IL&FS Engineering & Construction Co Ltd Management Discussions

Company Overview:

The Company boasts over thirty years of expertise in the engineering and construction sector, offering comprehensive Engineering,

Procurement, and Construction (EPC) solutions. Leveraging its proficiency across various infrastructure workforce, the Company has been predominantly engaged in executing infrastructure projects throughout India. The company has a proven track record of delivering projects across diverse sectors including Power, Oil and Gas, Roads, Railways and Metros, Water and Irrigation, Ports, and Buildings & Structures sectors.

Industry Structure and Developments Indian Infrastructure Industry:

India has emerged as the fastest-growing major economy in the world and is expected to be one of the top three economic powers in the world over the next 10-15 years, backed by its robust democracy and strong partnerships.

India s economy is projected to grow by 7.4% in 2026, driven by robust consumption, investment, and strong export growth in services and goods. The International Monetary Fund (IMF) raised its forecast for India s economic growth in fiscal 2026 to 7.3%, representing a 0.7 percentage point upgrade from earlier projections. This marks a significant improvement from the previous fiscal years growth, which was recorded at 6.5%.

Additionally, capital expenditure on infrastructure development is expected to have strong multiplier effects on growth in the coming years. Investment growth has remained particularly strong in East Asia and South Asia, partly driven by domestic and foreign investments in new supply chains, particularly in India, Indonesia, and Vietnam.

In India, the public sector continues to play a pivotal role in funding large-scale infrastructure projects, physical and digital connectivity, and social infrastructure, including improvements in sanitation and water supply. Strong investment growth is expected to continue through 2026 and beyond.

In the medium run, increased capital spending on infrastructure and asset-building projects is set to increase growth multipliers. The contact-based services sector has demonstrated promise to boost growth by unleashing the pent-up demand. The sectors success is being captured by a number of HFIs (High-Frequency Indicators) that are performing well, indicating the beginnings of a comeback.

Outlook:

Under the Union Budget 2026-27, the centre has re-emphasised its strategic focus on Viksit Bharat 2047 and infrastructure development, a key catalyst in this journey. Other prominent themes include agriculture, MSME, investment, and exports. Reinforcing the role of public investment as a key driver of economic growth, the Budget delivers a strong push to infrastructure development.

Public capital expenditure has been proposed to be increased by approximately 9% from FY 2025-26 to Rs 12.2 lakh crore in FY 2026-27. Public capex has increased manifold from Rs 2 lakh crore in FY 2014-15. This underscores the continued emphasis on infrastructure-led growth, crowding-in of private investment and enhancement of productive capacity across the economy.

The government demonstrates its commitment to infrastructure with an allocation of Rs 12.2 lakh crore, building on the previous years Rs 11.21 lakh crore. A new Asset Monetization Plan is set to unlock value from public assets, while a three-year pipeline for PPP projects will encourage private sector engagement.

Development of infrastructure has a multiplier effect on demand and efficiency of transport and increases commercial and entrepreneurship opportunities. The India Infrastructure Sector Market is expected to reach USD 205.96 billion in 2026, demonstrating robust growth with a CAGR of 9.57% during the forecast period.

Building on the theme of inclusive and economic development and better connectivity across India, the UDAN - Regional Connectivity

Scheme aims to revolutionize air travel by adding 120 new destinations and targeting 4 crore passengers over the next decade.

On the backbone of strong infrastructure, developing 50 top new tourist destinations sites along with world class facilities will further create employment led growth and boost domestic spend. Towards growth and improving quality of life in rural areas, extension of the Jal Jeevan Mission to achieve 100 percent coverage until 2028 is in line with the theme of Sabka Vikas .

Balancing urban development through setting up of City Economic Regions (CERs) across Tier-2 and Tier-3 cities, backed by Rs 5,000 crore investments per CER across five years, seeks to strengthen infrastructure and accelerate their transition into regional economic hubs.

The Budget has proposed the development of seven high-speed rail corridors connecting major urban and economic centers, aimed at improving inter-city mobility and acting as growth catalysts along peripheral and secondary micro-markets. These corridors include: Mumbai-Pune, Pune-Hyderabad, Hyderabad-Bangalore, Hyderabad-Chennai, Chennai-Bangalore, Delhi-Varanasi, and Varanasi-Siliguri.

The fourth engine of growth i.e. Exports will require a strong supply chain system and availability of dedicated transportation vessels. Building a strong maritime ecosystem is the need of the hour. The Maritime Development Fund with Rs 25,000 crore corpus to foster private sector participation and expand maritime infrastructure is a step towards building Atmanirbhar Bharat.

Plan for asset monetisation for 2026-30 to be launched to plough back capital of Rs 10 lakh crore in new projects.

The forthcoming opportunities in the business sectors of IECCL are as follows:

Roads:

The government has set ambitious goals, aiming to construct a 2 lakh-km national highway network by 2027, expand airports to 220, operationalize 23 waterways by 2030, and establish 35 Multi-Modal Logistics Parks (MMLPs).

The government has allocated Rs 3,09,875 crore (US$ 36.97 billion) to the Ministry of Road Transport and Highways under Union Budget 2026-27, reflecting continued commitment to road infrastructure development. Of the total of the Ministry s budget) has been allocated to NHAI, which is 10% higher than the revised estimates for 2025-26.

NHAI is making significant strides in improving its financial health. The authority plans to bring its total debt below Rs 2 lakh crore by the end of March 2026, a substantial reduction from its peak debt of Rs 3.5 lakh crore in 2021-22. The reduction in debt liability is expected to lower interest costs and provide the authority with greater flexibility for future project awards.

Union Minister of Road Transport & Highways Mr. Nitin Gadkari has unveiled over 200 projects totalling Rs 1.25 lakh crore (US$ 14.97 billion) earmarked for the next five years under the National Ropeways Development Programme known as Parvatmala Pariyojana . The Bharatmala Pariyojana, with its Phase I, is actively working toward the development of 34,800 km of National Highways. This ambitious project, slated for completion by 2027-2028, spans across 31 States/UTs and over 550 districts. Notably, the government has also set its sights on constructing 22 new Greenfieldexpressways, underscoring a major stride in India s transportation infrastructure. The Ministry has outlined an ambitious pipeline for the next three years, planning to develop 13,400 km of projects under the PPP. This initiative involves an estimated investment of Rs 8.3 lakh crore. For the fiscal year 2026-27, the government has set a highway construction target of approximately 10,000 kilometres.

Further network of 35 Multimodal Logistics Parks is planned to be developed as part of Bharatmala Pariyojana, with a total investment of about Rs 46,000 crore, which once operational, shall be able to handle around 700 million metric tonnes of cargo.

Railways:

The Union Government has allocated a record Rs 2,93,030 crore for Indian Railways under the Union Budget 2026-27, marking the highest-ever allocation for the ministry. This represents a significant increase from previous years and demonstrates the government s commitment to railway infrastructure modernization.

Finance Minister Nirmala Sitharaman proposed to develop seven high-speed rail corridors across the country in the Union Budget 2026-27. These corridors are: Mumbai-Pune, Pune-Hyderabad, Hyderabad-Bangalore, Hyderabad-Chennai, Chennai-Bangalore,

Delhi-Varanasi, and Varanasi-Siliguri.

The Urban Rail has allocated substantial funds for various metro rail and mass rapid transit system (MRTS) projects under Union Budget FY 2026-27.

The sector has also rolled out 35 Vande Bharat Express trains, all designed in-house, and plans to introduce more soon. These trains connect a vast network, reaching as many as 247 districts across the nation. In a bid to combat climate change, Indian government has laid an ambitious target to allocate US$ 1.4 trillion between 2019 and 2030, including investment to the tune of US$ 750 billion on the railway infrastructure.

Indian Railways is developing and creating technology in areas such as signalling and telecommunication with 15,000 kms being converted into automatic signalling and 37,000 kms to be fitted with KAVACH , the domestically developed Train Collision Avoidance

System.

A new dedicated freight corridor from Dankuni (West Bengal) to Surat (Gujarat) has been announced, which is expected to drive investmentincivilworksandrolling.Theelectrified a shift from road and air transport to low-carbon mobility.

Water & Irrigation:

The Ministry of Housing and Urban Affairs has received substantial allocation for water and sanitation infrastructure development. Jal Jeevan Mission extended till 2028 focusing on quality infrastructure and rural piped water supply schemes. The extension aims to achieve 100 percent coverage of piped water supply to rural households, in line with the theme of inclusive development.

Water and Sanitation initiatives continue to receive focus, with significant allocations proposed for 2026-27 to improve access to clean water and sanitation facilities across urban and rural areas.

Maritime Development Fund with a corpus of Rs 25,000 crore to be set up with contribution by the Government, ports and private sector to strengthen maritime infrastructure and reduce logistics costs.

Oil & Gas:

The Union Government has allocated funds worth Rs 30,443 crore to the Ministry of Petroleum and Natural Gas under the Union Budget FY 2026-27, representing a 2.15% increase over the revised estimate for 2025-26.

India aims to commercialize 50% of its SPR (Strategic Petroleum Reserves) to raise funds and build additional storage tanks to offset high oil prices.

India s refining capacity is expected to increase to 300 million tonnes per annum (MTPA) by 2028[20]. State-run refiner Indian Oil is set to add a combined 17.5 million tons (350,000 barrels per day) of refining capacity from three expansion projects in the 2025/26 fiscal year.

Indian refining capacity has increased from 215.1 Million Metric Tonne Per Annum (MMTPA) to 256.8 MMTPA in last 10 years, demonstrating steady growth in downstream petroleum infrastructure.

The Government has allowed 100% Foreign Direct Investment (FDI) in upstream and private sector refining projects, encouraging private sector participation and technology transfer.

Ports:

The Ministry of Ports, Shipping and Waterways (MoPSW) has received allocation under Union Budget 2026-27 with focus on improving port infrastructure, inland waterways, and coastal shipping.

India plans to establish a new shipping company to expand its fleetby at least 1,000 ships in the next decade, aiming to reduce freight costs and capture more revenue from increasing trade. With joint ownership by state-run oil, gas, and fertilizer companies, along with the state-run Shipping Corporation of India and foreign companies, the initiative targets a reduction of at least one-third in foreign freight outgoings by 2047.

Budget 2026-27 targets a doubling of inland waterways and coastal shipping s freight share from 6% to 12% by 2047, supported by the Coastal Cargo Promotion Scheme. The government plans to operationalize 20 new National Waterways connecting mineral rich areas, industrial centres and ports.

The transition towards a fully digital, trust-based customs framework has been announced, with several measures directly addressing long-standing pain points in cross-border trade. The Rs 10,000-crore allocation for container manufacturing and the focus on sustainable cargo movement will significantly improve connectivity, reduce transit times, and lower logistics costs.

Union Cabinet approved the development of the National Maritime Heritage Complex (NMHC) at Lothal, Gujarat, showcasing India s 4,500-year-old maritime heritage. This project is expected to enhance employment, tourism, and cultural preservation.

Airports:

In March 2024, the Minister of Civil Aviation and Steel announced inaugurating 15 airport projects worth US$ 12.1 billion by 2028. AAI and other Airport Developers have targeted a capital outlay of approximately Rs 98,000 crore (US$ 11.8 billion) in the airport sector in the next five years for expansion and modification of existing terminals, new terminals and strengthening of runways, among other activities.

Civil Aviation Ministry s Vision 2040 report states that there will be 190-200 functioning airports in India by 2040. Delhi and Mumbai will have three international airports each, while the top 31 Indian cities will have two operational airports each.

Power and Renewal Energy: Power:

According to industry reports, the Indian power sector presents an investment opportunity worth Rs 40,00,000 crore (US$ 461.95 billion) over the next decade, driven by rising demand, infrastructure upgrades, and the transition to clean energy.

In 2026-27, the Ministry of Power has been allocated Rs 29,997 crore, an increase of 39% over the revised estimate of 2025-26[25].

About 1% of this allocation is towards capital expenditure, while 60% of the total expenditure has been allocated towards the Revamped

Distribution Sector Scheme (RDSS).

In order to meet Indias 500 GW renewable energy target and tackle the annual issue of coal demand supply mismatch, the Ministry of Power has identified 81 thermal units which will replace coal with renewable energy generation by 2028.

Renewal Energy:

In 2026-27, the Ministry of New and Renewable Energy (MNRE) has been allocated Rs 32,915 crore, an increase of 30% from the revised estimate of 2025-26. This represents a Rs 329.14 billion allocation, which is a 30.09 per cent increase from Rs 253.01 billion over the revised estimates in 2025-26.

The increase is driven by higher allocations towards PM Surya Ghar Muft Bijli Yojana (an increase of Rs 5,000 crore). The scheme was approved in February 2024 and provides financial assistance to households for installing rooftop solar.

Indian conglomerates plan to invest Rs 67,42,400 crore (US$ 800 billion) in green hydrogen, clean energy, semiconductors, and EVs.

Indias installed renewable energy capacity is expected to reach approximately 170 GW by March 2026, demonstrating strong growth in the renewable energy sector. Solar energy remains the primary focus, with substantial additions in solar power capacity planned.

An outlay of Rs 20,000 crore has been proposed for the Carbon Capture Utilisation and Storage (CCUS) technologies. This initiative aligns with Indias commitment to reducing carbon emissions and transitioning to cleaner energy sources.

Government plans to invest Rs 9,12,000 crore (US$ 107.89 billion) in power transmission infrastructure by 2032 to boost capacity and support growing electricity demand. Large-scale integration of Battery Energy Storage Systems (BESS) and Pumped Storage

Hydropower can address the inherent variability of renewables, ensure grid stability and peak-load management, and enable reliable, large-scale adoption of renewables.

Overall, the Indian infrastructure sector is set for substantial growth, driven by strategic investments and policy initiatives aimed at enhancing the countrys economic and social infrastructure. Addressing infrastructure projects challenges will require coordinated efforts from the government, private sector, and other stakeholders to ensure sustainable and efficient infrastructure development.

Opportunities & Threats:

Indias continued focus on infrastructure development, including investments in transportation, urban infrastructure, water management, and energy projects, presents significant opportunities for the construction and engineering sector. Government initiatives increased emphasis on sustainable infrastructure are expected to drive long-term growth and create new business opportunities for the

Company. However, the sector continues to face challenges arising from intense competition, project execution and payments, rising input and financing costs, regulatory changes, and volatility in commodity prices. The Company remains focused on improving operational efficiencies, strengthening risk management practices, and pursuing opportunities selectively to navigate the evolving business environment effectively.

Source: DPIIT, Media sources, EY, PIB, Mordor Intelligence, Union Budget Highlights - 2026-27.

Segment–Wise or Product-Wise Performance: Business Performance during the year:

Our company is actively executing various EPC and item rate projects with both government and private clients in sectors like

Railways & Metros, Water & Irrigation, and Roads, situated across India. Most of these projects are nearing completion. Despite facing severe challenges, we have successfully completed several projects of national importance. Additionally, we have engaged with clients to ensure the financial closure of outstanding dues for completed projects.

The Sector-wise Order Book of the Company is as follows:

(Rs. In Crores)

Sector	On hand as on 31-3-2026	On hand as on 31-3-2025
Roads	5.43	31
Railways & Metros	-	597
Oil & Gas	7.46	7
Total	12.89	635

Developments at IL&FS and its adverse impact on the Company/IECCL:

In the aftermath of IL&FS crisis in 2018, the reconstituted Board of IL&FS had initiated resolution process of the Company as per the Orders of Hon ble NCLAT. Pursuant to the same, a binding bid was received by the Promoters from an overseas Fund for acquisition of their respective equity stake in the paid up share capital of the Company. The bid-cum-resolution plan has been approved by the secured lenders of the Company with an overwhelming majority and the resolution plan is under the consideration by Honble Justice

D K Jain(Retd,) and would be followed by the sanction of Hon ble NCLT, Mumbai. As per the resolution plan, inter alia, the claims of all the unsecured dues of various operational creditors as on 15th October 2018,( Cut Off ) date, and admitted by the Claim Advisor, appointed as per the Orders of Hon ble Tribunal would be settled accordingly. Thus, legal cases, if any filed by any party against the Company, pertaining to the Claim of any party(ies), pertaining to pre-October 2018, whether crystallised or not and whether admitted by the Claim Advisor, shall stand infructuous.

Discussion on financial performance with respect to operational performance:

Your Company s Resolution process is still underway thereby leading to a significant impact on its business plans. Despite adverse situations, all out efforts have been made for running the organization on sustainable basis. All efforts are directed towards completing the order book in hand, liaise with the clients for financial closure of completed and projects where amicable foreclosures have been signed. The negotiations followed by execution of requisite documentations are being held for settlement in the lawful financial interests with minimal damage to the organization for the projects, terminated on account of IL&FS crisis.

The Results of these efforts led to decrease in operation of the Company when compared to previous year, in FY 26 turnover of the Company stand at Rs 188 Crore as compared to Rs. 321 Crore in FY 25. This decrease in on account of operational performance and successful project execution. Most of our projects are nearing completion, and despite facing severe challenges, the Company has been able to successfully execute projects in hand.

Overall Financial Performance:

	Amount in		Amount in
Particulars	FY 26	Remarks	FY 25	Remarks
	(Rs. in Crore)		(Rs. in Crore)
Revenue	187.92		321.38	-
EBITDA	11.85		(21.62)	-
PAT	0.19	Includes exceptional items of Rs 2.63 Cr	(4,92)	Includes exceptional items of Rs (27.57)Cr
EPS	0.01	Same as above	(0.38)	Same as above
Share Capital	131.12		131.12
Debt	2667.42		2667.80
Fixed Assets
Inventory	15.12		15.07
Return on Equity	-	Due to negative PAT the ratio not calculated	-	Due to negative PAT the ratio not calculated
Net Worth	(3186.54)	Due to loss at total comprehensive income	(3184.79)	Reasons for change in Net Worth from last year

Key Financial Ratios :

Further, as required under Schedule V (B) of SEBI LODR Regulations, below are the details of significant changes (i.e. change of 25% or more as compared to the immediately previous financial year) in key financial ratios, along with detailed explanations therefor, including:

S.No. Particulars	Ratio in FY 2025-26	Ratio in FY 2024-25
i Debtors Turnover	1.64	3.18
Ii Inventory Turnover	3.21	5.04
Iii Interest Coverage Ratio	*	*
Iv Current Ratio	0.14	0.14
V Debt Equity Ratio	*	*
Vi Operating Profit Margin (%)	6.30	(6.73)
vii Net Profit Margin (%)	0.10	(1.53)

*As the networth of the Company is negative, the Interest Coverage Ratio, Net Debt to Total Equity Ratio, Return on Capital Employed and Return on Equity have not been disclosed.

Disclosure of Accounting Treatment:

In the preparation of financial statements, relevant Accounting Standards have been followed to represent true and fair view of the underlying business transaction.

Highlights of the financial year 2025-26:

1. Although the Company is experiencing challenging times, the Company is making all efforts in responding to these challenges.

2. Further, the Company has incurred accumulated loss of Rs. 3,600.18 Crore as at March 31, 2026 (As at March 31, 2025

Rs. Rs. 3600.37 Crore). The Company has incurred loss of Rs. 1.75 Crore for the year ended March 31, 2026 (Loss for the year ended March 31, 2025, is Rs. 5.04 Crore). The Company s net worth is fully eroded, existing projects being executed by the Company are nearing completion or approaching their end of term, which resulted in significant reduction in

Companys operations over the past three years. The Company has continued to default in payment of various loans to the lenders of the Company, including borrowings from promoter group entities.

Risks and Concerns:

While the Indian infrastructure and construction sectors continue to offer significant opportunities, as highlighted in the Indian Infrastructure Industry section, the Company is presently undergoing a challenging phase. Although substantial prospects exist across key sectors such as Power, Oil & Gas, Railways & Metros, Roads, and Buildings & Structures, the Company s negative net worth and prevailing financial constraints, particularly with respect to bank guarantee requirements, have currently limited its ability to participate in new project bidding. In addition, the adverse developments within the IL&FS Group have materially impacted the Companys revenue growth plans.

In response, the newly constituted Board is actively working on a comprehensive resolution plan aimed at addressing these challenges and restoring operational stability. Upon successful implementation of the proposed measures, the Company expects to resume bidding for new projects, secure fresh business opportunities, and progressively recommence operations.

However, the ongoing process of business realignment and financial restructuring is expected to continue over the next several months and may involve significant uncertainties. Despite navigating the transition and rebuilding its business momentum.

Risk Management:

The Company has established an integrated Enterprise Risk Management (ERM) framework to systematically identify, assess, mitigate, monitor, and report potential risks across its operations. The Management periodically reviews critical business risks and evaluates the effectiveness of the corresponding mitigation measures. The key enterprise-level risks currently faced by the Company and the measures being undertaken to address them are outlined below:

Pursuant to the IL&FS crisis, the Hon ble NCLAT imposed a moratorium on the payment of all liabilities existing as on the cutoff date of 15 October 2018. Accordingly, the Company is presently not servicing its liabilities towards lenders and operational creditors in respect of dues pertaining to the pre cut-off period. Under the IL&FS resolution framework, the Company has been classifiedas a Red Entity, indicating its current inability to service debt and operational liabilities. The resolution process for the Company is presently underway and, upon successful implementation, is expected to significantly improve the liquidity position of the Company.

Order Book Risk

The Company has experiencedaprolongedperiodoflimitedorderinflowsover the past six years, except for two subcontracting assignments awarded by a contractor in relation to the Surat Metro Rail Works for Gujarat Metro Rail Corporation and the

Bhubaneswar Metro Rail Works for Delhi Metro Rail Corporation Limited (the Bhubaneswar metro project was shelved by the Govt. of Odisha). The Company s current inability to secure new projects is primarily due to its negative net worth and the consequent constraints in obtaining the requisite banking and financial support necessary for project execution.

Reputation and Brand Risk

The debt crisis within the IL&FS Group and the related concerns surrounding corporate governance have adversely impacted the reputation of associated entities, including the Company. This has created challenges in securing new EPC contracts, obtaining favourable financing arrangements, and availing credit support from vendors and suppliers. Nevertheless, the

Companys established track record in delivering quality EPC projects and consistently honouring contractual commitments provides a strong foundation for restoring stakeholder confidence and rebuilding its market reputation.

Operational Risk

The Company faces various operational challenges in project execution that may result in cost escalations and schedule overruns. To mitigate such risks, the Company places significant emphasis on detailed planning and control mechanisms covering project design, subcontractor selection, supplier management, recruitment, resource deployment, and insurance coverage. Standard Operating Procedures (SOPs) have been documented and implemented across all critical operational functions. These are supported by robust project monitoring systems and proactive risk identification and mitigation practices.

Political Risk

Given the Companys operations across multiple states in India, it is exposed to varying political and regulatory environments.

To mitigate such risks, the Company has adopted a strategy of diversification regions, thereby reducing concentration risk and enhancing operational resilience.

Contractual Risk

The Company is exposed to contractual risks arising from its dealings with clients, subcontractors, suppliers, and lenders in the ordinary course of business. To manage these risks effectively, the Company has a dedicated Contracts Department responsible for contract administration, management of significant claims, and coordination of arbitration proceedings in close collaboration with the Legal team.

Subcontractor and Joint Venture Risk

The Companys dependence on subcontractors and joint venture partners for project execution exposes it to risks relating to non-performance, which may adversely impact revenue and profitability. To mitigate these risks, the Company follows stringent evaluation and selection processes and undertakes continuous performance monitoring to ensure compliance with contractual obligations and project delivery requirements.

Material Risk

Materials lying at completed, foreclosed, or terminated project sites represent a potential risk in view of the Companys current inability to secure new projects for their effective utilization. To address this risk, the Company is undertaking measures to dispose of surplus materials, subject to obtaining necessary approvals from the relevant authorities, with the objective of minimizing potential losses arising from deterioration, obsolescence, or theft.

Internal Control Systems and their adequacy

The Company maintains financialcontrol framework that is appropriately designed for its operational scale robustinternal and the complexity of its business, aligning with the requirements of the Companies Act, 2013. To ensure the effectiveness and adequacy of these controls, M/s. TRC Corporate Consulting & T R Chadha & Co LLP, an independent audit firm, conducts regular internal audits based on an Audit Plan approved by the Audit Committee. The findings of these audits are reported to the Audit Committee on a quarterly basis, providing valuable insights into compliance and operational integrity. Furthermore, an internal Risk & Control function actively evaluates organizational risks and designs and implements necessary control mechanisms for effective risk mitigation.

The Company has institutionalized key internal controls, including a well-defined Delegation of Authority (DoA) and comprehensive Standard Operating Procedures (SOPs). These established mechanisms promote orderly and efficient business conduct, safeguard assets, aid in the prevention and detection of fraud, ensure accurate and reliable financial record-keeping, and facilitate adherence to all applicable statutory requirements.

Enhancing the strength of its internal control environment, the Company utilizes the Oracle e-Business Suite as its Enterprise

Resource Planning (ERP) system. This integrated platform ensures seamless and accurate recording of all transactions, providing a comprehensive audit trail that significantly enhances transparency and accountability across all operational processes.

Human Resources and Industrial Relations

HR department is fostering a productive, engaged and legally compliant workforce aligned with the Organisations goals. The HR Department regularly assesses its policies, aligning them with industry best practices to maintain a competitive edge.

Updated policies are communicated to all employees through email notifications and training sessions.

The Company maintains constructive and harmonious relationships with its workforce across all project sites and offices in India. The total number of employees in the Company on its payroll was 194 as on 31st March, 2026.

Cautionary Statement

Statements in this Annual Report, describing the Companys outlook, projections, estimates, expectations, or predictions may be Forward Looking Statements within the meaning of applicable laws or regulations. Actual results could differ materially from those expressed or implied. Several other factors could make significant difference Companys operations which includes economic conditions affecting demand and supply, Government Regulations, taxation, natural calamities and so on, over which the Company does not have any control.