Integrated Filing — IndAS



General information about company

Scrip Code 500185
NSE Symbol HCC
MSEI Symbol NOTLISTED
ISIN INE549A01026
Name of company HINDUSTAN CONSTRUCTION COMPANY 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 14-05-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 07-05-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Fourth quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Audited
Segment Reporting Multi segment
Description of single segment
Start date and time of board meeting 14-05-2026   13:30:00
End date and time of board meeting 14-05-2026   16:45:00
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 Statement on impact of audit qualification



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 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 99,220.00 3,96,959.00
Other income 2,531.00 11,135.00
Total income 1,01,751.00 4,08,094.00
2 Expenses
(a) Cost of materials consumed 15,129.00 52,651.00
(b) Purchases of stock-in-trade 0.00 0.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 0.00 0.00
(d) Employee benefit expense 8,973.00 34,037.00
(e) Finance costs 10,465.00 46,940.00
(f) Depreciation, depletion and amortisation expense 518.00 2,749.00
(f) Other Expenses
1 Subcontracting expenses 44,594.00 1,97,760.00
2 Other expenses 13,449.00 55,995.00
Total other expenses 58,043.00 2,53,755.00
Total expenses 93,128.00 3,90,132.00
3 Total profit before exceptional items and tax 8,623.00 17,962.00
4 Exceptional items 0.00 3,781.00
5 Total profit before tax 8,623.00 21,743.00
6 Tax expense
7 Current tax 549.00 990.00
8 Deferred tax 2,753.00 4,755.00
9 Total tax expenses 3,302.00 5,745.00
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 5,321.00 15,998.00
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 573.00 554.00
16 Total profit (loss) for period 5,894.00 16,552.00
17 Other comprehensive income net of taxes (215.00) 8,023.00
18 Total Comprehensive Income for the period 5,679.00 24,575.00
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 5,894.00 16,552.00
Total profit or loss, attributable to non-controlling interests 0.00 0.00
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent (215.00) 8,023.00
Total comprehensive income for the period attributable to owners of parent non-controlling interests 0.00 0.00
21 Details of equity share capital
Paid-up equity share capital 26,195.00 26,195.00
Face value of equity share capital 1 1
27 Details of debt securities
22 Reserves excluding revaluation reserve 1,86,520.00
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 0.27 0.75
Diluted earnings (loss) per share from continuing operations 0.27 0.75
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 0.27 0.75
Diluted earnings (loss) per share from continuing and discontinued operations 0.27 0.75
24 Debt equity ratio 0.4900 0.4900
25 Debt service coverage ratio 1.0300 0.7800
26 Interest service coverage ratio 2.300 1.6100
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) 1.The consolidated audited financial results (‘results’) of Hindustan Construction Company Limited (hereinafter referred to as the ‘Holding Company’ or ‘HCC’) and its subsidiaries (the Holding Company and its subsidiaries together referred to as ‘the Group’), associate, joint venture and joint operations of Holding Company, for the quarter and year ended March 31, 2026 (‘the Statement’) have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard prescribed under Section 133 of the Companies Act, 2013 (‘the Act’) and other recognized accounting practices generally accepted in India. The aforesaid results are in compliance with regulation 33 and Regulation 52 read with Regulation 63 of SEBI (Listing Obligation and Disclosure Requirement) Regulation, 2015 as amended (the Listing Regulations’). The material accounting policies applied in preparation of these results are consistent with those followed in the annual Consolidated financial statements for the year ended March 31, 2025. These results have been reviewed by the Audit Committee and subsequently approved by the Board of Directors of the Holding Company at its meeting held on May 14, 2026. 2.The Holding Company's business is seasonal in character and as a result, margins in the quarterly results vary, including due to the nature of its business and consequent to receipt of awards/claims or events which may lead to revision in cost to completion. Accordingly, the quarterly results may not be strictly comparable. 3.During the year, the Holding Company has issued and allotted 799,991,900 equity shares of Rs. 1 each at a price of rs 12.50 per equity share (including a premium of rs 11.50 per equity share) aggregating rs 999.99 crore to the eligible equity shareholders on a right basis in the ratio of 227 equity shares for every 630 equity shares held. Pursuant to the aforesaid, basic and diluted earnings per share for the quarter and year ended March 31, 2025, have been retrospectively adjusted for effect of rights issue. The following are the details of utilisation: (Rs in Crore) Particulars Amount Proceeds from issue 999.99 Utilisation of funds - Repayment of loans to lenders 625.00 - Investment in Joint venture 200.00 - Augmenting working capital requirements 98.76 - Payment of issue expenses 38.41 - Payment towards general corporate purposes 33.35 Total utilisation 995.52 Amount unutilised as at March 31, 2026 4.47 4 Unbilled work-in-progress (contract assets), current trade receivables and non-current trade receivables outstanding as on March 31, 2026, includes Rs 115.71 crore, rs 24.21 crore and rs 57.52 crore, respectively (March 31, 2025: includes rs 308.59 crore, rs 214.27 crore and rs 57.52 crore, respectively), representing receivables from customers based on the terms and conditions implicit in the contracts and other receivables in respect of closed/substantially closed projects of the Holding Company. These receivables are mainly in respect of the cost over-run arising due to client caused delays, deviation in design and change in scope of work, for which Holding Company is at various stages of negotiation/discussion with the clients or under arbitration/litigation. Considering the contractual tenability, progress of negotiations/discussions/arbitration/litigations and as legally advised in certain contentious matters, the Holding Company is confident that these receivables are good and fully recoverable. 5. As at March 31, 2026, the Holding Company has net deferred tax assets amounting to Rs 173.91 crore (March 31, 2025: rs 204.90 crore), which mainly represents deferred tax assets on carried forward unused tax losses/unabsorbed depreciation and other taxable temporary differences. The Holding Company is confident of generating sufficient taxable profits from the unexecuted orders on hand/future projects and expected realisation of claims/arbitration awards against which such deferred tax assets can be utilised and therefore considered good and recoverable. Statutory auditors report is modified in respect of this matter. 6 Exceptional items represent: a) Effective November 21, 2025, the Government of India consolidated 29 existing labour regulations into four Labour codes, namely, The Code on Wages, 2019, The Industrial Relations Code, 2020, The Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020, collectively referred to as the ‘New Labour Codes’. In accordance with the requirements of Ind AS 19 ‘Employee Benefits’, these changes have resulted in an estimated increase in the past service cost of gratuity and compensated absence by Rs 11.28 crore. Considering that the enactment of the new legislation is a non-recurring event, the Group has presented this one-time charge under ‘Exceptional Item’ for the quarter ended December 31, 2025 and year ended March 31, 2026. The Group continues to monitor the finalization of the Central and State Rules and clarifications from the Government on the New Labour Codes and shall provide appropriate accounting effect based on such developments, as necessary. 'b) In prior years, pursuant to a resolution plan agreed with its lenders, the Holding Company transferred certain debt obligations to Prolific Resolution Private Limited (‘PRPL’). PRPL, in turn, issued and allotted non-convertible debentures aggregating to Rs 2,854.40 crore to its lenders. During the previous quarter, following receipt of requisite approvals from PRPL’s lenders, its Board of Directors, and other relevant stakeholders, the corporate guarantee was reduced from 100% of the outstanding debt to Rs 570.88 crore, equivalent to 20% of the principal debt amount. Consequently, the Holding Company has written back Rs 49.09 crore from the liability earlier recognized in respect of the corporate guarantee, in accordance with the requirements of Ind AS 109 ‘Financial Instruments’ and the same has been shown as gain under “Exceptional items” for the quarter ended December 31, 2025 and year ended March 31, 2026. 'c) During the previous year March 31, 2025, pursuant to moratorium, the Zurich District Court has passed an Order approving a scheme of arrangement in respect of Steiner AG (‘SAG’), Switzerland, (including its subsidiaries), a material step down wholly owned subsidiary of the Holding Company. This scheme which is approved by the Court based on recommendation of Administrator covers a) Divestment of entire shareholding of SAG held by HCC Mauritius Investment Limited and HCC Mauritius Enterprises Limited, (collectively, ‘HMILEL’), the wholly owned subsidiaries of the Holding Company to Uniresolv SA, an affiliate of m3 Geneva (‘Uniresolv SA’) and, b) Divestment of entire shareholding of Steiner Development AG (‘SDAG’) by SAG to m3 Steiner Development SA, an affiliate of m3 Geneva (‘m3SD’) c) Divestment of Steiner India Limited (‘SIL’), by SAG to Uniresolv SA, d) Asset transfer (receivables) to SAG's wholly owned subsidiary, Steiner Eagle AG (‘SEAG’) and the immediate subsequent sale of SEAG to Uniresolv SA. Further, pursuant to the aforesaid Court Order, HMILEL has acquired the entire equity shareholding in SEAG from Uniresolv SA, against a swap of SAG shares and deferred consideration of 5 million CHF. Accordingly, SAG and its subsidiaries, joint ventures and associates ceased to part of the Company and SEAG became direct subsidiary of HMILEL and Holding Company had recognised gain on deconsolidation amounting to Rs 216.90 crore during the previous year ended March 31, 2025. d) HCC Operations and Maintenance Limited (‘HOML’), a step-down subsidiary of the Holding Company, had signed a Debenture Sale Purchase Agreement in September 2017 with certain debenture holders for purchase of debentures issued by Lavasa Corporation Limited (‘LCL’), in the event of any default for an aggregate consideration of Rs 138.00 crore along with interest at 10.27% p.a. During the previous year, HOML entered into a one-time settlement with the debenture holders resulting in a gain of Rs 312.75 crore which was presented as an exceptional item during the previous year ended March 31, 2025. The above dues have been settled, and no due certificate has also been obtained from the debenture holders. 7. During the current quarter, the Holding Company has executed a deed of assignment with HCC Contract Solutions Limited (‘HCSL’), a wholly owned subsidiary of the Holding Company, for assignment of economic and beneficial interest in arbitration awards aggregating to rs 1,979.09 crore along with underlying advance of same value against respective awards resulting into net value of assets transferred to HCSL as Nil. 8.Figures for the quarters of current year and previous year are the balancing figures between the audited standalone figures for the year ended on that date and the published unaudited year-to-date figures up to the nine months period ended December 31 of the respective financial years which were subjected to limited review by the statutory auditors. 9. Figures for the current year ended March 31, 2026 are not comparable with figures of previous year ended March 31, 2025 due to divestment of Steiner AG during nine months ended December 31, 2024. 10. Figures for the previous period/year have been regrouped/reclassified to conform to the current period's presentation, wherever considered necessary. The impact of such regroupings/reclassifications is not material to these consolidated financial results.



Remarks

Debt equity ratio Debt Equity ratio : Total Debt/(Equity Share Capital + Other equity less capital reserve)
Debt service coverage ratio Debt Service Coverage ratio : (Earnings before interest^, depreciation and amortisation, exceptional items and tax)/(Interest^ on debt for the period/year + Principal repayment of borrowings and lease liabilities within one year) - Annualised
Interest service coverage ratio Interest Service Coverage ratio : [(Earnings before interest^, depreciation and amortisation, exceptional items and tax)/Interest^ on debt for the period/year] - Annualised


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 31-03-2026
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 19,174.00
Capital work-in-progress 1,933.00
Investment property 23.00
Goodwill 0.00
Other intangible assets 5,470.00
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 5,764.00
Trade receivables, non-current 1,17,839.00
Loans, non-current 49,194.00
Other non-current financial assets
1 Other financial assets 1,02,604.00
Total of other non-current financial assets 1,02,604.00
Total non-current financial assets 2,75,401.00
Deferred tax assets (net) 17,478.00
Other non-current assets
1 Other non-current assets 5,246.00
2 Non-current tax assets (net) 6,746.00
Total of other non-current assets 11,992.00
Total non-current assets 3,31,471.00
2 Current assets
Inventories 13,285.00
Current financial asset
Current investments 14,075.00
Trade receivables, current 2,25,272.00
Cash and cash equivalents 38,141.00
Bank balance other than cash and cash equivalents 7,698.00
Loans, current 0.00
Other current financial assets
Total of other current financial assets 2,01,801.00
Total current financial assets 4,86,987.00
Current tax assets (net) 0.00
Other current assets
1 Other current assets 14,474.00
Total of other current assets 14,474.00
Total current assets 5,14,746.00
3 Non-current assets classified as held for sale 2,961.00
4 Regulatory deferral account debit balances and related deferred tax Assets 0.00
Total assets 8,49,178.00
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 26,195.00
Other equity 1,86,520.00
Total equity attributable to owners of parent 2,12,715.00
Non controlling interest 0.00
Total equity 2,12,715.00
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 64,832.00
Trade payables, non-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 0.00
Total Trade payable 0.00
Other non-current financial liabilities
1 Other financial liabilities 1,16,018.00
Total of other non-current financial liabilities 1,16,018.00
Total non-current financial liabilities 1,80,850.00
Provisions, non-current 5,298.00
Deferred tax liabilities (net) 480.00
Deferred government grants, Non-current 0.00
Other non-current liabilities
Total of other non-current liabilities
Total non-current liabilities 1,86,628.00
Current liabilities
Current financial liabilities
Borrowings, current 37,083.00
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 11,154.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 1,91,574.00
Total Trade payable 2,02,728.00
Other current financial liabilities
1 Other financial liabilities 1,02,285.00
Total of other current financial liabilities 1,02,285.00
Total current financial liabilities 3,42,096.00
Other current liabilities 1,03,505.00
1 Other current liabilities 1,03,505.00
Total of other current liabilities 1,03,505.00
Provisions, current 3,387.00
Current tax liabilities (Net) 847.00
Deferred government grants, Current 0.00
Total current liabilities 4,49,835.00
3 Liabilities directly associated with assets in disposal group classified as held for sale 0.00
4 Regulatory deferral account credit balances and related deferred tax liability 0.00
Total liabilities 6,36,463.00
Total equity and liabilites 8,49,178.00
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 01-01-2026 01-04-2025
Date of end of reporting period 31-03-2026 31-03-2026
Whether results are audited or unaudited Audited Audited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
1 Engineering and construction 98,871.00 3,93,725.00
2 Real estate 0.00 0.00003
3 Infrastructure 0.00381 5,387.00
4 Others 0.00082 0.0033
5 Unallocable Revenue 0.00 0.00
Total Segment Revenue 99,334.00 3,99,445.00
Less: Inter segment revenue 114.00 2,486.00
Revenue from operations 99,220.00 3,96,959.00
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
1 Engineering and construction 10,780.00 30,888.00
2 Real estate (43.00) 33.00
3 Infrastructure 532.00 5,008.00
4 Others (2,073.00) (13,632.00)
5 Unallocable Revenue 0.00 0.00
Total Profit before tax 9,196.00 22,297.00
i. Finance cost 0.00 0.00
ii. Other Unallocable Expenditure net off Unallocable income 0.00 0.00
Profit before tax 9,196.00 22,297.00
3 (Segment Asset - Segment Liabilities)
Segment Asset
1 Engineering and construction 7,78,809.00 7,78,809.00
2 Real estate 5,512.00 5,512.00
3 Infrastructure 53,005.00 53,005.00
4 Others 11,852.00 11,852.00
5 Unallocable Revenue 0.00 0.00
Total Segment Asset 8,49,178.00 8,49,178.00
Un-allocable Assets 0.00 0.00
Net Segment Asset 8,49,178.00 8,49,178.00
4 Segment Liabilities
Segment Liabilities
1 Engineering and construction 5,67,034.00 5,67,034.00
2 Real estate 2,709.00 2,709.00
3 Infrastructure 30,672.00 30,672.00
4 Others 36,048.00 36,048.00
5 Unallocable Revenue 0.00 0.00
Total Segment Liabilities 6,36,463.00 6,36,463.00
Un-allocable Liabilities 0.00 0.00
Net Segment Liabilities 6,36,463.00 6,36,463.00
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 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
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
1 Gain/(loss) on remeasurement of defined benefit plans 233.00 14.00
2 Gain/(loss) on fair value of equity instruments (647.00) (1,269.00)
3 Income tax (expense)/credit relating to items that will not be reclassified to profit or loss 37.00 180.00
4 Translation gain/(loss) relating to foreign operations 162.00 9,098.00
Total Amount of items that will not be reclassified to profit and loss (215.00) 8,023.00
2 Income tax relating to items that will not be reclassified to profit or loss 0.00 0.00
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 0.00 0.00
5 Total Other comprehensive income (215.00) 8,023.00



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 31-03-2026
C Whether results are audited or unaudited Audited
D Nature of report standalone or consolidated Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 21,743.00
Adjustments for reconcile profit (loss)
Adjustments for finance costs 46,940.00
Adjustments for decrease (increase) in inventories (485.00)
Adjustments for decrease (increase) in trade receivables, current 14,187.00
Adjustments for decrease (increase) in trade receivables, non-current (48,960.00)
Adjustments for decrease (increase) in other current assets 40,581.00
Adjustments for decrease (increase) in other non-current assets (19,004.00)
Adjustments for other financial assets, non-current 0.00
Adjustments for other financial assets, current 0.00
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current 40,783.00
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities 0.00
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 2,749.00
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current 0.00
Adjustments for provisions, non-current 0.00
Adjustments for other financial liabilities, current 0.00
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains 2,968.00
Adjustments for dividend income 0.00
Adjustments for interest income 5,355.00
Adjustments for share-based payments 0.00
Adjustments for fair value losses (gains) (4,909.00)
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow (1,666.00)
Other adjustments to reconcile profit (loss) 249.00
Other adjustments for non-cash items 0.00
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) 68,078.00
Net cash flows from (used in) operations 89,821.00
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) 621.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities 89,200.00
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 1,404.00
Purchase of property, plant and equipment 8,126.00
Proceeds from sales of investment property 6,922.00
Purchase of investment property 9,538.00
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 40,000.00
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 200.00
Interest received 12,693.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) investing activities (36,445.00)
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 0.00
Proceeds from issuing other equity instruments 96,745.00
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 68,757.00
Payments of lease liabilities 0.00
Dividends paid 0.00
Interest paid 0.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash (97,737.00)
Net cash flows from (used in) financing activities (69,749.00)
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes (16,994.00)
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents (19.00)
Net increase (decrease) in cash and cash equivalents (17,013.00)
Cash and cash equivalents cash flow statement at beginning of period 55,154.00
Cash and cash equivalents cash flow statement at end of period 38,141.00





Details of Impact of Audit Qualification

Amount in (Lakhs)

Whether results are audited or unaudited Audited
Declaration of unmodified opinion or statement on impact of audit qualification Statement on impact of audit qualification
Auditor's opinion Qualified opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 Mukund M. Chitale & Co. Yes 30-04-2027


Financial details

Amount in (Lakhs)

Sr. Particulars Audited Figures (as reported before adjusting for qualifications) Adjusted Figures (audited figures after adjusting for qualifications)
1 Turnover / Total income 4,08,094.00 0.00
2 Total Expenditure 3,90,132.00 0.00
3 Net Profit/(Loss) 16,552.00 0.00
4 Earnings Per Share 0.75 0
5 Total Assets 8,49,178.00 0.00
6 Total Liabilities 6,36,463.00 0.00
7 Net Worth 2,12,715.00 0.00
8 Exceptional items 3,781.00 0.00


Audit qualification

Amount in (Lakhs)

Sr. Details of Audit Qualification Type of Audit Qualification Frequency of qualification For Audit Qualification(s) where the impact is quantified by the auditor For Audit Qualification(s) where the impact is not quantified by the auditor
Management's Views (i) Management's estimation on the impact of audit qualification (ii) If management is unable to estimate the impact, reasons for the same Auditors' Comments on (i) or (ii) above
1 Textual Information(1) Qualified opinion Since how long continuing Textual Information(2) Textual Information(3) Textual Information(4) Textual Information(5)


Text Block

Textual Information(1) As stated in Note 5 to the accompanying Statement, the Holding Company has recognised net deferred tax assets amounting to Rs 173.91 crore as at 31st March 2026, which mainly includes deferred tax assets on carried forward unused tax losses/unabsorbed depreciation and other taxable temporary differences on the basis of expected availability of future taxable profits for utilization of such deferred tax assets. However, we are unable to obtain sufficient appropriate audit evidence with respect to the projections for future taxable profits prepared by the management and therefore, are unable to comment on any adjustments that may be required to the carrying value of aforesaid net deferred tax assets as at 31st March 2026.

Our Audit report on the consolidated audited financial results of the Company for the quarter and year ended 31st March 2025 dated 8th May 2025 and our review report dated 12th February 2026 on the consolidated unaudited financial results for the quarter and nine months period ended 31st December 2025 were also qualified in respect of the above matter
Textual Information(2) Not applicable as the impact is unquantified
Textual Information(3) Not ascertainable
Textual Information(4) 'As at March 31, 2026, the Holding Company has net deferred tax assets amounting to Rs 173.91 crore (March 31, 2025: Rs 204.90 crore), which mainly represents deferred tax assets on carried forward unused tax losses/unabsorbed depreciation and other taxable temporary differences. The Holding Company is confident of generating sufficient taxable profits from the unexecuted orders on hand/future projects and expected realisation of claims/arbitration awards against which such deferred tax assets can be utilised and therefore considered good and recoverable. Statutory auditors report is modified in respect of this matter.
Textual Information(5) Included in details of auditor's qualifications stated above


Signatories detail

Name of CEO / Managing director Arjun Dhawan
Name of CFO Rahul Shukla
Name of audit committee chairman Ramesh Subramanyam
Name of statutory auditor S.M.Chitle-partner
Name of other signatory, if any, with designation
Place Mumbai
Date 14-05-2026