other reportable segments.