Financial Performance Summary

Quarter Ended September 30, 2026 (Q2 FY27)

  • Revenue from Operations: ₹1,681.86 million (22.0% YoY growth from ₹1,378.78 million in Q2 FY26)
  • Total Income: ₹1,812.07 million
  • Profit/(Loss) before Tax and Exceptional Items: ₹30.47 million profit
  • Exceptional Items: ₹(356.92) million loss (refer Notes 8 & 9)
  • Profit/(Loss) before Tax: ₹(326.45) million loss
  • Tax Expenses: ₹73.51 million deferred tax benefit
  • Net Profit/(Loss) for the period: ₹(252.94) million loss
  • Basic & Diluted EPS: ₹(2.03) per share

Half Year Ended September 30, 2026 (H1 FY27)

  • Revenue from Operations: ₹2,956.85 million (3.5% decline YoY from ₹3,063.64 million in H1 FY26)
  • Total Income: ₹2,979.09 million
  • Profit/(Loss) before Tax and Exceptional Items: ₹33.66 million profit
  • Exceptional Items: ₹(356.92) million loss (refer Notes 8 & 9)
  • Profit/(Loss) before Tax: ₹(323.30) million loss
  • Tax Expenses: ₹(191.99) million deferred tax benefit
  • Net Profit/(Loss) for the period: ₹(131.31) million loss
  • Basic & Diluted EPS: ₹(1.05) per share

Balance Sheet Position (as at September 30, 2026)

  • Total Assets: ₹18,312.23 million (vs ₹18,802.51 million as at March 31, 2026)
  • Equity Share Capital: ₹1,246.44 million (unchanged)
  • Other Equity: ₹4,416.04 million (vs ₹5,053.06 million as at March 31, 2026)
  • Total Equity: ₹5,662.48 million
  • Long Term Borrowings: ₹2,430.80 million (significant increase from ₹594.51 million)
  • Short Term Borrowings: ₹3,704.60 million (significant increase from ₹590.94 million)
  • Trade Payables: ₹5,619.07 million (₹3,158.81 million to micro/small enterprises, ₹2,460.26 million to others)
  • Cash and Cash Equivalents: ₹3.95 million (declined from ₹8.16 million)

Cash Flow Statement (Half Year Ended September 30, 2026)

  • Cash Generated from Operations: ₹602.40 million
  • Taxes Paid: ₹65.28 million
  • Net Cash from Operating Activities: ₹537.12 million
  • Net Cash from Investing Activities: ₹90.12 million
  • Net Cash from Financing Activities: ₹(631.45) million
  • Net Decrease in Cash & Equivalents: ₹(4.21) million

Exceptional Items Details

Note 8: Jaipur-Sawai Madhopur Doubling Project Termination

  • Contract rescinded by Chief Engineer (Construction)-III, North Western Railway on January 13, 2026
  • Performance bank guarantee encashed and security deposit forfeited: ₹99.64 million
  • Company filed Civil Writ Petition (S.A.W. No. 1213/2026) in Rajasthan High Court, Jodhpur
  • Matter pending final hearing
  • ₹99.64 million ECL provision made in Q4 FY26 and FY26 results

Note 9: Bikaner Railway Station Upgrade Project Termination

  • Contract rescinded by Chief Engineer (Construction-I), North West Railway Jaipur on May 11, 2026
  • Performance bank guarantee encashed and security deposit forfeited: ₹199.47 million (on October 5, 2026)
  • Provision for expected loss in inventory (WIP): ₹157.45 million
  • Total exceptional item: ₹356.92 million
  • Company filed Civil Writ Petition (S.A.W. No. 1214/2026) in Rajasthan High Court, Jodhpur
  • Matter pending final hearing

Significant Accounting Notes

Note 7: Joint Operation Disclosure

  • Joint operation VPRPL-KALPATARU JV has dispute with Kalpataru Enterprises (JV Partner)
  • No access to financials of this joint operation
  • Financial results not incorporated in company's financials

Note 10: Expected Credit Loss (ECL) Reversal

  • Company reviewed and changed ECL estimates for trade receivables per Ind AS 109
  • ECL provision and loss for Q2 and H1 FY26 lower by ₹640.07 million due to this change
  • Other expenses negative during quarter due to reversal of ECL provision of ₹157.60 million made during Q1 FY26

Note 11: Going Concern Assessment

  • Company experienced temporary liquidity constraints due to delays in realization of receivables from Government departments and Government-backed authorities
  • Operations temporarily slowed down
  • Management believes improvement in debtor realization and quarter-on-quarter revenue growth indicates gradual improvement
  • Continued Promoter support and ongoing business operations support going concern basis
  • Financial statements prepared on going concern basis

Auditor's Limited Review Report

  • Banshi Jain & Associates conducted review per SRE 2410
  • Unqualified opinion on financial results
  • Did not review 21 jointly controlled operations (total assets ₹1,323.36 million as at September 30, 2026)
  • Emphasis of Matter paragraphs regarding:
  • Material uncertainty relating to going concern due to delayed receivables and severe cash crunch
  • Recognition of exceptional items (Notes 8 & 9)
  • Reversal of Expected Credit Loss (Note 10)