Board Meeting Details

The Board meeting commenced at 3:00 PM and concluded at 6:30 PM on November 10, 2026. The following matters were approved:

1. Un-audited Financial Results (Standalone & Consolidated) for the quarter and six months ended September 30, 2026, along with the Limited Review Report as per Regulation 33.

2. Monitoring Agency Report dated November 10, 2026 by Care Ratings Limited for utilization of proceeds from the preferential issue.

3. Statement on deviation or variation for proceeds of Preferential Issue in terms of Regulation 32, as reviewed by the Audit Committee.

Standalone Financial Performance (₹ in lakhs)

Quarter Ended September 30, 2026:

  • Revenue from Operations: 21,560
  • Other Income: 161
  • Total Income: 21,721
  • Total Expenses: 18,682
  • Profit Before Exceptional Items and Tax: 3,039
  • Exceptional Items: (10) [Loss from adjustment of unsustainable debt]
  • Profit Before Tax: 3,029
  • Total Tax Expense: 800 (Current Tax: 266, Deferred Tax: 534)
  • Profit for the Period: 2,229
  • Other Comprehensive Income: 378 [Exchange gain on translation of foreign operations]
  • Total Comprehensive Income: 2,607
  • Basic and Diluted EPS: ₹2.82 (not annualized)

Six Months Ended September 30, 2026:

  • Revenue from Operations: 36,566
  • Other Income: 487
  • Total Income: 37,053
  • Total Expenses: 32,571
  • Profit Before Exceptional Items and Tax: 4,482
  • Exceptional Items: (10)
  • Profit Before Tax: 4,472
  • Total Tax Expense: 1,200 (Current Tax: 396, Deferred Tax: 804)
  • Profit for the Period: 3,272
  • Other Comprehensive Income: 319
  • Total Comprehensive Income: 3,591
  • Basic and Diluted EPS: ₹4.14 (not annualized)

Consolidated Financial Performance (₹ in lakhs)

Quarter Ended September 30, 2026:

  • Revenue from Operations: 36,078
  • Other Income: 161
  • Total Income: 36,239
  • Total Expenses: 33,059
  • Profit Before Tax: 3,190
  • Total Tax Expense: 835 (Current Tax: 301, Deferred Tax: 534)
  • Profit for the Period: 2,355
  • Other Comprehensive Income: 405
  • Total Comprehensive Income: 2,760
  • Profit Attributable to Owners: 2,302
  • Basic and Diluted EPS: ₹2.91 (not annualized)

Six Months Ended September 30, 2026:

  • Revenue from Operations: 65,133
  • Other Income: 487
  • Total Income: 65,620
  • Total Expenses: 60,938
  • Profit Before Tax: 4,673
  • Total Tax Expense: 1,251 (Current Tax: 447, Deferred Tax: 804)
  • Profit for the Period: 3,422
  • Other Comprehensive Income: 348
  • Total Comprehensive Income: 3,770
  • Profit Attributable to Owners: 3,346
  • Basic and Diluted EPS: ₹4.23 (not annualized)

Key Financial Position Highlights (Standalone as of September 30, 2026)

  • Total Assets: ₹358,934 lakhs (Mar'26: ₹371,591 lakhs)
  • Total Equity: ₹99,222 lakhs (Mar'26: ₹95,631 lakhs)
  • Non-current Borrowings: ₹143,697 lakhs (Mar'26: ₹149,934 lakhs)
  • Current Borrowings: ₹7,974 lakhs (Mar'26: ₹14,699 lakhs)
  • Cash and Cash Equivalents: ₹6,543 lakhs (Mar'26: ₹5,012 lakhs)

Debt Restructuring Update

The Company has executed a Master Restructuring Agreement (MRA) with National Asset Reconstruction Company Limited (NARCL). Subsequent to the MRA, non-assigned debts have been settled. This has resulted in exceptional items of ₹(10) lakhs for the quarter, representing adjustments of unsustainable debt (including interest) pursuant to settlement agreements.

Preferential Issue Details (FY 2025-26)

The company allotted:

  • 72,39,447 equity shares of ₹2 each at ₹289 per share to Non-Promoters (fresh infusion)
  • 74,20,935 Convertible Warrants at ₹289 each to Promoter Group and Non-Promoters (25% upfront payment)
  • 8,65,052 equity shares converted from warrants to a Non-Promoter Investor
  • 25,91,000 equity shares to NARCL at ₹289 per share (debt conversion)
  • Additional 11,73,000 equity shares to NARCL and a Lender at ₹294 per share (debt conversion)

Monitoring Agency Report (Care Ratings Limited)

  • Total preferential issue size: ₹423.69 crore
  • Purpose: Working Capital (₹318.69 crore) and General Corporate Purpose (₹105.00 crore)
  • Total amount received: ₹281.59 crore as of September 30, 2026
  • Total amount utilized: ₹240.02 crore (Working Capital: ₹179.45 crore, GCP: ₹60.57 crore)
  • Unutilized amount: ₹41.57 crore invested in fixed deposits with Punjab National Bank
  • No deviations observed in utilization of proceeds
  • Company rated CARE D; INC due to ongoing delays in debt servicing

Statement on Deviation/Variation

No deviation or variation in use of funds raised through preferential issue. All utilization is as per disclosures in the Offer Document.

Auditor's Review

Binayak Dey & Co., Chartered Accountants, conducted a limited review of the financial results. Their report highlights reliance on other auditors for 10 joint operations and draws attention to Note 1 regarding the MRA with NARCL.

Additional Notes

  • Results prepared in accordance with Indian Accounting Standards (Ind AS)
  • Quarter-to-quarter results not comparable due to seasonality of construction industry
  • Figures for previous periods regrouped/rearranged where necessary