Considering nature of properties, the Company obtains valuation for investment properties annually. The fair value of investment properties (as measured for disclosure purposes in the standalone financial statements) is based on the valuation by a registered valuer as defined under rule 2 of Companies (Registered Valuers and Valuation) Rules, 2017. Fair value is determined by applying market approach by sales comparison method/comparable transaction method. The main inputs used under this method are area, no of floors , estimated future life, rates for the office space in the nearby vicinity of the properties after adjustment of factors such as size, marketability, locations, etc.
b) The Company has no restrictions on the realisability or the remittance of income and proceeds of disposal of its investment properties. There are no contractual obligations to purchase, construct or develop investment properties or for repairs, maintenance and enhancements thereof.
c) On August 19, 2025, name of the Company has changed from ITD Cementation India Limited to Cemindia Projects Limited. The Company is in process of changing the name with respect to title deeds for below investment properties.
The Company has only one class of equity shares having a par value ofl 1 per share. Each holder of equity share is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed, if any, by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except interim dividend.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts, if any. The distribution will be in proportion to the number of equity shares held by the shareholders.
(i) Aggregate number and class of shares allotted as fully paid up pursuant to contracts without payment being received in cash - Nil
(ii) Aggregate number and class of shares allotted as fully paid up by way of bonus shares - Nil
(iii) Aggregate number and class of shares bought back - Nil
g. Out of the total issued capital, 25,260 (March 31, 2025: 25,260) equity shares of11 each have been kept in abeyance pending final settlement of rights issues.
(i) Securities premium
Securities premium is used to record the premium received on issue of shares. This account is utilised in accordance with the provisions of the Companies Act 2013 ('the Act').
Under the erstwhile Companies Act 1956, a general reserve was created through transfer of net profit at a specified percentage in accordance with applicable regulations. Consequent to the introduction of the Companies Act, 2013, the requirement to mandatorily transfer a specified percentage of net profit to general reserve has been withdrawn.
The retained earnings reflect the profit of the Company earned till date net of appropriations. The amount that can be distributed by the Company as dividends to its equity shareholders is determined based on the balance in this reserve in accordance with the requirements of the Companies Act, 2013.
The Company has recognised exchange differences arising on translation of the foreign operations in other comprehensive income and accumulated in 'Foreign Currency Translation Reserve' in Other Equity.
Terms of repayment and details of security Note 17.1 - Term loans from banks
Loans obtained from banks for capital expenses including reimbursement of expenses carry interest rates linked to 1 year/6 month MCLR currently ranging from 10.55% to 11.1% (March 31, 2025: 8.50% to 11.35% p.a) are repayable in 14/16 quarterly and 48/60 monthly installments. One of these loans is secured with exclusive charge on an immovable property of the Company and others are secured by first and exclusive charge on specific equipment financed by the banks.
Fixed based Loans obtained from banks for capital expenses including reimbursement of expenses carry fixed interest rates ranging from 8.33% to 9.55% (March 31, 2025: 8.50% to 11.35% p.a) are repayable in 14/16 quarterly and 48/60 monthly installments. These loans are secured by first and exclusive charge on specific equipment financed by the banks.
Loan obtained under Emergency Credit Line Guarantee Scheme 2.0 ('ECLGS') for general corporate/long term working capital purposes carry interest rates ranging from 7.50% to 9.55% (March 31, 2025: 8.00% to 9.25% p.a) for a period of 60 months including moratorium period of 12 months and thereafter repayable in 48 monthly installments. This loan is secured by second pari passu charge on the current assets and movable plant and equipment, other than those charged in favour of equipment specific term loans. The entire facility under ECLGS is also covered by way of 100% guarantee cover available from National Credit Guarantee Trustee Company Limited (NCGTC).
Considering the terms of the above loans, the borrowings has been identified under Ind AS 109 - "Financial Instruments" as financial liability measured at fair value as on date of its issue and at amortised cost subsequently using effective interest rate. According to the terms of the instrument and based on the evaluation of prepayment option under the agreement is considered as closely held.
Loans obtained for purchase of vehicles carry interest rates ranging from 9.65% p.a. (March 31, 2025: 7.25% p.a. to 9.15% p.a ) and balance outstanding as on March 31, 2026 are repayable in 1 to 60 monthly balance installments. These loans are secured by hypothecation of the vehicles purchased out of these loans.
Under the terms of the major borrowing facilities, the Company is required to comply with the following financial covenants at the end of each year:
Ý Debt Equity ratio to be maintained within benchmark level of 3:1
Ý Total Debt/EBITDA <= 4x
Ý DSCR >1.50
Ý Net Debt/TNW < 1.5
Ý TOL/TNW < 3.0x
Ý Current Ratio >= 1.1
Ý Interest coverage ratio >= 2.48
The Company has complied with these covenants throughout the reporting period.
There are no indications that the Company would have difficulties complying with the covenants when they will be next tested as at the year end 31 March 2027.
Cash credit facilities availed from consortium bankers carry effective interest rates ranging from 9.50% p.a. to 12.25% p.a. (March 31, 2025: 9.18% p.a. to 11.95% p.a) and are secured by first pari passu charge on the current assets and movable plant and machinery (other than those charged in favour of equipment specific term loans). These facilities are repayable on demand.
Working capital demand loans carry effective interest rates ranging from 9.50% p.a. to 11.80% p.a. (March 31, 2025: 9.23 % p.a. to 12.05% p.a) and are secured by first pari passu charge on the current assets and movable plant and machinery (other than those charged in favour of equipment specific term loans). These facilities are repayable on demand.
Note: Liabilities under supplier finance arrangement (unsecured):
The Company has entered into a reverse factoring arrangement for its trade payables to micro and small enterprises (MSME suppliers or "sellers”). For this purpose, the Company has executed a master agreement with M1 Exchange (the "Exchange”) for supplier financing. The Exchange operates the platform under the brand name "Invoice pay.” It acts as an intermediary that connects the Company, the seller, and participating financiers on a common platform for the factoring or reverse factoring of invoices. The Company initiates each transaction by uploading the payable invoice and relevant supporting documents on the Invoice pay portal, where financiers (banks and other financial institutions) bid to provide financing. The primary objective of this facility is to ensure MSME suppliers are paid by their statutory due dates while enhancing the Company's working capital position through access to financing.
Key terms and conditions of the arrangement are:
Ý The Company decides which invoices will be financed.
Ý The financier pays the MSME supplier on the 45th day from the date of the invoice.
Ý The Company pays the financier on the 180th day from the date of the invoice.
Ý The financing terms are negotiated by the Company, and it bears interest in the range of 9-12% on the credit availed beyond 45 days.
The Company enters into supplier finance arrangements, under which suppliers may elect to receive early payment for invoices, while the Company settles the related obligations with the financial institution at a later date. These arrangements are recognised as financial liabilities in accordance with Ind AS 109 and are measured at amortised cost unless designated at fair value through profit or loss.
(ii) The applicable rate of interest on supplier finance arrangement from M1 exchange ranges from 6.39% p.a. to 6.75% p.a. (March 31, 2025: 7.89% p.a. to 7.90% p.a), for bill discounting ranges from 9.55% p.a. to 9.80% p.a. (March 31, 2025: 10.00% p.a. to 10.40% p.a.), and are repayable upto 90 days from the date of discounting.
#The Company has not provided comparative information in respect of the amendments to Ind AS 7 and Ind AS 107 relating to supplier finance arrangements, as it has applied the transitional relief available on initial adoption of these amendments, which allows entities not to present comparative disclosures for prior periods.
Amounts are reclassified from trade payables to supplier's credit once those trade payables become part of supplier finance arrangement. This reclassification is treated as a non-cash change, as no cash payment occurs at that point. There were non-cash transfers from trade payables to liabilities under the supplier finance arrangement of I 96.32 Crore in 2025-26. See note below for presentation in the statement of cash flows.
The carrying amounts of liabilities under the supplier finance arrangement are considered to be reasonable approximations of their fair values, due to their short-term nature.
The Company derecognises the original trade payables when those payables become part of the supplier finance arrangement. The related liabilities under the supplier finance arrangement are presented within 'Supplier's Credit', because they represent financing obtained by the company and are sufficiently different from trade payables. All liabilities under the arrangement are classified as current, since they are required to be settled within 180 days from the date of the invoice.
For the purpose of the statement of cash flows, management has determined that the amounts are not part of the working capital used in the entity's principal revenue-producing activities, so it presents the cash outflows to settle the supplier finance liability in financing.
Management considers that the finance provider settles the invoices as a payment agent on behalf of the entity. The payments made by the finance provider are therefore presented as operating cash outflows and financing cash inflows in equal but opposite amounts at the point when the finance provider pays the supplier. When the Company subsequently pays the amount outstanding to the finance provider, this is presented as a financing cash outflow.
As per the Section 135 of the Companies Act, 2013 every year the Company is required to spend at least 2% of its average net profit made during the immediately three preceding financial years on the Corporate Social Responsibility (CSR) activities. Following is the information regarding projects undertaken and expenses incurred on CSR activities.
a. Gross amount required to be spent by the Company during the year ended March 31, 2026: I 6.59 Crores (31 March 2025: I 4.30 Crores)
c. Amount of shortfall at the end of the year ended March 31, 2026 out of the amount required to be spent during the year: I Nil Crores (March 31, 2025: I 0.24 Crores).
d. Total of previous year shortfall: Nil
e. Reason for shortfalls: The total unspent amount for FY 2024-25 in respect of CSR was I 0.24 crore, which the Company transferred to Swachh Bharat Kosh, set up by the Central Government for the promotion of sanitation during the FY 2025-26.
f. Nature of CSR activities undertaken: Health care, Education & skill development, Women empowerment, Animal welfare and activities related to setting up homes & hostels for women, orphans and senior citizens.
g. For CSR contribution to related party refer note 37.
Note 33 Contingent liabilities and commitments A. Contingent liabilities
(' in Crores)
As at
March 31, 2026
March 31, 2025
(i) Claims against the Company not acknowledged as debts (Refer note 'a' below)
686.32
469.64
(ii) Sales Tax/Value Added Tax ('VAT')/Service Tax/GST matters pending in appeals (Refer note 'b' below)
105.29
150.57
(iii) Income Tax matters pending in appeals (Refer note 'c' below)
37.78
50.02
(iv) Property tax (Refer note 'd' below)
45.86
97.44
Notes:
(a) The Company has a number of claims on customers for price escalation and/or variation in contract work. In certain cases which are currently under arbitration, the customers have raised counter-claims. The Company has received legal advice that none of the counter-claims are legally tenable. Accordingly, no provision is considered necessary in respect of these counter claims. It also include claims by third parties.
(b) These mainly relate to the issues of disallowance of various deductions and input VAT credit permissible and manner of determination of output liability under Value Added Tax provisions. The issues under dispute in service tax mainly relate to unjust rejections of refunds/benefits under Finance Act, 1994.
Major issue under GST pertains to levy of GST on deemed commission for corporate guarantees provided to banks on behalf of Joint Operations.
(c) These mainly relate to the issues of allowability of deduction of certain expenses of project sites.
(d) These mainly relate to the issue of property tax applicability on land provided for the purpose of metro project and currently under discussion with the relevant authority.
(e) It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above pending resolution of the respective proceedings. The Company does not expect any reimbursements in respect of the above contingent liabilities. Future cash outflows in respect of the above are determinable only on receipt of judgments/decisions pending with various forums/authorities. The Company does not expect any outflow of economic resources in respect of the above and therefore no provision is made in respect thereof.
B. Commitments
Estimated amount of contracts remaining to be executed on capital account and not provided for: (net of advance paid)
120.94
61.23
The Company's managing director who is identified as the Chief Operating Decision Maker (CODM) of the Company, examines the performance of the business and allocates funds on the basis of a single reportable segment i.e. 'Engineering and Construction'. Further, the Company has operations mainly in India and has no other reportable segment.
Accordingly, the segment revenue, segment results, total carrying amount of segment assets and segment liability, total cost incurred to acquire segment assets and total amount of charge for depreciation during the period, is as reflected in the Standalone Financial Statements as on and for the financial year ended March 31, 2026 and March 31, 2025.
(i) ^Pursuant to the Joint Venture Project Implementation Management Agreement executed between Cemindia Projects Limited and Italian-Thai Development Public Company Limited (ITD), the five (5) specified projects being executed under the ITD Cemindia JV are under the effective control of Cemindia Projects Limited. Cemindia Projects Limited is entitled to 100% of the profits or losses arising from these projects, and accordingly, these projects are treated akin to branch operations and are accounted for in the standalone financial statements of Cemindia Projects Limited.
In respect of the remaining projects undertaken by the Joint Venture, Cemindia Projects Limited and Italian-Thai Development Public Company Limited shall continue to jointly operate such projects and shall share the profits or losses in the ratio of 80% and 20%, respectively.
(ii) The Company accounts for assets, liabilities, revenue and expenses relating to its interest in joint operations based on the internal agreements/arrangements entered into between the parties to the joint arrangements for execution
of projects, which in some cases may be different from the ownership interest disclosed above.
Accordingly, the Company has recognised its share in total revenue from operations I 343.51 Crore (for the year ended March 31, 2025 I 274.18 crore), total expenditure I 200.65 Crore (for the year ended March 31, 2025 I 252.57 Crore), total assets as at March 31, 2026 I 322.63 Crore (as at March 31, 2025 I 300.32 Crore) and total liabilities as at March 31, 2026 I 182.32 Crore (as at March 31,2025 I 187.82 Crore) in Joint Operations.
(iii) Though the Company's effective interest in the joint operations exceeds 50%, the entity has been classified as a joint operations, considering no single party has the ability to direct all relevant activities unilaterally, and decisions relating to the relevant activities of the arrangement require collective participation through unanimous consent.
(iv) An Amendment Agreement dated March 18, 2026 has been executed to a mend the Supplemental Agreement dated November 22, 2008 in respect of the ITD - ITDCem JV (Consortium of ITD - ITD Cementation). The parties have mutually agreed to revise the participatory interest effective April 01, 2025. The revised JV ratio shall be ITD - 45% (earlier 60%) and ITD Cem (Cemindia) - 55% (earlier 40%), while ITD shall continue as the Lead Member. All other terms of the Consortium and Supplemental Agreements remain unchanged.
All eligible employees are entitled to benefits under Superannuation, a defined contribution plan. The Company makes yearly contributions until retirement or resignation of the employee. The Company recognises such contributions as
an expense when incurred. The Company has no further obligations beyond its contribution.
The Company makes contribution to respective regional provident fund commissioners in relation to all eligible employees of the Company. The Company recognises such contributions as an expense when incurred. The Company has no further obligations beyond its contribution.
The Company makes contribution towards Employees' State Insurance scheme operated by ESIC Corporation. The contributions payable to these plans by the Company are at rates specified in the rules of the scheme. The Company recognises such contributions as an expense when incurred. The Company has no further obligations beyond its contribution.
The Company pays pension fund contributions to publicly administered pension funds as per regulations. All eligible employees are entitled to benefits under employees pension scheme, a defined contribution plan. The Company makes monthly contributions until retirement or resignation of the employee. The Company recognises such contributions as an expense when incurred. The Company has no further obligations beyond its contribution.
A) Gratuity
The Company and its Joint Operations (JO) have an obligation towards gratuity, a funded defined benefit retirement plan covering eligible employees. Under India's new labour codes (effective November 21, 2025), gratuity is payable to permanent employees after five years of continuous service, and to fixed-term/
contract employees after one year of service. The benefit is calculated as per the Labour law provisions.based on wages defined under new labour code.
The Company has set up an income tax approved trust fund to finance the plan liability. The trustees of the trust fund are responsible for the overall governance of the plan. The Company makes contribution to the plan. There are no minimum funding requirement for the plan in India. The trustees of the gratuity fund have a fiduciary responsibility to act according to the provisions of the trust deed and rules.
The present value of the above defined benefit obligations, and the related current service cost and past service cost, were measured using the projected unit credit method as at March 31, 2026.
In accordance with Provident Fund and Miscellaneous Provision Act, 1952, all eligible employees of the Company are entitled to receive benefits under the provident fund plan in which both the employee and employer (at a determined rate) contribute monthly to "ITD Cementation India Limited Workmen Provident Fund”, a Trust set up by the Company to manage the investments and distribute the amounts to employees at the time of separation from the Company or retirement, whichever is earlier. This plan is a defined plan as the Company is obligated to provide its members a rate of return which should, at a minimum, meet the interest rate declared by Government administered provident fund. A part of the Company's contribution is transferred to Government administered pension fund. The contributions made by the Company and the shortfall of interest, if any, are recognised as an expense in the Standalone Statement of Profit and Loss under "Employee benefits expense".
The above defined benefit plans typically expose the Company to actuarial risks such as: investment risk, interest rate risk, longevity risk and salary risk.
investment risk If the actual return on plan assets were below the return anticipated on the basis of the discount rate, the net defined benefit obligation would increase, assuming there were no changes in other parameters. This could happen as a result of a drop in return of the fund.
interest rate risk A fall in the discount rate which is linked to the government securities rate will increase the present value of the liability requiring higher provision. A fall in the discount rate generally increases the mark to market value of the assets depending on the duration of asset. However, this will be partially offsetted by an increase in the return on the plan's assets.
Salary risk The present value of the defined benefit plan liability is calculated by reference to the
future salaries of members. As such, an increase in the salary of the members will increase the plan's liability.
Longevity risk The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of members both during and after their employment. An increase in the life expectancy of the members will increase the plan's liability.
Sensitivity for significant actuarial assumptions is computed by varying one actuarial assumption used for the valuation of the defined benefit obligation, keeping all other actuarial assumptions constant. The significant actuarial assumptions are discount rate and salary escalation rate.
The sensitivity analysis presented above may not be representative of the actual charge in the defined benefit obligation as it is unlikely that the change in assumption would occur in isolation of one another as the assumptions may be correlated.
There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years and same data, method and assumptions have been used in preparing the sensitivity analysis which are used to determine period end defined benefit obligation.
In accordance with an actuarial valuation of provident fund liabilities on the basis of guidance issued by Actuarial Society of India and based on the assumptions as mentioned below, there is no deficiency in the interest cost as the present value of the expected future earnings of the fund is greater than the expected amount to be credited to the individual members based on the expected guaranteed rate of interest of Government administered provident fund.
a) The transactions with related parties are made on terms equivalent to those that prevail in arm's length transactions. These transactions are approved by the audit committee.
b) Outstanding balances at the year-end are unsecured and interest free, unless specified.
c) The transactions with related parties have prior approval of the Audit Committee and Shareholders, where applicable, in accordance with the applicable regulations/Act.
The fair value of the financial assets are included at amounts at which the instruments could be
exchanged in a current transaction between willing parties other than in a forced or liquidation sale.
The following methods and assumptions were used to estimate the fair value:
(a) Fair value of cash and short term deposits, trade and other short term receivables, trade payables, other current liabilities, approximate their carrying amounts largely due to the short-term maturities of these instruments.
(b) Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for the expected losses of these receivables.
(c) Non-current loan carries the interest rates that are variable in nature and hence carrying value is considered as same as fair value.
During the periods mentioned above, there have been no transfers amongst the levels of hierarchy.
This section explains the judgements & estimates made in determining the fair values of the financial instruments. The fair value of financial instruments as referred to in note above have been classified into three categories depending on the inputs used in the valuation technique. The hierarchy gives the highest priority to quoted prices in active market for identical assets or liabilities (level 1 measurements) and lowest priority to unobservable inputs (level 3 measurements).
(a) Only derivative contracts are measured at fair value. These derivative contracts are categorised as Level 2 financial instruments.
(b) For all financial instruments referred above that have been measured at amortised cost, their carrying values are reasonable approximations of their fair values. These are classified as level 3 financial instruments.
There were no transfers between Level 1, Level 2 and Level 3 during the year.
The categories used are as follows:
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.
Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-the counter derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. Considering that all significant inputs required to fair value such instruments are observable, these are included in level 2.
Level 3: If one or more significant inputs is not based on observable market data, the instrument is included in level 3.
The Company's activities expose it to variety of financial risks namely market risk, credit risk and liquidity risk. The Company has various financial assets such as deposits, trade and other receivables and cash and bank balances directly related to their business operations.
The Company's principal financial liabilities comprise of trade payables and borrowings. The Company's senior management's focus is to foresee the unpredictability and minimise potential adverse effects on the Company's financial performance. The Company's overall risk management procedures to minimise the potential adverse effects of financial market on the Company's performance as given below. The Company's Board of Directors have overall responsibility for the establishment and oversight of the Company's risk management framework. The Company's risk management is carried out by the management in consultation with the Board of Directors. The Board provides principles for overall risk management, as well as policies covering specific risk areas. Financial instruments that are subject to concentrations of credit risk principally consist of trade receivables, cash and cash equivalents, bank deposits and other financial assets.
This note explains the sources of risk which the entity is
exposed to and how the entity manages the risk.
Market risk comprises of foreign currency risk and interest rate risk. Interest rate risk arises from variable rate borrowings that expose the Company's financial performance, financial position and cash flows to the movement in market rates of interest. The Company usually have some long term borrowings and short term borrowings which are at variable rate interest bearing borrowings. Hence, the Company is not significantly exposed to interest rate risk. Foreign currency risk arises from transactions that are undertaken in a currency other than the functional currency of the Company. Further, the financial performance and financial position of the Company is exposed to foreign currency risk that arises on outstanding receivable and payable balances at a reporting year end date.
The Company is exposed to interest rate risk because the Company borrows funds at both fixed and floating interest rates. The Company's exposure to changes in interest rates relates primarily to the Company's outstanding floating rate debt. Fixed rate basis borrowings are not subject to interest rate risk.
interest rate sensitivity
The sensitivity analysis below have been determined based on the exposure to interest rates for non-derivative instruments at the end of the reporting period. For floating rate liabilities, the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole year. A 50 basis point increase or decrease is used for the purpose of sensitivity analysis.
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected. With all other variables held constant, the Company's profit before tax is affected through the impact on floating rate borrowings, as follows:
The assumed movement in basis points for the interest rate sensitivity analysis is based on the currently observable market environment.
The fluctuation in foreign currency exchange rates may have potential impact on the Standalone Statement of Profit and Loss. Considering the economic environment in which the Company operates, its operations are subject to risks arising from fluctuations in foreign currency exchange rates. The risks primarily relate to fluctuations in US Dollar (USD) to the functional currency (I) of the Company. The Company, as per risk management policy, uses forward exchange derivative contracts to hedge foreign currency risk. The Company evaluates the impact of foreign exchange rate fluctuations by assessing exposure to exchange rate risks. It hedges a part of these risks by using derivative financial instruments in line with risk management policies. The Company undertakes transactions which expose the Company to foreign currency risk.
During the year, to mitigate the Company's exposure to foreign currency risk, non-INR cash flows are monitored and forward exchange contracts are entered into in accordance with the Company's risk management policies.
Sensitivity analysis
The Company's exposure in foreign currency is not significant and hence the impact of any significant fluctuation in the exchange rates is not expected to have a material impact on the operating profits of the Company.
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. The Company is exposed to credit risk from its operating activities (primarily trade receivables and contract assets) and from its investing activities, including deposits with banks and other financial instruments. The Company's major customers includes government bodies and public sector undertakings. For private customers, the Company evaluates the creditworthiness based on publicly available financial information and the Company's historical experiences. The Company's exposure to its counterparties are continuously reviewed and monitored by the Chief Operating Decision Maker (CODM). Credit period varies as per the contractual terms with the customers.
The Company does not have significant financing component in the transaction price of the contracts with customers.
The Company directly reduces the gross carrying amount of a financial asset when the Company has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. The amounts of financial assets are net of an allowance for expected credit losses, estimated by the Company and based, in part, on the age of specific receivable balance and the current and expected collection trends. When assessing the credit risk associated with its receivables, the Company also considers the other financial and non-financial assets and liabilities recognised within the same project to provide additional indications on the Company's exposure to credit risk. As such, in addition to the age of its financial assets, the Company also considers the age of its contracts in progress, as well as the existence of any deferred revenue or down payments on contracts on the same project or with the same customer.
a) The Company has used practical expedient for computing expected credit loss allowance for trade receivable and contract assets by taking into consideration payment profiles of revenue over a period of 36 months before the reporting date and the corresponding historical credit loss experiences within this period. The historical
loss rates are adjusted to reflect current and forward looking information taking into account the macro economic factors affecting the ability of the customers to settle the receivables. The expected credit loss is based on the ageing of the days, the receivables due and the expected credit loss rate.
In addition, the Company is exposed to credit risk in relation to guarantees given by the Company on behalf of its joint operations (net of Company's share). The Company's maximum exposure in this respect is the maximum amount the Company could have to pay if the guarantee is called on (net of Company's share in joint operations) amounting to I 150.21 Crores as at March 31, 2026 (I 150.21 Crore as at March 31, 2025). These performance guarantees have been issued to the banks/customers on behalf of the joint operations under the agreements entered into by the joint operations with the banks/customers. Based on management's assessment as at the end of the reporting period, the Company considers the likelihood of any claim under the guarantee as remote.
For the year ended March 31, 2026, Two (2) customers {March 31, 2025: One (1) customer}, individually, accounted for more than 10% of the revenue.
The Company is having balances in cash and cash equivalents, term deposits with banks and security deposits. The Company is having balances in cash and cash equivalents and term deposits with scheduled banks with high credit rating and hence perceive low credit risk of default. The Company has given security deposit to lessors for premises leased by the Company. The Company monitors the credit worthiness of such lessors where the amount of security deposit is material.
The portion of the payments retained by the customer until final contract settlement is not considered a significant financing component since it is usually intended to provide customer with a form of security for Company's remaining performance as specified under the contract, which is consistent with the industry practice.
Liquidity risk is the risk that the Company will face in meeting its obligations associated with its financial liabilities. The Company's approach to managing liquidity is to ensure that it will have sufficient funds to meet its liabilities when due without incurring unacceptable losses. In doing this, management considers both normal and stressed conditions. A material and sustained shortfall in cash flow could undermine the Company's credit rating and impair investor confidence.
The Company has sufficient unutilised unsecured credit facilities (fund and nonfund based) amounting to I 1,203.75 Crore as at March 31, 2026 (March 31, 2025: I 1,362.08 Crore) from its bankers to address any potential liquidity risk. Further, the Company expects realisation of its current assets in accordance with its operating cycle.
The table below provides details regarding the contractual maturities of significant financial liabilities:
The Company's entire business falls under one segment of 'Engineering and Construction'.Construction contracts represents revenue from Engineering and Construction contracts wherein the performance obligation is satisfied over a period of time. Further, the management believes that the nature, amount, timing and uncertainty of revenue and cash flows from all its contracts are similar. Accordingly, disclosure of revenue recognised from contracts disaggregated into categories has not been made.
The aggregate amount of transaction price allocated to performance obligations that are unsatisfied as at the end of the year is I 24,249.97 Crore (March 31, 2025: I 18,299.77 Crore). Most of Company's contracts have a life cycle of 2-3 years. Management expects that around 25% - 30% of the transaction price allocated to unsatisfied contracts as of March 31, 2026 will be recognised as revenue during next reporting period depending upon the progress on each contracts. The remaining amounts are expected to be recognised over the next 3 years. The amount disclosed above does not include variable consideration which is constrained.
i. Amount of amortisation recognised in Statement of Profit and Loss during the year: 12.81 Crores (March 31, 2025: 7.27 crores)
ii. Amount recognised as contract assets as at March 31, 2026: 22.78 Crore (March 31, 2025: Nil)
For presentation purposes, the Company has netted contract assets against advances received from customers and contract liabilities against retention receivables, on a contract by contract basis, as detailed below:
Ý Contract assets are presented net of advances from customers where, at the individual contract level, both balances arise from the same contract with the customer.
Ý Contract liabilities are presented net of retention receivables where such retentions pertain to the same contract and are recoverable only upon satisfaction of specified performance or contractual conditions.
This net presentation reflects the substance of the Company's rights and obligations under each contract and is consistent with the guidance under Ind AS 115, which requires contract assets and contract liabilities to be presented on a net basis at the individual contract level.
The net carrying value of right-of-use assets as at March 31, 2026 of? 47.81 Crores (March 31, 2025: I 37.87 Crores ) have been disclosed on the face of the balance sheet. (Also refer note 3.2)
(i) As at March 31, 2026, the lease obligations aggregating? 38.11 Crores (March 31,2025: I 28.42 Crores) have been presented on the face of the balance sheet. (Also refer note 18)
(i) Extension and termination options: These options are used to maximise operational flexibility in terms of managing the assets used in the Company's operations. Extension and termination options are included in the lease term, only if the Company has the right to exercise these options and reasonably certain to exercise the right.
(ii) For lease maturity analysis refer Note 39 - liquidity risk analysis.
(iii) The total cash outflow for the leases for the year ended March 31, 2026 was I 14.73 Crore (March 31, 2025 - I 13.03 Crore).
(i) During the year ended March 31, 2026, the management reassessed classification of certain items in the financial statements as listed below. Accordingly, the comparative financial information has been adjusted in line with the current year's presentation to ensure comparability. These reclassifications did not have a material effect on the information in the previous year and in the
balance sheet at the beginning of the preceding period. Further, these reclassifications did not have any impact on net cash from operating activities, net cash from investing activities and net cash flow from financing activities in the previous year. The impact of these reclassifications on comparatives is as follow:
(ii) Reclassification of 'retention receivable' amounting to I 612.30 crores from Trade Receivables to Contract assets
(iii) Contract assets and contract liabilities relating to the same contracts amounting to I 859.76 crores have been netted off and presented on a net basis in the balance sheet.
(iv) Reclassification of 'retention payable' amounting to I 249.04 crores from 'Other financial liabilities' to 'Trade Payables'.
(v) Reclassification of project expenses amounting to I 1,007.20 crores from 'other expenses' to 'Subcontracting expenses & other direct costs'
(vi) Proportionate consolidation of joint operations instead of presenting income and expenses and assets and liabilities as a single item.
The Company manages its capital to ensure that the Company will be able to continue as a going concern while maximising the return to shareholders through the optimisation of the debt and equity. The capital structure of the Company consists of debt and total equity of the Company. The Company is not subject to any externally imposed capital requirements. The Company monitors capital using a gearing ratio, which is net debt divided by total equity. The Company sets the amount of capital in proportion to its overall financing structure, i.e. equity and financial liabilities. The Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets.
(iii) The Company does not have any charges or satisfaction which is yet to be registered with Registrar of Companies beyond the statutory period during the current year or previous year.
(iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the current year or previous year.
(v) During the year ended March 31, 2026 and March 31, 2025, the Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:
a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries); or
b. provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
During the year ended March 31, 2026 and March 31, 2025, the Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:
a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries); or
b. provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(vi) There are no revaluation made during the year ended March 31, 2026 and March 31, 2025 for Property, Plant and Equipment (including right-of-use assets), Investment properties and Intangible Asset.
(vii) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961) during the current year or previous year.
(viii) The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority during the current year or previous year.
(ix) The Company is in compliance with number of layers of companies in accordance with clause 87 of Section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017 during the year ended March 31, 2026 and March 31,2025.
(x) The Company has not entered into any scheme of arrangement which has an accounting impact on the current or previous financial year.
(xi) Proceeds from term loans raised during the year ended March 31, 2026 and March 31, 2025 been utilised for the purposes for which it was obtained.
(xii) Details of stock statement submitted to banks where borrowings have been availed based on security of current assets and a reconciliation thereof to books of accounts:
(xiii) The Company has not received any loans or advances in nature of loans from promoters/directors/KMPs/ Related parties (as defined under the Companies Act, 2013) for the year ended March 31, 2026 and March 31,2025.
(xiv) There were no such loans granted during the year ended March 31, 2026 and March 31, 2025 to promoters, Directors, KMPs and the related parties (as defined under Companies Act, 2013), either severally or jointly with any other person, that are:
(a) repayable on demand; or
(b) without specifying any terms or period of repayment
During the year ended March 31, 2026, the Company has used multiple accounting software for maintaining its books of account, which have a feature of recording audit trail (edit log) facility and that has operated throughout the year for all relevant transactions recorded in the software, except in respect of one core accounting software, audit trail is not maintained at the application level in case of modification by certain users with specific access and audit trail feature was not enabled at the database level to log any direct data changes. The Company is evaluating measures to address the requirement. There are no instance of audit trail feature being tampered with and the Company has preserved the audit trail to the extent maintained in the prior year as per the statutory requirements for record retention.
The backup of books of account and other books and papers maintained in electronic mode, wherein in respect of one core accounting software, back up has been maintained on servers physically located
in India, however, the backup logs has not been maintained by the Company for the period from April 01, 2025 to February 15, 2026 and in respect of the other accounting software, it has not been maintained on a daily basis on servers physically located in India during the year. The Company has started maintaining backup logs for the backup of the core accounting software from February 16, 2026 and is evaluating necessary action in respect of another software.
As on November 21, 2025, the Government of India notified four Labour Codes effective immediately replacing the existing 29 labour laws.
The impact of implementation of the Labour Codes has resulted in an increase of I 16.18 Crores in the liabilities for defined benefit obligation. The amount has been measured and recognised based on management assessment of the impact on defined benefit obligation on such implementation and net incremental liability has been recognised as an employee benefits expenses during the year ended March 31, 2026. The Company continues to monitor the finalisation of Central and State Rules, as well as Government clarification on other aspects of the Labour Codes, and will recognise the consequential impact, if any, based on such developments.
The Company evaluated subsequent events till April 29, 2026, the date the financial information were available for issuance, and determined that there were no other material events subsequent to the period end.
The Standalone Financial Statement were approved for issue by the board of directors on April 29, 2026.