NSE: LIKHITHA · BSE: 543240
LIKHITHA INFRASTRUC LTD
Lays cross-country oil and gas pipelines and carries out pipeline rehabilitation work for public-sector oil companies and overseas contractors. The order book received a fresh push with a Rs 510 crore contract from China Petroleum Engineering and Construction Corporation-Abu Dhabi for Pipeline Package-1 (ASAB), to be executed over 21 months, and a Rs 121.04 crore contract from Oil India Limited for Coating Refurbishment and associated works on Pipeline Rehabilitation Project Phase-II across two spreads in Assam, to be executed over 3 years. The company plans to raise about Rs 60 crore via convertible warrants, with roughly Rs 54 crore earmarked for oil and gas pipeline equipment and Rs 6 crore for working capital. In FY26 it reported Rs 456.7344 crore of revenue at a 13.35% EBITDA margin. The biggest cost line is 'other operating expenses' at 65.2% of revenue, followed by materials at 21.1% and employee cost at 5.7%. Lender confidence is reflected in a reaffirmed CRISIL A/Stable rating on Rs 300 crore of bank facilities, including bank guarantees and working capital lines. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Oil and gas pipeline construction and rehabilitation. Order-driven infrastructure contractor for oil and gas pipelines, asset-light on capex (1.5% of revenue) but reliant on bank guarantees and working-capital lines
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 257 | 365 | 422 | 520 | 457 |
| EBITDA (ex other income) | 62 | 83 | 94 | 96 | 57 |
| margin % | 24.2 | 22.8 | 22.2 | 18.4 | 12.4 |
| Owners' profit | 0 | 0 | 65 | 69 | 39 |
| EPS, as reported (₹) | 23.38 | 15.28 | 16.58 | 17.57 | 9.94 |
| ROE % · ROCE % | — · — | 24.0 · 32.7 | 21.0 · 29.3 | 18.6 · 25.2 | 9.4 · 13.0 |
| Debt / equity (x) | — | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 3 | 31 | 21 | (0) | (5) |
| Capex | (10) | (9) | (14) | (3) | (7) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 133 | 126 | 135 | 122 | 102 | 111 | 121 | 85 |
| Profit before tax | 24 | 23 | 24 | 19 | 16 | 12 | 6 | 10 |
| Net profit | 18 | 17 | 18 | 14 | 12 | 9 | 4 | 7 |
| EPS (₹) | 4.41 | 4.38 | 4.46 | 3.51 | 2.92 | 2.35 | 1.16 | 1.85 |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Compliance Certificate under SEBI Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 5 Oct 2026 · CRISIL reaffirms credit ratings on Rs 300 Cr bank facilities | credit debt | medium | — | — |
| 30 Sept 2026 · 27th AGM voting results - all resolutions passed | compliance | low | — | — |
| 28 Sept 2026 · Likhitha Infrastructure 27th AGM held on Sept 28, 2026; voting results awaited | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Board approves UAE subsidiary, hikes stake in Saudi arm to 90% | strategic transactions | medium | — | — |
| 22 Sept 2026 · Trading window closure for Q2 results | compliance | minimal | — | — |
| 19 Sept 2026 · Annual Report FY2025-26 filed; Revenue Rs 456.73 Cr, Order book Rs 1,454 Cr | results | high | — | — |
| 9 Sept 2026 · Likhitha Infra allots 25 lakh convertible warrants at Rs 240 each | fund raising | high | — | — |
| 5 Sept 2026 · Likhitha Infrastructure files FY26 BRSR; reports zero safety incidents | compliance | low | — | — |
| 5 Sept 2026 · 27th AGM Notice and Annual Report FY26 submitted to exchanges | board shareholder meetings | medium | — | — |
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.