Summary of Key Information:

Reporting Period: Quarter and Half Year ended 30th September, 2026

Nature of Filing / Announcement: Outcome of Board Meeting - Financial Results

Date of Board Meeting / Approval: 13th November, 2026

Audit Opinion: Unmodified review report

Auditor's Comment: Several emphasis of matter points noted including unbilled revenue recognition, joint venture accounting, disputed contracts, GST proceedings, balance confirmations, expected credit loss provisions, and income tax matters

Key Financial Highlights [₹ in Lakhs except EPS]

Standalone Results:

Quarter Ended 30th Sept 2026:

  • Revenue from Operations: ₹20,152.42 (vs ₹17,161.53 in Q2 FY26)
  • Total Income: ₹20,735.75
  • Net Profit: ₹845.27 (vs ₹922.13 in Q2 FY26)
  • EPS: ₹1.42 (vs ₹1.54 in Q2 FY26)
  • Current Tax: ₹200.00

Half Year Ended 30th Sept 2026:

  • Revenue from Operations: ₹30,582.37 (vs ₹26,605.41 in H1 FY26)
  • Total Income: ₹31,872.77
  • Net Profit: ₹1,251.36 (vs ₹1,031.66 in H1 FY26)
  • EPS: ₹2.10 (vs ₹1.72 in H1 FY26)
  • Current Tax: ₹340.00

Year Ended 31st March 2026 (Audited):

  • Revenue from Operations: ₹54,043.92
  • Total Income: ₹55,523.66
  • Net Profit: ₹2,161.99
  • EPS: ₹3.62

Consolidated Results:

Quarter Ended 30th Sept 2026:

  • Revenue from Operations: ₹20,188.05
  • Total Income: ₹20,763.31
  • Net Profit: ₹791.48
  • EPS: ₹1.33

Half Year Ended 30th Sept 2026:

  • Revenue from Operations: ₹30,641.58
  • Total Income: ₹31,915.43
  • Net Profit: ₹1,148.92
  • EPS: ₹1.92

Year Ended 31st March 2026 (Audited):

  • Revenue from Operations: ₹54,203.23
  • Total Income: ₹55,664.44
  • Net Profit: ₹2,116.88
  • EPS: ₹3.55

Balance Sheet Position (Standalone as of 30th Sept 2026):

  • Total Assets: ₹49,955.32 lakhs
  • Share Capital: ₹5,969.43 lakhs
  • Other Equity: ₹21,974.51 lakhs
  • Cash and Bank Balances: ₹2,023.15 lakhs
  • Short-Term Borrowings: ₹9,875.16 lakhs
  • Trade Receivables: ₹6,706.60 lakhs
  • Short-Term Loans and Advances: ₹31,297.27 lakhs

Cash Flow Statement (Standalone H1 FY27):

  • Net cash flow from operating activities: (₹4,361.50) lakhs
  • Net cash flow from investing activities: ₹1,749.01 lakhs
  • Net cash flow from financing activities: ₹2,624.46 lakhs
  • Net increase in cash: ₹11.97 lakhs

Segment-wise Performance:

The company is engaged primarily in Civil Construction and Infrastructure business with no separate reportable segments as per Ind AS 108.

Corporate Actions:

No dividend declarations, share splits, bonus issues, buybacks, or capital raising activities announced.

Other Significant Information:

Notes to Financial Results Highlights:

1. Revenue includes unbilled revenue & cost for uncertified work on ongoing projects

2. Company has booked turnover and costs related to joint venture entities

3. Disputed contractual receipts and payments from FY2021 still unsettled (reflected in Other Current Liabilities and Other Current Assets)

4. GST search and seizure proceedings challenged in Gujarat High Court (₹108.40 lakhs deposited under protest)

5. Various balances subject to reconciliation and confirmation

6. No Expected Credit Loss (ECL) provision made during the quarter

7. Income tax assets of ₹2,442.95 lakhs shown under Other Non-Current Assets, with ₹837.80 lakhs recovered/adjusted for AY 2007-08 and 2008-09

8. Inventories include uncertified work for ongoing projects

9. Consolidated results include 3 subsidiaries: Niraj Consulting Group Limited, Niraj Build India Limited, and Niraj Management Consultancies LLC

Entities Included in Consolidation:

  • Niraj Consulting Group Limited (Subsidiary)
  • Niraj Build India Limited (Subsidiary)
  • Niraj Management Consultancies LLC (Subsidiary)

Subsidiary Performance (H1 FY27):

  • Niraj Consulting Group Limited: Revenue ₹22.76 lakhs, Net Loss ₹20.86 lakhs
  • Niraj Build India Limited: Revenue ₹36.45 lakhs, Net Loss ₹61.79 lakhs
  • Niraj Management Consultancies LLC: Revenue NIL, Net Loss ₹19.79 lakhs