ARTEFACT PROJECTS LTD.

Provides supervision consultancy and Independent Engineer services for national highway projects, primarily to the National Highways Authority of India (NHAI). The work covers construction supervision, operation and maintenance oversight, and independent engineering for highway stretches under programmes such as Bharatmala Pariyojna. Contracts are executed in joint venture with partners including Pioneer Infra Consultants, Neoteric Consultant LLP, KCS Engineering, CADD Consulting Engineering and Dev Laxmi Surveyor, with individual contract values typically in the Rs 2.93–7.77 crore range (excluding GST) and tenures of 36–60 months. FY26 total income was Rs 32.25 crore with an EBITDA margin of 27.54%; employee cost accounts for 35.4% of revenue and other operating expenses for 43.6%, while materials are zero. The auditor flagged an emphasis of matter in Q3 FY26: revenue is now recognised only on client approval/acceptance, leaving Rs 990.57 lakh of unbilled services off the books. Q3 FY26 revenue from operations fell ~25% year-on-year, and FY26 net profit declined ~29.7% from FY25.