Financial Performance Highlights

Q2FY27 Consolidated Performance (₹ Lakhs)

  • Revenue from Operations: ₹11,132.366 lakhs (up 58% YoY from ₹7,028.655 lakhs in Q2FY26)
  • EBITDA: ₹691.469 lakhs (up 38% YoY) with EBITDA margin of 6.21% (vs 7.10% in Q2FY26)
  • Profit Before Tax: ₹401.375 lakhs (up 79% YoY from ₹223.883 lakhs)
  • Profit After Tax: ₹301.132 lakhs (up 87% YoY from ₹161.093 lakhs)
  • PAT Margin: 2.69% (vs 2.28% in Q2FY26)
  • Earnings Per Share: ₹7.63 (up 86% YoY from ₹4.10)

H1FY27 Consolidated Performance (₹ Lakhs)

  • Revenue from Operations: ₹19,667.098 lakhs (up 61% YoY from ₹12,206.280 lakhs in H1FY26)
  • EBITDA: ₹1,239.410 lakhs (up 66% YoY) with EBITDA margin of 6.30% (vs 6.12% in H1FY26)
  • Profit Before Tax: ₹683.848 lakhs (up 196% YoY from ₹231.142 lakhs)
  • Profit After Tax: ₹483.298 lakhs (up 193% YoY from ₹164.767 lakhs)
  • PAT Margin: 2.45% (vs 1.34% in H1FY26)
  • Earnings Per Share: ₹12.26 (up 191% YoY from ₹4.21)

Balance Sheet Position (H1FY27, ₹ Lakhs)

  • Total Assets: ₹328,215.69 lakhs
  • Property, Plant and Equipment: ₹45,074.52 lakhs
  • Inventories: ₹41,653.76 lakhs
  • Trade Receivables: ₹80,969.06 lakhs
  • Cash and Cash Equivalents: ₹7,239.86 lakhs
  • Total Equity: ₹131,288.16 lakhs
  • Borrowings (Current): ₹25,211.53 lakhs
  • Trade Payables: ₹49,948.08 lakhs (including ₹2,198.45 lakhs to micro/small enterprises)

Operational Highlights

Order Book & Inflow

  • Outstanding Order Book as of September 30, 2026: ₹12,872 crore (30% YoY growth)
  • H1FY27 Order Inflow: ₹1,305 crore (including ₹675 crore in Q2FY27)
  • Current Bid Pipeline: ₹7,800+ crore
  • Number of Ongoing Projects: 105
  • Number of Completed Projects: 279

Project Execution Milestones

  • Completed 'Project Ninety' - 18-storey precast high-rise in 121 days (Gujarat)
  • Completed new PSP Corporate House in 240 days including MEP and interior fit-out
  • Successfully delivered Surat Diamond Bourse project (₹1,960 crore, 68 lakh sq. ft.)

Business Diversification

  • Order book diversified across industrial, institutional, government, government residential, and residential projects
  • Construction presence in Gujarat, Rajasthan, Karnataka, Uttar Pradesh, Maharashtra, and New Delhi
  • Integrated EPC capabilities across design, construction, MEP, interior, and O&M services

Strategic Developments

  • Precast manufacturing facility commissioned in December 2021 with ongoing capacity expansion
  • Strategic partnership with Adani Infra (India) Limited acquiring 34.41% stake through open offer and SPA
  • Adani Infra joined promoter group in November 2024
  • Listed on NSE and BSE on May 29, 2017, raising ₹211.68 crore
  • Raised ₹244 crore through QIP in April 2024

Management Commentary

Chairman & MD Mr. Prahaladbhai Patel stated: Q2 and H1 marked highest-ever quarterly & half yearly revenue supported by improved execution across projects and improved availability of labor. The company has entered the league of handling prestigious projects up to ₹2,500 crore.

Client Relationships

  • Repeat clients include Adani Group (102 projects), Zydus Cadila Group (30 projects), Torrent Group (16 projects), Sabarmati Riverfront (10 projects), UPPWD (9 projects)
  • Worked with more than 100 private and public clients across India

Technology & Innovation

  • Precast technology enables faster delivery, better margins, consistent quality, and sustainable construction
  • Offsite Modular Construction Technology identified as future for quality, speed, and volume
  • Precast orders primarily from L&T for National High Speed Rail project, plus residential and industrial segments

Financial Discipline

  • Comfortable leverage position at 0.25 times (including mobilization advance)
  • Working Capital Cycle at 94 days as of FY26

Signed By

Pooja Dhruve, Company Secretary and Compliance Officer (Membership No.: A48396)