Financial Results Overview

Income Statement Highlights (₹ in lakhs)

Quarter Ended March 31, 2026 (Audited):

  • Revenue from Operations: ₹4,804.71
  • Other Income: ₹271.81
  • Total Income: ₹5,076.51
  • Profit Before Tax: ₹1,604.25
  • Tax Expense: ₹268.78
  • Net Profit: ₹1,335.47
  • Basic EPS: ₹2.45

Year Ended March 31, 2026 (Audited):

  • Revenue from Operations: ₹21,132.56
  • Other Income: ₹306.44
  • Total Income: ₹21,439.00
  • Profit Before Tax: ₹38.27
  • Tax Benefit: ₹(127.31)
  • Net Profit: ₹165.58
  • Basic EPS: ₹0.33

Comparative Performance:

  • FY2025 Net Loss: ₹(720.68) lakhs vs FY2026 Net Profit: ₹165.58 lakhs
  • Q4 FY2026 profit turnaround from Q3 FY2026 loss of ₹(478.67) lakhs

Balance Sheet Position (as at March 31, 2026)

  • Total Assets: ₹36,508.76 lakhs
  • Non-current Assets: ₹15,727.06 lakhs
  • Current Assets: ₹20,781.70 lakhs
  • Equity Share Capital: ₹5,535.71 lakhs
  • Other Equity: ₹11,495.04 lakhs
  • Total Liabilities: ₹19,478.01 lakhs

Cash Flow Statement

Year Ended March 31, 2026:

  • Net cash from operating activities: ₹900.66 lakhs
  • Net cash used in investing activities: ₹(293.18) lakhs
  • Net cash from financing activities: ₹815.91 lakhs
  • Cash and cash equivalents at year-end: ₹1,476.51 lakhs

Audit Report Details

Auditor: N B T AND CO, Chartered Accountants (FRN: 140489W)

Audit Opinion: Unmodified opinion with emphasis of matters

Key Audit Matters:

1. Non-Current Trade Receivable (GST Reimbursement)

  • Amount: ₹22.84 crore outstanding from government departments for GST reimbursement
  • Issue relates to contracts entered pre-GST era (before July 2017) where work execution continued into GST period
  • Government departments paid contract value but withheld 12% GST charged in bills
  • Matter pending before Karnataka High Court with contractors' association petition
  • Management believes high probability of recovery based on Belgaum Smart City Ltd case precedent
  • No expected credit loss provision recognized

2. Revenue Recognition for Long-term Construction Contracts

  • Significant portion of business through engineering, procurement and construction contracts
  • Revenue recognized over time using percentage of completion method
  • Involves judgments in estimating contract costs, identifying contractual obligations, and measuring contract assets

Joint Operations

Company shares income and expenses of four joint operations:

1. Udayshivakumar-Kotarki JV

2. Udayshivkumar KMCCL (JV)

3. KMCCL-Udayshivkumar (JV)

4. Kevadiya Construction Private Limited-Udayshivkumar Infra Limited (JV)

Joint Operation Results (Year Ended March 31, 2026):

  • Revenue: ₹521.83 lakhs
  • Expenses: ₹521.79 lakhs
  • Share of Profit: ₹0.38 lakhs

Based on management accounts, not audited/reviewed by auditors

IPO Proceeds Utilization

Initial Public Offer: 1,88,57,142 equity shares @ ₹35 each aggregating ₹65.99 crore (allotted March 29, 2023)

Utilization as of March 31, 2026:

  • Working Capital Requirements: Planned ₹65.00 crore, Utilized ₹48.42 crore
  • General Corporate Purposes: Planned ₹21.00 crore, Utilized ₹10.29 crore
  • Issue Expenses: ₹5.87 crore

Other Significant Notes

  • Labour Codes implementation effective November 21, 2025 assessed with no material impact on financial results
  • Balance confirmations for trade receivables, trade payables and deposits in process of reconciliation
  • No investor complaints pending as of March 31, 2026
  • Figures for previous periods regrouped/reclassified for consistency