Summary of Key Information:
Reporting Period: Quarter and Year ended March 31, 2026
Nature of Filing / Announcement: Financial Results pursuant to Regulation 33 of SEBI (LODR) Regulations, 2015
Date of Board Meeting / Approval: May 30, 2026 (commenced 12:00 PM, concluded 5:15 PM)
Audit Opinion: Unmodified Opinion with Emphasis of Matter
Auditor's Comment: Material uncertainty relating to going concern due to delayed realization of receivables resulting in severe cash crunch
Key Financial Highlights [All amounts in Rupees Millions]
Standalone Results:
Revenue from Operations:
- Q4 FY26: ₹1,016.24 (vs Q4 FY25: ₹4,050.58) -75% YoY
- FY26: ₹8,511.95 (vs FY25: ₹12,374.18) -31% YoY
Total Income:
- Q4 FY26: ₹1,045.33
- FY26: ₹8,613.95
Net Profit/(Loss):
- Q4 FY26: ₹(1,307.90) loss
- FY26: ₹(1,501.16) loss (vs FY25: ₹585.96 profit)
EPS:
- Q4 FY26: ₹(10.49)
- FY26: ₹(12.04) (vs FY25: ₹4.70)
Other Equity: ₹5,053.06 (vs FY25: ₹6,546.66) -23%
Cash and Cash Equivalents: ₹8.16 (vs FY25: ₹53.38) -85%
Debt:
- Short-term Borrowings: ₹5,900.94
- Long-term Borrowings: ₹594.51
- Total Debt: ₹6,495.45
Consolidated Elements:
The financial results include 21 jointly controlled operations incorporated on a proportionate basis:
- Total assets: ₹1,251.76 million
- Total revenue: ₹1,111.27 million
- Net cash outflow: ₹47.16 million
Segment-wise Performance:
The company operates in a single segment: construction and infrastructure development in India
Corporate Actions:
Not Specified
Other Significant Information:
Contract Disputes and Exceptional Items:
1. Chief Engineer (Construction)-III, North Western Railway terminated contract "Jaipur - Sawai Madhopur Doubling Project" (T. No. NWR/SC/SWM-JP/Doubling/Civil-514110102) on January 13, 2026
- Performance bank guarantee encashed and security deposit forfeited: ₹99.64 million
- Provided as exceptional item in Q3 FY25 and FY26 results
- Civil Writ Petition filed (S.B.C.W. No. 983/2026 & 8878/2026) before Rajasthan High Court, Jodhpur - pending final hearing
2. Chief Engineer (Construction-I) North West Railway Jaipur terminated contract "Major upgradation of Bikaner Railway Station" (Tender No. NWR-SC-BKN-16-2023-24-EPC) on May 11, 2026
- Potential exposure: ₹199.472 million (performance bank guarantee + security deposit)
- Civil Writ Petition filed (SBCWP No. 10651/2026) before Rajasthan High Court Jodhpur
- Court has recorded undertaking from respondents that they will not proceed for encashment of Bank Guarantee until next hearing
Liquidity and Going Concern:
- Company experienced severe cash crunch due to delayed realization of receivables from Government departments
- Temporarily slowed down operations
- Promoters provided support through unsecured interest-free loans
- Repaid and closed borrowing facilities from banks and financial institutions aggregating approximately ₹3,340 crore during the year
- Management expects recovery of receivables based on pending approvals, historical trends, and ongoing follow-up
- Financial statements prepared on going concern basis
Joint Operations:
- VPRPL-KALPATARU JV: Dispute with Kalpataru Enterprises (JV Partner) - no access to financials, not incorporated in results
- 21 other jointly controlled operations included on proportionate basis
Labour Code Implementation:
- Government consolidated 29 labour legislation into four codes effective from November 21, 2025
- No material financial impact presently envisaged
- Further evaluation pending notification of relevant rules