| Textual Information(1) |
Notes: 1. These unaudited standalone financial results have been prepared in accordance with the Indian Accounting Standards (Ind AS) prescribed under Companies (Indian Accounting Standards) Rules, 2015 as amended. The standalone financial results of the Company have been reviewed by the Audit Committee and approved and taken on record by the Board of Directors of the Company in their meeting held on February 14, 2026. The same have also been subjected to Limited Review by the Statutory Auditors 2. The Resolution Plan dated November 22, 2017 submitted by Mr. A K Lakhotia with 78.50% CoC majority support was approved under IBC, 2016 and Orders dated April 18, 2018, March 11, 2022, September 13, 2023 and September 30, 2024 by Hon'ble National Company Law Tribunal (NCLT), Kolkata, Orders dated August 16, 2019, May 23, 2023 and August 10, 2023 by Hon'ble National Company Law Appellate Tribunal (NCLAT) and Orders dated January 18, 2022, August 04, 2023 and September 25, 2023 by Hon’ble Supreme Court were passed regarding approval and implementation of the Resolution Plan and the Resolution Plan has attained finality. The documents for implementation of the Approved Resolution Plan have been executed by the Banks and the date of implementation of the Package/Resolution Plan has been declared by the Banks as September 04,2024. 3. The Resolution Plan approved under IBC is binding on all creditors including the Central Government, State Government, any Local Authority under section 31(1) of IBC, 2016. Claims not filed/ not admitted/ claims which do not form part of the approved Resolution Plan stand extinguished. The payments of admitted claims are subject to reconciliation and rights and remedies available to the Company and are not acknowledged as debt. 4. As per legal advice received, in case of claim not filed by creditor against Corporate Guarantee(s) provided by the Company in respect of subsidiary company(ies), the same stand extinguished. Without prejudice to the above, as per the Resolution Plan dated November 22, 2017 of the Company approved under IBC, 2016 read with Orders dated April 18, 2018, March 11, 2022, September 13, 2023 and September 30, 2024 by Hon'ble NCLT, Kolkata, Order dated August 16, 2019, May 23, 2023 and August 10, 2023 passed by Hon'ble NCLAT and Order dated January 18, 2022, August 04, 2023 and September 25, 2023 passed by Hon’ble Supreme Court, the treatment of Corporate Guarantees is Any amount arising out of invocation of existing Corporate Guarantees/Contingent Liabilities other than the current sub-judice matters will be paid after the payment of all the dues of Financial Creditors as per resolution plan, without any interest and penalties subject to the rights and remedies available to the Company and All amounts will be paid after proper reconciliation and without prejudice to the legal remedies available to the Company. 5. The Company has as at December 31, 2025 Non-Current Investment amounting to Rs.3,984 lakhs (December 31, 2024; Rs.3,984 lakhs) in its wholly owned subsidiary company MBL Projects Ltd. The net worth of the subsidiary does not represent true market value of the underlying investment/assets. The subsidiary holds shares in downstream SPVs in which projects were cancelled/terminated. Claims have been filed against cancellation/termination of the projects. These claims are based on the terms and conditions implicit in the contract in respect of cancelled/terminated projects. Considering the contractual tenability; legal advice received and progress of arbitration/ litigation, the management is confident of recovery of these claims. In view of this, the management is confident that the realisable amount is higher than the carrying value of the investment and, therefore, has considered the investment in the above subsidiary as good and recoverable. 6. The Company has as at December 31, 2025 Non- Current Investment amounting to Rs.5,110 lakhs (December 31, 2024; Rs.5,110 lakhs) in its wholly owned subsidiary company MBL Highway Development Company Limited (MHDCL). The net worth of subsidiary does not represent true market value of the underlying investment/assets. There was a participation in concession agreement dated September 09, 2011 by way of project centric ECB facility as per prudential norms of financing infrastructure projects in India as per RBI guidelines and other applicable Indian laws in DBFOT project of MHDCL. Repayments and interest were to be made from escrow account out of deposit of user fee (toll) on achievement of Commercial Operation Date (COD). However the concession agreement was terminated by Authority on November 18, 2016. Legal proceedings are pending at various forums for adjudication of disputes including dispute resolution proceedings in India and summary judgement and certificate of enforcement from a foreign country and its execution petition in India by such participant. MHDCL has received legal advice that the same is not enforceable. MHDCL has counter claims against the participant exceeding the amount of the claims. However, provision has been made for claims including foreign exchange fluctuation as per ‘conservative principles of accounting’ but the same is not acknowledged as debt payable by MHDCL. MHDCL has invoked arbitration against the Authority and Lenders Representative / Escrow Agent on account of material defaults/breach on their part in fulfilling their obligations as per provisions of Substitution Agreement & Escrow Agreement and filed claims before Arbitral Tribunal constituted by Indian Council of Arbitration under the Substitution Agreement. Based on estimates like future business plan, arbitration proceedings and other factors, the management is confident that the realisable amount is higher than the carrying value of the investment and, therefore, the investment in the above subsidiary is good and recoverable. 7. The Company has as at December 31, 2025 Non-Current Investment amounting to Rs.18,505 lakhs (December 31, 2024; Rs.18,505 lakhs) in its wholly owned subsidiary company Suratgarh Bikaner Toll Road Company Private Limited (SBTRCPL) . The net worth of the subsidiary does not represent true market value of the underlying investment/assets. There has been delay in Completion / Commercial Operation Date (COD) in respect of the DBFOT Project. The Competent Authority under the Concession Agreement has approved/granted extension of time for Completion of original scope of work of Project till June 08, 2023. The repayment of loans is linked to Completion / COD. The Lenders had given undertaking not to recover till Completion. Arbitration has been invoked on account of breach of Escrow Agreement particularly order of priority. The Company is under Corporate Insolvency Resolution Process (CIRP) vide order dated December 01, 2025 passed by Adjudicating Authority, National Company Law Tribunal, Kolkata. The powers of the members of the Board of Directors are suspended and management of the SBTRCPL vests with Resolution Professional. Committee of Creditors comprising of consortium of five banks has been constituted. The Company has filed claim with RP which has been admitted. SBTRCPL being MSME and the Company also being MSME is qualified to submit the Resolution Plan in terms of IBC, 2016. Based on the estimates like future business plan, arbitration proceedings and other factors, the management is confident that realisable amount is higher than the carrying value of investment and therefore, investment in the above subsidiary is good and recoverable. 8. The Company has claims in respect of cost over-runs arising due to client responsibility delays, client's suspension of projects, deviation in design, change in scope of work etc., which are at various stages of negotiation/ discussion with the clients/ arbitration /litigation. The realisability of these claims are estimated by the Company based on contractual terms, historical experience with similar claims as well as legal opinion obtained from internal and external experts, wherever necessary. Revenue in respect of claim is recognised to the extent the Company is reasonably certain of their realisation. Realisation of above claims may be lower than the claims recognized if the Company decides to settle the same out of court in future considering the substantial time involved in litigation. Impact thereof will be considered in the year of such settlement. 9. On 21 November 2025, the Government of India notified the four Labour Codes consolidating 29 existing labour laws. The Ministry of Labour & Employment has also issued draft Central Rules and FAQs to help assess the financial impact of these changes. Based on management assessment in consultation with external experts and the best information available, and in line with the Institute of Chartered Accountants of India (ICAI) guidance, the incremental impact of these changes may not be material to the financial results for the Quarter and Nine months ended December 31, 2025. The Company continues to monitor the finalisation of Central and State Rules and clarifications from the Government on other aspects of the Labour Code and would provide appropriate accounting effects subsequently on the basis of such developments as needed. 10. a. Other income comprises: (Rs. In Lakhs) Particulars Quarter Ended Nine Months Ended Year Ended 31.12.2025 30.09.2025 31.12.2024 31.12.2025 31.12.2024 31.03.2025 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) a. Ind-AS Adjustment 1032 1032 2698 3096 10047 11132 b. Interest on fixed deposits & others 22 48 45 120 99 118 c. Others 350 36 503 387 510 535 Total 1404 1116 3246 3603 10656 11785 b. Other expenses comprises: (Rs. In Lakhs) Particulars Quarter Ended Nine Months Ended Year Ended 31.12.2025 30.09.2025 31.12.2024 31.12.2025 31.12.2024 31.03.2025 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) a. Ind-AS Adjustment on Financial Asset 2560 3756 2459 8960 12065 12806 b. Ind-AS Adjustment on Financial Liabilities 1176 1153 1143 3459 1463 2545 b. Miscellaneous Expenses etc. 368 419 336 1137 1112 1532 Total 4104 5328 3938 13556 14640 16883 11. The Company is engaged in Infrastructure Construction/Project activities which are seasonal in nature and the margins vary based on the accrual of cost and recognition of income in different quarters due to nature of business or events which lead to revision in cost to complete. 12. The Company’s operations consist of construction/project activities and there are no other reportable segments under Indian Accounting Standard 108 - Operating Segments. 13. Figures for the previous period/quarter have been reworked/regrouped/recasted, wherever considered necessary. 14. All figures are in lakhs except earnings per share. Figures in ( ) denote negative/decrease. For MBL Infrastructure Ltd. Date: February 14, 2026 Anjanee Kumar Lakhotia Place: New Delhi Chairman & Managing Director DIN 00357695 |