Artson Ltd (522134)
Q2 FY27 results
Artson Ltd reported Q2 FY27 results on 16 Oct 2026: revenue ₹38.7 Cr (-19.6% year on year, +48.0% on the previous quarter), and net profit ₹2.0 Cr (against a loss a year earlier); the operating margin was 12.9%.
| Q2 FY27 (₹ Cr) | Value | YoY vs Q2 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹38.7 | -19.6% | +48.0% |
| Operating profit | ₹5.0 | from loss | +319.7% |
| Net profit | ₹2.0 | from loss | from loss |
| EPS (₹) | 0.54 | from loss | from loss |
| Operating margin | 12.9% | — | — |
- Turnaround: profit against a loss a year ago
- Operating margin expanded 1297 bps YoY
Quality of profit: of pre-tax profit of ₹2.7 Cr, ₹2.5 Cr (92%) came from the core business and the rest from other income and one-off items.
📢 Recent Corporate Announcements
Artson Ltd has submitted a statement confirming the non-applicability of Regulation 32(1) of SEBI (LODR) Regulations, 2015 for the second quarter ended September 30, 2026. The company stated that no proceeds were raised through public issues, rights issues, preferential issues, or QIPs during this period. Consequently, no deviation or variation reporting is required.
- No public issue proceeds raised during Q2 ended September 30, 2026
- Statement of Deviation or Variation under Regulation 32(1) marked non-applicable
- Covers IPO, FPO, Rights Issue, and Preferential Issue categories
Artson Ltd reported a net profit of ₹2.01 Cr for Q2 FY27 (quarter ended Sep 30, 2026), swinging from a net loss of ₹2.24 Cr in Q2 FY26, on revenue of ₹38.68 Cr. Revenue for the quarter included a one-time claim recognition of ₹9.92 Cr for additional costs incurred on ground improvement and extension of time. The board also approved extending the maturity of a ₹40.30 Cr partly secured loan from its parent, Tata Projects Limited, from 2037 to 2042 (25 years total). Additionally, Walker Chandiok & Co LLP was appointed as statutory auditor for a 5-year term starting FY28 to replace Price Waterhouse & Co.
- Revenue from operations stood at ₹38.68 Cr in Q2 FY27 vs ₹48.12 Cr in Q2 FY26 and ₹26.13 Cr in Q1 FY27
- Net profit turned positive to ₹2.01 Cr compared to a net loss of ₹2.24 Cr in Q2 FY26 and loss of ₹0.41 Cr in Q1 FY27
- Recognised claim revenue of ₹9.92 Cr during the quarter towards recovery of additional project site costs
- Extended maturity of ₹40.30 Cr holding company loan from Tata Projects from 20 years (due 2037) to 25 years (due 2042)
- Appointment of Walker Chandiok & Co LLP as statutory auditors for a 5-year term starting AGM 2027
Artson Ltd reported a net profit of ₹2.01 Cr for Q2 FY27 (quarter ended Sep 30, 2026), swinging from a net loss of ₹2.24 Cr in Q2 FY26, on revenue of ₹38.68 Cr. Revenue for the quarter included a one-time claim recognition of ₹9.92 Cr for additional costs incurred on ground improvement and extension of time. The board also approved extending the maturity of a ₹40.30 Cr partly secured loan from its parent, Tata Projects Limited, from 2037 to 2042 (25 years total). Additionally, Walker Chandiok & Co LLP was appointed as statutory auditor for a 5-year term starting FY28 to replace Price Waterhouse & Co.
- Revenue from operations stood at ₹38.68 Cr in Q2 FY27 vs ₹48.12 Cr in Q2 FY26 and ₹26.13 Cr in Q1 FY27
- Net profit turned positive to ₹2.01 Cr compared to a net loss of ₹2.24 Cr in Q2 FY26 and loss of ₹0.41 Cr in Q1 FY27
- Recognised claim revenue of ₹9.92 Cr during the quarter towards recovery of additional project site costs
- Extended maturity of ₹40.30 Cr holding company loan from Tata Projects from 20 years (due 2037) to 25 years (due 2042)
- Appointment of Walker Chandiok & Co LLP as statutory auditors for a 5-year term starting AGM 2027
Artson Limited reported Q2 FY27 revenue from operations of ₹38.68 Cr, down 19.6% YoY from ₹48.12 Cr but up 48.0% QoQ. Net profit turned positive at ₹2.01 Cr compared to a net loss of ₹2.24 Cr in Q2 FY26 and a loss of ₹0.41 Cr in Q1 FY27. Profitability was notably aided by ₹9.92 Cr recognised as revenue from a cost recovery claim. In addition, the Board approved extending the maturity of a ₹40.30 Cr loan from parent Tata Projects Limited by 5 years to 2042, and appointed Walker Chandiok & Co LLP as auditors starting FY28.
- Revenue from operations stood at ₹38.68 Cr in Q2 FY27 vs ₹48.12 Cr in Q2 FY26 (down 19.6% YoY).
- Net profit swung to ₹2.01 Cr compared to a net loss of ₹2.24 Cr in the year-ago quarter.
- Quarterly revenue includes a one-off claim recognition of ₹9.92 Cr for recovery of additional site costs.
- Board approved extending the maturity of a ₹40.30 Cr loan from Tata Projects from 2037 to 2042.
- Walker Chandiok & Co LLP proposed as statutory auditors for a 5-year term from FY28 to FY32.
Artson Limited reported Q2 FY27 revenue from operations of ₹38.68 Cr, down 19.6% YoY from ₹48.12 Cr but up 48.0% QoQ. Net profit turned positive at ₹2.01 Cr compared to a net loss of ₹2.24 Cr in Q2 FY26 and a loss of ₹0.41 Cr in Q1 FY27. Profitability was notably aided by ₹9.92 Cr recognised as revenue from a cost recovery claim. In addition, the Board approved extending the maturity of a ₹40.30 Cr loan from parent Tata Projects Limited by 5 years to 2042, and appointed Walker Chandiok & Co LLP as auditors starting FY28.
- Revenue from operations stood at ₹38.68 Cr in Q2 FY27 vs ₹48.12 Cr in Q2 FY26 (down 19.6% YoY).
- Net profit swung to ₹2.01 Cr compared to a net loss of ₹2.24 Cr in the year-ago quarter.
- Quarterly revenue includes a one-off claim recognition of ₹9.92 Cr for recovery of additional site costs.
- Board approved extending the maturity of a ₹40.30 Cr loan from Tata Projects from 2037 to 2042.
- Walker Chandiok & Co LLP proposed as statutory auditors for a 5-year term from FY28 to FY32.
Artson Limited has appointed Mr. Sukumar Hebbar as Additional Director (Non-Executive) and Chairman of the Board, effective October 12, 2026. Mr. Hebbar currently serves as MD & CEO of Tata Projects Limited and brings over 36 years of EPC industry experience. Additionally, Ms. Priti Patel, Chief Business Transformation Officer at Tata Projects, was appointed as an Additional Director (Non-Executive). The appointments bring senior leadership from promoter/group associate Tata Projects to Artson, which reported a TTM net loss of Rs 12 Cr on Rs 145 Cr revenue.
- Appointment of Mr. Sukumar Hebbar as Additional Director (Non-Executive) and Chairman effective October 12, 2026
- Mr. Hebbar brings over 36 years of EPC industry experience and is currently MD & CEO of Tata Projects Limited
- Ms. Priti Patel appointed as Additional Director (Non-Executive), bringing over 20 years of infrastructure sector experience
- Nomination & Remuneration Committee reconstituted to include Sukumar Hebbar as member alongside Priya Kher and Jyotisman Dasgupta
Artson Limited has appointed Mr. Sukumar Hebbar as Additional Director (Non-Executive) and Chairman of the Board, effective October 12, 2026. Mr. Hebbar currently serves as MD & CEO of Tata Projects Limited and brings over 36 years of EPC industry experience. Additionally, Ms. Priti Patel, Chief Business Transformation Officer at Tata Projects, was appointed as an Additional Director (Non-Executive). The appointments bring senior leadership from promoter/group associate Tata Projects to Artson, which reported a TTM net loss of Rs 12 Cr on Rs 145 Cr revenue.
- Appointment of Mr. Sukumar Hebbar as Additional Director (Non-Executive) and Chairman effective October 12, 2026
- Mr. Hebbar brings over 36 years of EPC industry experience and is currently MD & CEO of Tata Projects Limited
- Ms. Priti Patel appointed as Additional Director (Non-Executive), bringing over 20 years of infrastructure sector experience
- Nomination & Remuneration Committee reconstituted to include Sukumar Hebbar as member alongside Priya Kher and Jyotisman Dasgupta
Artson Ltd has received ₹2,46,18,405 as the first milestone payment under the revised Shipbuilding Financial Assistance Scheme (SBFAS) from the Ministry of Ports, Shipping and Waterways. The payment constitutes 30% of the overall financial assistance for achieving the keel-laying milestone. This subsidy relates to the construction and supply of a Floating Dry Dock for Sadhav Offshore Engineering Private Limited. Given the company's tight liquidity profile with debt of ₹54 Cr and a net worth of ₹1 Cr, this cash inflow directly aids near-term working capital.
- Received ₹2,46,18,405 from DG Shipping under the revised SBFAS framework
- Amount represents 30% of total Shipbuilding Financial Assistance for the project
- Milestone achieved was the keel laying for a Floating Dry Dock (FDD) for Sadhav Offshore Engineering Private Limited
- First milestone payment received was achieved over a year back
Artson Ltd has announced that its 47th Annual General Meeting (AGM) will be held on Friday, September 25, 2026, at 15:00 IST via Video Conferencing / Other Audio-Visual Means. In connection with the AGM, the Register of Members and Share Transfer Books will remain closed from September 19, 2026, to September 25, 2026 (both days inclusive). The announcement is in continuation of an earlier disclosure dated July 15, 2026.
- 47th Annual General Meeting scheduled for September 25, 2026 at 15:00 IST
- AGM to be conducted via Video Conference / Other Audio-Visual Means
- Book closure period fixed from September 19, 2026 to September 25, 2026 (both days inclusive)
- Follows earlier corporate disclosure dated July 15, 2026
Artson Ltd has announced that its 47th Annual General Meeting (AGM) will be held on Friday, 25th September 2026, at 15:00 IST via Video Conference / Other Audio-Visual Means. In connection with the AGM, the Register of Members and Share Transfer Books will be closed from 19th September 2026 to 25th September 2026 (both days inclusive). This is a standard annual statutory procedure with no impact on operations or financials.
- 47th Annual General Meeting scheduled for 25th September 2026 at 15:00 IST
- Meeting to be conducted via Video Conference (VC) / Other Audio-Visual Means (OAVM)
- Share transfer books and register of members closed from 19th September 2026 to 25th September 2026
Artson Ltd has announced that its 47th Annual General Meeting (AGM) will take place on Friday, September 25, 2026, at 15:00 IST via Video Conference. The Register of Members and Share Transfer Books will be closed from September 19, 2026, to September 25, 2026 (both days inclusive) for AGM purposes. This is a standard corporate compliance intimation following its previous intimation on July 15, 2026.
- 47th AGM scheduled for Friday, 25th September 2026 at 15:00 IST via VC/OAVM
- Share Transfer Books and Register of Members closed from 19th September 2026 to 25th September 2026
- Meeting follows previous company disclosure dated 15th July 2026
India Ratings and Research (Ind-Ra) has affirmed Artson Ltd's credit rating at 'IND A+/Stable' for its issuer rating and bank loan facilities. The total rated bank loan amount has been slightly reduced to Rs 116 crore from the previous Rs 117 crore. This affirmation is significant given the company's extremely thin net worth of Rs 1 crore and a high Debt-to-Equity ratio of 54.0. The stable outlook suggests the agency expects the company to maintain its credit profile despite reporting a net loss of Rs 11 crore in FY26.
- Issuer Rating affirmed at IND A+/Stable by India Ratings and Research.
- Total bank loan facilities rated at Rs 116 crore, representing approximately 70.7% of FY26 revenue.
- Rated facility amount reduced by Rs 1 crore from the previous limit of Rs 117 crore.
- Short-term rating for bank facilities affirmed at IND A1+.
- Working capital limits spread across five banks, including Federal Bank (Rs 38 crore) and CSB Bank (Rs 40 crore).
Mr. Vinayak Pai has resigned as Chairman and Non-Executive Director of Artson Ltd, effective July 31, 2026. This transition follows his departure from the holding company, Tata Projects Limited, which maintains a 75% promoter stake in Artson. The company is currently in a fragile financial position, reporting a net loss of Rs 11.0 Cr in FY26 and carrying a high debt of Rs 54 Cr against a net worth of just Rs 1 Cr. This leadership change is primarily a structural alignment with the parent company's management shifts.
- Mr. Vinayak Pai to cease as Chairman and Non-Executive Director effective July 31, 2026.
- Resignation is due to his stepping down from the holding company, Tata Projects Limited.
- Artson Ltd reported a net loss of Rs 11.0 Cr for the full year FY26.
- The company operates with a high debt-to-equity ratio of 54.00, with debt at Rs 54 Cr.
- Promoter holding remains stable at 75.0% as of June 2026.
Mr. Vinayak Pai has resigned as Chairman and Non-Executive Director of Artson Ltd, effective July 31, 2026. The resignation follows his departure from the holding company, Tata Projects Limited, which maintains a 75% stake in Artson. This leadership change occurs as the company faces significant financial headwinds, including a net loss of Rs 11.0 cr in FY26 and a high debt-to-equity ratio of 54.00. Investors should monitor the appointment of a successor to lead the company's turnaround efforts.
- Resignation effective from the close of business hours on 31st July 2026
- Departure linked to stepping down from the holding company, Tata Projects Limited
- Artson Ltd reported a net loss of Rs 11.0 cr for the full year FY26
- The company operates with a high debt-to-equity ratio of 54.00 and a thin net worth of Rs 1 cr
- Promoter holding remains concentrated at 75.0% as of June 2026
Artson Ltd has secured a Letter of Intent (LOI) from TKIL Industries Private Limited for a project valued at ₹14.63 crore, excluding taxes. The contract involves the design, supply, fabrication, painting, and transportation of structures for the JSW - Jaigarh Port Limited project in Jaigarh. The order is domestic and will be executed on a unit rate basis (per MT). The company is expected to complete the execution within a 6-month timeframe.
- Order value of ₹14.63 crore excluding taxes awarded by TKIL Industries Private Limited.
- Execution timeline set for a period of 6 months.
- Scope includes design, supply, and fabrication of structures like Conveyor Gallery and Trestles.
- Project site is JSW - Jaigarh Port Limited, Jaigarh.
- Contract is based on a unit rate basis (per MT).
Financial Performance
Revenue Growth by Segment
Total revenue from operations decreased 11.37% YoY to INR 113.55 Cr (FY25) from INR 128.12 Cr (FY24). The sale of goods segment specifically contributed INR 58.80 Cr, representing 51.8% of total revenue.
Geographic Revenue Split
Not explicitly detailed by percentage, but the company operates significant project sites at GRSE in Kolkata and the P2 Project site.
Profitability Margins
Net Profit Margin (PAT %) declined from 4.70% in FY24 to 2.62% in FY25. This was primarily driven by a shift from a tax credit of INR 3.75 Cr in FY24 to a tax expense of INR 1.31 Cr in FY25, despite an increase in Profit Before Tax (PBT) from INR 2.30 Cr to INR 4.80 Cr (+108.26%).
EBITDA Margin
EBITDA margin improved from 11.37% to 12.76% (+139 bps) YoY. Absolute EBITDA grew 15.94% to INR 16.97 Cr, indicating improved core operational efficiency.
Capital Expenditure
Not explicitly stated as a total figure, but depreciation and amortization increased 17.75% YoY to INR 2.40 Cr, reflecting ongoing investment in Property, Plant, and Equipment.
Credit Rating & Borrowing
Finance charges decreased 5.07% YoY to INR 9.78 Cr, which represents 7.35% of total income.
Operational Drivers
Raw Materials
Input costs (unspecified materials) and skilled labor/wages are identified as the primary cost drivers.
Raw Material Costs
Input cost pressures and rising wages are cited as significant risks. The company utilizes a Project Risk Management (PRM) framework to evaluate these costs before making financial commitments.
Manufacturing Efficiency
The company achieved 4 million safe man-hours at the GRSE site in Kolkata and 1.5 million safe man-hours at the P2 Project site, with zero LTIs and fatalities during the year.
Strategic Growth
Growth Strategy
Growth is targeted through a multi-layered approach: the PRM framework evaluates risks against returns before bidding, the contracts & commercial cell identifies cost/timeline risks, and the Operations/Business Development teams exercise prudence in bidding processes.
Products & Services
Engineering and construction project execution services (e.g., GRSE site, P2 site) and manufactured goods (INR 58.80 Cr).
Brand Portfolio
Artson Limited (Formerly known as Artson Engineering Limited).
External Factors
Industry Trends
The industry is evolving toward higher safety and environmental standards. Artson is positioning itself through its Corporate EHSQ Policy and achieving millions of safe man-hours at project sites.
Competitive Moat
The moat is based on specialized engineering project execution capabilities and a robust internal control system commensurate with the size and complexity of operations.
Macro Economic Sensitivity
Highly sensitive to social and economic scenarios, which may cause actual performance to differ materially from forward-looking statements.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013, Ind AS 115 for revenue recognition, and Section 197 for managerial remuneration.
Environmental Compliance
Maintains a Corporate Environment, Health, Safety and Quality (EHSQ) Policy; achieved zero LTIs and fatalities in FY25.
Taxation Policy Impact
The company incurred a tax expense of INR 1.31 Cr in FY25 compared to a tax credit of INR 3.75 Cr in FY24.
Legal Contingencies
Pending litigations are disclosed in Note 41. The company has also made provisions for material foreseeable losses on long-term contracts under Note 18 as of March 31, 2025.
Risk Analysis
Key Uncertainties
Input cost pressures and wage inflation (potential margin compression), skilled manpower shortages (potential project delays), and contract execution delays (potential impact on cash flows).
Geographic Concentration Risk
Significant operational concentration at the GRSE site in Kolkata and the P2 Project site.
