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Tirupati Sarjan reported weak Q1 FY26 results with total operating income falling about 25% year-on-year to Rs 3,082.54 lakhs from Rs 4,121 lakhs in Q1 FY25. The decline was mainly because there was no revenue from the tender business this quarter (Rs 2,946.55 lakhs in Q1 FY25), and construction revenue also dropped sharply to Rs 54.62 lakhs from Rs 116.92 lakhs. Net profit declined about 12% to Rs 106.34 lakhs from Rs 120.60 lakhs, with EPS falling to Rs 0.32 from Rs 0.37. Profit before tax came in at Rs 151.01 lakhs versus Rs 162.97 lakhs. The statutory auditor MAAK and Associates gave an unqualified (clean) limited review report with no qualifications.
A soft quarter with both revenue and profit shrinking, mainly due to absence of tender order execution. While profit margins held up, shareholders should watch for revival in tender business and new order inflows in coming quarters to restore growth.