BSE: 531297
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Supervision Consultancy & Independent Engineer Services for Highways. Services firm; people-driven, asset-light consultancy with multi-year government contracts and JV execution.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 24 | 18 | 24 | 30 | 32 |
| EBITDA (ex other income) | 5 | 5 | 3 | 7 | 5 |
| margin % | 20.9 | 29.0 | 12.0 | 22.5 | 15.5 |
| Owners' profit | 4 | 5 | 5 | 7 | 5 |
| EPS, as reported (₹) | 6.14 | 7.61 | 7.33 | 10.23 | 7.29 |
| ROE % · ROCE % | 8.3 · 13.4 | 9.6 · 13.0 | 8.8 · 11.1 | 11.3 · 14.8 | 7.4 · 11.0 |
| Debt / equity (x) | 0.37 | 0.23 | 0.17 | 0.22 | 0.22 |
| Cash from operations | (4) | (1) | (0) | (19) | (0) |
| Capex | (0) | (0) | (0) | (2) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3 | 7 | 7 | 13 | 2 | 9 | 7 | 14 |
| Profit before tax | 2 | 2 | 2 | 3 | 1 | 2 | 2 | 1 |
| Net profit | 1 | 2 | 1 | 3 | 1 | 2 | 2 | 1 |
| EPS (₹) | 1.97 | 2.44 | 1.71 | 4.11 | 1.40 | 2.30 | 2.31 | 1.29 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CENTRAL MINE P N D INST L | 14,645 | 48.1 | 6.41 | — | 26.9 | 34.6 | — | 34.9 |
| IIRM HOLDINGS INDIA LIMITED | 804 | 32.8 | 5.10 | 13.6 | 15.5 | 14.4 | — | 24.9 |
| Qualitek Labs Limited | 643 | 41.2 | — | — | — | 8.5 | — | — |
| Monarch Surveyors and Engineer | 348 | 7.1 | — | — | — | 20.9 | — | — |
| LIKHAMI CONSULTING LIMITED | 311 | 975.6 | 8.84 | — | 0.7 | 0.9 | — | 67.2 |
| Ekansh Concepts Limited | 289 | 91.8 | 6.36 | 172.1 | (6.7) | (6.8) | (12.2) | 48.8 |
| EKI ENERGY SERVICES LTD | 230 | — | 0.60 | 23.4 | (4.3) | (3.0) | — | (6.1) |
| MITCON CON & ENG SER LTD | 135 | 12.3 | 0.78 | 6.5 | 5.4 | 5.1 | — | 12.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.0 | 8.9 | 8 of 23 | 68% |
| P/B | 0.5 | 1.9 | 3 of 17 | 88% |
| ROCE | 8.8 | 8.2 | 11 of 26 | 60% |
| ROE | 7.4 | 6.7 | 8 of 17 | 56% |
| Debt / Equity | 0.2 | 0.0 | 10 of 17 | 44% |
| EBITDA margin | 10.5 | 31.8 | 14 of 17 | 19% |
| Revenue growth | 12.4 | 10.3 | 8 of 18 | 59% |
| Profit growth | (71.0) | (29.8) | 14 of 18 | 24% |
| Market cap | 37 | 35 | 11 of 26 | 60% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 28 Sept 2026 · letter of Award | business updates | high | — | — |
| 26 Sept 2026 · Trading Window Closure for Q2/HY ending September 2026 | compliance | minimal | — | — |
| 25 Sept 2026 · Artefact Projects 38th AGM: Both resolutions passed with 99.99% approval | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Newspaper publication for 38th AGM and e-voting information | compliance | minimal | — | — |
| 29 Aug 2026 · Artefact Projects revises book closure dates for 38th AGM | corporate actions | medium | — | — |
| 29 Aug 2026 · Book closure and e-voting schedule for 38th AGM | board shareholder meetings | low | — | — |
| 29 Aug 2026 · Artefact Projects fixes book closure Sep 18-24 for 38th AGM | compliance | minimal | — | — |
| 29 Aug 2026 · Artefact Projects FY26 annual report and 38th AGM notice filed | board shareholder meetings | medium | — | — |
| 29 Aug 2026 · 38th AGM notice - 24 Sep 2026 | board shareholder meetings | low | — | — |
| 12 Aug 2026 · Newspaper Publication of Q1 FY27 Financial Results | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.