Outcome of Board Meeting dated 13 August 2025
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Artefact Projects Ltd's board, meeting on 13 August 2025, approved unaudited Q1 FY26 (quarter ended 30 June 2025) results with revenue from operations falling sharply to Rs. 312.48 lakhs versus Rs. 3,004.62 lakhs in the year-ago quarter, and net profit of Rs. 101.81 lakhs (vs Rs. 297.58 lakhs YoY), giving EPS of Rs. 1.40. The company attributes the revenue dip to a change in accounting policy—billing now happens only after client approval, leaving Rs. 448.05 lakhs unbilled and treated as work-in-progress. The board approved a Rs. 60 crore capital expenditure plan spread over ~24 months for office expansion, IT, and other assets, to be funded through a mix of equity and debt. It also cleared raising authorised share capital from Rs. 10 crore to Rs. 15 crore (1.5 crore equity shares of Rs. 10 each), subject to shareholder approval at the 37th AGM. Separately, it approved buying two office floors in Artefact Towers, Nagpur, for Rs. 15.50 crore each (Rs. 31 crore total) from Mr. Manoj Shah (relative of a director/promoter) and Mr. Chetan Shah (promoter)—each a material related-party transaction at ~51.58% of consolidated turnover, needing shareholder approval.
The steep revenue drop is driven by an accounting policy shift rather than a business collapse, but it may weigh on the stock in the near term until investors adjust to the new reporting. The Rs. 60 crore capex signals growth ambition, while the two large related-party property purchases (each equal to over half of annual turnover) are likely to draw attention and require shareholder nod at the upcoming AGM.