Further to our intimation dated 06 November 2025 (including XBRL filing) regarding the Board Meeting under Regulation 29 and in compliance with Regulations 30, 33, 52 and other applicable ....
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On 14 November 2025, the Board approved unaudited limited-review financial results for H1 FY26. Standalone (infrastructure EPC) revenue rose 17.6% YoY to ₹1,299.21 Mn, EBITDA jumped 33.1% to ₹216.73 Mn with margin expanding from 14.7% to 16.7%, and PAT grew 34.1% to ₹136.75 Mn. Consolidated revenue grew 13.1% YoY to ₹1,932.40 Mn, but consolidated EBITDA declined 6.3% (margin compressed from 25.0% to 20.7%) due to normalisation of unusually high real estate margins seen in FY25. Reported consolidated PAT fell 7.9% YoY to ₹253.62 Mn, though adjusted PAT (post minority interest) rose 4.4% to ₹182.87 Mn. Infrastructure order book stands at ~₹13.8 bn with ~₹8.1 bn outstanding. Operating cash flow turned negative on both standalone (-₹39.26 lakhs) and consolidated (-₹2,270.06 lakhs) bases.
Mixed picture: the core infrastructure business shows healthy growth, margin expansion and management's 25–30% FY26 standalone revenue guidance looks on track. However, lower real estate contribution weighed on consolidated earnings and weak operating cash flow may raise investor concerns about working-capital intensity even as the order book provides revenue visibility.