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Awaiting price reaction for this filing.
Artefact Projects Ltd, a Nagpur-based project management consultancy, reported unaudited Q2 FY26 revenue of ₹897.17 Lakhs, up about 31% from ₹684.51 Lakhs in Q2 FY25. Half-yearly revenue rose to ₹1,118.31 Lakhs from ₹996.99 Lakhs, while net profit dipped to ₹268.78 Lakhs from ₹321.23 Lakhs and EPS fell to ₹3.69 from ₹4.42. The company adopted a stricter revenue recognition policy this year, billing only on client (NHAI/PWD) approval, which reduced H1 revenue by ₹750.76 Lakhs and profit by ₹162.18 Lakhs. The auditor issued an unmodified opinion but flagged two Emphasis of Matter items related to investments in Akola Urban Co-operative Bank and the new billing policy. Operating cash flow turned positive at ₹116.99 Lakhs versus a ₹330.81 Lakhs outflow in the prior period.
Shareholders should note that headline profit decline is largely driven by an accounting policy change (deferred revenue), not deterioration in business activity, as underlying Q2 revenue growth remains strong. The auditor's emphasis of matter flags recoverability of client bills and a small investment but does not modify the opinion. Short-term outlook hinges on NHAI/PWD accepting pending bills worth ₹750.76 Lakhs.