Key Financial Figures - Standalone (INR in millions, except per share data)

Quarterly Performance (Q2 FY27 vs Q2 FY26)

  • Revenue from operations: INR 3.00 (vs INR 5.00 in Q2 FY26)
  • Other income: INR 31.41 (vs INR 28.41)
  • Total Income: INR 34.41 (vs INR 33.41)
  • Employee benefits expenses: INR 12.27 (vs INR 17.78)
  • Finance costs: INR 117.73 (vs INR 203.42)
  • Depreciation and amortization: INR 0.02 (vs INR 0.02)
  • Other expenses: INR (0.35) (vs INR 5.81)
  • Total Expenses: INR 129.67 (vs INR 227.03)
  • Loss before exceptional items and tax: INR (98.26) (vs INR (198.62))
  • Exceptional items (net): INR 0.00 (vs INR 0.00)
  • Loss before tax: INR (98.26) (vs INR (198.62))
  • Tax expense: INR 0.00 (vs INR 0.00)
  • Loss for the period: INR (98.26) (vs INR (198.62))
  • Other Comprehensive Income: INR 2.59 (vs INR 0.00)
  • Total Comprehensive Loss: INR (95.67) (vs INR (198.62))
  • Basic and diluted EPS: INR (0.28) (vs INR (0.56))

Half-Yearly Performance (H1 FY27 vs H1 FY26)

  • Revenue from operations: INR 5.00 (vs INR 5.00)
  • Other income: INR 70.22 (vs INR 71.96)
  • Total Income: INR 75.22 (vs INR 76.96)
  • Employee benefits expenses: INR 19.58 (vs INR 35.64)
  • Finance costs: INR 141.65 (vs INR 394.81)
  • Depreciation and amortization: INR 0.02 (vs INR 0.05)
  • Other expenses: INR 13.03 (vs INR 11.08)
  • Total Expenses: INR 174.28 (vs INR 441.58)
  • Loss before exceptional items and tax: INR (104.06) (vs INR (369.62))
  • Exceptional items (net): INR 280.00 (vs INR 0.00)
  • Profit before tax: INR 175.94 (vs INR (369.62))
  • Tax expense: INR 0.00 (vs INR 0.00)
  • Profit for the period: INR 175.94 (vs INR (369.62))
  • Other Comprehensive Income: INR 2.59 (vs INR 0.00)
  • Total Comprehensive Income: INR 178.53 (vs INR (369.62))
  • Basic and diluted EPS: INR 0.50 (vs INR (1.05))

Balance Sheet Position (Standalone as of September 30, 2026)

  • Total Assets: INR 11,614.76 million
  • Non-current Assets: INR 9,165.02 million (primarily Financial assets: INR 9,143.95 million)
  • Current Assets: INR 1,142.51 million
  • Assets classified as held for sale: INR 1,307.23 million
  • Equity: INR 6,637.74 million
  • Non-current Liabilities: INR 1,878.37 million (Borrowings: INR 1,874.10 million)
  • Current Liabilities: INR 3,098.65 million (Borrowings: INR 2,803.28 million)

Key Financial Figures - Consolidated (INR in millions, except per share data)

Quarterly Performance (Q2 FY27)

  • Revenue from operations: INR 2,019.90
  • Other income: INR 56.97
  • Total Income: INR 2,076.87
  • Total Expenses: INR 1,268.05
  • Profit before exceptional items and tax: INR 808.82
  • Exceptional items: INR 0.00
  • Profit before tax: INR 808.82
  • Tax Expense: INR 130.05
  • Profit for the period before Minority Interest: INR 678.77
  • Profit attributable to Owners: INR 465.80
  • Basic and diluted EPS: INR 1.32

Half-Yearly Performance (H1 FY27)

  • Revenue from operations: INR 4,022.52
  • Other income: INR 165.02
  • Total Income: INR 4,187.54
  • Total Expenses: INR 2,612.10
  • Profit before exceptional items and tax: INR 1,575.44
  • Exceptional items: INR (108.55)
  • Profit before tax: INR 1,466.89
  • Tax Expense: INR 258.57
  • Profit for the period before Minority Interest: INR 1,208.32
  • Profit attributable to Owners: INR 798.41
  • Basic and diluted EPS: INR 2.27

Significant Notes to Financial Results

1. Subsidiary Exposures and Arbitration Matters

Rohtak Panipat Tollway Private Limited (RPTPL):

  • Investments: INR 217.74 million
  • Subordinate debts: INR 4,688.73 million
  • Trade & other receivables: INR 86.97 million
  • Net worth fully eroded
  • Toll collection suspended from December 25, 2020 due to farmer agitations
  • Termination notice issued to NHAI on July 27, 2021 under Force Majeure
  • Total claims lodged: INR 19,379.20 million
  • NHAI counter claims: INR 6,227 million
  • Arbitral Award declared on January 23, 2025: Net awarded amount INR 10,805.45 million (principal INR 7,796.31 million + interest INR 3,009.14 million)
  • Matter sub-judice before Delhi High Court
  • Lenders assigned debt to NARCL via deed of assignment dated March 22, 2024

Rohtak Hissar Tollway Private Limited (RHTPL):

  • Investments: INR 107.68 million
  • Subordinate debts: INR 2,893.42 million
  • Other receivables: INR 50.71 million
  • Net worth fully eroded
  • Similar toll suspension and termination notice as RPTPL
  • Total claims lodged: INR 19,287.10 million
  • NHAI counter claims: INR 3,665.80 million
  • Arbitral proceedings ongoing, matter reserved for award
  • Lenders assigned debt to NARCL

2. Exceptional Items

  • Recovery of loan previously written off from Sadbhav Hybrid Annuity Project Limited: INR 280.00 million (realized during Q2 FY27)
  • No other exceptional items during current quarter

3. Legal and Regulatory Matters

  • SBGHPL Lenders Case: State Bank of India and Bank of India filed Case No. OA/422/2023 before DRT Ahmedabad for recovery of INR 1,112.55 million
  • MBCPNL Termination Notice: Government of Maharashtra issued termination notice on June 27, 2025 for concession agreement, contested by company
  • Debenture Repayment: Company fully repaid outstanding unlisted NCDs of INR 650.60 million on July 21, 2026 via term loan from Kotak Mahindra Bank
  • IBC Proceedings: Debenture holders initiated then withdrew Section 7 IBC proceedings after full repayment

4. Going Concern Considerations

  • Company has incurred substantial losses over period with significant reduction in income from operations
  • Management believes liquidity position improving due to conclusion of stake sale/harmonious substitution of subsidiaries
  • Based on projected cashflows, expected monetization of assets, and cost optimization, management believes company can repay liabilities as they fall due

Auditor's Review Report

O R Maloo & Co., Chartered Accountants issued qualified conclusion:

  • Unable to corroborate management's contention of realizing carrying value of investments and loans aggregating INR 8,045.25 million in RPTPL and RHTPL
  • Qualification extends to possible impact on financial results and position
  • Predecessor auditor's reports for previous periods were also qualified on same matter

Emphasis of Matter paragraphs include:

  • Management's contention on trade payables under litigation
  • Termination notice for MBCPNL concession agreement
  • Material uncertainty related to going concern

Material Uncertainty Related to Going Concern:

Auditors highlighted that company has incurred losses and experienced significant reduction in income, indicating material uncertainty that may cast significant doubt on company's ability to continue as going concern.

Board Meeting Details

  • Date: November 02, 2026
  • Time: 6:00 PM to 8:30 PM
  • Business: Approved standalone and consolidated unaudited financial results for Q2 and H1 FY27