OUTCOME OF BORAD MEETING
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Artefact Projects' Board, at its meeting on November 13, 2025, approved the unaudited financial results for the quarter and half year ended September 30, 2025, with a clean (unmodified) opinion from the statutory auditor. Revenue from operations for H1 FY26 rose to Rs. 1,118.31 lakhs (vs Rs. 996.99 lakhs in H1 FY25), but net profit fell to Rs. 268.78 lakhs from Rs. 321.23 lakhs, and EPS dropped to Rs. 3.69 from Rs. 4.42. The company has changed its revenue recognition policy from the current year – it now books revenue only after client approval (mainly NHAI and PWD), which kept Rs. 750.76 lakhs of bills as unbilled work-in-progress and cut profits by about Rs. 162.18 lakhs. The trading window for insiders remains closed for 48 hours after these results are published.
Shareholders should note that despite higher top-line growth, H1 net profit declined roughly 16% year-on-year, largely due to the new accounting policy delaying revenue recognition – this could suppress reported earnings until client approvals come through. The window closure also means no insider buying or selling until results are published, and the single business segment (project consultancy) continues to drive all results.