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CONSTRUCTION COMPANY LIMITEDMain BoardEquity2025-04-012026-03-312026-05-142026-05-07INRCroresQuarterlyFourth quarterMulti segment2026-05-1413:30:002026-05-1416:45:00trueCash Flow IndirectStatement on impact of audit qualification2026-01-012026-03-31AuditedConsolidated99220000002531000001017510000015129000000089730000010465000005180000058043000009312800000862300000086230000054900000275300000330200000053210000000057300000589400000-215000005679000005894000000-215000000261950000010.270.27000.270.270.00490.01030.0231.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. <BR> 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 <BR> may lead to revision in cost to completion. Accordingly, the quarterly results may not be strictly comparable. <BR> 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: <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> 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. <BR> 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. <BR> <BR> 6 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 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. <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. 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. <BR> <BR> '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. <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. 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. <BR> <BR> 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. <BR> <BR> 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. <BR> <BR> 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. <BR> <BR> 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.2025-04-012026-03-31AuditedConsolidated39695900000111350000040809400000526510000000340370000046940000002749000002537550000039013200000179620000037810000021743000009900000047550000057450000001599800000000554000001655200000802300000245750000016552000000802300000026195000001186520000000.750.75000.750.750.00490.00780.0161Debt Equity ratio : <BR> Total Debt/(Equity Share Capital + Other equity less capital reserve) Debt Service Coverage ratio : <BR> (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) - AnnualisedInterest Service Coverage ratio : <BR> [(Earnings before interest^, depreciation and amortisation, exceptional items and tax)/Interest^ on debt for the period/year] - AnnualisedSubcontracting expenses4459400000Other expenses1344900000Subcontracting expenses19776000000Other expenses5599500000191740000019330000023000000547000000000576400000117839000004919400000102604000002754010000017478000001199200000331471000001328500000140750000022527200000381410000076980000002018010000048698700000014474000005147460000029610000008491780000026195000001865200000021271500000021271500000648320000000011601800000180850000005298000004800000001866280000037083000001115400000191574000002027280000010228500000342096000001035050000033870000084700000044983500000006364630000084917800000Other financial assets10260400000Other non-current assets524600000Non-current tax assets (net)674600000Other financial assets786600000Unbilled work-in-progress (contract assets)19393500000Other current assets1447400000Other financial liabilities11601800000Other financial liabilities10228500000Other current liabilities10350500000Engineering and construction9887100000Real estate0Infrastructure38100000Others8200000Unallocable Revenue0Engineering and construction39372500000Real estate300000Infrastructure538700000Others33000000Unallocable Revenue099334000003994450000011400000248600000992200000039695900000Engineering and construction1078000000Real estate-4300000Infrastructure53200000Others-207300000Unallocable Revenue0Engineering and construction3088800000Real estate3300000Infrastructure500800000Others-1363200000Unallocable Revenue0919600000222970000000009196000002229700000Engineering and construction77880900000Real estate551200000Infrastructure5300500000Others1185200000Unallocable Revenue084917800000084917800000Engineering and construction56703400000Real estate270900000Infrastructure3067200000Others3604800000Unallocable Revenue0636463000000636463000004694000000-485000001418700000-48960000004058100000-190040000000040783000000002749000000000029680000005355000000-4909000000-16660000024900000006807800000898210000000062100000089200000000000000014040000081260000069220000095380000000000000004000000000000020000000126930000000-364450000000096745000000000068757000000000-9773700000-6974900000-1699400000-1900000-170130000055154000003814100000Gain/(loss) on remeasurement of defined benefit plans23300000Gain/(loss) on fair value of equity instruments-64700000Income tax (expense)/credit relating to items that will not be reclassified to profit or loss3700000Translation gain/(loss) relating to foreign operations16200000-21500000Gain/(loss) on remeasurement of defined benefit plans1400000Gain/(loss) on fair value of equity instruments-126900000Income tax (expense)/credit relating to items that will not be reclassified to profit or loss18000000Translation gain/(loss) relating to foreign operations9098000008023000000000-21500000802300000AuditedQualified opinionMukund M. Chitale & Co.true2027-04-30408094000000390132000000165520000000.750849178000000636463000000212715000000Exceptional itemsExceptional items3781000000As 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. <br></br> 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 matterQualified opinionSince how long continuingNot applicable as the impact is unquantifiedNot ascertainable'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.Included in details of auditor's qualifications stated aboveArjun DhawanRahul ShuklaRamesh SubramanyamS.M.Chitle-partnerMumbai2026-05-14