Supreme Infrastructure FY26 Results with Qualified Audit Opinion

Board Meeting Details

The Board of Directors meeting was held on July 09, 2026 through hybrid mode, commencing at 5:00 PM and concluding at 7:40 PM. The board:

1. Considered and approved Audited Financial Results (Standalone and Consolidated) for quarter and financial year ended March 31, 2026

2. Considered and approved reconstitution of Audit Committee, Nomination and Remuneration Committee, and Stakeholders' Relationship Committee

Committee Reconstitution Details

Audit Committee Composition:

Mr. Chander Parkash Sharma (Non-Executive Independent Director) - Chairperson
Mrs. Kaveri Ramchandra Deshmukh (Non-Executive Independent Director) - Member
Mr. Pankaj Prakash Sharma (Non-Executive Non-Independent Director) - Member

Nomination and Remuneration Committee Composition:

Mrs. Kaveri Ramchandra Deshmukh (Non-Executive Independent Director) - Chairperson
Mr. Chander Parkash Sharma (Non-Executive Independent Director) - Member
Mr. Pankaj Prakash Sharma (Non-Executive Non-Independent Director) - Member

Stakeholders Relationship Committee Composition:

Mr. Chander Parkash Sharma (Non-Executive Independent Director) - Chairperson
Mrs. Kaveri Ramchandra Deshmukh (Non-Executive Independent Director) - Member
Mr. Pankaj Prakash Sharma (Non-Executive Non-Independent Director) - Member

Financial Results - Standalone (₹ in lakhs)

Quarter Ended March 31, 2026:

Revenue from operations: 1,388.92
Other income: 164.88
Total income: 1,553.80
Total expenses: 7,579.93
Loss before exceptional items and tax: (6,026.13)
Loss before tax: (6,026.13)
Loss for the period: (6,026.13)
Total comprehensive loss: (6,024.63)
Basic EPS: (7.68)
Diluted EPS: (7.43)

Year Ended March 31, 2026:

Revenue from operations: 6,533.86
Other income: 193.20
Total income: 6,727.06
Total expenses: 73,630.98
Loss before exceptional items and tax: (66,903.92)
Exceptional items (income): (6,46,563.62)
Profit before tax: 5,79,659.70
Profit for the period: 5,79,659.70
Total comprehensive income: 5,79,661.20
Basic EPS: 738.95
Diluted EPS: 715.07
Paid-up equity share capital: 9,673.58
Other equity: 13,972.96

Exceptional Items Details (Standalone)

For year ended March 31, 2026:

Reversal of interest and principal on partial implementation of Scheme: (3,67,801.46)
Reversal of interest wherein final No Due Certificate is pending: (2,78,805.87)
Compensation paid on settlement with trade payables: 43.70
Total exceptional items (income): (6,46,563.62)

Assets and Liabilities Position (Standalone as at March 31, 2026)

Total assets: 2,67,420.41
Total equity: 23,723.24
Total liabilities: 2,43,697.17
Non-current liabilities: 6,940.22
Current liabilities: 2,36,756.95

Cash Flow Statement (Standalone for year ended March 31, 2026)

Net cash used in operating activities: (776.90)
Net cash used in investing activities: (247.89)
Net cash from financing activities: 1,088.83
Net decrease in cash: 64.04
Cash and cash equivalents at end: 165.31

Financial Results - Consolidated (₹ in lakhs)

Quarter Ended March 31, 2026:

Revenue from operations: 1,388.92
Other income: 164.88
Total income: 1,553.80
Total expenses: 7,589.04
Loss before exceptional items and tax: (6,035.24)
Loss before tax: (6,035.24)
Loss for the period: (6,035.24)
Loss attributable to owners: (6,031.60)
Total comprehensive loss: (6,033.74)
Basic EPS: (7.69)
Diluted EPS: (7.44)

Year Ended March 31, 2026:

Revenue from operations: 6,533.86
Other income: 193.20
Total income: 6,727.06
Total expenses: 73,647.20
Loss before exceptional items and tax: (66,920.14)
Exceptional items (income): (6,46,563.62)
Profit before tax: 5,79,643.48
Profit for the period: 5,79,643.48
Profit attributable to owners: 5,79,649.97
Total comprehensive income: 5,79,644.98
Basic EPS: 738.94
Diluted EPS: 715.07
Paid-up equity share capital: 9,750.28
Other equity: 13,600.41

Consolidated Entities Included

Supreme Mega Structure Private Limited (Standalone financial result)
Supreme Infrastructure Overseas LLC (Consolidated financial result)

Audit Qualifications - Key Issues

Auditors Borkar & Muzumdar issued qualified opinion citing four main areas:

1. Trade Receivables and Other Current Assets (Note 2):

Trade receivables amounting to ₹7,56,44.24 lakhs
Unbilled revenue amounting to ₹650.24 lakhs
Other receivables amounting to ₹611.02 lakhs
Outstanding for substantial period with no movement
Management assessed no ECL adjustments required, contrary to Ind AS 109

2. Investment in SIBPL and Receivables (Note 4):

Non-current investments in Supreme Infrastructure BOT Private Limited: ₹142,556.84 lakhs
Trade receivables from step-down subsidiaries: ₹2,145.81 lakhs
SIBPL admitted to CIRP on May 22, 2024
Significant accumulated losses, consolidated net-worth fully eroded
Management considered fully recoverable contrary to Ind AS 109

3. Investment in SPITPL and Receivables (Note 5):

Investments in Supreme Panvel Indapur Tollways Private Limited: ₹15,677.22 lakhs
Trade receivables: ₹3,814.98 lakhs
Unbilled revenue: ₹3,201.67 lakhs
SPITPL admitted to CIRP on August 30, 2024
NHAI termination notice, matter under arbitration
Management considered fully recoverable contrary to Ind AS 109

4. Interest Reversal without Lender Confirmation (Note 7.2):

Reversed interest amount of ₹2,78,805.87 lakhs pertaining to 3 lenders
No Dues Certificates yet to be received from these lenders
Not accrued interest on reversal: ₹10,907.54 lakhs (quarter) and ₹21,436.79 lakhs (year)
Resulted in overstatement of profit by ₹10,907.54 lakhs (quarter) and ₹3,00,242.66 lakhs (year)
Overstatement of net worth by ₹3,00,242.66 lakhs

Material Uncertainty Related to Going Concern

Company incurred net loss of ₹6,026.14 lakhs during Q4 FY26
Accumulated losses: ₹99,402.93 lakhs as at March 31, 2026
Net worth: ₹23,723.24 lakhs as at March 31, 2026
After considering impact of matter stated under Basis for Modified opinion Para 3(iv): accumulated losses ₹3,99,645.59 lakhs and negative net worth ₹2,76,519.42 lakhs
Pending settlement with 3 major lenders
Management believes going concern appropriate due to partial implementation of Scheme of Arrangement, future business prospects, and exit of majority financial creditors

Scheme of Arrangement Details

Approved by NCLT Mumbai Bench vide order dated March 28, 2025
Company's debt stands reduced to settlement amount
Full payment made to 11 financial creditors out of 14 lenders
Partial payment made to remaining 3 lenders, extension sought
During FY26, issued 7,10,37,388 equity shares at ₹86.94 per share (including premium of ₹76.94) through preferential allotment
Allotted 2,21,12,953 warrants convertible into equity shares at ₹86.94 per warrant
During Q4 FY26, converted 7,67,000 warrants into equity shares
Application filed before Court seeking extension for final settlement with 3 lenders

Corporate Guarantees (Note 6)

Corporate guarantees to various lenders of subsidiary/group companies: ₹1,51,347.85 lakhs
Companies have defaulted in repayment
Management assessed no liability required to be recognized as part of Scheme of Arrangement
Breakdown of guarantees:
Supreme Vasai Bhiwandi Tollways Private Limited: ₹15,378.00 lakhs
Supreme Panvel Indapur Tollways Private Limited: ₹90,000.00 lakhs
Patiala Nabha Infra Projects Private Limited: ₹4,569.85 lakhs
Supreme Kopargaon Ahmednagar Tollways Private Limited: ₹14,900.00 lakhs
Kotkapura Muktsar Tollways Private Limited: ₹8,500.00 lakhs
Kopargaon Ahmednagar Phase-I Tollways Private Limited: ₹18,000.00 lakhs

CFO Declaration

Siddharth Jain, Chief Financial Officer, declared that statutory auditors have issued audit report with unmodified opinion on audited financial results for year ended March 31, 2026, in compliance with Regulation 33(3)(d) of SEBI LODR Regulations.

Additional Information

Company principally engaged in single business segment "Engineering and Construction"
Figures for previous periods regrouped/reclassified for comparability
New Labour Codes effective from November 21, 2025 - no material impact assessed for FY26
Financial impact of audit qualifications not fully quantifiable by management