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PROJECTS INTERNATIONAL LIMITED2025-04-012026-03-31Quarterly2025-12-31EquitytruetruefalseNot Applicable for this quarter.truetruetrueTop 500 listed entitiestruek00024OriginaltruefalseMrMofatraj Pukhraj Munot******00046905Non-Executive - Non Independent DirectorChairperson related to Promoter1944-10-04falseActiveYes2022-05-022022-05-022021MrParag Mofatraj Munot******00136337Non-Executive - Non Independent DirectorNot Applicable1969-06-02falseActiveNA1991-09-302020MrDhananjay Mungale******00007563Non-Executive - Independent DirectorNot Applicable1953-06-01falseActiveNA2024-04-012024-04-01212244MrBimal Manu Tanna******06767157Non-Executive - Independent DirectorNot Applicable1962-04-07falseActiveNA2024-04-012024-04-01215584MrShailendra Raj Mehta******02132246Non-Executive - Independent DirectorNot Applicable1959-07-09falseActiveNA2021-08-032021-08-03521100MrManish Dashrathmal Mohnot******01229696Executive DirectorNot ApplicableCEO-MD1972-05-15falseActiveNA2006-11-011010MrShailendra Kumar Tripathi******03156123Executive DirectorNot ApplicableMD1964-05-02falseActiveNA2023-01-041000MsRaksha Shashikant Kothari******02184815Non-Executive - Independent DirectorNot Applicable1963-09-20falseActiveNA2025-05-192025-05-197.131121truetruetruetruetrueAudit Committee00007563Dhananjay MungaleNon-Executive - Independent DirectorChairperson2024-04-01Audit Committee00046905Mofatraj Pukhraj MunotNon-Executive - Non Independent DirectorMember2022-05-14Audit Committee06767157Bimal Manu TannaNon-Executive - Independent DirectorMember2024-04-01Audit Committee02184815Raksha Shashikant KothariNon-Executive - Independent DirectorMember2025-05-19Nomination and remuneration committee00007563Dhananjay MungaleNon-Executive - Independent DirectorChairperson2024-04-01Nomination and remuneration committee06767157Bimal Manu TannaNon-Executive - Independent DirectorMember2025-05-19Nomination and remuneration committee00136337Parag Mofatraj MunotNon-Executive - Non Independent DirectorMember2022-04-01Stakeholders Relationship Committee02184815Raksha Shashikant KothariNon-Executive - Independent DirectorChairperson2025-05-19Stakeholders Relationship Committee01229696Manish Dashrathmal MohnotExecutive DirectorMember2014-05-29Stakeholders Relationship Committee00136337Parag Mofatraj MunotNon-Executive - Non Independent DirectorMember2015-05-30Risk Management Committee06767157Bimal Manu TannaNon-Executive - Independent DirectorChairperson2024-04-01Risk Management Committee02132246Shailendra Raj MehtaNon-Executive - Independent DirectorMember2024-03-29Risk Management Committee01229696Manish Dashrathmal MohnotExecutive DirectorMember2019-02-01Risk Management Committee03156123Shailendra Kumar TripathiExecutive DirectorMember2023-05-08Risk Management Committee99999999Sanjay Shivratan DalmiaExecutive Director (Non-board position)Member2024-03-29Mr. Sanjay Shivratan Dalmia is not a Director of the Company but is acting as member of the Committee in his capacity as Executive Director (non-board position) of the Company.Risk Management Committee99999999Amit UplenchwarDirector - Strategy Business GroupMember2023-05-08Mr. Amit Uplenchwar is not a Director of the Company but is acting as member of the Committee in his capacity as Director - Strategy Business Group of the Company.Risk Management Committee99999999Ram PatodiaChief Financial OfficerMember2019-02-01Mr. Ram Patodia is not a Director of the Company but acting as member of the Committee in his capacity as Chief Financial Officer of the Company.Corporate Social Responsibility Committee02132246Shailendra Raj MehtaNon-Executive - Independent DirectorChairperson2024-04-01Corporate Social Responsibility Committee00046905Mofatraj Pukhraj MunotNon-Executive - Non Independent DirectorMember2022-05-14Corporate Social Responsibility Committee00136337Parag Mofatraj MunotNon-Executive - Non Independent DirectorMember2015-05-30Corporate Social Responsibility Committee01229696Manish Dashrathmal MohnotExecutive DirectorMember2014-05-292025-08-07true8842025-10-3184true8842025-12-0534true863Audit Committee2025-08-07true4430Audit Committee2025-10-0861true4430Audit Committee2025-10-3122true4430Nomination and remuneration committee2025-08-07true3320Nomination and remuneration committee2025-10-3184true3320Corporate Social Responsibility Committee2025-08-07true4410Corporate Social Responsibility Committee2025-10-3184true4410Stakeholders Relationship Committee2025-08-07true3310Risk Management Committee2025-09-0932true4422truetruetruetrueYestruetruetrueShweta GirotraCompany Secretary and Compliance OfficerfalseShweta GirotraCompany Secretary and Compliance OfficerMumbai2026-01-2303300GST AuthorityPursuant to the order received on 05th May, 2025 by the consortium wherein the Company is a member, the Authority had detained the vehicle carrying certain goods to the project site arbitrarily alleging non-production of required documents, which was reported under the Integrated Governance. The amount of penalty was paid and goods along with vehicle were released. The Consortium had filed an appeal before the Appellate Authority for refund. An amount of Rs. 4.07 lakhs was disposed of against the Consortium vide order received on 03rd October, 2025, while the balance amount of Rs. 0.30 lakhs has been diposed of in favour of the Consortium vide order received on 26th November, 2025.2025-10-03Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.GST AuthorityThe Company has paid penalty of Rs. 1.35 lakhs for the financial year 2022-23 on the ground of availment of ineligible input tax credit.2025-10-10Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.Office of the City Treasurer, Republic of the PhilippinesThe Authority had imposed the penalty amounting to Philippines Peso 31,121 (~ INR 46,752) for Financial year 2023-24 and Peso 36,067 (~ INR 54,184) for Financial year 2024-25 on account of delay in renewing business permit.2025-10-27Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.Transport Department, Government of Uttar PradeshImposition of penalty of INR 412 by the authority on account of delay in payment of Motor Vehicle Tax.2025-11-05Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.GST AuthorityPursuant to the order received on 25th June, 2024, the Authority had demanded interest and penalty pertaining to erstwhile JMC Projects (India) Limited (since amalgamated with the Company) for the financial year 2018-19 on the ground of delayed reversal of Input Tax Credit. The Authority had demanded to pay penalty of Rs. 0.20 lakhs. The Company had filed appeal against the said order which is allowed by the Appellate Authority.2025-11-06Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. Since the penalty has been waived, there is no impact on the Company.Transport Department, Government of West BengalImposition of penalty of INR 0.02 lakh by the authority on account of violation of Traffic rules.2025-11-09Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.GST AuthorityThe consortium wherein the Company is a member has paid penalty of Rs. 0.04 lakhs for the financial year 2021-22 on the ground of non payment of tax under Reverse Charge Mechanism.2025-11-11Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.GST AuthorityThe Company has paid penalty of Rs. 0.60 lakhs for the financial year 2021-22 on the ground of wrong availment of input tax credit.2025-11-11Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.Transport Department, Government of OdishaImposition of penalty of INR 500 by the authority on account of violation of Traffic rules.2025-11-12Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.GST AuthorityPursuant to the order received on 27th February, 2025, the Authority had demanded tax, interest and penalty for the financial year 2020-21 to 2022-23 on alleged grounds of excess availment of Input Tax Credit, which was reported under the Integrated Governance. This is to further update that the Company’s appeal against the said order has been disposed of against it, and the Company will file an appeal before the higher Appellate Authority within the prescribed timelines.2025-11-24Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.GST AuthorityThe Company has paid penalty of Rs. 0.20 lakhs on the ground of excess availment of ITC for the financial year 2021-22.2025-11-24Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.GST AuthorityPursuant to the order received on 06th June, 2025 by the consortium wherein the Company is a member, the Authority had detained the vehicle carrying certain goods to the project site arbitrarily alleging non-production of required documents, which was reported under the Integrated Governance. The Authority vide order had demanded to pay penalty of Rs. 3.60 lakhs. The amount of penalty was paid and goods along with vehicle were released. The consortium had filed an appeal before Appellate Authority for refund, which is disposed off in favour of the company.2025-11-26Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. Since the penalty has been waived, there is no impact on the Company.GST AuthorityThe Authority had demanded tax along with interest and penalty pertaining to a consortium wherein the Company is a member for the financial year 2021-22 on the ground of non payment of tax under Reverse Charge Mechanism. The Authority under the said order has demanded to pay penalty of Rs. 0.20 lakhs, which has been paid.2025-11-26Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.Forest AuthorityImposition of fine of INR 2.10 lakh by the authority on account of machinery movement.2025-11-28Covered under point Nature and details of the action(s) taken or order(s) passed.The fine levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.Transport Department, Government of Uttar PradeshImposition of penalty of INR 500 by the authority on account of violation of Traffic rules.2025-12-01Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.GST AuthorityPursuant to the order received on 03rd April, 2025 by the consortium wherein the Company is a member, the Authority had detained the vehicle carrying certain goods to the project site arbitrarily alleging discrepancy in documents, which was reported under the Integrated Governance. The amount of penalty was paid and goods along with vehicle were released. The Consortium had filed an appeal before Appellate Authority for refund, which is disposed off against the Consortium.2025-12-04Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.Central Board of Indirect Taxes and CustomsImposition of total penalty of INR 0.06 lakh by the authority on account of delay in payment of custom duty and late filing of bill of entry.2025-12-15Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.Transport Department, Government of Uttar PradeshImposition of penalty of INR 0.01 lakh by the authority on account of delay in payment of Motor Vehicle Tax.2025-12-18Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.GST AuthorityThe Authority has demanded the penalty of Rs. 9.01 lakhs pertaining to erstwhile JMC Projects (India) Limited (since amalgamated with the Company) for the financial year 2018-19 on ground of excess claim of Input Tax credit. The Company will prefer an appeal before the Appellate Authority within prescribed timeline.2025-12-22Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.GST AuthorityThe Company has paid penalty of Rs. 0.41 lakhs pertaining to erstwhile JMC Projects (India) Limited (since amalgamated with the Company) for the financial year 2019-20 on the ground of ineligible ITC availed.2025-12-26Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.Caisse Nationale de Sécurité Sociale (CNSS), TunisiaIn reference to earlier stock exchange intimation dated 10th December, 2025, a penalty amounting to TND 29,384 (~ INR 9.07 lakhs) has been paid by the branch office, and the balance penalty amount has been waived off.2025-12-26Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.Transport Department, Government of West BengalImposition of penalty of INR 500 by the authority on account of violation of Traffic rules.2025-12-28Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.GST AuthorityThe Authority vide its order(s) had demanded tax along with interest and penalty, pertaining to a consortium wherein the Company is a member, for the financial year 2021-22 and 2022-23 on the ground of excess availment of ITC. The Authority had demanded to pay penalty of INR 0.41 lakhs and 0.20 lakhs respectively. Further, the consortium will prefer an appeal before the Appellate Authority against the said order(s) within prescribed timelines.2025-12-30Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.GST AuthorityThe Company has paid penalty of Rs. 0.40 lakhs pertaining to erstwhile JMC Projects (India) Limited (since amalgamated with the Company) for the financial year 2021-22 on the ground of non payment of tax and excess availment of ITC.2025-12-30Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.Income Tax authority (Assessment Year: 2021-22)2024-10-24The Income Tax authority vide an Assessment Order under the provisions of Section 143(3) r.w.s 144C(13) of the Income Tax Act, 1961 (the "Act") had demanded tax and interest (u/s 156 of the Act) for the A.Y. 2021-22 on the grounds of classification of carbon credit as revenue receipt as against capital receipt, disallowances of certain expenses, transfer pricing adjustment(s). Further, the authorities had not granted credit of taxes paid on buy back of shares (which the Company had already paid as and when due) and had not allowed deduction of claim of dividend u/s 80M which are mistake apparent from records. The authority under the said Order had raised tax demand of INR 64.07 Crores along with interest of INR 9.84 Crores.The Company had filed a rectification application before the authorities to rectify the mistake apparent from records. The Income Tax Authority issued a rectification order on January 13, 2025, granting the relief requested in the application. However, the authority made the same errors when applying the relief in computing the demand. Consequently, the Company filed another rectification application on January 28, 2025 and the same is pending for disposal as on date. The Company had also filed an appeal before Hon'ble Income Tax Appellate Tribunal. The same is pending for hearing.Income Tax authority (Assessment Year: 2018-19)2021-10-13Various appeals filed or under process of filing, by the Company, for various assessment year(s), due to disallowance u/s. 80-IA, 14(A), disallowance of various expenses, erroneous estimation of net profit under Block assessment, other disallowances, addition of income, Treating of carbon credit as revenue receipt etc. Total consolidated amount for various assessment years involved in the pending material litigations was ~ INR 80.70 Crores as per the disclosure dated 29th September, 2023 filed by the Company with the stock exchanges.For the Assessment Year 2018-19, the Company had filed detailed written submission. A Hearing was done before CIT(A) and the Company is awaiting Order.Income Tax authority (Assessment Year: 2018-19)2022-11-21Various appeals filed or under process of filing, by the Company, for various assessment year(s), due to disallowance u/s. 80-IA, 14(A), disallowance of various expenses, erroneous estimation of net profit under Block assessment, other disallowances, addition of income, Treating of carbon credit as revenue receipt etc. Total consolidated amount for various assessment years involved in the pending material litigations was ~ INR 80.70 Crores as per the disclosure dated 29th September, 2023 filed by the Company with the stock exchanges.For the Assessment Year 2018-19, the consortium in which the Company is a member has filed written submission before CIT(A) and is awaiting notice of hearing.VAT Authority (Assessment for the period June 2014 to June 2017)2023-06-27Various appeals filed or under process of filing, by the Company under VAT, CST, Entry Tax - Due to disallowance of Input Tax Credit (on account of disallowance of labour & like charges, alleged non-submission of requisite forms etc.), Works contract Tax credit, enhancing taxable turnover, reduction in refund, levy of Entry Tax etc. Total consolidated amount for various assessment years involved in the pending material litigations was ~ INR 142.86 Crores as per the disclosure dated 29th September, 2023 filed by the Company with the stock exchanges.For the assessment period June 2014 to June 2017, the writ petition filed by the Company was listed before the relevant Hon’ble High Court. The Hon’ble Bench was pleased to quash the impugned order and remanded the matter back to the Revisional Authority with a direction to pass a fresh order after duly considering the Company’s submissions and documents. Following the court's direction, the department issued a fresh notice, received by the Company on 28th November, 2025. The notice required the submission of specific documents and records, which have already been submitted by the Company. The matter is pending before the Revisional Authority for passing necessary order in the matter.Income Tax Authority (Assessment Year: 2013-14 to 2020-21)2025-03-31The Deputy Commissioner of Income Tax, Central Circle- 3(3), Mumbai ("DCIT") has reassessed the income pursuant to the search conducted in August, 2023 and has passed the re-assessment orders for eight years i.e. from AY 2013-14 to AY 2020-21 as per the applicable provisions of the Income Tax Act, 1961 (the "Act"). The DCIT vide its orders of reassessment, raised demand of tax and interest u/s 156 of the Act for eight years i.e. from A.Y. 2013-14 to 2020-21, by making certain additions / disallowances and initiated penalty proceedings. The aggregate impact of demand / reduced refund for the A.Y. 2013-14 to A.Y. 2020-21 (except for A.Y. 2016-17) is INR 141.31 Crores. Based on the external legal advisers' view and its own assessment, the Company is of the view that it has strong case (including favorable precedents in its own case in respect of certain addition(s)) to defend the matters before the appellate authorities. Accordingly, the Company will contest the same and shall take appropriate legal remedies against the said orders. Therefore, the said orders does not have significant financial implications on the Company. The Company will file appeal against the said Orders within prescribed timelines. Further, prima facie there are certain mistakes apparent from the records, in aforesaid demand computed by the tax authorities, for which the Company is in the process of filing rectification application(s). Apart from the above, for A.Y. 2016-17, while there are no additions made to the total income of the Company, the tax authorities have erroneously raised a demand of INR 95.83 crores, apparently due to certain system issues. The Company has already filed an application for rectification of the same, which will nullify the said demand for AY 2016-17.1. The Company has received order giving effect to the order of Hon'ble CIT(A) of AY 2018-19 on 15th October 2025, resulting into Income Tax Refund of Rs. 43 lakhs. 2. The Hon’ble Income Tax Appellate Tribunal (“ITAT”), has issued an order for the AY 2013-14 to 2015-16 and AY 2017-18 and has granted relief in respect of disallowances upheld by Hon’ble Commissioner of Income Tax (Appeals) (“CIT(A)”). Pursuant to the said order, the tax demand will be reduced to NIL for the AY 2013-14 to 2015-16 and AY 2017-18. 3. Further, the appeals for AY 2018-19 to AY 2020-21 filed with ITAT are pending. 4. The DCIT has passed the re-assessment order for AY 2021-22 raising the tax demand along with interest of Rs. 5.39 crores, by making additions / disallowances of business expenditure and initiated penalty proceedings. Aggrieved by the order of DCIT, the Company has filed an appeal before the Commissioner of Income Tax (Appeal), which is pending.Income Tax Authority (Assessment Year: 2022-23)2025-05-03The Deputy Commissioner of Income Tax, Central Circle- 3(3), Mumbai ("DCIT") vide its order of assessment has made certain addition/disallowance, and the resulting Tax demand, has been adjusted against the refund receivable by the Company and has also initiated penalty proceedings. The aggregate tax impact on account of additions / disallowances made is INR 1.71 Crores which has reduced tax refund of INR 1.71 Crores. However, since the grounds of addition/disallowance, have similar question of law and/or factual matrix, in resemblance with earlier order(s) and already disclosed to the stock exchanges, the aggregate / cumulative amount involved in all such matters cross the materiality threshold. The Company is of the view that it has strong case (including favorable precedents in its own case in respect of certain addition/(s)) to defend the matters before the appellate authorities. Accordingly, the Company will contest the same and shall take appropriate legal remedies against the said order. Therefore, the said orders does not have significant financial implications on the Company. The Company will file appeal against the said Order within prescribed timelines.The Company has received order of Hon'ble Commissioner of Income Tax (Appeal) on 22nd December, 2025 allowing relief in respect of certain additions / disallowance made by Jurisdictional Assessing officer in Assessment order. The Company is in process of filing an appeal before the Hon'ble Income Tax Appellate Tribunal (ITAT) against the relief not allowed vide order of Hon'ble CIT(A).