Board Meeting Details
The Board of Directors meeting was held on 13th November 2026, commencing at 12:30 p.m. and concluding at 07:55 p.m. The Board approved the Un-audited Financial Results (both Standalone and Consolidated) for the quarter and half year ended 30th September 2026 along with the Limited Review Report thereon.
Financial Performance Highlights
Standalone Results (₹ in Lakhs):
- Quarter Ended September 2026: Revenue from Operations: ₹1,278, Other Income: ₹203, Total Income: ₹1,381, Net Profit: ₹87
- Half Year Ended September 2026: Revenue from Operations: ₹2,382, Other Income: ₹126, Total Income: ₹2,508, Net Profit: ₹161
- Earnings Per Share: Basic and Diluted EPS of ₹0.05 for quarter and ₹0.10 for half year
Consolidated Results (₹ in Lakhs):
- Quarter Ended September 2026: Revenue from Operations: ₹1,278, Other Income: ₹103, Total Income: ₹1,381, Net Profit: ₹72
- Half Year Ended September 2026: Revenue from Operations: ₹2,382, Other Income: ₹126, Total Income: ₹2,508, Net Profit: ₹123
- Earnings Per Share: Basic and Diluted EPS of ₹0.05 for quarter and ₹0.08 for half year
Auditor's Review Report - Key Emphasis Matters
Standalone Financials:
1. Resolution Plan Payment: Company in process of making full and final settlement of resolution plan amount of ₹2,100 lakhs subject to account upgradation status from NPA, as per NCLT Kolkata order dated 14th July 2024 and updated progress report dated 27th January 2025.
2. Provision for Credit Loss: Company made provision of ₹70.47 lakhs for quarter ended 30th September 2026 for estimated credit loss on trade receivables, advances to vendors and creditors.
3. Employee Benefits: No provision made for Gratuity and Leave Encashment in line with Ind-AS 19, resulting in understatement of profit.
4. Unaccounted Rental Income: Not accounted for ₹8 lakh (July 26 to Sept 26) as rental income for RMC Plant at Guwahati. Cumulative income not accounted: ₹16 lakh (April 26 to Sept 26).
5. Revenue Composition: Revenue from operations of ₹1,278 lakh includes ₹1,056 lakh unbilled revenue and ₹99.78 lakh arbitration award for the quarter.
6. Unbilled Revenue: Balance stands at ₹1,480 lakh as on 30th September 2026.
7. Other Income: Includes ₹57.78 lakh interest on arbitration award.
8. Arbitration Proceedings: Company started arbitration before Commercial Court, Cuttack against customer for suspended project, no provision for bad debts provided.
9. Impairment Provision: Provision of ₹Nil made for impairment loss on investment in subsidiary based on independent impairment study.
Consolidated Financials - Additional Qualifications:
1. TIPL Subsidiary: Audit report for year ended 31st March 2023 qualified regarding loan of ₹543.83 lakh given to NBFC with no interest income considered.
2. TRPL Stepdown Subsidiary: Only project abandoned after termination notice to NHAI. Arbitration claim of ₹98,618 lakh filed. NHAI has taken over control of Project Assets. Facilities became NPA with no provision for interest from 1st April 2018 onwards.
3. TSPL Associate: Admitted to CIRP process by adjudicating authority vide order dated 23rd March 2023. Financial statements not available for consolidation. Holding company made provision for impaired loss of ₹774 lakh on investment in previous quarter.
Significant Transactions and Events
Arbitration Awards:
1. IRCON International Award: Company awarded ₹480.38 lakhs with interest @9% p.a. vide Arbitral Award dated 23rd January 2020. Received ₹380.60 lakhs on 14th July 2020. Balance ₹99.78 lakhs challenged by IRCON but dismissed by Delhi High Court on 24th July 2024 and appeal dismissed on 19th May 2026. Company realized ₹156.15 lakhs on 19th September 2026 towards balance award and interest. ₹99.78 lakhs recognized as revenue in Q2 FY27.
2. RCD Arbitration Award: Trade receivables include ₹2,877 lakhs and other financial assets include ₹7,794 lakhs receivable pursuant to arbitration award dated 27th January 2012. Total awarded amount was ₹12,779 lakhs with interest @18% p.a. Jurisdiction of Calcutta High Court upheld and Special Leave Petition dismissed by Supreme Court on 21st February 2025. Execution petition for recovery pending before Calcutta High Court.
Shareholding Changes:
During half year ended 30th September 2026, promoters Mr. Upendra Singh and Mr. Shrish Tapuriah sold 32,37,060 equity shares (2.09% of paid-up equity share capital). Promoter shareholding reduced from 13,02,98,301 shares (84.06%) to 12,70,61,241 shares (81.97%). No change in control or management.
Financial Position (as at 30th September 2026)
Standalone (₹ in Lakhs):
- Total Assets: ₹63,101
- Non-Current Assets: ₹41,194 (including Investments: ₹32,915, Other financial assets: ₹7,800)
- Current Assets: ₹21,907 (including Inventories: ₹4,727, Trade receivables: ₹6,231, Cash & cash equivalents: ₹128)
- Equity: ₹46,640
- Liabilities: ₹16,461 (including Borrowings: ₹8,379)
Consolidated (₹ in Lakhs):
- Total Assets: ₹77,570
- Non-Current Assets: ₹54,658 (including Capital work-in-progress: ₹42,235)
- Current Assets: ₹22,911
- Equity: ₹31,265
- Liabilities: ₹46,305 (including Borrowings: ₹35,452)
Cash Flow Statements (Half Year Ended 30th September 2026)
Standalone (₹ in Lakhs):
- Net Cash from Operating Activities: (₹41)
- Net Cash used in Investing Activities: (₹150)
- Net Cash from Financing Activities: ₹4
- Net decrease in Cash: (₹187)
- Cash & Cash equivalents at end: ₹128
Consolidated (₹ in Lakhs):
- Net Cash from Operating Activities: (₹40)
- Net Cash used in Investing Activities: (₹150)
- Net Cash from Financing Activities: ₹4
- Net decrease in Cash: (₹187)
- Cash & Cash equivalents at end: ₹137