Integrated Filing — IndAS



General information about company

Scrip Code 533163
NSE Symbol ARSSINFRA
MSEI Symbol NOTLISTED
ISIN INE267I01010
Name of company ARSS INFRASTRUCTURE PROJECTS LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 10-11-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 03-11-2025
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Second quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Unaudited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Unaudited
Segment Reporting Single segment
Description of single segment INFRASTRUCTURE
Start date and time of board meeting 10-11-2025   12:30:00
End date and time of board meeting 10-11-2025   20:15:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Not applicable



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-07-2025 01-04-2025
B Date of end of reporting period 30-09-2025 30-09-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 1,141.00 3,009.19
Other income 62.07 128.51
Total income 1,203.07 3,137.70
2 Expenses
(a) Cost of materials consumed 1,624.28 1,912.09
(b) Purchases of stock-in-trade 0.00 0.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (1,228.21) (1,368.04)
(d) Employee benefit expense 248.63 530.10
(e) Finance costs 0.00 31.80
(f) Depreciation, depletion and amortisation expense 25.16 49.82
(f) Other Expenses
1 Cost of Goods/Services Sold 694.31 2,391.96
2 Other Expenses 256.45 11,528.40
Total other expenses 950.76 13,920.36
Total expenses 1,620.62 15,076.13
3 Total profit before exceptional items and tax (417.55) (11,938.43)
4 Exceptional items (3,22,318.62) (3,22,318.62)
5 Total profit before tax (3,22,736.17) (3,34,257.05)
6 Tax expense
7 Current tax 0.00 0.00
8 Deferred tax 35.44 71.02
9 Total tax expenses 35.44 71.02
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations (3,22,771.61) (3,34,328.07)
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 33.46 35.55
16 Total profit (loss) for period (3,22,738.15) (3,34,292.52)
17 Other comprehensive income net of taxes 0.00 0.00
18 Total Comprehensive Income for the period (3,22,738.15) (3,34,292.52)
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent
Total profit or loss, attributable to non-controlling interests
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent
Total comprehensive income for the period attributable to owners of parent non-controlling interests
21 Details of equity share capital
Paid-up equity share capital 1,511.85 1,511.85
Face value of equity share capital 10 10
27 Details of debt securities
22 Reserves excluding revaluation reserve
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations -1428.11 -1479.23
Diluted earnings (loss) per share from continuing operations -1428.11 -1479.23
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations -1428.11 -1479.23
Diluted earnings (loss) per share from continuing and discontinued operations -1428.11 -1479.23
24 Debt equity ratio 0.00 0.00
25 Debt service coverage ratio 0.00 0.00
26 Interest service coverage ratio 0.00 0.00
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) Selected Explanatory Notes to the Consolidated Statement of Unaudited Financial Results for the Quarter and Half Year Ended September 30, 2025 1 The above Unaudited Financial Results of the Company for the Quarter and Half Year ended September 30, 2025 have been reviewed by Audit Committe and approved by the Board of Directors of the Company at its meetings held on November 10, 2025. The Statutory Auditor of the company has reviewed the said result. These results are being published in accordance with Regulation 33 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. 2 The above financial results of the Company have been prepared in accordance with Indian Accounting Standards lnd AS notified under the Companies Indian Accounting Standards Rules, 2015 as amended thereof. 3 Pursuant to the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016 initiated on 30th November 2021, the National Company Law Tribunal NCLT on 29 August 2025 NCLT Order date approved, the Resolution Plan the Plan submitted by Ocean Capital Market Limited Successful Resolution Applicant or SRA or OCML. As per the terms of Section 31 of the Code, the Approved Resolution Plan shall be binding on the Company, its employees, members, creditors, guarantors and other stakeholders involved in the Resolution Plan. Pursuant to the Approved Resolution Plan, during the period between the NCLT Approval Date Effective Date ie, 29 August, 2025 and the Closing Date as defined in the Approved Resolution Plan Interim Period, a monitoring committee shall be constituted Monitoring Committee, shall comprise two representatives of the Financial Creditors, two representatives of the Resolution Applicants and the Erstwhile Resolution Professional. Thus, for the period between the NCLT Approval Date as defined in the Approved Resolution Plan and the Closing Date ie, 29 September 2025 the date of payment of consideration towards Assignment of Debt with Securities Interest to Secured Financial Creditors, the Monitoring Committee has accordingly been formed to maintain the Company as a going concern and to supervise the implementation of the Approved Resolution Plan. Implementation of the Approved Resolution Plan Plan has commenced and the following steps have been completed as per the terms of the said Plan and shall be deemed to be in compliance with the applicable accounting standard pursuant to order passed by the Honble NCLT a. The existing directors of the Company have stand replaced by the new Board of Directors from their office. The Board of Directors of the Company has been reconstituted on 29th September, 2025. b. Extinguishment of 1,06,19,468 equity shares of INR 10 each held by erstwhile promoters of the Company and the amount has been transferred to Capital Reserve Account. c. As per the terms of approved Resolution Plan, the entire admittee claim of the Financial Creditors amounting to INR 4,940.14 crores has been assigned to SRA I e, OCML. The financial creditors were settled through a payment of INR 207.69 crore by the SRA. Pursuant to the settlement, the financial creditors assigned its outstanding debt to the Resolution Applicant in full satisfaction of the said liability. Further, as provided in the approved Resolution Plan, the Assenting Financial Creditors shall have right to receive 50 percentage of the value received on receipt of proceeds from arbitration within 3 years from the Effective Date. In relation to the same, SRA has paid INR 10 crores to financial creditor, which shall be adjusted from the share of financial creditors in arbitration receipts. d. Unsustainable debt of INR 4,675.45 crores being the difference between the admitted claim of INR 4,893.14 crores, excluding ICICI Banks claim, and the cash payment of INR 217.69 crores has been settled by way of issue of 7.5 crore equity shares 15,00,000 equity shares shall be issued to Assenting Financial Creditors and balance 7,35,00,000 equity shares shall be issued to SRA OCML its affiliates or nominees or its assigns AIF SPV. 7.5 crore equity shares to be issued against the Unsustainable Debt are currently shown under Share Pending Allotment Account until the completion of allotment formalities e. Settlement of operational creditors other than employees and workmen, for a sum of INR 0.47 Crores by the Company. f. Extinguishment of all contingent liabilities, commitments and other claims and obligations including all taxes and other government dues standing as on the effective date. g. The SRA has infused INR 3 crore for acquiring 30 Lakh equity shares of INR 10 each of the Company and the same has alloted to SRA on 29.09.2025 . 4 EXCEPTIONAL ITEMS Rs. in Crores Particulars Period ended 30 September, 2025 Period ended 31 March, 2025 Extinguishment of Operational Creditors including the Central Government, State Government or local authority as per the terms of Approved Resolution Plan refer note i below 56.92 - Interest expense payable to Financial Creditors as per claim submitted to erstwhile Resolution Professional refer note ii below 2,237.24 - Liability relating to Financial Creditors not recorded earlier in the books refer note iii below 1,042.87 - Total 3,223.19 - i. With respect to other operational creditors outstanding as on the insolvency commencement date, the Company has recognized a gain of INR 56.92 crores on account of extinguishment of such liabilities as an exceptional item in these financial statements. ii. In respect of financial Creditors, the Company has recorded interest expense of INR 2237.24 crores for the period prior to the insolvency commencement date as per the terms of the approved Resolution Plan. iii. The Company has recorded liability of INR 1042.87 crores in the books of accounts which was not earlier recorded in the books of accounts of the company but admitted by the erstwhile Resolution Professional. 5 Based on the principles set out under Ind AS 108 Operating Segments, the company operates in Construction Contract which is the only reportable segment. Accordingly, the company is operating in single segment. 6 As at 30th September 2025, the ARSS Group consolidation comprises of the following Sl No Name of the Entity Relationship 1 ARSS Infrastructure Projects Limited Holding Company 2 ARSS Damoh Hirapur Tolls Private Limited Subsidiary Company 3 ARSS Developers Limited Associate Company 4 ATLANTA ARSS JV Joint Venture 5 ARSS SCPL JV Joint Venture 6 ARSS LGPPL JV Joint Venture 7 ARSS BDPL JV Joint Venture 8 ARSS THAKUR JV Joint Venture 9 ARSS SNKI JV Joint Venture 10 ARSS ROYAL JV Joint Venture 11 SCPL ARSS JV Joint Venture 12 ARSS BMS JV Joint Venture 13 ARSS Technocom Priyashi Aashi JV Joint Venture 14 ARSS SIPS JV Joint Venture 15 ARSS KKMPL JV Joint Venture 16 ARSS NTLLP JV Joint Venture 7 The financials of ARSS BMS JV, ARSS Technocom Priyashi Aashi JV, ARSS SIPS JV, ARSS KKMPL JV and ARSS NTLLP JV is prepared by the JV partner, the profit loss for the current period is considered in the statement as certified by the management. 8 The Company has continued to follow the same accounting policies in preparation of unaudited financial results for the quarter and half year ended September 30, 2025 as followed in the previous financial year ended March 31, 2025. Further the Company has given effect as per the approved resolution plan mentioned above. 9 Comparative figures have been rearranged regrouped wherever necessary. By order of the Board For ARSS Infrastructure Projects Ltd. Date 10th November 2025 (Gopal Krishna Dash) Place Bhubaneswar Managing Director DIN 10776309



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 30-09-2025
Whether results are audited or unaudited Unaudited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 3,489.52
Capital work-in-progress 0.00
Investment property 0.00
Goodwill 0.00
Other intangible assets 0.00
Intangible assets under development 0.00
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 0.00
Non-current financial assets
Non-current investments 453.96
Trade receivables, non-current 0.00
Loans, non-current 0.00
Other non-current financial assets 1,16,908.15
Total non-current financial assets 1,17,362.11
Deferred tax assets (net) 432.11
Other non-current assets 25.35
Total non-current assets 1,21,309.09
2 Current assets
Inventories 6,887.34
Current financial asset
Current investments 0.00
Trade receivables, current 1,018.94
Cash and cash equivalents 1,957.62
Bank balance other than cash and cash equivalents 1,090.65
Loans, current 0.00
Other current financial assets 7,102.96
Total current financial assets 11,170.17
Current tax assets (net) 2,262.44
Other current assets 2,556.87
Total current assets 22,876.82
3 Non-current assets classified as held for sale 0.00
4 Regulatory deferral account debit balances and related deferred tax Assets 0.00
Total assets 1,44,185.91
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 1,511.85
Other equity (3,52,454.61)
Total equity attributable to owners of parent (3,50,942.76)
Non controlling interest 4.00
Total equity (3,50,938.76)
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 0.00
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises
Total Trade payable
Other non-current financial liabilities
Total non-current financial liabilities 0.00
Provisions, non-current 0.00
Deferred tax liabilities (net)
Deferred government grants, Non-current
Other non-current liabilities
Total non-current liabilities 0.00
Current liabilities
Current financial liabilities
Borrowings, current 23,378.67
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 438.81
Total Trade payable 438.81
Other current financial liabilities 2,238.77
Total current financial liabilities 26,056.25
Other current liabilities 4,69,068.42
Provisions, current 0.00
Current tax liabilities (Net)
Deferred government grants, Current
Total current liabilities 4,95,124.67
3 Liabilities directly associated with assets in disposal group classified as held for sale
4 Regulatory deferral account credit balances and related deferred tax liability
Total liabilities 4,95,124.67
Total equity and liabilites 1,44,185.91
Disclosure of notes on assets and liabilities



Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-07-2025 01-04-2025
Date of end of reporting period 30-09-2025 30-09-2025
Whether results are audited or unaudited Unaudited Unaudited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
Total Segment Revenue
Less: Inter segment revenue
Revenue from operations
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
Total Profit before tax
i. Finance cost
ii. Other Unallocable Expenditure net off Unallocable income
Profit before tax
3 (Segment Asset - Segment Liabilities)
Segment Asset
Total Segment Asset
Un-allocable Assets null null
Net Segment Asset null null
4 Segment Liabilities
Segment Liabilities
Total Segment Liabilities
Un-allocable Liabilities null null
Net Segment Liabilities null null
Disclosure of notes on segments



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-07-2025 01-04-2025
B Date of end of reporting period 30-09-2025 30-09-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
Total Amount of items that will not be reclassified to profit and loss
2 Income tax relating to items that will not be reclassified to profit or loss
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss
5 Total Other comprehensive income



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2025
B Date of end of reporting period 30-09-2025
C Whether results are audited or unaudited Unaudited
D Nature of report standalone or consolidated Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax (3,34,257.05)
Adjustments for reconcile profit (loss)
Adjustments for finance costs 0.00
Adjustments for decrease (increase) in inventories (247.96)
Adjustments for decrease (increase) in trade receivables, current (105.36)
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets 1,880.04
Adjustments for decrease (increase) in other non-current assets 0.00
Adjustments for other financial assets, non-current 11,334.49
Adjustments for other financial assets, current 260.17
Adjustments for other bank balances 567.15
Adjustments for increase (decrease) in trade payables, current (3,390.13)
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities (3,416.22)
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 49.82
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current (146.41)
Adjustments for provisions, non-current 0.00
Adjustments for other financial liabilities, current (1,40,368.03)
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains 0.00
Adjustments for dividend income 0.00
Adjustments for interest income 0.00
Adjustments for share-based payments 0.00
Adjustments for fair value losses (gains) 0.00
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow 0.00
Other adjustments to reconcile profit (loss) 0.00
Other adjustments for non-cash items 0.00
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 35.55
Total adjustments for reconcile profit (loss) (1,33,546.89)
Net cash flows from (used in) operations (4,67,803.94)
Dividends received 0.00
Interest paid (31.80)
Interest received 17.59
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities (4,67,754.55)
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 0.00
Other cash receipts from sales of equity or debt instruments of other entities 0.00
Other cash payments to acquire equity or debt instruments of other entities 0.00
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 0.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 0.00
Purchase of property, plant and equipment 0.00
Proceeds from sales of investment property (35.54)
Purchase of investment property 0.00
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 0.00
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 0.00
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 0.00
Proceeds from sales of other long-term assets 0.00
Purchase of other long-term assets 0.00
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 0.00
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 0.00
Interest received (17.60)
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) investing activities (53.14)
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0.00
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing shares 4,67,844.74
Proceeds from issuing other equity instruments 0.00
Payments to acquire or redeem entity's shares 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 0.00
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 0.00
Repayments of borrowings 0.00
Payments of lease liabilities 0.00
Dividends paid 0.00
Interest paid 31.80
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) financing activities 4,67,812.94
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 5.25
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0.00
Net increase (decrease) in cash and cash equivalents 5.25
Cash and cash equivalents cash flow statement at beginning of period 1,952.37
Cash and cash equivalents cash flow statement at end of period 1,957.62