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CONSTRUCTION COMPANY LIMITEDMain BoardEquity2025-04-012026-03-312026-05-142026-05-07INRCroresQuarterlyFourth quarterSingle segmentEngineering and Construction2026-05-1413:30:002026-05-1416:45:00trueCash Flow IndirectStatement on impact of audit qualificationtruetrueNoNotruetruetrue2025-05-08https://hccindia.com/uploads/Investors/Policy%20for%20Related%20Party%20Transactions.pdftrue1falseNot Applicable2026-01-012026-03-31AuditedStandalone98871000002807000001016780000015129000000086090000094960000055500000571070000090896000001078200000-3563000007219000003110000024450000027560000004463000000000446300000-38600000407700000261950000010.20.2000.20.20.00270.01630.02811) The standalone audited financial results (‘results’) of Hindustan Construction Company Limited (hereinafter referred to as the ‘Company’) and its joint operations 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 standalone 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 Company at its meeting held on May 14, 2026. <BR> <BR> 2) The Company is engaged in the business of “Engineering and Construction”. There are no other reportable segments for the Company as per requirements of Ind AS 108 'Operating Segment'. <BR> <BR> 3) The 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. <BR> <BR> 4) The total balance value of work on hand as at March 31, 2026 is Rs. 12,971.00 crore (March 31, 2025: Rs. 11,852.00 crore). <BR> <BR> 5) During the year, the 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. <BR> <BR> (Rs. in Crore) <BR> Particulars Amount <BR> Proceeds from issue 999.99 <BR> Utilisation of funds <BR> - Repayment of loans to lenders 625.00 <BR> - Investment in Joint venture 200.00 <BR> - Augmenting working capital requirements 98.76 <BR> - Payment of issue expenses 38.41 <BR> - Payment towards general corporate purposes 33.35 <BR> Total utilisation 995.52 <BR> Amount unutilised as at March 31, 2026 4.47 <BR> <BR> 6) 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 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 the 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 Company is confident that these receivables are good and fully recoverable. <BR> <BR> 7) As at March 31, 2026, the Company has an investment (including deemed investments) in its wholly owned subsidiary, HCC Infrastructure Company Limited (‘HICL’) amounting to Rs. 1,152.77 crore (March 31, 2025: Rs. 1,294.33 crore). While the consolidated net worth of HICL as at March 31, 2026 has been substantially eroded, the management has assessed the fair value of HICL based on a valuation report from an independent valuation expert at year ended March 31, 2026. The valuation includes significant judgements and estimates in respect of future business plans, outcome of litigations for favourable arbitration awards and expected share of future revenues of erstwhile subsidiaries. Accordingly, based on the aforementioned valuation report, management believes that the recoverable amount of investment in HICL is higher than its carrying value. Statutory auditors’ report is modified in respect of this matter. <BR> <BR> 8) As at March 31, 2026, the 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 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> 9) Exceptional items represent: <BR> a) The Company carries its investment in HRL Thane Real Estate Limited (‘HRL Thane’), a wholly owned subsidiary of the Company, in the books considering the underlying net asset value, primarily comprising land held by HRL Thane. During the current quarter, the HRL Thane has executed a Memorandum of Understanding for sale of the land at a value lower than earlier assessed estimates. Accordingly, the Company reviewed the carrying value of its investment and recognized an impairment charge of Rs. 35.63 crore as an exceptional item in above financial results for the quarter and year ended March 31, 2026. <BR> <BR> b) 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 Company has presented this one-time charge under ‘Exceptional Item’ for the quarter ended December 31, 2025 and year ended March 31, 2026. The Company 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> c) In prior years, pursuant to a resolution plan agreed with its lenders, the 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 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. <BR> <BR> 10) During the current quarter, the Company has executed a deed of assignment with HCC Contract Solutions Limited (‘HCSL’), a wholly owned subsidiary of the 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. <BR> <BR> 11) Figures for the last quarter 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. <BR> <BR> 12) 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 standalone financial results.2025-04-012026-03-31AuditedStandalone393725000009935000004036600000052651000000033142000004363000000252000000244608000003765510000027109000002180000027327000002645000004101000006746000000205810000000002058100000-108400000194970000026195000001282473000000.930.93000.930.930.00270.01240.0195Subcontracting expenses4455100000Other expenses1255600000Subcontracting expenses19733300000Other expenses47275000001819200000193300000000000137400000001178390000067703000002216000003251580000017391000001091300000373587000001284700000558300000224964000003060300000516400000022256100000488875000000140360000051575800000008893450000026195000002824730000030866800000308668000006483100000000899450000015477600000513600000001599120000017990000001115400000190586000002017400000087704000003074340000011008100000325000000420765000005806770000088934500000NAOther financial assets221600000Non-current tax assets (net)566700000Other non-current assets524600000Other financial assets2862600000Unbilled work-in-progress (contract assets)19393500000Other current assets1403600000Other financial liabilities8994500000Other financial liabilities8770400000Other current liabilities110081000004363000000-485000001225100000-53187000002819800000197800000-521000005377000000-5679000000-239800000139390000025200000035630000030900000986000001230200000-468800000-7310000000000-1666000000-59910000004970700000770340000000-57320000012320000007007000000000000001403000007788000000000000000000400000000014156000000002142000000600000000-2408700000009674500000000000687580000000978950000000-6990800000-2392500000-1900000-239440000054547000003060300000Gain/(loss) on remeasurement of defined benefit plans22400000Gain/(loss) on fair value of equity instruments-64700000-42300000Gain/(loss) on remeasurement of defined benefit plans500000Gain/(loss) on fair value of equity 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Balance0NA0-2800000400000Hindustan Construction Company Limited******Arjun Dhawan******Vice Chairman & Managing Director (w.e.f June 26, 2025)Any other transactionOutstanding payable Balance0NA026000002700000Hindustan Construction Company Limited******Nitesh Kumar Jha******Company SecretaryAny other transactionOutstanding payable Balance0NA0500000500000Hindustan Construction Company Limited******Rahul Shukla******Chief Financial Officer (w e f 01/06/2025 )Any other transactionOutstanding payable Balance0NA0800000900000Hindustan Construction Company Limited******Shalaka Gulabchand Dhawan******Other Related PartyAny other transactionOutstanding payable Balance0NA011000001100000HCC Infrastructure Company Limited******Highbar Technologies Limited******Fellow SubsidiaryAny other transactionInter Corporate Deposits-given500000NA50000000Highbar Technologies Limited******Highbar Technocrat Limited******AssociatesAny other transactionSundry Balances Provided for1800000NA180000000HRL Township Developers Limited******HRL Thane Real Estate Limited******Fellow SubsidiaryAny other transactionInter corporate deposits received100000NA100000004493400000AuditedQualified opinionMukund M. Chitale & Co.true2027-04-30403660000000376551000000205810000000.930889345000000580677000000308668000000Exceptional itemsExceptional items218000000(i) As stated in Note 7 to the accompanying Statement, the Companys investments in subsidiaries as at 31st March 2026 includes investment in HCC Infrastructure Company Limited (HICL), its wholly owned subsidiary, amounting to Rs. 1,152.77 crore, stated at cost. The subsidiarys consolidated net-worth as at 31st March 2026 is substantially eroded but, the said investment is considered fully recoverable by the management on the basis of factors stated in the aforesaid note including a valuation report obtained from an independent valuer. <br></br> However, in the absence of sufficient appropriate audit evidence to support the significant judgements and estimates applied by the management in the aforementioned valuation report, we are unable to comment upon the adjustments, if any, that are required to the carrying value of the aforesaid investment and consequential impact, if any, on the accompanying Statement.Qualified opinionSince how long continuingNot applicable as the impact is unquantifiedNot ascertainable'II (a) (i) As at March 31, 2026, the Company has an investment (including deemed investments) in its wholly owned subsidiary, HCC Infrastructure Company Limited (HICL) amounting to Rs. 1,152.77 crore (March 31, 2025: Rs. 1,294.33 crore). While the consolidated net worth of HICL as at March 31, 2026 has been substantially eroded, the management has assessed the fair value of HICL based on a valuation report from an independent valuation expert at year ended March 31, 2026. The valuation includes significant judgements and estimates in respect of future business plans, outcome of litigations for favourable arbitration awards and expected share of future revenues of erstwhile subsidiaries. Accordingly, based on the aforementioned valuation report, management believes that the recoverable amount of investment in HICL is higher than its carrying value. Statutory auditors report is modified in respect of this matter.Included in details of auditor's qualifications stated above(ii) As stated in Note 8 to the accompanying Statement, the 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.Qualified opinionSince how long continuingNot applicable as the impact is unquantifiedNot ascertainableII (a) (ii) As at March 31, 2026, the 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 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.Included in details of auditor's qualifications stated aboveArjun DhawanRahul ShuklaRamesh SubramanyamS. M. Chitale - PartnerMumbai2026-05-14Rights Issues2025-12-2299999000002026-03-31trueCare Ratings Ltd.falseNot ApplicablefalsefalseNitesh Kumar JhaCompany SecretaryMumbai2026-05-14Repayment and/ or pre-payment, in full or in part, of certain outstanding borrowings availed by our CompanyNA6250000000062500000000Investment in our Joint Venture, Prolific Resolution Private Limited, for repayment/prepayment, in full or in part, of certain outstanding borrowings availed by Prolific Resolution Private LimitedNA2000000000020000000000Augmenting the working capital requirements of our CompanyNA100000000009876000000General corporate purposesNA35540000003335000000