Financial Performance Highlights

Q2 FY2027 Results (Consolidated):

  • Revenue: ₹1,211 crore (vs. ₹1,208 crore in Q2 FY2026)
  • Operating EBITDA: ₹150 crore with margin of 12.42% (vs. ₹159 crore at 13.13% in Q2 FY2026)
  • Net Profit After Tax: ₹83 crore, up 7.64% YoY (vs. ₹77 crore in Q2 FY2026)

H1 FY2027 Results (Consolidated):

  • Revenue: ₹2,491 crore (vs. ₹2,442 crore in H1 FY2026)
  • Operating EBITDA: ₹330 crore with margin of 13.24% (vs. ₹324 crore at 13.27% in H1 FY2026)
  • Net Profit After Tax: ₹177 crore, up 15.94% YoY (vs. ₹152 crore in H1 FY2026)

Standalone Performance:

  • Q2 Revenue: ₹1,203 crore (vs. ₹1,198 crore in Q2 FY2026)
  • Q2 Operating EBITDA: ₹147 crore with margin of 12.22% (vs. ₹151 crore at 12.6% in Q2 FY2026)
  • Q2 Net Profit After Tax: ₹51 crore (vs. ₹64 crore in Q2 FY2026)
  • H1 Revenue: ₹2,477 crore (vs. ₹2,422 crore in H1 FY2026)
  • H1 Operating EBITDA: ₹323 crore with margin of 13.04% (vs. ₹310 crore at 12.79% in H1 FY2026)
  • H1 Net Profit After Tax: ₹133.5 crore (vs. ₹133.8 crore in H1 FY2026)

Revenue Breakdown by Sector (Q2):

  • Hydropower: 71%
  • Irrigation: 14%
  • Tunneling: 11%
  • Roads, Urban Infrastructure and Others: 4%

Order Book and Business Development

  • Order book as of September 30, 2026: ₹13,546 crore
  • Composition: Hydropower (64%), Irrigation (14%), Tunneling (4%), Roads, Urban Infrastructure and other segments (18%)
  • Submitted bids aggregating approximately ₹30,000 crore across 15 projects
  • Additional pipeline of ₹50,000 crore worth of projects expected for bidding over next 12 months

Key Project Milestones Achieved

Subansiri Hydropower Project:

  • Unit 5 achieved wet commissioning and integrated with National Grid
  • Five of eight units now operational supplying 1250 MW of clean power
  • Remaining three units on track for completion within current financial year

Kwar Project (J&K):

  • Crossed 4 lakh cubic meters of dam concreting (total requirement: 7.5 lakh cubic meters)
  • TRT outlet bridge completed
  • Draft tube structure work commenced
  • Powerhouse excavation complete, concreting activities underway

Kiru Project (J&K):

  • Completed approximately 12 lakh cubic meters of dam concreting (total requirement: 12.5 lakh cubic meters)
  • Powerhouse slab concreting up to service floor completed for all four units

Sleemanabad Irrigation Project (Madhya Pradesh):

  • Breakthrough of India's longest irrigation tunnel measuring approximately 12 kilometers
  • Project moving towards final completion
  • Expected to bring irrigation benefits to approximately 2.45 lakh hectares of farmland

Non-Core Asset Monetization

  • Transferred entire 32% stake in ACP Tollways Private Limited for consideration of ₹55 crores
  • Previous quarter land parcel sale realized ₹26 crores
  • Total H1 FY2027 non-core asset monetization: ₹81 crores

Debt and Capital Structure

  • Consolidated debt as of September 2026: ₹1,312 crore (vs. ₹1,187 crore as of March 2026)
  • Client advances: ₹609 crore (vs. ₹622 crore as of March 2026)
  • Debt equity ratio: 0.28
  • Term debt: ₹350 crore
  • Working capital debt: ₹960 crore

Promoter Shareholding Update

  • Promoter pledge reduced from 88-90% to 67%
  • Further reduction planned for next year after assessing performance
  • Promoter stake currently at 31% (reduced from 39%)

Guidance and Outlook

  • Revenue growth for FY2027 expected to be marginal (7-8%) instead of previously guided 10%
  • Better growth visibility expected in FY2028 as new orders materialize
  • Arbitration awards expected to contribute ₹100-150 crore annually (₹80 crore already realized this year)
  • Capital expenditure estimated at approximately ₹150 crore annually for next 2-3 years
  • No dividend distribution planned for current year due to project funding requirements