OPERATIONS
The following discussion is intended to convey managements perspective on our financial condition and results of operations for the period ended June 30, 2026 and the Fiscals 2026, 2025 and 2024. You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our Restated Consolidated Financial Information as of and for the period ended June 30, 2026 and Fiscals 2026, 2025 and 2024, including the related annexures.
Unless otherwise indicated or context otherwise requires, the financial information for the period ended June 30, 2026 and Fiscals 2026, 2025 and 2024, included herein is derived from the Restated Consolidated Financial Information, included in this Red Herring Prospectus. For further information, see Restated Consolidated Financial Information and Summary of Financial Information on pages 295 and 81. The financial information for the period ended June 30, 2026, has not been annualized, unless otherwise specified. The financial information for the period ended June 30, 2026 is not comparable with financial information for Fiscals 2026, 2025 and 2024.
Our Fiscal year ends on March 31 of each year. Accordingly, all references to a particular Fiscal are to the 12-month period ended March 31 of that year.
This discussion contains forward-looking statements that involve risks and uncertainties and reflects our current view with respect to future events andfinancial performance. Actual results may differ from those anticipated in these forwardlooking statements as a result of factors such as those setforth under ForwardLooking Statements and Risk Factors on pages 29 and 31, respectively.
Our financial year ends on March 31 of every year, so all references to a particular financial year are to the twelvemonth period ended March 31 of that year.
Overview
We are an Engineering, Procurement, Construction and Commissioning ( EPCC ) company engaged in providing integrated infrastructure solutions across multiple domains, with a primary focus on the railway infrastructure, power transmission & distribution, and water & wastewater treatment sectors. Our expertise spans the entire project lifecycle design, engineering, procurement, erection, testing, commissioning, and operation & maintenance ( O&M ). We also operate an in-house manufacturing facility for High-Tension ( HT ) and Low-Tension ( LT ) electrical panels and compact substations, enabling us to offer customized, reliable, and cost-efficient products that complement our EPCC activities. We also undertake sub-contracting assignments, providing on-ground execution support for a wide range of engineering projects.
Indias EPC industry delivers services including design and engineering, procurement, civil works, installation, commissioning and operation and maintenance covering Railway EPC, Drinking Water & Wastewater Treatment, Power Distribution Panels and Compact Substation, Transmission and Distribution and SCADA and Automation. Indias Railway EPC market grew from INR 16.2 thousand crore in FY 20 to INR 30.4 thousand crore in FY 25 and is expected to reach INR 50.5 thousand crore by FY 30F. The drinking water and wastewater market is projected to reach INR 169.6 thousand crore by FY 30F, supported by growth across panels, transmission and distribution and SCADA segments. Indian Infrastructure EPC Market is defined as the total domestic revenue generated from engineering, procurement, and construction (EPC) activities undertaken within India across Railway Infrastructure and Water Infrastructure segments, along with the related markets for HT/LT Power Distribution Panels, Compact Substations (CSS), and SCADA & Automation Systems. (Source: Ken Report)
We operate through five interlinked business segments, each contributing to our integrated infrastructure and engineering solutions framework. Incorporated with the vision of delivering technically robust and cost-effective engineering solutions, we offer end-to-end project execution capabilities covering design, engineering, procurement, project management, construction, installation, testing and commissioning.
Our diversified business verticals include:
(a) Railway Electrification & Infrastructure:
Railway Electrification (RE) - We undertake RE and allied infrastructure works represent one of our principal business segments. We undertake EPCC projects involving the design, supply, erection, testing and commissioning of 25 kV AC Overhead Electrification ( OHE ) systems, Traction Sub-stations ( TSS ), and Sectioning and Paralleling Posts ( SP/SSP ). Our scope also includes associated civil works such as foundations, trenches, control room buildings, and ancillary structures, as well as signalling and telecommunication interface works. We execute projects for zonal railways, public sector undertakings, and large infrastructure contractors. The Companys technical proficiency and adherence to RDSO standards enable efficient, safe, and reliable electrification execution.
Railway Infrastructure Works - Our company does composite nature of work involving civil, electrical, and mechanical works as part of the Railway Station Redevelopment with allied works and modernization programs initiated by Indian Railways under the Amrit Bharat Station Scheme and other national initiatives. Our services in this domain cover structural rehabilitation, construction of passenger amenities, illumination systems, internal and external electrification, foot over bridges, water supply and drainage systems, digital LED signages and integration of automation for energy management. Through these works, we contribute to the modernization of passenger interface infrastructure and enhancement of service standards across the Indian Railways network.
Indian Infrastructure EPC Market is defined as the total domestic revenue generated from engineering, procurement, and construction (EPC) activities undertaken within India across Railway Infrastructure and Water Infrastructure segments, along with the related markets for HT/LT Power Distribution Panels, Compact Substations (CSS), and SCADA & Automation Systems. (Source: Ken Report)
The Railway EPC Market is defined as the domestic revenue generated from EPC contracting activities related to railway electrification, signaling & telecommunication, and civil works in India. Between FY 20 and FY 25, the Railway EPC market increased from INR 16.2 thousand crore to INR 30.4 thousand crore, at a CAGR of 13.4%. From FY 25 to FY 30F, the market is expected to grow to INR 50.5 thousand crore, at a CAGR of 10.7%. (Source: Ken Report)
In FY 25, Indias Railway EPC market on segmentation by work type, composite infrastructure works, accounted for 51.0%, followed by Electrification of Railway Lines at 13.8%, S&T Works at 12.8%, PEB for Sheds, Warehouses & Depots at 9.9%, OHE at 5.6%, Traction Substations at 4.3% and Power Transmission & Distribution Networks at 2.6%. Opportunities for EPC players lie in the execution of electrification, signaling, and station redevelopment works under flagship programs such as PM Gati Shakti, Amrit Bharat Station Scheme, and Mission Electrification. In addition, highspeed rail corridors, dedicated freight lines, and multimodal logistics hubs are creating sustained EPC demand across civil and electrical packages. ( Source: Ken Report )
The India Metro Systems EPC Market is defined as the domestic revenue generated from EPC contracting activities related exclusively to urban metro rail systems in India. Indias metro EPC market has grown steadily from Rs.15,000 crore in FY 19 to an estimated Rs.23,500 crore in FY 25, reflecting a CAGR of 7.8%, and is projected to reach Rs.34,700 crore by FY 30F, reflecting an 8.1% CAGR (FY 25 - FY 30F). (Source: Ken Report)
(b) Extra High Tension (EHT) Transmission and Distribution Systems:
Our company undertakes turnkey projects in Extra High Tension Transmission and Distribution Systems, covering voltage levels up to 220 kV. Its scope includes sub-station construction, installation of power transformers, switchgear, control and relay panels, busbar systems, and distribution networks. We also execute transmission line projects, including foundation works, tower erection, conductor stringing, and OPGW ( Optical Ground Wire ) integration. Our work in this vertical supports utilities, public sector undertakings, and industrial clients in strengthening grid reliability and power distribution efficiency. Its participation aligns with national programs such as the Revamped Distribution Sector Scheme (RDSS) and Green Energy Corridors , emphasizing grid modernization and renewable integration.
The Transmission and Distribution (T&D) Market is defined as the domestic EPC revenue generated from the design, supply, construction, and commissioning of transmission lines, substations, and distribution networks across India. As of FY 25, Indias transmission and distribution market size stood at INR 36,000.0 crore, growing at a strong CAGR of 16.2 % over FY 20 - FY 25. The market is projected to reach INR 60,063.0 crore by FY 30F, at a CAGR of 10.8 % (FY 25 - FY 30F). (Source: Ken Report)
In FY 25, Indias Transmission and Distribution Market Segmentation (INR 000 crore) by End User, state segment accounted for 66.1%, followed by Central segment at 21.9% and Private segment at 11.9%.Opportunities for EPC players lie in grid expansion, substation construction, feeder modernization driven by government programs such as the Revamped Distribution Sector Scheme (RDSS), Green Energy Corridor, and National Electricity Plan, large-scale push for renewable evacuation and interregional transmission corridors and growing need for reliable power transmission to support water, industrial, and renewable infrastructure. ( Source: Ken Report )
(c) Water and Wastewater Treatment EPCC:
We provide turnkey EPCC solutions for Water Treatment Plants ( WTP ), Sewage Treatment Plants ( STP ), and Effluent Treatment Plants ( ETP ), along with associated civil, mechanical, and electrical works. Its capabilities cover intake wells, pumping stations, rising mains, pipelines, and process automation systems. With ensuring compliance with CPCB and SPCB norms, we execute projects based on STP technologies such as:
• MBBR (Moving Bed Biofilm Reactor)
• SBR (Sequencing Batch Reactor)
These works align with government programs like Jal Jeevan Mission , AMRUT , and Namami Gauge, supporting national goals of water conservation, reuse, and sustainable urban development.
The Drinking Water and Waste Water Treatment Market is defined as the domestic EPC revenue generated from the design, supply, and execution of drinking water treatment plants, wastewater/sewage treatment plants, distribution networks, pumping stations, and electro-mechanical works in India. Indias drinking water and wastewater treatment market expanded from INR 60.5 thousand crore in FY 20 to INR 99.9 thousand crore in FY 25, at a CAGR of 10.6%. It is expected to reach INR 169.6 thousand crore by FY 30F at a CAGR of —11.2% (FY 25 - FY 30F). (Source: Ken Report)
In FY 25, Indias Drinking Water and Waste Water Treatment on segmentation by plant type, sewage and water piping accounted for 33.0%, followed by drinking water treatment plants at 28.0%, effluent treatment plants at 18.5%, sewage treatment plants at 15.5% and associated infrastructure (including pump houses, reservoirs, pipelines, and control rooms)
at 5.0%.(Source: Ken Report)
Opportunities for EPC players lie in the design and execution of drinking water, sewage, and effluent treatment plants under flagship government programs such as Jal Jeevan Mission, AMRUT 2.0, and Namami Gange. Rising urbanization, industrial compliance norms, and Zero Liquid Discharge (ZLD) requirements are accelerating investments in STPs, ETPs, and reuse systems. ( Source: Ken Report )
(d) Automation and SCADA Systems:
Automation and Supervisory Control and Data Acquisition ( SCADA ) solutions form an integral part of our service offerings. We design and implement Programmable Logic Controller (PLC)-based automation systems, RTU and HMI integration, instrumentation, control panels, and communication networks for remote monitoring and control of infrastructure assets. Our automation services are applied across its core business sectors railway electrification, water systems, and power distribution enhancing system reliability, efficiency, and operational safety.
The SCADA & Automation Systems Market is defined as the domestic revenue generated from the design, supply, execution, and commissioning of SCADA and automation systems across electrical networks, water and wastewater infrastructure, power projects, and railway installations in India. The Indian SCADA and Automation Systems market has grown from INR 5.1 thousand crore in FY 20 to INR 7.7 thousand crore in FY 25, reflecting a CAGR of 8.6%. The market projected to reach INR 12.0 thousand crore by FY 30F, registering a CAGR of 9.3% between FY 25 - FY 30F. (Source: Ken Report )
In FY 25, Indias SCADA and Automation Systems Market Segmentation by Application, Power Distribution SCADA accounted for 24.7%, followed by Oil & Gas SCADA at 23.4%, Other Applications SCADA at 16.9%, Manufacturing SCADA at 15.6%, Water Supply SCADA at 10.4% and Waste Water SCADA at 9.1%. (Source: Ken Report)
The market offers growing opportunities for EPC players in deployment and integration of SCADA systems across power, water, and industrial assets. With utilities adopting IoT, cloud, and AI-based analytics, EPCs with automation capabilities can capture value in grid modernization, renewable integration, and smart water networks, supported by government-led digitalization programs driving steady automation-linked EPC demand. (Source: Ken Report)
(e) Composite supply of HT/LT Distribution Panels along with related services:
We manufactures a wide range of High Tension (HT) and Low Tension (LT) distribution and control panels, including VCB panels, PCC, MCC, APFC, synchronization panels, and PLC-based automation panels. All panels are designed and fabricated in accordance with IS/IEC standards, ensuring safety, reliability, and consistent performance. Our in-house capability supports complete vertical integration from design and fabrication to assembly and testing allowing us to maintain strict quality control, optimize costs, and ensure timely delivery. In addition to meeting internal project
requirements, this division also contributes to external revenue by supplying panels to third-party clients across industrial and infrastructure sectors. These panels are typically provided as a composite supply along with our installation, testing and commissioning services as part of our integrated project execution.
A major strength of this division is our capability to produce Compact Substations (CSS) with capacities up to 2.5 MVA and voltage levels up to 11 kV. These factory-built, fully integrated substations combine a transformer, HT panel, LT panel, and protection systems within a single compact enclosure. Their modular design, enhanced safety features, and reduced installation footprint make them ideal for industrial, commercial, and utility applications. This product segment represents a key differentiator for us, offering clients faster deployment, improved reliability, and lower lifecycle costs.
The Transmission and Distribution (T&D) Market is defined as the domestic EPC revenue generated from the design, supply, construction, and commissioning of transmission lines, substations, and distribution networks across India. As of FY 25, Indias transmission and distribution market size stood at INR 36,000.0 crore, growing at a strong CAGR of 16.2 % over FY 20 - FY 25. The market is projected to reach INR 60,063.0 crore by FY 30F, at a CAGR of 10.8 % (FY 25 - FY 30F). (Source: Ken Report)
In FY 25, Indias Transmission and Distribution Market Segmentation (INR 000 crore) by End User, state segment accounted for 66.1%, followed by Central segment at 21.9% and Private segment at 11.9%.Opportunities for EPC players lie in grid expansion, substation construction, feeder modernization driven by government programs such as the Revamped Distribution Sector Scheme (RDSS), Green Energy Corridor, and National Electricity Plan, large-scale push for renewable evacuation and interregional transmission corridors and growing need for reliable power transmission to support water, industrial, and renewable infrastructure. ( Source: Ken Report )
For further details, please see Our Business - Our Business Verticals on page 202.
We began our operations as a partnership firm in 2014 and were converted into a private limited company in 2022 under the provisions of the Companies Act, 2013. Headquartered in Mysore, Karnataka, we started as an EPC contractor and gradually expanded into a diversified infrastructure and utility solutions provider with integrated capabilities across design, engineering, installation, testing, commissioning, and O&M. Over the years, we have built relationships with government organizations, PSUs, utilities, and private enterprises across India. Our structure allows us to leverage synergies between our EPC and manufacturing divisions, enabling us to deliver end-to-end, technology-driven, and cost- optimized infrastructure solutions across sectors.
Our business is supported by a Board of Directors with diverse functional and sectoral experience, providing strategic direction and oversight to the Companys operations. The Board comprises Agrahara Chamaraje Gowda Abhinandan, Promoter and Managing Director, with over eleven years of experience in EPC, railway infrastructure, SCADA/automation, transmission and distribution and utility projects; Mahadevappa Tejus, Promoter and Whole-time Director, with over nine years of experience in project execution, procurement and construction management; and Hosahalli Appagigowda Savitha, Promoter, Chairman and Executive Director, with over seven years of experience in administration, governance and operational management. The Board also includes Anala, Promoter and Non-Executive Director, with engineering and industry experience in human resources and organizational development; Kikkeri Putte Gowda Jayaramu, Independent Director, with over thirty-four years of experience in urban infrastructure, water supply and sanitation projects; and Mysore Govindaraju Yashwanthkumar, Independent Director, with over nine years of experience in finance, accounting and taxation. The collective expertise of the Board supports informed decision-making, effective oversight of operations, and adherence to governance and compliance requirements.
Our strength lies in integrated engineering capability, experienced technical team, and proven execution across complex, time-bound projects. Our business model focuses on project management, vendor partnerships, in-house design expertise, and commitment to quality, safety, and sustainability. We have long-term relationships with public sector undertakings, state utilities, and private clients, including participation in infrastructure programs led by Indian Railways and other government agencies. With a presence across multiple sectors and a growing order book, we combine EPC experience with in-house manufacturing through a vertically integrated model that supports cost efficiency, design flexibility, and quality control. This enables execution of multidisciplinary projects in power, water, and industrial automation within defined timelines. Our vision is to enhance execution and profitability in small and medium EPC contracts while adopting emerging technologies to deliver sustainable infrastructure under Public-Private Partnership ( PPP ) models.
Our key performance indicators for the last three Fiscals and period ended June 30, 2026 are as follows:
Based on the Restated Consolidated Financial Information:
a) Key financial indicators
| Indicator | June 30, 2026 | March 31, 2026 | March 31, 2025 | March 31, 2024 |
| Revenue from Operations ( Rs. in Lakhs) (i) | 4,565.18 | 9,133.83 | 3,415.68 | 3,345.13 |
| EBITDA ( Rs. in Lakhs) (2) | 908.47 | 1,830.40 | 670.73 | 495.72 |
| EBITDA Margin (%) (3) | 19.90% | 20.04% | 19.64% | 14.82% |
| PAT ( Rs. in Lakhs) (4) | 616.67 | 1,236.61 | 380.86 | 288.57 |
| PAT Margin (%) (5) | 13.51% | 13.54% | 11.15% | 8.63% |
| Return on equity (%) (6) | 18.06% | 49.70% | 30.31% | 57.81% |
| Return on capital employed (%) (7) | 13.23% | 37.78% | 23.59% | 32.71% |
| Debt-Equity Ratio (times) (8) | 1.09 | 1.02 | 0.99 | 2.60 |
| Inventory (days) (9) | 34 | 86 | 214 | 92 |
| Trade Receivables (days) (10) | 174 | 223 | 234 | 53 |
| Trade Payables (days) (11) | 44 | 69 | 94 | 45 |
| Working Capital Cycle (days) (12) | 165 | 240 | 353 | 100 |
Notes:
(1) Revenue from operations is calculated as revenue from Indias Railway EPC, Drinking Water and Waste Water Treatment, Transmission and Distribution, Power Distribution Panels and
Compact Sub-Stations and SCADA and Automation Systems Services
(2) EBITDA is calculated as restated profit before tax, extraordinary and exceptional items plus finance costs, depreciation and amortisation expense minus other income.
(3) EBITDA margin is calculated as a percentage of EBITDA divided by revenue from operations.
(4) PAT represents total profit after tax for the year/period.
(5) PAT margin is calculated as a percentage of PAT divided by revenue from operations.
(6) Return on Equity (ROE%) is calculated as a percentage of PAT divided by Average Total Equity at the end of the year /period, whereas Total equity is calculated as average of opening equity share capital and reserves and surplus and closing of equity share capital and reserves and surplus.
(7) Return on Capital Employed (ROCE%) is calculated as a percentage of EBIT divided by Average Capital Employed at the end of the year /period, whereas Average capital employed is calculated as average of opening capital employed and closing capital employed. EBIT is calculated as restated profit before tax plus finance costs minus other income. Capital Employed is calculated as Total Equity minus DTA plus DTL, Long Term Borrowings and Short-Term Borrowings.
(8) Debt to Equity ratio is calculated as total borrowings divided by total equity.
(9) Inventory (days) is calculated as average inventory divided by Cost of Services multiplied by 365. Cost of services is calculated as cost of materials consumed plus other direct expenses plus changes in Inventories of Work-in-Progress. Average inventory are calculated as average of opening inventory and closing inventory.
(10) Trade Receivables (days) is calculated as average trade receivables divided by revenue from operations multiplied by 365. Average frade receivables are calculated as average of opening frade receivables and closing trade receivables.
(11) Trade Payables (days) is calculated as average trade payables divided by Cost of Services multiplied by 365. Cost of services is calculated as cost of materials consumed plus other direct expenses plus changes in Inventories of Work-in-Progress. Average trade payables is calculated as average of opening trade payables and closing trade payables.
(12) Working capital cycle (days) is calculated inventory days plus trade receivables days minus frade payables days.
* Inventory, Trade Receivable and Trade Payable days have been calculated using 90 days for June 30, 2026.
b) Key operational indicators
| Indicator | Period ended June 30,2026 | 31 st March, 2026 | 31 st March, 2025 | 31 st March, 2024 |
| Total Projects Executed (Nos.) | 9 | 42 | 15 | 16 |
| Projects in Progress (Nos.) | 32 | 40 | 16 | 10 |
| Average Duration to Complete a Project (Months) (1) | 13 | 13 | 10 | 8 |
| Railway Station Redevelopment / Infra Works Executed such as FOBs / PF extension. Etc (Nos.) | 8 | 12 | 8 | 2 |
| Railway Electrification Completed (RKM/TKM) (2) | 5 | - | 20 | 80 |
| Traction Sub Stations (132KV / 27KV) (Nos) (3) | 1 | 1 | - | - |
| System Power Installations - SP / SSP Commissioned (Nos.) | - | - | 3 | - |
| Sewage Treatment Capacity Executed (MLD) (4) | 1.81 MLD | 3.81 MLD | 0.5 MLD | - |
| Water treatment Plant with necessary units such as - Water Tanks, Distribution pipeline system, Reservoirs Etc (Projects Completed) | 7 | 10 | 5 | 3 |
| 11KV Distribution Feeders - Overhead and Underground cabling systems (Kms) | 3.5 | 4.05 | 4.40 | 19.13 |
| Distribution Sub-Stations - 11KV / 33KV for Railway Infra (Nos.) (11) | 4 | 8 | 9 | 10 |
| RMUs / VCB Installations (Nos.) (5) | 3 | 6 | 9 | 12 |
| Number of SCADA / Automation Systems Commissioned (For 11KV Distribution / Water Supply. Etc) (Nos. of Projects) | 5 | 13 | 2 | 1 |
| PLC/RTU/HMI Panels Installed (Nos.) (6) | 5 | 60 | 10 | 12 |
| SCADA/Automation Panels Manufactured (Nos.) | 5 | 15 | 60 | 16 |
| Compact Substations (CSS) Manufactured (Nos.) | 1 | 6 | 20 | 3 |
| HT Panels Manufactured (Nos.) | 4 | 6 | 2 | 4 |
| LT Panels Manufactured (Nos.) | 42 | 32 | 102 | 73 |
Note:
(1) The average project duration (in months) represents the average time taken for completion of projects executed during the respective year. Variations across the years are primarily atfributable to differences in the size, scope and complexity of projects undertaken. Prior to Fiscal 2024, the Company predominantly executed projects with contract values below T5 crore, while from Fiscal 2024 onwards the Company has undertaken relatively larger projects exceeding T5 crore, which typically require longer execution timelines.
(2) RKM (Route Kilometer) refers to the total length of a railway route and TKM (Track Kilometer) refers to the total length of all tracks laid.
(3) Traction Sub-Station (132 kV / 27 kV) an electrical installation that receives high-voltage power from the grid at 132 kV and steps it down to approximately 27 kVfor supply to the 25 kVAC overhead railway electrification system.
(4) MLD (Million Liters per Day) denotes the capacity of water or sewage treatment systems used in railway infrasfructure.
(5) RMU (Ring Main Unit) is a compact medium-voltage switchgear used in ring-type power distribution networks, and VCB (Vacuum Circuit Breaker) is a breaker that extinguishes electrical arcs within a vacuum.
(6) PLC (Programmable Logic Controller) is an industrial control computer that automates machines and processes. RTU (Remote Terminal Unit) collects data from remote sites and transmits it to a control center. HMI (Human Machine Interface) is the screen or interface through which operators monitor and confrol systems.
Significant factors affecting our Financial Condition and Results of Operations
Our financial condition and results of operations are influenced by several factors, including infrastructure sector growth, our ability to secure and execute Engineering, Procurement, Construction and Commissioning contracts, cost management including raw material procurement, working capital requirements arising from project-based operations, and the performance of our manufacturing operations for electrical panels and substations. The following factors have significantly affected, and are expected to continue to affect, our financial condition and results of operations.
Growth in Infrastructure Development in Railway Electrification, Power Transmission & Distribution and Water Infrastructure Sectors
Our business is closely linked to infrastructure development in sectors such as railway electrification, power transmission and distribution, and water and wastewater treatment systems. Demand for our EPCC services depends largely on infrastructure investments undertaken by the Government of India, state governments, public sector undertakings ( PSUs ), and infrastructure developers. Government initiatives such as railway electrification programs, strengthening of transmission networks, renewable energy integration, and expansion of water supply and wastewater treatment infrastructure have supported the growth of infrastructure projects across India. These initiatives have increased the demand for EPC contractors capable of delivering integrated engineering and construction solutions. Our revenue from operations increased from Rs.3,345.13 lakhs in Fiscal 2024 to Rs.3,415.68 lakhs in Fiscal 2025 to Rs.9,133.83 lakhs in Fiscal 2026, primarily driven by the execution of infrastructure projects across these sectors. However, our financial performance remains dependent on the pace of infrastructure investments and project awards. Any slowdown in government capital expenditure, delays in infrastructure project approvals, or changes in public procurement policies may adversely affect the demand for our services and impact our revenues.
Dependence on Government Entities and Public Sector Clients for Infrastructure Projects
A significant portion of infrastructure projects in India are undertaken by government departments, public sector undertakings, and government-backed authorities. As a result, EPCC contractors such as us often derive a substantial portion of their revenues from projects awarded by such entities. Projects undertaken for government clients typically involve detailed tendering processes, technical qualification requirements, and compliance with regulatory and contractual obligations. While such projects offer opportunities for large-scale infrastructure development, they may also involve extended approval processes, complex documentation requirements, and longer payment cycles. Our financial performance is therefore influenced by the pace of tendering activities, the availability of government-funded infrastructure projects, and the timely execution and payment of such contracts. Any reduction in government infrastructure spending, delays in project awards, or changes in procurement frameworks may affect the availability of new projects and impact our revenue growth.
Ability to Secure New EPCC Contracts and Maintain a Healthy Order Book
Our revenue generation depends significantly on our ability to secure new EPCC contracts and subcontracting assignments through competitive bidding processes. Infrastructure projects are generally awarded based on evaluation criteria such as technical capabilities, past project experience, financial capacity, execution capabilities, and pricing competitiveness.
As of the date of this Red Herring Prospectus, contract value of our consolidated order book stood at approximately Rs.28,583.15 lakhs, which provides visibility of revenue for future financial periods. The value and timing of new project awards directly affect our revenue growth and operational performance. Increased competition from other EPC contractors may lead to pricing pressures and reduced project margins. Our ability to maintain strong technical capabilities, efficient project execution systems, and relationships with infrastructure authorities will continue to be important in securing new contracts and sustaining our order pipeline.
Project Execution Efficiency, Raw Material Procurement and Dependence on Subcontractors and Vendors
Our financial performance is significantly influenced by our ability to execute EPCC projects efficiently and manage project costs effectively. EPCC projects involve engineering design, procurement of materials and equipment, construction and erection activities, testing and commissioning, and in certain cases operation and maintenance services.
The cost structure of our projects includes procurement of materials and equipment such as electrical components, cables, switchgear, copper, aluminium, steel structures, transformers and other engineering equipment. Fluctuations in raw material prices may impact project costs and profitability, particularly in fixed-price contracts.
We also rely on subcontractors and vendors for certain project execution activities, including specialized engineering works, civil construction, installation works, and supply of project equipment. The availability, reliability, and performance of subcontractors and suppliers play an important role in the timely execution of projects.
Delays or performance issues involving subcontractors, supply chain disruptions, or increases in material costs may result in project delays, cost overruns, or reduced margins. Our ability to effectively manage subcontractor performance, procurement planning, and project scheduling is therefore important for maintaining operational efficiency and profitability. Our EBITDA was Rs.495.72 lakhs in Fiscal 2024, Rs.670.73 lakhs in Fiscal 2025 and Rs.1,830.40in Fiscal 2026 with EBITDA margins of 14.82%, 19.64% and 20.04% respectively.
Working Capital Requirements and Integration of Electrical Panel Manufacturing with our EPCC Operations
Our EPCC operations require significant working capital due to the project-based nature of our contracts. Infrastructure projects typically involve milestone-based billing structures, where payments are linked to project progress and certification of completed work. As a result, our working capital is deployed in trade receivables, inventories of project materials and equipment, advances to suppliers, and other project execution expenses. As of March 31, 2026, our trade receivables amounted to Rs.7,544.74 lakhs, representing approximately 82.60% of our revenue for Fiscal 2026, with a receivable cycle of approximately 223 days. In addition to our EPCC activities, we operate an in-house manufacturing facility for High-Tension ( HT ) and Low-Tension ( LT ) electrical panels and compact substations. These products are used in power distribution systems for infrastructure projects and complement our EPCC operations by enabling customized equipment supply and improved project execution timelines. The integration of manufacturing with our EPC operations allows us to maintain quality control, optimize procurement timelines, and reduce dependence on third-party suppliers for certain electrical equipment. However, the performance of this segment may be affected by fluctuations in raw material prices, production efficiencies, and demand for electrical panels from infrastructure projects. Efficient management of project cash flows, receivables, and manufacturing operations is therefore critical to maintaining our liquidity position and financial performance.
Competition
We operate in a highly competitive environment in the infrastructure and engineering procurement, construction and commissioning ( EPCC ) industry in India. The infrastructure contracting sector is highly fragmented and includes several domestic EPC contractors, engineering companies and specialized infrastructure service providers. Our success depends on our ability to effectively compete for projects through competitive bidding processes and to differentiate our capabilities through efficient project execution, technical expertise, cost competitiveness and timely completion of projects.
To remain competitive, we must continue to maintain our execution capabilities, deliver projects within stipulated timelines, and comply with the quality and technical standards required by our clients. In addition, we must continuously focus on improving our operational efficiencies, optimizing procurement and project execution costs, and effectively managing resources across our projects. Our ability to successfully bid for and execute projects also depends on maintaining our reputation with clients, demonstrating strong project execution capabilities, and maintaining compliance with contractual and regulatory requirements.
Many of our competitors may be larger than us and may benefit from greater financial resources, broader project portfolios, established industry relationships and economies of scale. Such competitors may have the ability to bid more aggressively for projects, which could increase pricing pressure in competitive tenders. If we are unable to compete effectively in securing new projects or maintaining our competitive position in the infrastructure sector, it may adversely affect our order book, revenues, and financial performance.
Further, the competitive nature of the EPCC industry may result in reduced project margins as contractors compete on pricing to secure infrastructure contracts. Any sustained pressure on project pricing or inability to control project execution costs may materially adversely affect our profitability, financial condition and results of operations.
Significant Accounting Policies and Significant Judgments and Estimates
The methods, assumptions, and estimates that we use in applying our accounting policies may require us to apply judgments regarding matters that are inherently uncertain. We consider an accounting policy to be a critical estimate if: (1) we must make assumptions that were uncertain when the judgment was made, and (2) changes in the estimate
assumptions, or selection of a different estimate methodology, could have a significant impact on our financial position and the results that we report in our Restated Consolidated Financial Information. While we believe that our estimates, assumptions, and judgments are reasonable, they are based on information available when the estimate was made.
Further, our significant accounting policies as per Restated Consolidated Financial Information, are as follows:
a) Basis of preparation of restated Consolidated financial statements
The restated statement of assets and liabilities of the Company as at June 30, 2026, March 31, 2026, March 31, 2025 and March 31, 2024, the restated statement of profits and loss for the period ended June 30, 2026, year ended March 31, 2026, March 31, 2025 and March 31, 2024 and cash flows for the period ended June 30, 2026, year ended March 31, 2026, March 31, 2025 and March 31, 2024 herein collectively referred to as (Restated Financial Information) have been compiled by the management from the audited Financial Statements of the Company for the period ended on June 30, 2026, year ended March 31, 2026, March 31, 2025 and March 31, 2024 approved by the Board of Directors of the Company. Restated Financial Information have been prepared to comply in all material respects with the provisions of Part I of Chapter III of the Companies Act, 2013 (the Act) read with Companies (Prospectus and Allotment of Securities) Rules, 2014, Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations) issued by Securities and Exchange Board of India (SEBI) and Guidance note on Reports in Companies Prospectuses (Revised 2019) (Guidance Note). Restated financial information have been prepared specifically for inclusion in the Red Herring Prospectus (RHP) to be filed by the Company with the SME platform of BSE Limited (BSE SME) in connection with its proposed Small and Medium Enterprise Initial Pubic Offer (SME IPO). The Companys management has recast the Financial Statements in the form required by Schedule III of the Companies Act, 2013 for the purpose of restated financial information. The preparation and presentation of Financial Statements in conformity with the Indian GAAP, requires the management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of reporting period. Although these estimates are based on managements best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods.
The restated financial information has been prepared and presented under historical cost convention on the accrual basis of accounting in accordance with the Generally Accepted Accounting Principles in India (GAAP) and comply with the mandatory Accounting Standards (AS) specified under section 133 of the Companies Act 2013, read with Rule 7 of the Companies(Accounts) Rules,2014 and the relevant provisions of the Companies Act 2013 (the Act). The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year. The company is normally viewed as a going concern, that is, as continuing in operation for the foreseeable future. lt is assumed that the enterprise has neither the intention nor the necessity of liquidation or of curtailing materially the scale of the operations. The restated financial information are presented in Indian National Rupee (INR) & all the amounts included in the restated financial information have been rounded off to the nearest lakhs, as required by General instructions for preparation of Financial Statements in Division I of Schedule III of the Companies Act, 2013, except number of shares, face value of shares, earning per shares, or wherever otherwise stated. Accounting policies not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles in India. All assets and liabilities have been classified as current or non-current as per the Company s normal operating cycle and other criteria set out in Schedule III to the Companies Act, 2013. Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and bank balance, the Company has determined its operating cycle as twelve months for the purpose of current - non-current classification of assets and liabilities. The restated financial information has been prepared by the management to comply in all material respects with the requirements of:
i) Section 26 of Part I of Chapter III of the Act, 2013;
ii) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (ICDR Regulations); and
iii) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India (ICAI), as amended (the Guidance Note).
b) Basis of consolidation
The consolidated financial statements of the Group include the financial statements of the parent company, its wholly owned subsidiary, and its joint ventures.
The wholly owned subsidiary is consolidated using the line-by-line consolidation method, whereby 100% of its assets, liabilities, income, and expenses are consolidated, as the Group exercises full control over the subsidiary.
The Groups interest in joint ventures is consolidated using the proportionate consolidation method. Under this method, the Group includes its share of the joint ventures assets, liabilities, income, and expenses on a line-by-line basis in the consolidated financial statements.
All intra-group balances and transactions between the Group, its subsidiary, and its joint ventures, including unrealized profits or losses arising from such transactions are eliminated to the extent of the Groups interest.
These financial statements are prepared by applying uniform accounting policies across the Group and its joint ventures.
c) Use of estimates
The preparation and presentation of Financial Statements in conformity with the Indian GAAP, requires the management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of reporting period. Although these estimates are based on managements best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods.
d) Going Concern
The company is normally viewed as a going concern, that is, as continuing in operation for the foreseeable future. lt is assumed that the enterprise has neither the intention nor the necessity of liquidation or of curtailing materially the scale of the operations.
e) Revenue recognition
i) Sale of goods - Revenue from sale of goods is recognized when the Company has transferred to the buyer the property in the goods for a price or all significant risks and rewards of ownership have been transferred to the buyer and the Company retains no effective control of the goods transferred to a degree usually associated with ownership; and no significant uncertainty exists regarding the amount of the consideration that will be derived from the sale of the goods.
ii) Sale of service - Revenue from service transactions is usually recognised as the service is performed by the proportionate completion method. The revenue recognised under this method would be determined on the basis of contract value, associated costs, number of acts or other suitable basis. For practical purposes, when services are provided by an indeterminate number of acts over a specific period of time, revenue is recognised on a straight-line basis over the specific period. Such performance should be regarded as being achieved when no significant uncertainty exists regarding the amount of the consideration that will be derived from rendering the service.
iii) Deferred revenue - Deferred revenue represents amounts received or invoiced in advance from the customers. These amounts are recorded as a contract liability until the corresponding services are rendered. The Company assesses its performance obligations under each contract to determine the appropriate timing of revenue recognition. Revenue is subsequently recognized when the billed services is transferred to the customer, which may occur over time or at a point in time, depending on the nature of the arrangement.
f) Other Income
Revenue arising from the use by others of enterprise resources yielding interest, royalties and dividends should only be recognised when no significant uncertainty as to measurability or collectability exists. Interest has been recognised on a time proportion basis taking into account the amount outstanding and the rate applicable.
g) Property Plant and Equipment including Intangible assets
Property Plant and Equipments are stated at cost, less accumulated depreciation. Cost includes cost of acquisition including material cost, freight, installation cost, duties and taxes, and other incidental expenses, incurred up to the installation stage, related to such acquisition. Intangible assets that are acquired by the Company are measured initially at cost. After initial recognition, an intangible asset is carried at its cost less any accumulated amortisation and any accumulated impairment loss.
h) Depreciation & Amortisation
The Company has applied the estimated useful lives as specified in Schedule II of the Companies Act 2013 and calculated the depreciation as per the Written Down Value (WDV) method. Depreciation on new assets acquired during the year is provided at the rates applicable from the date of acquisition to the end of the financial year. In respect of the assets sold during the year, depreciation is provided from the beginning of the year till the date of its disposal.
i) Useful life of Property, Plant and Equipments
| Category | Useful life |
| Plant And Machinery | 15 years |
| Furniture and Fittings | 10 Years |
| Office Equipment | 5 Years |
| Computer and Equipment | 3 Years |
| Electrical Equipment | 10 Years |
j) Impairment of assets
The Management periodically assesses using, external and internal sources, whether there is an indication that an asset may be impaired. An impairment loss is recognised wherever the carrying value of an asset exceeds its recoverable amount. The recoverable amount is higher of the assets net selling price and value in use, which means the present value of future cash flows expected to arise from the continuing use of the asset and its eventual disposal. Reversal of impairment loss is recognised immediately as income in the profit and loss account.
k) Investments
Investments, which are readily realizable and intended to be held for not more than one year from the date on which such investments are made, are classified as current investments. All other investments are classified as long-term investments.
l) Foreign currency transactions
As the Company did not undertake any foreign currency transactions during the year, the provisions relating to initial recognition, measurement, and treatment of foreign exchange differences under the applicable accounting standards have not been invoked.
m) Borrowing Costs
Borrowing costs that are directly attributable to the acquisition or construction of qualifying assets are capitalised as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use. Interest income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are charged to the Statement of Profit and Loss for the period for which they are incurred.
n) Inventories
Inventories, includes Work-in-Progress, are valued at lower of cost and net realizable value.
Work-in-Progress - cost includes cost of direct material, labour, other direct cost (Including variable costs) and a proportion of fixed manufacturing overheads allocated based on the normal operating capacity but excluding borrowing costs. Cost is determined on weighted average cost basis. Net realisable value is the estimated selling price in the ordinary course of business less the estimated cost of completion and the estimated costs necessary to make the sale. Adequate allowance is made for obsolete and slow-moving items.
o) Segment Reporting
The segment reporting is not applicable as per AS 17
p) Cash and Cash Equivalents
Cash and cash equivalents comprise cash on hand and Cheque in hand, balance with bank, demand deposits with banks and other short term highly liquid investments that are readily convertible to known amounts of cash & which are subject to an insignificant risk of changes in value where it has a short maturity of three months or less from the date of acquisition.
q) Employee Benefits
i) Short term employee benefits -
(1) Leave encashment - The leave encashment liability upon retirement would not arise as the accumulated leave is reimbursed every year and accounted at actual.
ii) Long term employee benefits -
(1) Defined benefit plan - Gratuity liability is a defined benefit obligation and is unfunded. The Company accounts for liability for future gratuity benefits based on the actuarial valuation using Projected Unit Credit Method carried out as at the end of each financial year.
(2) Defined contribution plan - Provident Fund: Eligible employees receive benefit from provident fund covered under the Provident Fund Act. Both the employee and the company make monthly contributions. The employer contribution is charged off to Profit & Loss Account as an expense.
r) Taxes on Income
Income Tax expense is accounted for in accordance with AS-22 Accounting for Taxes on Income for both Current Tax and Deferred Tax stated below:
i) Current Tax - Provision for current tax is made in accordance with the provisions of the Income Tax Act, 1961.
ii) Deferred Tax - Deferred tax is recognised, subject to the consideration of prudence, as the tax effect of timing difference between the taxable income and accounting income computed for the current accounting year using the tax rates and tax laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax assets are recognised and carried forward to the extent that there is a reasonable certainty, except arising from unabsorbed depreciation and carried forward losses, that sufficient future taxable income will be available against which such deferred tax assets can be realised.
s) Provisions and contingent liabilities
A provision is recognised if, as a result of past event, the Company has a present legal obligation that can be estimated reliably and it is probable that an outflow of economic benefit will be required to settle the obligation. Provisions are determined by the best estimate of outflow of economic benefits required to settle the obligation at the reporting date. Where no reliable estimate can be made, a disclosure is made as contingent liability. A disclosure for a contingent liability is also made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. Where there is possible obligation or present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.
t) Earnings per share
Basic Earnings per share is computed by dividing the net profit after tax by the weighted average number of equity shares outstanding during the period. Diluted earnings per share is computed by dividing the net profit after tax by the weighted average number of shares considered for deriving basic earnings per share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The diluted potential equity shares are adjusted for the proceeds receivable had the shares been actually issued at fair value which is the average market value of the outstanding shares. Dilutive potential equity shares are deemed converted as at the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented.
u) Cash flow statement
Cash flows are reported using indirect method, whereby net profit/loss before tax is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated.
The Companys cash and bank balances consist of cash on hand and in banks and demand deposits with banks, which can be withdrawn at any time, without prior notice or penalty on the principal. For the purposes of the statement of cash flows, cash and bank balance include cash on hand, in banks and demand deposits with banks, net of outstanding bank overdrafts that are repayable on demand and are considered part of the Companys cash management system. In the balance sheet, bank overdrafts are presented under borrowings within current liabilities.
Segment Information
There is no reportable segment identified on the basis of which segment information is required to be disclosed.
Information about Revenue split by geographical area
(€ in Lakhs)
| Particulars | Period ended for June 30, 2026 | March 31, 2026 | March 31, 2025 | March 31, 2024 | ||||
| Revenue from Operatio ns ( Rs. in lakhs) | %age of Revenue from Operatio ns | Revenu e from Operati ons ( Rs. in lakhs) | %age of Revenue from Operation s | Revenue from Operation s ( Rs. in lakhs) | %age of Revenue from Operation s | Revenue from Operation s ( Rs. in lakhs) | %age of Revenue from Operation s | |
| Andhra Pradesh | - | - | (0.70) | (0.01)% | 397.46 | 11.64% | 728.14 | 21.77% |
| Delhi | - | - | 36.02 | 0.39% | 20.29 | 0.59% | 85.73 | 2.56% |
| Jammu Kashmir | - | - | 264.61 | 2.90% | 91.26 | 2.67% | - | - |
| Karnataka | 4,337.46 | 95.01% | 7,823.48 | 85.65% | 1,474.60 | 43.17% | 1,340.14 | 40.06% |
| Kerala | 89.35 | 1.96% | 27.92 | 0.31% | 61.16 | 1.79% | 219.63 | 6.57% |
| Madhya Pradesh | - | - | 99.58 | 1.09% | 30.20 | 0.88% | 23.39 | 0.70% |
| Maharashtra | 25.42 | 0.56% | 101.79 | 1.11% | 126.16 | 3.69% | - | - |
| Odisha | 7.60 | 0.17% | 189.13 | 2.07% | 252.94 | 7.41% | 201.34 | 6.02% |
| Tamil Nadu | 59.02 | 1.29% | 325.28 | 3.56% | 521.53 | 15.27% | 579.68 | 17.33% |
| Telangana | 27.12 | 0.59% | 14.88 | 0.16% | 440.07 | 12.88% | 167.09 | 4.99% |
| Uttar Pradesh | - | - | 192.81 | 2.11% | - | - | - | - |
| Rajasthan | - | - | 17.15 | 0.19% | - | - | - | - |
| Chhattisgarh | 19.20 | 0.42% | 41.89 | 0.46% | - | - | - | - |
| Total | 4,565.18 | 100.00% | 9,133.83 | 100.00% | 3,415.68 | 100.00% | 3,345.13 | 100.00% |
*As certified by L.U Krishnan & Co. Chartered Accountants, by way of their certificate dated October 01, 2026
Key Components of Assets and Liabilities Period ended June 30, 2026 Long term borrowings
As at June 30, 2026, our long term borrowings were Rs.559.35 lakhs. Of this, Rs.446.91 lakhs was secured term loans from banks and Rs.112.44 lakhs was unsecured loans. The secured term loans include three working capital loans under the Emergency Credit Line Guarantee Scheme totalling Rs.358.83 lakhs: Rs.139.00 lakhs from Bank of Baroda, Rs.140.83 lakhs from State Bank of India, and Rs.79.00 lakhs from State Bank of India under ECLGS 5.0, availed by Core4 Energy Private Limited. These loans carry interest at 8.65% p.a. and are repayable over 48 months. The secured loans also include an industrial building loan of Rs.98.78 lakhs at 11.45% p.a. and a vehicle loan of Rs.8.27 lakhs at 11.79% p.a. The unsecured loans consist of business loans from six NBFCs totalling Rs.119.12 lakhs, at interest rates between 17.00% and 19.00% p.a., and Rs.68.47 lakhs from Aditri Infra Development. Current maturities of Rs.94.12 lakhs are shown under short term borrowings. Our Promoter Directors have personally guaranteed Rs.378.61 lakhs of these borrowings.
Short term borrowings
As at June 30, 2026, our short-term borrowings were Rs.3,497.36 lakhs. Secured bank overdraft and cash credit facilities accounted for Rs.2,416.94 lakhs and are secured by hypothecation of stock, book debts and other current assets. The rest was an unsecured loan of Rs.500.00 lakhs from an NBFC, unsecured loans of Rs.260.38 lakhs from other parties, loans of Rs.225.91 lakhs from related parties repayable on demand, and current maturities of long-term borrowings of Rs.94.12 lakhs. Our total borrowings as at June 30, 2026 were Rs.4,056.71 lakhs, and our total debt to equity ratio was 1.09x.
Trade Payables
As at June 30, 2026, our trade payables were Rs.1,676.57 lakhs. Of this, Rs.328.43 lakhs was due to micro and small enterprises and Rs.1,348.15 lakhs to other creditors. Rs.1,490.29 lakhs, or 88.89%, had been outstanding for less than one year from the due date, and none of the dues were disputed. Interest of Rs.47.81 lakhs accrued on MSME dues under the Micro, Small and Medium Enterprises Development Act, 2006 has been provided for in the financial statements.
Inventories
As at June 30, 2026, our inventories were Rs.1,172.08 lakhs. They consist entirely of work-in-progress on projects under execution, valued at the lower of cost, determined on a weighted average basis, and net realisable value.
Trade Receivables
As at June 30, 2026, our trade receivables were Rs.10,154.46 lakhs, net of a Rs.79.39 lakhs provision for doubtful debts. All of our trade receivables are unsecured, considered good and undisputed. Of gross trade receivables of Rs.10,233.85 lakhs, Rs.8,128.67 lakhs (79.43%) had been outstanding for less than six months, Rs.578.68 lakhs (5.65%) for six months to one year, Rs.1,447.12 lakhs (14.14%) for one to two years, and Rs.79.39 lakhs (0.78%) for more than two years. Receivables outstanding for more than two years are fully provided for.
Contingent Liabilities
As at June 30, 2026, our commitments were Rs.1,085.48 lakhs, made up of Rs.658.48 lakhs of bank guarantees given on our behalf and Rs.427.00 lakhs of capital contracts not yet executed and not provided for.
Fiscal 2026 compared to Fiscal 2025
Long term borrowings
Our long-term borrowings were Rs.225.94 lakhs as at March 31, 2026, against Rs.172.71 lakhs as at March 31, 2025, an increase of Rs.53.23 lakhs (30.82%). This was mainly because we took six unsecured business loans from NBFCs during FY26, at interest rates between 17.00% and 19.00% p.a. and repayable over 24 to 36 months. As a result, unsecured longterm borrowings went up from Rs.61.47 lakhs to Rs.132.52 lakhs. Secured term loans from banks went down from ^111.24 lakhs to Rs.93.42 lakhs because of scheduled repayments on the industrial building loan and the vehicle loan. During FY26 we received Rs.187.83 lakhs of long-term loans and repaid Rs.57.54 lakhs. Including current maturities, total long-term debt was ^315.88 lakhs as at March 31, 2026, against Rs.190.50 lakhs as at March 31, 2025.
Short term borrowings
Our short-term borrowings were Rs.2,932.13 lakhs as at March 31, 2026, against Rs.1,685.39 lakhs as at March 31, 2025, an increase of Rs.1,246.74 lakhs (73.97%). This was mainly because secured bank overdraft and cash credit facilities went up from Rs.1,383.22 lakhs to Rs.2,475.72 lakhs. During FY26 we availed new working capital facilities from ICICI Bank ( Rs.391.92 lakhs), from State Bank of India for the Core4 Engineers - Niranjan Enterprises JV ( Rs.347.18 lakhs), and from State Bank of India as cash credit for Core4 Energy Private Limited ( Rs.399.86 lakhs). Usage of the Bank of Baroda overdraft also went up from Rs.316.77 lakhs to Rs.625.54 lakhs. These facilities supported higher working capital needs as revenue from operations grew 167.41%, from Rs.3,415.68 lakhs in FY25 to Rs.9,133.83 lakhs in FY26. The increase also includes new unsecured loans of Rs.147.90 lakhs from other parties, and current maturities of long term borrowings went up from Rs.17.79 lakhs to Rs.89.94 lakhs. These were partly offset by loans from related parties, which went down from Rs.284.38 lakhs to Rs.218.57 lakhs. Total borrowings were Rs.3,158.07 lakhs as at March 31, 2026, against Rs.1,858.10 lakhs as at March 31, 2025. Total debt to equity was 1.02x as at March 31, 2026, against 0.99x as at March 31, 2025.
Trade Payables
Our trade payables were Rs.1,644.82 lakhs as at March 31, 2026, against Rs.683.43 lakhs as at March 31, 2025, an increase of Rs.961.40 lakhs (140.67%). This was mainly because purchases of materials went up 220.75%, from Rs.1,520.54 lakhs in
FY25 to Rs.4,877.15 lakhs in FY26, as we executed more projects. Dues to micro and small enterprises went up from Rs.122.76 lakhs to Rs.260.86 lakhs, and dues to other creditors went up from Rs.560.67 lakhs to Rs.1,383.97 lakhs. As at March 31, 2026, Rs.1,499.40 lakhs (91.16%) of trade payables had been outstanding for less than one year from the due date. Interest accrued on MSME dues under the Micro, Small and Medium Enterprises Development Act, 2006 was Rs.33.60 lakhs as at March 31, 2026, against Rs.7.37 lakhs as at March 31, 2025, and has been provided for. The trade payables turnover ratio was 5.30x in FY26, against 3.88x in FY25.
Inventories
Our inventories, which consist entirely of work-in-progress on projects under execution, were Rs.1,448.94 lakhs as at March 31, 2026, against Rs.1,440.98 lakhs as at March 31, 2025, an increase of Rs.7.96 lakhs (0.55%). Revenue grew substantially while work-in-progress stayed broadly flat, which shows faster conversion of work-in-progress into billing. The inventory turnover ratio was 4.27x in FY26, against 1.71x in FY25.
Trade Receivables
Our trade receivables were Rs.7,544.74 lakhs as at March 31, 2026, against Rs.3,619.02 lakhs as at March 31, 2025, an increase of Rs.3,925.72 lakhs (108.47%). This was mainly because of higher revenue from operations in FY26 and the milestone-based billing and certification cycle typical of our EPC contracts. Of gross trade receivables of Rs.7,624.13 lakhs as at March 31, 2026, Rs.4,953.56 lakhs (64.97%) had been outstanding for less than six months, Rs.1,824.45 lakhs (23.93%) for six months to one year, Rs.766.72 lakhs (10.06%) for one to two years, and Rs.79.39 lakhs (1.04%) for more than two years. As at March 31, 2025, Rs.3,517.80 lakhs (95.64%) of gross trade receivables of Rs.3,678.01 lakhs was either not yet due or had been outstanding for less than six months. The provision for doubtful debts was Rs.79.39 lakhs as at March 31, 2026, against Rs.58.99 lakhs as at March 31, 2025, and receivables outstanding for more than two years are fully provid ed for. The trade receivables turnover ratio was 1.64x in FY26, against 1.56x in FY25.
Contingent Liabilities
Commitments were Rs.1,276.03 lakhs as at March 31, 2026, against Rs.623.99 lakhs as at March 31, 2025, an increase of Rs.652.04 lakhs (104.50%). This was mainly because of Rs.427.00 lakhs of capital contracts not yet executed and not provided for, which arose in FY26. Bank guarantees given on our behalf also went up from Rs.623.99 lakhs to Rs.849.03 lakhs, reflecting more contracts under execution.
Fiscal 2025 compared to Fiscal 2024
Long term borrowings
Long term borrowings increased to Rs.172.71 lakhs as at March 31, 2025, from Rs.129.03 lakhs as at March 31, 2024, representing an increase of Rs.43.68 lakhs. The increase was primarily driven by a rise in. We availed borrowings from NBFCs amounting to Rs.61.47 lakhs in FY25. Secured term loans from banks declined to ^111.24 lakhs as at March 31, 2025, from Rs.129.03 lakhs as at March 31, 2024, mainly on account of scheduled repayments of the Industrial Building Loan. The overall increase in borrowings was to support business expansion and working capital requirements.
Short term borrowings
Our total short-term borrowings increased to Rs.1,685.39 lakhs as at March 31, 2025, from Rs.1,546.01 lakhs as at March 31, 2024, representing an increase of Rs.139.38 lakhs. This increase was primarily on account of borrowings from directors. Additionally there was decrease in bank overdraft facilities, which stood at Rs.1,383.22 lakhs as at March 31, 2025, compared to Rs.1,430.05 lakhs as at March 31, 2024. Current maturities of long-term borrowings increased to Rs.17.79 lakhs in FY25 from Rs.13.60 lakhs in FY24, reflecting scheduled repayments falling due within the next twelve months. The overall movement indicates optimization of working capital borrowings during the year.
Trade Payables
Our total trade payables on a consolidated basis increased to Rs.683.43 lakhs as at March 31, 2025, from Rs.395.20 lakhs as at March 31, 2024, representing an increase of Rs.288.23 lakhs. This increase was primarily attributable to higher payables to non-MSME vendors, which rose to Rs.560.67 lakhs as at March 31, 2025, compared to Rs.291.14 lakhs as at March 31, 2024, in line with increased procurement and business activity during the year. Payables to MSME vendors also increased to Rs.122.76 lakhs in FY25 from Rs.104.06 lakhs in FY24. There were no disputed dues payable to MSME or other vendors in either of the periods presented.
Interest payables to vendor under MSME Act, 2006 has been accrued amounting to Rs.7.37 lakhs as at March 2025.
Inventories
As at March 31, 2025, our inventory stood at Rs.1,440.98 lakhs, as compared to Rs.1,009.93 lakhs as at March 31, 2024, reflecting an increase of Rs.431 lakhs, or 42.68%. The increase in inventory during Fiscal 2025 was mainly driven by the growth in project execution activities across multiple infrastructure verticals, including railway electrification, power transmission and distribution, and water infrastructure projects. As an EPC contractor, inventory largely represents work- in-progress associated with partially completed contracts, including materials deployed at project sites and manufacturing inputs used in electrical panel fabrication. The increase also reflects the higher scale of operations and project pipeline, which required the procurement of raw materials, electrical components and equipment in advance of installation and commissioning. Such inventories are maintained to ensure timely project execution and adherence to contractual timelines, particularly for projects involving specialized electrical systems and automation panels.
Trade Receivables
Our total trade receivables increased significantly to Rs.3,619.02 lakhs as at March 31, 2025, from Rs.758.63 lakhs as at March 31, 2024, representing an increase of Rs.2,860.39 lakhs, in line with increase in sales during FY25. The increase was primarily driven by higher unsecured trade receivables, which rose to Rs.3,678.01 lakhs in FY25 from Rs.774.76 lakhs in FY24, in line with the substantial growth in operations and revenue during the year. The allowance for doubtful receivables also increased to Rs.58.99 lakhs as at March 31, 2025, compared to Rs.16.12 lakhs as at March 31, 2024, reflecting prudent provisioning corresponding to the expanded receivables base. There were no secured receivables, receivables with significant increase in credit risk, or credit-impaired receivables during the periods presented.
Contingent Liabilities
As at March 31, 2025, our total commitments in the form of bank guarantees stood at Rs.623.99 lakhs, as compared to Rs.399.33 as at March 31, 2024, reflecting an increase of Rs.224.66 lakhs, or 56.26%.
Key Components of Income and Expenses
We report our income and expenditure in the following manner:
Total Income
Our total income comprises of revenue from operations and other income.
Revenue from operations: consists primarily of income from EPC services to Indian Railways, water and wastewater treatment technology projects, Extra High Voltage (220KV/110KV/66KV/27KV/nKV) transmission and distribution work projects and composite supply of HT/LT Distribution Panels along with related services. Product revenue is generated by Core4 Energy Ltd (subsidiary company) from the in-house manufacturing and supply of High and Low Tension (HT/LT) electrical distribution panels, control and relay panels, PLC and SCADA panels, and other custom-built electrical manufacturing. These vertical supports both internal EPC requirements and third-party industrial and infrastructure clients.
Other income: includes interest earned on deposits, discounts received, balances written off and other ancillary incomes. Total Expenses
Our total expenses comprise of cost of materials consumed, other direct expenses, changes in inventories of work-inprogress, employee benefits expenses, finance costs, depreciation and amortization expenses, and other expenses.
Cost of Material Consumed: primarily represents the cost of raw materials purchased for the Company s operations during the relevant periods.
Other Direct expenses: includes subcontract charges, material consumed, labour charges, rent, travelling and conveyance, office expenses, service charges, site expenses, freight and forwarding charges.
Changes in Inventories of Work-in-Progress: represents the net increase or decrease in work-in-progress at the beginning of the year and end of the year.
Employee benefits expenses: comprises of salaries & wages, directors remuneration, contribution to provident fund, gratuity expenses and staff welfare expenses.
Finance costs : consists of interest expenses on loans, borrowings, and other borrowing costs.
Depreciation and Amortization Expenses: includes depreciation on tangible and intangible assets.
Other Expenses: majorly comprise of bad debt, bank charges, miscellaneous expenses, office maintenance, rates & taxes, legal and professional fees, renting of machineries, travelling expenses, warranty expenses, etc.
Our Results of Operations
The following table presents selected financial information derived from our Restated Consolidated Financial Information for the period ended June 30, 2026 and for Fiscal 2026, 2025, and 2024. The components of the selected financial data have been expressed as a percentage of total income for the respective years/periods.
| Particulars | For the period ended | Fiscals | ||||||
| June 30, 2026 | 2026 | 2025 | 2024 | |||||
| ( Rs. in Lakhs) | (% of total income) | ( Rs. in Lakhs) | (% of total income) | ( Rs. in Lakhs) | (% of total income) | ( Rs. in Lakhs) | (% of total income) | |
| Income | ||||||||
| Revenue from Operations | 4,565.18 | 99.73% | 9,133.83 | 99.51% | 3,415.68 | 98.72% | 3,345.13 | 99.48% |
| Other income | 12.26 | 0.27% | 45.02 | 0.49% | 44.16 | 1.28% | 17.57 | 0.52% |
| Total Income | 4,577.44 | 100.00% | 9,178.85 | 100.00% | 3,459.84 | 100.00% | 3,362.70 | 100.00% |
| Expenses | ||||||||
| Cost of materials consumed | 2,747.32 | 60.02% | 4,877.15 | 53.13% | 1,520.54 | 43.95% | 2,642.20 | 78.57% |
| Other Direct expenses | 404.64 | 8.84% | 1,296.22 | 14.12% | 1,005.56 | 29.06% | 596.51 | 17.74% |
| Changes in Inventories of Work-in-Progress | 276.86 | 6.05% | -7.96 | -0.09% | -431.06 | -12.46% | -784.92 | -23.34% |
| Employees Benefit Expenses | 114.44 | 2.50% | 561.10 | 6.11% | 377.69 | 10.92% | 169.83 | 5.05% |
| Finance Costs | 113.46 | 2.48% | 306.59 | 3.34% | 222.18 | 6.42% | 153.99 | 4.58% |
| Depreciation and Amortization | 1.07 | 0.02% | 5.61 | 0.06% | 5.12 | 0.15% | 6.65 | 0.20% |
| Other expenses | 89.93 | 1.96% | 485.96 | 5.29% | 224.10 | 6.48% | 170.04 | 5.06% |
| Total Expenses | 3,747.72 | 81.87% | 7,524.67 | 81.98% | 2,924.11 | 84.52% | 2,954.30 | 87.85% |
| Restated profit/ (loss) before tax | 829.73 | 18.13% | 1,654.18 | 18.02% | 535.72 | 15.48% | 408.41 | 12.15% |
| Tax Expenses | 213.05 | 4.65% | 417.58 | 4.55% | 154.86 | 4.48% | 119.84 | 3.56% |
| Restated profit/ (loss) for the year / period | 616.67 | 13.47% | 1,236.61 | 13.47% | 380.86 | 11.01% | 288.57 | 8.58% |
Period ended June 30, 2026 Total Income
Our total income for the period ended June 30, 2026 was Rs.4,577.44 lakhs based on Restated Consolidated Financial Information. This income was primarily driven by our revenue from operations, which continued to reflect our revenue from four major streams of revenue. For further details, please see - Period ended June 30, 2026 - Revenue from operations and - Period ended June 30, 2026 - Other Income below.
Revenue from operations: For the three months ended June 30, 2026, revenue from operations amounted to Rs.4,565.18 lakhs. Service revenue constituted the principal source of revenue and amounted to Rs.4,512.33 lakhs, representing 98.84% of revenue from operations, while product revenue amounted to Rs.52.85 lakhs, representing 1.16% of revenue from operations. The revenue profile during the period therefore continued to be predominantly driven by execution of engineering, procurement, construction and commissioning and related infrastructure services.
Within service revenue, Water and Wastewater Treatment EPCC was the largest contributor, generating revenue of Rs.3,928.69 lakhs, representing 87.07% of total service revenue for the three months ended June 30, 2026. Railway Electrification & Infrastructure contributed Rs.457.58 lakhs, representing 10.14% of service revenue, while Automation and SCADA Systems and Extra High Tension Transmission and Distribution Systems contributed Rs.89.63 lakhs and Rs.36.43 lakhs, representing 1.99% and 0.81%, respectively. Accordingly, the service revenue mix during the period was substantially concentrated towards Water and Wastewater Treatment EPCC projects.
Geographically, Karnataka accounted for a substantial portion of revenue from operations during the three months ended June 30, 2026, contributing Rs.4,337.46 lakhs, representing 95.01% of total revenue from operations. Revenue from Kerala, Tamil Nadu, Telangana, Maharashtra, Chhattisgarh and Odisha amounted to Rs.89.35 lakhs, Rs.59.02 lakhs, Rs.27.12 lakhs, Rs.25.42 lakhs, Rs.19.20 lakhs and Rs.7.60 lakhs, respectively. The revenue mix for the period therefore reflected a significant geographical concentration in Karnataka, primarily attributable to the location and stage of execution of projects during the period.
During the three months ended June 30, 2026, revenue from private-sector customers amounted to Rs.4,044.43 lakhs, representing 88.59% of revenue from operations, while revenue from the public sector, comprising Government and PSU customers, amounted to Rs.520.75 lakhs, representing 11.41%. Further, revenue attributable to sub-contracting agreements amounted to Rs.4,044.43 lakhs, representing 88.59% of revenue from operations during the period. Accordingly, the revenue mix during the period was predominantly derived from private-sector and sub-contracting arrangements.
Other Income: Our other income for the period ended June 30, 2026 was Rs.12.26 lakhs, which was 0.27% of our total income. It consists entirely of interest income.
Total Expenses
Cost of Material Consumed: Our cost of materials consumed for the period ended June 30, 2026 was Rs.2,747.32 lakhs, which was 60.02% of our total income. It consists entirely of materials purchased for projects under execution. We held no opening or closing stock of materials.
Other Direct expenses: Our other direct expenses for the period ended June 30, 2026 were Rs.404.64 lakhs, which was 8.84% of our total income. The main items were project consumables of Rs.202.73 lakhs, labour charges of Rs.145.18 lakhs, transport charges of Rs.28.14 lakhs, and travelling and conveyance of Rs.12.70 lakhs. The remaining Rs.15.89 lakhs was rent, consumable stores and spares, site expenses, freight, and service charges.
Changes in Inventories of Work-in-Progress: The change in inventories of work-in-progress for the period ended June 30, 2026 was Rs.276.86 lakhs, which was 6.05% of our total income. Work-in-progress was Rs.1,448.94 lakhs at the start of the period and Rs.1,172.08 lakhs at the end, as work-in-progress on projects under execution was converted into billing during the period.
Employee benefit expense: Our employee benefits expense for the period ended June 30, 2026 was Rs.114.44 lakhs, which was 2.50% of our total income. It was made up of salaries and wages of Rs.80.66 lakhs, directors remuneration of Rs.26.19 lakhs, contributions to provident fund and ESIC of Rs.3.87 lakhs, gratuity of Rs.2.56 lakhs, and staff welfare expenses of Rs.1.16 lakhs.
Finance cost: Our finance costs for the period ended June 30, 2026 were ^113.46 lakhs, which was 2.48% of our total income. They were made up of interest on borrowings of Rs.89.94 lakhs, interest on delayed payments to micro and small enterprises under the Micro, Small and Medium Enterprises Development Act, 2006 of Rs.14.22 lakhs, bank charges of Rs.7.26 lakhs, and other borrowing costs of Rs.2.05 lakhs.
Depreciation and Amortization: Our depreciation and amortisation expense for the period ended June 30, 2026 was Rs.1.07 lakhs, which was 0.02% of our total income. It relates entirely to depreciation on tangible assets.
Other expenses: Our other expenses for the period ended June 30, 2026 were Rs.89.93 lakhs, which was 1.96% of our total income. The main items were rates and taxes of Rs.27.81 lakhs, machinery hire of Rs.10.78 lakhs, legal and professional charges of Rs.8.26 lakhs, security charges of Rs.6.15 lakhs, insurance of Rs.5.79 lakhs, office rent of Rs.5.46 lakhs, travelling expenses of Rs.4.30 lakhs, corporate social responsibility expenses of Rs.4.19 lakhs, office maintenance of Rs.1.62 lakhs, and payments to auditors of Rs.3.00 lakhs.
Tax expenses
Our total tax expense for the period ended June 30, 2026 was Rs.213.05 lakhs. This was made up of current tax of Rs.213.93 lakhs, reduced by a deferred tax credit of Rs.0.88 lakhs. Our effective tax rate on restated profit before tax of Rs.829.73 lakhs was 25.68%.
Restated Consolidated profit after tax for the period ended June 30, 2026
For the reasons above, our restated consolidated profit after tax for the period ended June 30, 2026 was Rs.616.67 lakhs, which was 13.47% of our total income of Rs.4,577.44 lakhs.
Fiscal 2026 compared to Fiscal 2025
Total Income
Our total income for the period ended March 30, 2026 was Rs.9,178.85 lakhs and Rs.3,459.84 lakhs based on Restated Consolidated Financial Information. This income was primarily driven by our revenue from operations, which continued to reflect our revenue from four major streams of revenue. For further details, please see - Fiscal 2026 compared to Fiscal 2025- Revenue from operations and - Fiscal 2026 compared to Fiscal 2025- Other Income below.
Revenue from operations: Revenue from operations increased by Rs.5,718.15 lakhs, or 167.41%, from Rs.3,415.68 lakhs in Fiscal 2025 to Rs.9,133.83 lakhs in Fiscal 2026. Service revenue increased from Rs.3,415.68 lakhs in Fiscal 2025 to Rs.8,844.32 lakhs in Fiscal 2026 and constituted 96.83% of revenue from operations in Fiscal 2026. Product revenue, which was nil in Fiscal 2025, amounted to Rs.289.51 lakhs in Fiscal 2026 and represented 3.17% of revenue from operations. Accordingly, the increase in revenue from operations during Fiscal 2026 was primarily attributable to higher service revenue, along with the contribution from product revenue during the year.
Within service revenue, revenue from Water and Wastewater Treatment EPCC increased significantly from Rs.866.83 lakhs in Fiscal 2025 to Rs.5,982.86 lakhs in Fiscal 2026, increasing its contribution to service revenue from 25.38% to 67.65%. Revenue from Railway Electrification & Infrastructure also increased from Rs.1,609.75 lakhs to Rs.2,475.50 lakhs; however, its share of service revenue decreased from 47.13% in Fiscal 2025 to 27.99% in Fiscal 2026 due to the relatively higher growth in Water and Wastewater Treatment EPCC revenue. Revenue from EHT Transmission and Distribution Systems increased from Rs.128.15 lakhs to Rs.165.67 lakhs, while revenue from Automation and SCADA Systems decreased from Rs.810.95 lakhs to Rs.220.29 lakhs.
Geographically, revenue from Karnataka increased substantially from Rs.1,474.60 lakhs in Fiscal 2025 to Rs.7,823.48 lakhs in Fiscal 2026, with its contribution to revenue from operations increasing from 43.17% to 85.65%. Revenue from Jammu & Kashmir increased from Rs.91.26 lakhs to Rs.264.61 lakhs, while revenue from Uttar Pradesh amounted to Rs.192.81 lakhs in Fiscal 2026 compared with nil in Fiscal 2025. In contrast, revenue from Tamil Nadu decreased from Rs.521.53 lakhs to Rs.325.28 lakhs, Telangana decreased from Rs.440.07 lakhs to Rs.14.88 lakhs and Odisha decreased from Rs.252.94 lakhs to Rs.189.13 lakhs. The geographical revenue mix in Fiscal 2026 therefore reflected a significantly higher concentration in Karnataka.
Revenue from private-sector customers increased from Rs.1,488.27 lakhs in Fiscal 2025 to Rs.6,180.18 lakhs in Fiscal 2026, with their contribution to revenue from operations increasing from 43.57% to 67.66%. Revenue from the public sector, comprising Government and PSU customers, increased from Rs.1,927.41 lakhs to Rs.2,953.64 lakhs, although its contribution to revenue from operations decreased from 56.43% to 32.34%. Further, revenue attributable to sub-contracting agreements increased from Rs.1,472.72 lakhs in Fiscal 2025 to Rs.6,180.61 lakhs in Fiscal 2026, with its contribution to revenue increasing from 43.12% to 67.67%. Accordingly, the revenue mix in Fiscal 2026 reflected a higher contribution from private-sector customers and sub-contracting arrangements compared with Fiscal 2025.
Other Income: Our other income was Rs.45.02 lakhs in FY26, against Rs.44.16 lakhs in FY25, an increase of Rs.0.86 lakhs (1.96%). Almost all of it was interest income, which was Rs.45.01 lakhs in FY26 and Rs.44.03 lakhs in FY25.
Total Expenses
Cost of Material Consumed: Our cost of materials consumed was Rs.4,877.15 lakhs in FY26, against Rs.1,520.54 lakhs in FY25, an increase of Rs.3,356.62 lakhs (220.75%). This was mainly because we bought more material to execute more projects. As a percentage of total income, cost of materials consumed was 53.13% in FY26, against 43.95% in FY25.
Other Direct expenses: Our other direct expenses were Rs.1,296.22 lakhs in FY26, against Rs.1,005.56 lakhs in FY25, an increase of Rs.290.66 lakhs (28.91%). The increase came mainly from higher spending on four items in FY26:
1. Labour charges: up by Rs.292.52 lakhs, from Rs.356.87 lakhs to Rs.649.39 lakhs.
2. Transport charges: up by Rs.108.11 lakhs, from Rs.33.05 lakhs to Rs.141.16 lakhs.
3. Site expenses: up by Rs.71.48 lakhs, from Rs.6.05 lakhs to Rs.77.53 lakhs.
4. Sub-contract charges: Rs.68.98 lakhs, against nil in FY25.
Changes in Inventories of Work-in-Progress: The change in inventories of work-in-progress was a Rs.7.96 lakhs increase in FY26, against Rs.431.06 lakhs increase in FY25. In FY26, work-in-progress went up from Rs.1,440.98 lakhs at the start of the year to Rs.1,448.94 lakhs at the end. In FY25, it went up from Rs.1,009.93 lakhs to Rs.1,440.98 lakhs. The much smaller build-up in FY26, despite substantially higher revenue, shows that work-in-progress was converted into billing faster.
Employee benefit expense: Our employee benefits expense was Rs.561.10 lakhs in FY26, against Rs.377.69 lakhs in FY25, an increase of Rs.183.41 lakhs (48.56%). This was mainly because salaries and wages went up from Rs.326.16 lakhs to Rs.451.39 lakhs as our operations grew. Directors remuneration went up from Rs.24.00 lakhs to Rs.51.87 lakhs. Contributions to provident fund and ESIC went up from Rs.22.75 lakhs to Rs.36.37 lakhs, and the gratuity expense went up from Rs.1.11 lakhs to ^11.44 lakhs.
Finance cost: Our finance costs were Rs.306.59 lakhs in FY26, against Rs.222.18 lakhs in FY25, an increase of Rs.84.41 lakhs (37.99%). The main reasons were:
1. Interest on borrowings: up from Rs.174.05 lakhs to Rs.215.63 lakhs, because of higher working capital and term borrowings.
2. Interest on income tax: up from Rs.4.28 lakhs to Rs.24.18 lakhs.
3. Interest on delayed payments to micro and small enterprises under the Micro, Small and Medium Enterprises Development Act, 2006: up from Rs.7.37 lakhs to Rs.26.22 lakhs.
Depreciation and Amortization: Our depreciation and amortisation expense was Rs.5.61 lakhs in FY26, against Rs.5.12 lakhs in FY25, an increase of Rs.0.49 lakhs. This was because of additions to property, plant and equipment during the year.
Other expenses: Our other expenses were Rs.485.96 lakhs in FY26, against Rs.224.10 lakhs in FY25, an increase of Rs.261.86 lakhs (116.85%). The increase came mainly from:
1. Liquidated damages: Rs.108.92 lakhs in FY26, against nil in FY25.
2. Rates and taxes: up from Rs.51.37 lakhs to ^118.36 lakhs.
3. Legal and professional charges: up from Rs.6.14 lakhs to Rs.34.65 lakhs.
4. Security charges: up from Rs.2.80 lakhs to Rs.22.73 lakhs.
5. Machinery hire: up from Rs.18.99 lakhs to Rs.36.65 lakhs.
6. Office maintenance: up from Rs.4.87 lakhs to Rs.17.91 lakhs.
7. Office rent: up from Rs.8.96 lakhs to Rs.17.86 lakhs.
8. Research and development expenses: Rs.9.74 lakhs in FY26, against nil in FY25.
9. Corporate social responsibility expenses: Rs.7.50 lakhs in FY26, against nil in FY25.
This was partly offset by bad debts written off, which went down from Rs.42.86 lakhs to Rs.20.40 lakhs, and discounts, which went down from Rs.13.16 lakhs to Rs.2.79 lakhs.
Tax expenses
Our total tax expense was Rs.417.58 lakhs in FY26, against Rs.154.86 lakhs in FY25, an increase of Rs.262.72 lakhs (169.65%). This was mainly because current tax went up from Rs.169.39 lakhs to Rs.467.02 lakhs on higher taxable profits. It was partly offset by a deferred tax credit of Rs.49.44 lakhs in FY26, against Rs.14.53 lakhs in FY25. Our effective tax rate was 25.24% in FY26, against 28.91% in FY25.
Restated Consolidated profit after tax for the year
For the reasons above, our restated profit before tax went up by ^1,118.46 lakhs (208.78%), from Rs.535.72 lakhs in FY25 to Rs.1,654.18 lakhs in FY26. Our restated consolidated profit after tax went up by Rs.855.75 lakhs (224.69%), from Rs.380.86 lakhs in FY25 to Rs.1,236.61 lakhs in FY26. As a percentage of total income, profit after tax was 13.47% in FY26, against 11.01% in FY25.
Fiscal 2025 compared to Fiscal 2024 Total Income
Total income for FY25 aggregated to Rs.3,459.84 lakhs, as compared to Rs.3,362.70 lakhs in FY24, representing an overall increase of Rs.97.14 lakhs. This growth was primarily driven by the rise in other income, particularly higher interest income from improved utilization of surplus funds, along with a modest increase in revenue from operations. While operational revenue remained largely stable year-on-year, the incremental treasury income supported the overall improvement in total income during FY25. For further details, please see - Fiscal 2025 compared to Fiscal 2024 - Revenue from operations and - Fiscal 2025 compared to Fiscal 2024 - Other Income below.
Revenue from operations : Revenue from operations for FY25 amounted to Rs.3,415.68 lakhs, as compared to Rs.3,345.13 lakhs in FY24, reflecting a marginal increase of Rs.70.55 lakhs. The revenue in both years was entirely driven by gross contractual receipts, indicating stable execution of service contracts during the year, with no product sales recorded in FY25 or FY24. Overall, the slight growth in FY25 is attributable to improved billing levels and steady project execution, while the core service revenue base remained largely consistent year-on-year.
Other Income: Other income in FY25 stood at Rs.44.16 lakhs as against Rs.17.57 lakhs in FY24, registering an increase of Rs.26.59 lakhs (151.34% increase). This rise was mainly driven by higher interest income of Rs.44.03 lakhs in FY25 compared to Rs.15.83 lakhs in FY24, reflecting better deployment of surplus funds and higher average balances during the year. In contrast, FY24 included Rs.1.74 lakhs of other non-operating income, whereas Rs.0.13 lakhs of such income were recorded in FY25. The overall increase in other income is therefore largely attributable to enhanced treasury income in FY25.
Total Expenses
Cost of material consumed: primarily represents the cost of raw materials purchased for our operations during the relevant fiscals. For the year ended March 31, 2025, cost of materials consumed was Rs.1,520.54 lakhs, as compared with Rs.2,642.20 lakhs for the year ended March 31, 2024, representing a decrease of Rs.1,121.66 lakhs (42.45%). This decline was primarily attributable to lower procurement of raw materials during Fiscal 2025, reflecting changes in operational requirements and business activity levels during the year.
Other Direct expenses: Other Direct expense for FY25 stood at Rs.1,005.56 lakhs as against Rs.596.51 lakhs in FY24, registering an increase of Rs.409.05 lakhs (approximately 68.57%). The increase was primarily driven by higher project consumables charges of Rs.416.52 lakhs in FY25 (FY24: nil), reflecting greater outsourcing of project activities. Material consumed under this head also increased to Rs.44.76 lakhs from Rs.33.38 lakhs. Labour charges remained a major component at Rs.356.87 lakhs (FY24: Rs.435.02 lakhs), though slightly lower year-on-year. Rent expenses rose to Rs.18.40 lakhs from Rs.4.16 lakhs, while travelling and conveyance increased to Rs.57.14 lakhs from Rs.27.97 lakhs, indicating higher on-site execution and operational movement. Freight and forwarding charges were Rs.20.22 lakhs as compared to Rs.26.77 lakhs in FY24. Overall, the increase reflects a shift in cost structure toward subcontracting and execution-related overheads during FY25.
Changes in Inventories of Work-in-Progress: Changes in inventories of WIP resulted in an income of Rs.431.06 lakhs in FY25 as compared to Rs.784.92 lakhs in FY24, representing a decrease of Rs.353.86 lakhs. The movement reflects the difference between opening WIP of Rs.1,009.93 lakhs and closing WIP of Rs.1,440.98 lakhs in FY25, indicating accumulation of project work at year end, though at a lower net impact than FY24 (opening WIP Rs.225.01 lakhs; closing WIP Rs.1,009.93 lakhs).
Employee benefit expense: Employee benefits expense for FY25 amounted to Rs.377.69 lakhs as compared to Rs.169.83 lakhs in FY24, reflecting an increase of Rs.207.86 lakhs (approximately 122.39%). The increase was primarily driven by higher salaries and wages of Rs.326.16 lakhs in FY25 (FY24: Rs.145.30 lakhs), indicating expansion of manpower in line with increased operational scale. Directors remuneration also increased to Rs.24.00 lakhs from Rs.6.23 lakhs. Contributions to provident fund rose to Rs.22.75 lakhs from Rs.10.05 lakhs, consistent with the higher employee base. Staff welfare expenses were Rs.3.66 lakhs (FY24: Rs.4.92 lakhs), while gratuity expense moderated to Rs.1.11 lakhs from Rs.3.34 lakhs. Overall, the increase reflects strengthening of human resources to support business growth.
Finance cost: Finance costs for FY25 amounted to Rs.222.18 lakhs as compared to Rs.153.99 lakhs in FY24, reflecting an increase of Rs.68.19 lakhs. Interest expenses including tax and MSME interest increased to Rs.185.70 lakhs from Rs.109.54 lakhs, indicating higher utilization of borrowings during the year. This was partially offset by a reduction in other borrowing costs to Rs.2.94 lakhs from Rs.33.05 lakhs in FY24. The overall increase reflects higher fun ding requirements to support operational activities.
Depreciation and Amortization: Depreciation and amortization expense for FY25 amounted to Rs.5.12 lakhs as compared to Rs.6.65 lakhs in FY24, reflecting a decrease of Rs.1.53 lakhs (approximately 23.01%). The reduction is attributable to certain assets nearing the end of their useful lives, resulting in a lower depreciation charge during FY25.
Other expenses: Other expenses for FY25 amounted to Rs.224.10 lakhs as compared to Rs.170.04 lakhs in FY24, reflecting an increase of Rs.54.06 lakhs. The increase was primarily driven by higher bad debts of Rs.42.86 lakhs in FY25 (FY24: Rs.6.75 lakhs). Rates and taxes also rose to ^51.37 lakhs from Rs.41.47 lakhs. Power and fuel expenses increased to Rs.10.83 lakhs (FY24: Rs.9.06 lakhs), while travelling expenses rose significantly to Rs.12.25 lakhs from Rs.4.85 lakhs, indicating higher operational movement. Warranty expenses increased to Rs.13.41 lakhs from Rs.10.66 lakhs. These increases were partially offset by a decline in insurance expenses to Rs.1.96 lakhs from Rs.13.68 lakhs and lower office maintenance expenses of Rs.4.87 lakhs compared to Rs.10.16 lakhs in FY24. Overall, the increase reflects higher operational and administrative costs associated with the expanded scale of activities during FY25.
Tax expenses
Total tax expense for FY25 amounted to Rs.154.86 lakhs as compared to Rs.119.84 lakhs in FY24, reflecting an increase of Rs.35.02 lakhs (approximately 29.22%). The current tax component increased to Rs.169.39 lakhs in FY25 from Rs.123.72 lakhs in FY24, in line with the higher taxable profits during the year. Deferred tax resulted in a credit of Rs.14.53 lakhs in FY25 as against a credit of Rs.3.88 lakhs in. The overall increase in tax expense corresponds with the growth in profitability during FY25.
Restated Consolidated profit after tax for the year
Due to the foregoing, we incurred a profit after tax of Rs.380.86 lakhs as on March 31, 2025 and Rs.288.57 lakhs as on March 31, 2024.
Cash Flows and Cash and Cash Equivalents
The following table sets forth our cash flows and cash and cash equivalents for the period / years indicated:
(Z in Lakhs)
| Particulars | June 30, 2026 | Fiscals | ||
| 2026 | 2025 | 2024 | ||
| Net cash (used)/from operating activities | (832.09) | (1,080.65) | (859.48) | (1,335.72) |
| Net cash (used)/from investing activities | 11.26 | 7.31 | 32.21 | (182.06) |
| Net cash (used)/from financing activities | 808.70 | 1,084.34 | 854.65 | 1,211.50 |
| Net increase / (decrease) in cash and cash equivalents at the end of the period/year | (12.13) | 11.00 | 27.38 | (306.27) |
| Cash and Cash equivalents at the beginning of the year | 39.43 | 28.43 | 1.05 | 307.32 |
| Cash and Cash equivalents at the end of the year | 27.31 | 39.43 | 28.43 | 1.05 |
Operating Activities
Net cash used in operating activities for the period ended June 30, 2026 was Rs.832.09 lakhs. Restated profit before tax was Rs.829.73 lakhs. After adjusting for depreciation of Rs.1.07 lakhs, interest expense of Rs.89.94 lakhs, interest income of Rs.12.26 lakhs and gratuity provision of Rs.2.56 lakhs, operating profit before working capital changes was Rs.911.03 lakhs. The main working capital movements were an increase in trade receivables of Rs.2,609.72 lakhs and in other current assets of Rs.621.74 lakhs. These were partly offset by an increase in short-term provisions of Rs.1,340.29 lakhs and a decrease in inventories of Rs.276.86 lakhs. Cash used in operations was Rs.736.66 lakhs, and income tax paid was Rs.95.43 lakhs.
Net cash used in operating activities for the financial year ended March 31, 2026 was Rs.1,080.65 lakhs. Our restated profit before tax was Rs.1,654.18 lakhs. We adjusted this for interest expense of Rs.215.63 lakhs, interest income of Rs.45.01 lakhs, provision for doubtful debts of Rs.20.40 lakhs, provision for gratuity of ^11.44 lakhs, depreciation and amortisation of Rs.5.61 lakhs and fixed assets written off of Rs.0.74 lakhs, which gave an operating profit before working capital changes of Rs.1,862.99 lakhs. The main working capital movements were an increase in trade receivables of Rs.3,946.12 lakhs and in other current assets of Rs.836.58 lakhs. These were partly offset by an increase in short-term provisions of Rs.1,121.14 lakhs and in trade payables of Rs.961.40 lakhs. Cash used in operations was Rs.809.42 lakhs, and income tax paid was Rs.271.24 lakhs.
Net cash used in operating activities for the financial year ended March 31, 2025 was Rs.859.48 lakhs. Our restated profit before tax was Rs.535.72 lakhs. We adjusted this for interest expense of Rs.174.05 lakhs, interest income of Rs.44.03 lakhs, provision for doubtful debts of Rs.42.86 lakhs, depreciation and amortisation of Rs.5.12 lakhs and provision for gratuity of Rs.1.11 lakhs, which gave an operating profit before working capital changes of Rs.714.83 lakhs. The main working capital movements were an increase in trade receivables of Rs.2,903.25 lakhs, in inventories of Rs.431.06 lakhs and in FDRs of
Rs.255.21 lakhs. These were partly offset by an increase in other current liabilities of Rs.1,441.64 lakhs and in short-term provisions of Rs.375.67 lakhs. Cash used in operations was Rs.688.99 lakhs, and income tax paid was Rs.170.49 lakhs.
Net cash used in operating activities for the financial year ended March 31, 2024 was Rs.1,335.72 lakhs. Our restated profit before tax was Rs.408.41 lakhs. We adjusted this for interest expense of Rs.98.24 lakhs, interest income of Rs.15.83 lakhs, provision for doubtful debts of Rs.6.75 lakhs, depreciation and amortisation of Rs.6.65 lakhs and provision for gratuity of Rs.3.34 lakhs, which gave an operating profit before working capital changes of Rs.507.56 lakhs. The main working capital movements were an increase in inventories of Rs.784.92 lakhs, in trade receivables of Rs.547.81 lakhs, in FDRs of Rs.264.16 lakhs and in other current assets of Rs.231.64 lakhs, and a decrease in other current liabilities of ^131.02 lakhs. These were partly offset by an increase in trade payables of Rs.187.02 lakhs. Cash used in operations was Rs.1,289.59 lakhs, and income tax paid was Rs.46.13 lakhs.
Investing Activities
Net cash generated from investing activities for the period ended June 30, 2026 was ^11.26 lakhs. This comprised interest received of Rs.12.26 lakhs, partly offset by purchase of fixed assets, including intangible assets, of Rs.1.00 lakh. There were no other investing cash flows during the period.
Net cash generated from investing activities for the financial year ended March 31, 2026 was Rs.7.31 lakhs. This mainly comprised interest received of Rs.45.01 lakhs and a decrease in intangible assets under development of Rs.8.57 lakhs. These inflows were partly offset by long-term loans and advances given of Rs.40.00 lakhs and purchase of fixed assets, including intangible assets, of Rs.6.27 lakhs.
Net cash generated from investing activities for the financial year ended March 31, 2025 was Rs.32.21 lakhs. This mainly comprised interest received of Rs.44.03 lakhs. It was partly offset by an increase in intangible assets under development of Rs.8.57 lakhs and purchase of fixed assets, including intangible assets, of Rs.3.25 lakhs.
Net cash used in investing activities for the financial year ended March 31, 2024 was Rs.182.06 lakhs. This was mainly due to purchase of fixed assets, including intangible assets, of Rs.197.88 lakhs. It was partly offset by interest received of Rs.15.83 lakhs.
Financing Activities
Net cash generated from financing activities for the period ended June 30, 2026 was Rs.808.70 lakhs. We received short - term borrowings of Rs.5,019.98 lakhs and repaid Rs.4,457.18 lakhs, a net inflow of Rs.562.80 lakhs. We also received long - term loans of Rs.359.53 lakhs and repaid long-term loans of Rs.23.69 lakhs. These inflows were partly offset by interest paid of Rs.89.94 lakhs.
Net cash generated from financing activities for the financial year ended March 31, 2026 was Rs.1,084.34 lakhs. We received short-term borrowings of Rs.9,065.88 lakhs and repaid Rs.7,896.19 lakhs, a net inflow of Rs.1,169.69 lakhs. We also received long-term loans of Rs.187.83 lakhs and repaid long-term loans of Rs.57.54 lakhs. These inflows were partly offset by interest paid of Rs.215.63 lakhs.
Net cash generated from financing activities for the financial year ended March 31, 2025 was Rs.854.65 lakhs. This mainly comprised proceeds from the issue of share capital of Rs.845.64 lakhs. Short-term borrowings contributed a net inflow of Rs.135.18 lakhs ( Rs.4,855.28 lakhs received and Rs.4,720.10 lakhs repaid). We received long-term loans of Rs.61.47 lakhs and repaid Rs.13.60 lakhs. These inflows were partly offset by interest paid of Rs.174.05 lakhs.
Net cash generated from financing activities for the financial year ended March 31, 2024 was Rs.1,211.50 lakhs. We received short-term borrowings of Rs.3,838.67 lakhs and repaid Rs.2,723.78 lakhs, a net inflow of ^1,114.89 lakhs. We also received long-term loans of Rs.127.00 lakhs and repaid Rs.2.70 lakhs, and long-term liabilities increased by Rs.70.55 lakhs. These inflows were partly offset by interest paid of Rs.98.24 lakhs.
Indebtedness
The following table sets forth our financial indebtedness as of June 30, 2026:
(Z in Lakhs)
| Particulars | As of June 30, 2026 |
| Long-term borrowings | 559.35 |
| Short-term borrowings | 3,497.36 |
| Total | 4,056.71 |
For further details of financial indebtedness, see Financial Indebtedness on page 326.
Liquidity and Capital Resources
For the period ended June 30, 2026, and for the Fiscals 2026, 2025 and 2024, we met our funding requirements, including capital expenditure, satisfaction of debt obligations, investments, taxes, working capital requirements and other cash outlays, principally with funds generated from operations and optimization of operating working capital, with the balance principally met using external borrowings and additional equity.
(Z in Lakhs)
| Particulars | June 30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Cash and bank balance at the end of the year | 760.23 | 762.52 | 682.13 | 429.10 |
| Long Term Borrowings | 559.35 | 225.94 | 172.71 | 129.03 |
| Short Term Borrowings | 3,497.36 | 2,932.13 | 1,685.39 | 1,546.01 |
Capital Expenditure
Capital expenditure primarily relates to addition of property, plant and equipment primarily due to purchase of land, plant and equipment, computers and accessories, furniture and fittings, vehicles and office equipment. The capital expenditure is primarily funded through cash generated from operations, supplemented by equity contributions by our shareholders and committed credit lines. In period June 30, 2026, and for the Fiscals 2026, 2025 and 2024, we incurred capital expenditure for addition to property, plant and equipment of nil, Rs.6.27 lakhs, Rs.3.25 lakhs and Rs.197.88 lakhs, primarily due to purchase of land, plant and equipment, computers and accessories, furniture and fittings, vehicles and office equipment.
Contingent Liabilities
The following is a summary of our contingent liabilities as derived from our Restated Consolidated Financial Information:
| Particulars | June 30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Estimated amount of contracts remaining to be executed on capital account and not provided for | 427.00 | 427.00 | - | - |
| Commitments - Bank Guarantees * | 658.48 | 849.03 | 623.99 | 399.33 |
| Total | 1,085.48 | 1,276.03 | 623.99 | 399.33 |
*Future cash outflows in respect of the above matters are determinable only upon receipt ofjudgments/decisions from the relevant forums/authorities. Based on managements assessment, these claims are not expected to succeed and accordingly, no provision has been recognized in our financial statements. The amounts disclosed represent the gross demands raised by the authorities and exclude amounts paid under protest, which have not been charged to the statement ofprofit and loss.
Off-Balance Sheet Commitments and Arrangements
We do not have any off-balance sheet arrangements, derivative instruments, swap transactions or relationships with affiliates or other unconsolidated entities or financial partnerships that would have been established for the purpose of facilitating off-balance sheet arrangements.
Quantitative and Qualitative Analysis of Market Risks
We are exposed to various types of market risks during the normal course of business. For further details, see Risk Factors on page 31.
Credit risk
Credit risk refers to the risk of financial loss to our Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from our receivables from customers and loans. We have no significant concentration of credit risk with any counterparty. Our customer credit risk is managed by the relevant department subject to our established policy, procedures and control relating to customer credit risk management. The credit quality of a customer is assessed based on individual credit limits as defined by us. Outstanding trade receivables are regularly monitored. Based on our Restated Consolidated Financial Information, our Trade Receivables were ^10,154.46 l a kh s as at June 30, 2026, Rs.7,544.74 l a kh s as at March 31, 2026, Rs.3,619.02 l a kh s as at March 31,2025 and Rs.758.63 lakhs as at March 31, 2024 respectively.
Liquidity risk
Liquidity risk refers to the risk that we will encounter difficulty in meeting the obligations associated with our financial liabilities that are settled by delivering cash or other financial asset. Our approach to managing liquidity is to ensure, as far as possible, that we will have sufficient liquidity to meet our liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to our reputation. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions.
Market Risks
Market risk refers to the risk that changes in market prices such as foreign exchange rates and interest rates will affect our income or value of our holdings of financial instruments. The objective of the market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return. We do not use derivatives to manage market risks.
Interest rate risk
Interest rate risk is the risk that the fair value or the future cash flows of a financial instrument will fluctuate because of changes in market interest rate risks. The Companys exposure to risk of changes in market interest rates primarily to the Companys long-term debt obligations. For the Company the interest risk arises mainly from interest bearing borrowings which are at floating interest rates. To mitigate interest rate risk, the Company closely monitors market interest and optimise borrowing mix / composition.
Auditor Qualifications and Emphasis of Matter
There are no qualifications of the Statutory Auditors which have not been given effect to in the Restated Consolidated Financial Information except for reporting under Companies (Auditors Report) Order, 2020 (as amended) for the year ended March 31, 2026 and Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended) for the period ended June 30, 2026 and year ended March 31, 2026, 2025 and 2024, as disclosed in the section Restated Consolidated Financial Information on page 295. Such qualification does not require any adjustments in the Restated Consolidated Financial Information.
Certain emphasis on matters which do not require any adjustments in the Restated Consolidated Financial Information are as follows:
Period Details of Observation
June 2026 b. According to the information and explanations given to us the Company has been sanctioned working capital limit in excess of Rs.5 Crores, in aggregate, from banks or financial institutions on the basis of security of current assets. The quarterly returns or statements filed by the Company with such banks or financial institutions are not in agreement with the books of accounts.
(In lakhs)
| Quarter | Name of Bank | Particulars of Securities Provided | Amount as per books of account | Amount as per the document submitted to the bank | Amount of difference | Remarks |
| June 2026 | State Bank | Stock | 1,630.09 | 1,630.09 | - | Due to Internal Reconciliation issue |
| June 2026 | of India | Debtors | 10,200.97 | 2,938.85 | 7,262.12 | |
| June 2026 | Bank of Baroda | Stock | 668.20 | 243.36 | 424.84 | |
| June 2026 | Bank of Baroda | Debtors | 8,221.38 | - | 8,221.38 |
Fiscal 2026 b. According to the information and explanations given to us the Company has been sanctioned working capital limit in excess of Rs.5 Crores, in aggregate, from banks or financial institutions on the basis of security of current assets. The quarterly returns or statements filed by the Company with such banks or financial institutions are not in agreement with the books of accounts.
(In lakhs)
| Period | Details of Observation | ||||||
| Quarter | Name of Bank | Particulars of Securities Provided | Amount as per books of account | Amount as per the document submitted to the bank | Amount of difference | Remarks | |
| June 2025 | State Bank | Stock | 2,096.89 | 2,096.89 | - | Due to Internal Reconciliation issue | |
| June 2025 | of India | Debtors | 3,917.36 | 4,232.32 | (314.95) | ||
| September 2025 | State Bank | Stock | 1,648.90 | 2,294.06 | -645.16 | ||
| September 2025 | of India | Debtors | 7,390.99 | 3,251.43 | 4,139.56 | ||
| December 2025 | State Bank | Stock | 1,918.91 | 1,918.91 | - | ||
| December 2025 | of India | Debtors | 3,985.49 | 3,183.70 | 801.79 | ||
| March 2026 | State Bank | Stock | 1,892.77 | 1,892.77 | - | ||
| March 2026 | of India | Debtors | 7,737.93 | 7,564.55 | 173.38 | ||
| June 2025 | Bank of Baroda | Stock | 1,131.72 | 1,131.72 | - | ||
| June 2025 | Bank of Baroda | Debtors | 3,893.90 | 4,084.00 | (190.10) | ||
| September 2025 | Bank of Baroda | Stock | 751.20 | 1,396.36 | -645.16 | ||
| September 2025 | Bank of Baroda | Debtors | 7,325.44 | 3,146.02 | 4,179.42 | ||
| December 2025 | Bank of Baroda | Stock | 815.35 | 815.35 | - | ||
| December 2025 | Bank of Baroda | Debtors | 3,517.50 | 2,726.77 | 790.73 | ||
| March 2026 | Bank of Baroda | Stock | 751.20 | 751.20 | - | ||
| March 2026 | Bank of Baroda | Debtors | 7,406.80 | 7,069.47 | 337.33 | ||
| Fiscal 2025 | b. According to the information and explanations given to us the Company has been sanctioned working capital limit in excess of Rs.5 Crores, in aggregate, from banks or financial institutions on the basis of security of current assets. The quarterly returns or statements filed by the Company with such banks or financial institutions are not in agreement with the books of accounts. (In lakhs) | ||||||
| Quarter | Name of Bank | Particulars of Securities Provided | Amount as per books of account | Amount as per the document submitted to the bank | Amount of difference | Remarks | |
| June 2024 | State Bank | Stock | 503.28 | 1,515.11 | (1,011.83) | Due to Internal Reconciliation issue | |
| June 2024 | of India | Debtors | 564.76 | 254.69 | 310.07 | ||
| September 2024 | State Bank | Stock | 724.36 | 1,441.55 | (717.19) | ||
| September 2024 | of India | Debtors | 551.29 | 184.42 | 366.87 | ||
| December 2024 | State Bank | Stock | 724.36 | 1,432.38 | (708.02) | ||
| December 2024 | of India | Debtors | 537.25 | 164.71 | 372.54 | ||
| Mar-25 | State Bank | Stock | 1,034.66 | 1,034.67 | (0.01) | ||
Period
Details of Observation
| March 2025 | of India | Debtors | 3,557.40 | 434.82 | 3,122.58 |
| June 2024 | Bank of Baroda | Stock | 503.28 | 503.28 | - |
| June 2024 | Bank of Baroda | Debtors | 564.76 | 197.37 | 367.39 |
| September 2024 | Bank of Baroda | Stock | 724.36 | 724.36 | - |
| September 2024 | Bank of Baroda | Debtors | 551.29 | 167.39 | 383.90 |
| December 2024 | Bank of Baroda | Stock | 726.05 | 726.05 | - |
| December 2024 | Bank of Baroda | Debtors | 537.25 | 121.91 | 415.34 |
| March 2025 | Bank of Baroda | Stock | 1,034.66 | 1,034.66 | - |
| March 2025 | Bank of Baroda | Debtors | 3,557.40 | 434.81 | 3,122.59 |
Fiscal 2024
c. The Company was formed by converting the erstwhile Core4 Engineers Partnership firm to Core4 Engineers Private Limited on February 03, 2022. Even after conversion till the year end transactions were made in Core4 Engineers Partnership firm and the firm has not been dissolved till the date of this report.
d. The financial Statements prepared for Company includes all the income and expenditures made in Partnership Firm till the year ended March 31, 2024.
The financial Statements prepared for Company includes all the assets and liabilities of Partnership Firm till the year ended March 31, 2024.
Unusual or Infrequent Events or Transactions
There have been no unusual or infrequent events or transactions that have in the past or may in the future affect our business operations or future financial performance.
Known Trends or Uncertainties
Our business has been subject to significant economic changes arising from the trends identified above in Significant Factors Affecting our Financial Conditions and Results of Operations above and the uncertainties described in Risk Factors on page 31.
Future Relationship Between Cost and Revenue
Other than as described in Risk Factors and this section, there are no known factors that might affect the future relationship between cost and revenue.
Related Party Transactions
We have engaged in the past, and may engage in the future, in transactions with related parties. For details of our related party transactions, see Other Financial Information - Related Party Transactions on page 298.
Competitive Conditions
We operate in a competitive environment. Please refer to Risk Factors , Industry Overview and Our Business on pages 31, 143 and 189, respectively, for further information on our industry and competition.
Seasonality and Cyclicality of Business
Our business is not subject to seasonality.
Extent to which material increases in Net Sales or Revenue are due to increased sales volume, introduction of services or increased sales prices
Changes in revenue in the last three Fiscals and period ended June 30, 2026, are as described in Period ended June 30, 2026, — Fiscal 2026 compared to Fiscal 2025 and — Fiscal 2025 compared to Fiscal 2024 above.
Significant Dependence on Single or Few Customers
Significant proportion of our revenue have historically been derived from top 10 customers. The % of contribution of our customers vis a-vis the revenue from operations for period ended June 30, 2026 and the financial years March 31, 2026, 2025 and 2024 are as follows:
| Particulars | Customers | |||
| June 30, 2026 | March 31, 2026 | March 31, 2025 | March 31, 2024 | |
| Top 10 (%) | 93.90% | 77.59% | 67.20% | 73.02% |
Significant proportion of our purchases have historically been derived from top 10 suppliers. The % of contribution of our suppliers vis a-vis the revenue from operations for period ended June 30, 2026 and the financial years March 31, 2026, 2025 and 2024 are as follows:
| Particulars | Suppliers | |||
| June 30, 2026 | March 31, 2026 | March 31, 2025 | March 31, 2024 | |
| Top 10 (%) | 87.85% | 60.51% | 41.15% | 44.65% |
New Products or Business Segments
Except as disclosed in Our Business on page 189, and products that we announce in the ordinary course of business, we have not announced any new products or business segments.
Significant developments occurring after June 30, 2026
Except as set out in this Red Herring Prospectus, to our knowledge, no circumstances have arisen since the date of the last financial statements as disclosed in this Red Herring Prospectus which materially or adversely affect or are likely to affect, our operations or profitability, or the value of our assets or our ability to pay our material liabilities within the next 12 months.
Recent Accounting Pronouncements
As on the date of this Red Herring Prospectus, there are no recent accounting pronouncements, which, we believe, would have a material effect on our financial condition or results of operations.
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