Q2 FY26 results: Sharp PAT growth; qualified opinion on subsidiaries

Qualified OpinionEmphasis Of MatterPat Growth 25pctRevenue Growth 20pctNegative Operating CashflowContingent Liabilities IncreasedResults View source PDF Explain this filing

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

+0.4%Reaction day

₹25.20

prior close

₹24.95

announcement price

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Nifty Microcap 250market · in no size index; the smallest one is used+0.3%+0.1% vs market

Civil Construction peers, median of 97sector+0.5%-0.1% vs sector

On the reaction day the stock moved 0.1 pts more than Nifty Microcap 250 and 0.1 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.

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Reaction day

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Next day

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UpDownMarket · Nifty Microcap 250Sector · Civil Construction peers, median of 97Pending

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AI summary

Board approved Q2 and H1 FY26 unaudited results on 12 Nov 2025. Standalone net profit jumped to 405 lakh in Q2 from 37 lakh, with H1 PAT at 539 lakh versus 142 lakh. Revenue rose about 20 percent to 2,411 lakh in H1. Auditor flagged a qualified opinion on consolidated numbers over subsidiary issues, including a 986 crore NHAI arbitration claim by step-down subsidiary TRPL. The company also paid an exchange penalty for delayed FY25 annual report filing.

Likely market impact

Strong PAT growth is positive, but qualified opinion, massive pending arbitration, and regulatory penalty are concerns for investors.