TIRUPATI SARJAN LTD.

Operates two divisions: a Tender Division that takes on construction contracts from public sector clients (such as the Indian Oil Corporation LPG bottling plant project), and a Construction Division focused on residential and commercial real estate. In Q3 FY26, the Tender Division generated Rs 6,529.11 lakhs of revenue, sharply higher than Rs 3,742.49 lakhs in Q3 FY25, lifting total Q3 revenue to Rs 6,902.03 lakhs (up about 29% year-on-year). However, for the first nine months of FY26, total operating revenue declined to Rs 13,767.72 lakhs from Rs 14,376.91 lakhs, as both divisions were weaker earlier in the year, and full-year FY26 total income came in at Rs 21,772.86 lakhs against Rs 22,166.95 lakhs in FY25. Materials are by far the largest cost line at 35.2% of revenue, while employee costs (1.1%), other opex (4.0%), depreciation (0.5%) and capex (1.3%) are comparatively small. The business is working-capital heavy: inventories stood at Rs 8,737 lakhs as of September 30, 2025, cash on hand had fallen to Rs 104.79 lakhs from Rs 432.84 lakhs at March-end 2025, and operating cash flow was negative at Rs (103.96) lakhs in H1 FY26. A previously awarded Rs 57.70 crore IOCL LPG bottling plant construction tender was terminated during the year and settled, with IOCL raising a provisional claim of Rs 8.69 crore. The company has also received income tax demands totalling approximately Rs 18.13 crore across assessment years 2016-17, 2017-18, 2018-19 and 2020-21, which it plans to appeal.