Please find attached Audited Financial Results for the quarter and financial year ended March 31, 2026

Qualified audit opinionRevenue declinedProfit growth above 25%EBITDA margin compressionExceptional itemResults View source PDF Explain this filing

HCC · price

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Price reactionminutes from the announcement price · days from the prior close

-2.7%Reaction day

₹22.10

prior close

₹21.50

announcement price

After-mkt

timing

Nifty Microcap 250market · index membership as recorded later (tracked since Jun 2026)-0.4%-2.3% vs market

Civil Construction peers, median of 98sector-1.3%-1.4% vs sector

On the reaction day the stock moved 2.3 pts less than Nifty Microcap 250 and 1.4 pts less than its Civil Construction peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

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10m

-2.4

15m

-1.8

30m

+4.3

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

-2.7-0.4-2.3-1.3-1.4

Next day

-4.2-1.7-2.4-2.8-1.3

-5.2-1.3-3.9-2.8-2.4

-5.4-0.7-4.7-3.0-2.4

-7.3+0.4-7.7-2.6-4.7

-5.5+0.5-6.0-2.2-3.2

-0.6+2.8-3.4+0.0-0.6

15d

+2.9+1.2+1.7-4.7+7.6

+8.2+5.3+2.9-2.0+10.2

+5.4+9.9-4.5-3.7+9.1

-7.5+13.1-20.6-5.8-1.7

UpDownMarket · Nifty Microcap 250Sector · Civil Construction peers, median of 98Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

HCC reported standalone net profit of ₹205.8 crore in FY26, up 142% from ₹84.9 crore in FY25, driven by cost discipline and operational improvements. However, standalone revenue declined to ₹3,937.3 crore from ₹4,801.1 crore (18% decline). The company significantly reduced debt by 38% from ₹3,197 crore to ₹1,995 crore through a ₹1,000 crore rights issue, arbitration realisations, and internal accruals. EBITDA margin compressed to 16.1% in FY26 from 19.4% in FY25. The auditors issued a qualified opinion due to two unresolved matters: valuation of ₹1,152.77 crore investment in subsidiary HICL and ₹173.91 crore deferred tax assets, both carrying auditor concerns about management projections. Order book stood at ₹12,971 crore as of March 31, 2026.

Likely market impact

Strong profitability improvement and deleveraging are positives, but revenue decline and EBITDA margin compression raise concerns about execution. The ongoing qualified auditor opinion on subsidiary valuation and deferred tax assets represents a key risk factor for investors.