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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 February 12, 2026. These results have been subject to limited review by statutory auditors. <BR> <BR> 2.During the current quarter, 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 year ended March 31, 2025, quarter ended September 30, 2025 and quarter & nine months ended December 31, 2024 have been retrospectively adjusted for effect of rights issue. <BR> <BR> 3.Unbilled work-in-progress (contract assets), current trade receivables and non-current trade receivables outstanding as on December 31, 2025, includes Rs. 154.10 crore, Rs. 207.89 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. 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. <BR> <BR> 4.Exceptional items represent: <BR> 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 and nine months ended December 31, 2025. The Group continues to monitor the finalisation 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. <BR> <BR> 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. The Holding Company has provided a corporate guarantee covering 100% of PRPL’s debt obligations to these lenders. During the current 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 and nine months ended December 31, 2025. <BR> <BR> c) During the quarter and nine months ended December 31, 2024, 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 quarter and nine months ended December 31, 2024. <BR> <BR> 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. Pursuant to the initiation of insolvency proceedings by National Company Law Tribunal, HOML in earlier years had assumed the liability (including interest) towards the debenture holders. 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 quarter and nine months ended December 31, 2024. The above dues have been settled, and no due certificate has also been obtained from the debenture holders. <BR> <BR> 5.As at December 31, 2025, the Holding Company has net deferred tax assets amounting to Rs. 198.19 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. <BR> <BR> 6.Figures for the current quarter and nine months ended December 31, 2025 are not comparable with figures of previous year, quarter and nine months ended December 31, 2024 due to divestment of Steiner AG during previous nine months ended December 31, 2024. <BR> <BR> 7.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 unaudited financial results.2025-04-012025-12-31UnauditedConsolidated297739000008604000003063430000037522000000025064000003647500000223100000195712000002970040000093390000037810000013120000004410000020020000024430000001067700000000-190000010658000008238000001889600000261950000010.510.51000.510.510.00710.00640.0142Subcontracting expenses4474900000Other expenses2021200000Subcontracting expenses15316600000Other expenses4254600000Engineering and construction9217600000Real estate0Infrastructure31600000Others8300000Unallocable Revenue0Engineering and construction29485400000Real estate300000Infrastructure500600000Others24800000Unallocable Revenue09257500000300111000004300000237200000925320000029773900000Engineering and construction912200000Real estate2200000Infrastructure76700000Others-837200000Unallocable Revenue0Engineering and construction2010800000Real estate7600000Infrastructure447600000Others-1155900000Unallocable Revenue015390000013101000001539000001310100000Engineering and construction87490800000Real estate502800000Infrastructure5316900000Others1396500000Unallocable Revenue094707000000094707000000Engineering and construction67201800000Real estate219400000Infrastructure3044000000Others3544000000Unallocable Revenue074009200000074009200000- Gain/(loss) on remeasurement of defined benefit plans-13700000- Gain/(loss) on fair value of equity instruments-77500000-91200000- Gain/(loss) on remeasurement of defined benefit plans-21900000- Gain/(loss) on fair value of equity instruments-62200000-84100000-14400000-14300000- Translation gain/(loss) relating to foreign operations2120000021200000- Translation gain/(loss) relating to foreign operations89360000089360000000-55600000823800000