Akash Infra Projects Limited (AKASH)
₹24.81 -2.21% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Akash Infra's revenue was ₹39.1 Cr (+84.5% year on year, +4.1% on the previous quarter), and net profit ₹0.2 Cr (+12.5% year on year); the operating margin was 3.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹39.1 | +84.5% | +4.1% |
| Operating profit | ₹1.4 | +8.3% | -58.3% |
| Net profit | ₹0.2 | +12.5% | -70.6% |
| EPS (₹) | 0.11 | +10.0% | -71.8% |
| Operating margin | 3.7% | — | — |
AKASH delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 90.46% of the AKASH shares traded on NSE were taken to delivery, against the stock's own 20-session average of 82.0%. That is close to its usual level. Turnover was only ₹1 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 91.1% · 98.9% · 99.1% · 94.3% · 90.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Akash Infra-Projects Limited has submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent Purva Sharegistry (India) Private Limited confirms that securities received for dematerialisation during the quarter were processed and verified within prescribed timelines. This is a recurring administrative filing and carries no operational or financial impact on the company.
- Regulation 74(5) demat certificate filed for the quarter ended September 30, 2026
- Certificate issued by Registrar and Share Transfer Agent Purva Sharegistry (India) Private Limited dated October 01, 2026
- Security certificates received were confirmed, rejected, mutilated, and cancelled within prescribed SEBI timelines
- Covers share certificates dematerialised from 01/07/2026 to 30/09/2026
Akash Infra Projects Limited has issued the notice for its 27th Annual General Meeting (AGM) scheduled for September 30, 2026, via Video Conferencing. Key agenda items include the adoption of FY26 audited standalone and consolidated financial statements and ratification of cost auditor remuneration of Rs 50,000 for FY27. Shareholders will also vote on the appointment of two Independent Directors for a 5-year term starting January 17, 2027, the re-appointment of a Whole-Time Director for 3 years from July 7, 2027, and approval for material related-party transactions.
- 27th Annual General Meeting scheduled for September 30, 2026 at 04:00 PM IST via Video Conferencing.
- Proposed ratification of Cost Auditor remuneration of Rs 50,000 p.a. plus out-of-pocket expenses for FY 2026-27.
- Appointment of Mrs. Urvi Sachin Bhatt and Mr. Lalji Kishorji Vaghela as Independent Directors for 5-year terms starting January 17, 2027.
- Re-appointment of Shri Premalsinh Punjaji Gol as Whole-Time Director for a 3-year term w.e.f. July 07, 2027.
- Shareholder approval sought for Material Related Party transactions under Section 188 of the Companies Act.
Akash Infra-Projects Limited has approved the appointment of Mrs. Urvi Sachin Bhatt and Mr. Lalji Kishorji Vaghela as Non-Executive Independent Directors for a 5-year term starting January 17, 2027. Both appointments are subject to shareholder approval at the ensuing Annual General Meeting. Mr. Vaghela is a retired Executive Engineer from the Gujarat Roads and Buildings Department, aligning with the company's core civil construction focus. The appointments serve to maintain board governance and regulatory compliance.
- Appointed Mrs. Urvi Sachin Bhatt and Mr. Lalji Kishorji Vaghela as Non-Executive Independent Directors
- Appointments approved for a term of 5 consecutive years commencing January 17, 2027
- Requires confirmation via shareholder approval at the ensuing Annual General Meeting
- Board meeting conducted on August 24, 2026, from 05:20 PM to 06:00 PM
Akash Infra Projects Limited's Board of Directors has approved the appointment of Mrs. Urvi Sachin Bhatt and Mr. Lalji Kishorji Vaghela as Non-Executive Independent Directors. Both appointments are set for a period of 5 consecutive years commencing January 17, 2027, subject to shareholder approval at the ensuing Annual General Meeting. Mr. Vaghela is a retired Executive Engineer from the Gujarat Roads and Buildings Department, bringing domain experience relevant to the company's road construction focus.
- Board approved appointment of 2 Non-Executive Independent Directors on August 24, 2026
- Appointments are for a 5-year tenure effective from January 17, 2027
- Appointees are Mrs. Urvi Sachin Bhatt and Mr. Lalji Kishorji Vaghela
- Subject to approval by company shareholders at the upcoming Annual General Meeting
Akash Infra Projects reported a sharp increase in standalone revenue to ₹30.57 Cr for Q1 FY27, up from ₹12.59 Cr in Q1 FY26. Standalone PAT improved to ₹0.53 Cr compared to ₹0.06 Cr YoY. However, consolidated performance was significantly weaker at ₹0.19 Cr due to losses in international subsidiaries. A critical audit note highlights that finance costs were reduced because the company did not recognize accrued interest on unsecured loans, which may have artificially supported margins.
- Standalone revenue grew 143% YoY to ₹30.57 Cr, representing ~37% of TTM revenue in a single quarter
- Consolidated PAT stood at ₹0.19 Cr, impacted by a ₹26.74 Lakh loss in Akash International LLC
- Akash Infra Inc. (USA subsidiary) reported a net loss of ₹6.96 Lakhs on negative revenue of ₹5.47 Lakhs
- Audit report includes a Matter of Emphasis regarding non-recognition of accrued interest on unsecured loans
- Standalone finance costs were reported at ₹69.81 Lakhs for the quarter
The Adjudicating Officer of SEBI has passed an order on July 28, 2026, clearing four directors of Akash Infra Projects from allegations of fraudulent and unfair trade practices (PFUTP). The investigation, which began with a Show Cause Notice on May 1, 2025, concluded that allegations were unsustainable due to a lack of evidence. No financial penalties were imposed on the directors, including Mr. Yoginbhai Patel and Mr. Ambusinh Gol. This resolution removes a significant regulatory overhang for the company, which has a small market capitalization of ₹45 Cr.
- SEBI order dated July 28, 2026, concludes that no allegations are sustainable against 4 directors.
- The matter involved alleged violations of Section 12A of the SEBI Act and PFUTP Regulations.
- Zero penalty was imposed by the Adjudicating Officer due to lack of evidence.
- The case had been pending since the initial intimation on May 1, 2025.
- Directors cleared include Mr. Yoginbhai Patel, Mr. Ambusinh Gol, Mr. Premalsinh Gol, and Mr. Dineshbhai Patel.
Akash Infra Projects Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Purva Sharegistry (India) Private Limited, confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, were processed within prescribed timelines. This includes the mutilation and cancellation of physical certificates and updating the register of members with depository names. This is a routine administrative filing required by SEBI to ensure the integrity of electronic shareholding records.
- Compliance certificate issued for the quarter ended June 30, 2026
- Registrar and Share Transfer Agent (RTA) confirmed processing of dematerialization requests within prescribed timelines
- Physical security certificates were mutilated and cancelled after due verification by the depository participant
- Name of the depositories substituted in the register of members as the registered owner
Akash Infra Projects Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting July 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the upcoming Unaudited Financial Results for the quarter ending June 30, 2026. The trading window will remain closed until 48 hours after the financial results are officially declared. The company will announce the specific date for the Board meeting to approve these results at a later time.
- Trading window closure commences on Wednesday, July 1, 2026.
- Closure pertains to the review of Unaudited Financial Results for the quarter ending June 30, 2026.
- Restriction applies to all Designated Persons and their immediate relatives under SEBI norms.
- The window will reopen 48 hours after the declaration of the quarterly financial results.
- The date for the Board meeting to approve the results will be intimated separately.
Akash Infra Projects Limited has filed a Commercial Execution Petition in the Ahmedabad Commercial Court to enforce an arbitration award against the Ahmedabad Municipal Corporation. The company is seeking to recover an aggregate amount of Rs 117.84 crore, which includes the original claim and interest accrued. This legal action follows a favorable arbitration award dated January 31, 2022. If successful, the recovery of these funds will significantly strengthen the company's liquidity position and balance sheet.
- Filed Commercial Execution Petition under Section 36 of the Arbitration and Conciliation Act, 1996
- Total claim amount including interest aggregates to Rs 117.84 crore
- The petition seeks enforcement of an arbitration award originally dated January 31, 2022
- Counterparty in the dispute is the Ahmedabad Municipal Corporation (AMC)
Akash Infra Projects Limited reported a significant 96.7% YoY increase in standalone revenue for FY26, reaching ₹5,216.68 lakhs. Despite the revenue surge, consolidated PAT for the full year declined to ₹65.10 lakhs from ₹89.36 lakhs in FY25, primarily due to rising material costs and finance expenses. The Q4 standalone revenue showed a massive spike to ₹3,069.55 lakhs compared to ₹1,325.88 lakhs in the same quarter last year. The company also accounted for a one-time exceptional expense of ₹33.80 lakhs related to new statutory labour codes.
- Standalone FY26 revenue nearly doubled to ₹5,216.68 lakhs vs ₹2,651.41 lakhs in FY25.
- Consolidated FY26 revenue grew 41% YoY to ₹8,176.02 lakhs.
- Consolidated PAT for FY26 dropped to ₹65.10 lakhs from ₹89.36 lakhs in the previous year.
- Finance costs rose significantly to ₹539.34 lakhs on a consolidated basis for the full year.
- Exceptional item of ₹33.80 lakhs recognized for the statutory impact of new Labour Codes.
The Commercial Court at City Civil Court, Ahmedabad, has upheld the Arbitral Awards dated January 31, 2022, in the legal matter between Akash Infra Projects and the Ahmedabad Municipal Corporation (AMC). The court dismissed AMC's petition to quash the awards and simultaneously rejected the company's plea to enhance the awarded compensation amounts. This ruling confirms that the original arbitration findings were lawful and free from irrationality. While the company did not secure additional compensation, the validation of the existing award provides legal finality to the dispute at this level.
- Commercial Court upheld the Arbitral Awards originally dated January 31, 2022.
- Ahmedabad Municipal Corporation's plea to quash the existing awards was dismissed.
- The company's own plea to enhance the awarded amounts was also rejected by the court.
- Court found no contradictions or patent illegality in the findings of the Arbitral Tribunal.
- No immediate additional financial implications reported as the plea for compensation enhancement was rejected.
The promoter and promoter group of Akash Infra-Projects Limited have filed their annual disclosure under SEBI Takeover Regulations for the financial year ended March 31, 2026. The group collectively holds 1,25,77,468 equity shares in the company. Crucially, the promoters have declared that no shares were encumbered or pledged, directly or indirectly, during the entire financial year. This confirms that the promoter holding remains free of any debt-related liens.
- Promoter and promoter group hold a total of 1,25,77,468 equity shares as of March 31, 2026.
- Official declaration confirms zero encumbrances or pledges were made during FY 2025-26.
- Major individual holdings include Ambusinh P. Gol with 39,20,200 shares and Yoginkumar H. Patel with 38,40,200 shares.
- The disclosure covers 22 entities/individuals within the promoter and promoter group.
Akash Infra Projects Limited has announced the closure of its trading window for all designated persons and their relatives starting April 1, 2026. This closure is a mandatory regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's financial reporting. The window will remain closed until 48 hours after the declaration of the audited financial results for the quarter and financial year ending March 31, 2026. The specific date for the board meeting to approve these results will be communicated at a later time.
- Trading window closure to commence on April 1, 2026.
- Closure is related to the audited financial results for the quarter and year ending March 31, 2026.
- Trading restriction applies to all designated persons and their immediate relatives.
- Window will reopen 48 hours after the official announcement of financial results.
Akash Infra-Projects Limited has clarified the subscription details for its preferential issue of 40,00,000 convertible warrants. The Managing Director and Chairman are leading the subscription with 7,00,000 and 5,00,000 warrants respectively. This move follows shareholder approval granted on March 16, 2026. The participation of 11 promoter group members indicates strong internal confidence in the company's long-term prospects and provides a clear roadmap for capital infusion.
- Preferential issue of 40,00,000 convertible warrants previously approved by shareholders on March 16, 2026.
- MD Yoginkumar Patel and Chairman Ambusinh Gol are subscribing to a combined 12,00,000 warrants.
- A total of 11 individuals from the Promoter and Promoter Group are participating in the subscription.
- Clarification confirms that no other senior management or promoters are subscribing beyond the identified list.
- The warrants represent a significant commitment of capital from the core leadership team.
Akash Infra Projects Limited has received unanimous shareholder approval for a preferential issue of up to 40,00,000 warrants convertible into equity shares. The Extraordinary General Meeting (EGM) held on March 16, 2026, saw 100% of the 1,21,22,757 votes cast in favor of both the warrant issue and an increase in authorized share capital. The warrants will be issued to both promoters and public category investors, signaling a significant capital infusion. This move is intended to strengthen the company's financial position for its infrastructure project pipeline.
- Unanimous 100% approval for the issuance of 40,00,000 convertible warrants to promoters and public category.
- Shareholders approved the increase in authorized share capital and consequent alteration of the Memorandum of Association.
- A total of 1,21,22,757 votes were polled in favor with zero dissent across all resolutions.
- The voting process saw participation from 17 promoter group members and 19 public category members via video conferencing.
- The total votes polled represented approximately 71.89% of the total shares held by the participating categories.
Financial Performance
Revenue Growth by Segment
The Construction segment remains the primary driver, contributing the bulk of revenue. For the half-year ended September 30, 2025, total revenue grew by 137.39% YoY to INR 17.25 Cr from INR 7.27 Cr. However, annual revenue for FY25 saw a sharp decline of 50.35% to INR 26.51 Cr compared to INR 53.36 Cr in FY24. The Fuel and Grocery segment is a secondary contributor with assets valued at INR 6.95 Cr as of September 2025.
Geographic Revenue Split
100% of revenue is generated within India, specifically concentrated in the state of Gujarat. Operations are centered in Gandhinagar and Ahmedabad, serving local government bodies like the Ahmedabad Municipal Corporation (AMC) and the Roads and Buildings Department of Gujarat.
Profitability Margins
Net profit for FY25 was INR 0.36 Cr, a marginal increase of 4.56% from INR 0.34 Cr in FY24, despite the 50% revenue drop, indicating cost optimization. For H1 FY26, the company reported a profit of INR 0.91 Cr compared to a loss of INR 1.37 Cr in H1 FY25. PAT margin in FY23 was 2.27%, down from 3.02% in FY22.
EBITDA Margin
Operating margins have been volatile; estimated at over 4.5% for FY24 compared to 10.9% in FY23. In the first nine months of FY24, the operating margin was negative 0.42% due to slow order execution and lower billing. The company targets a return to margins over 6.5% to 7% for credit rating upgrades.
Capital Expenditure
The company maintains a policy of avoiding major debt-funded capital expenditure to support its financial risk profile. Most recent investments are focused on maintaining its construction equipment fleet, with depreciation and amortization standing at INR 0.28 Cr for H1 FY26.
Credit Rating & Borrowing
Long-term rating was downgraded to 'CRISIL B-/Stable' from 'CRISIL B/Stable' on August 13, 2025. Short-term rating is 'CRISIL A4'. The downgrade reflects a 50% revenue drop in FY25 and stretched liquidity. Bank loan facilities total INR 80 Cr with high utilization levels near 96-98%.
Operational Drivers
Raw Materials
Key raw materials include steel, cement, bitumen (petroleum products), and other building materials. These constitute the majority of the 'Cost of Material Consumed,' which was INR 12.18 Cr for H1 FY26, representing 70.6% of revenue.
Import Sources
Raw materials are primarily sourced locally within the state of Gujarat to minimize logistics costs for road projects in Gandhinagar and Ahmedabad.
Key Suppliers
Not specifically disclosed in the documents, but the company relies on major regional cement and steel manufacturers and petroleum dealers for bitumen.
Capacity Expansion
Capacity is measured by the order book. As of March 31, 2025, the company had an order book of INR 208 Cr to be executed over 2-3 years, a significant increase from INR 133 Cr in March 2024 and INR 65 Cr in January 2024.
Raw Material Costs
Cost of materials consumed rose to INR 12.18 Cr in H1 FY26 from INR 4.75 Cr in H1 FY25, a 156% increase, tracking the revenue growth. High volatility in steel and cement prices remains a primary risk to project profitability.
Manufacturing Efficiency
Efficiency is driven by the ability to successfully bid for and execute government tenders. The company has been active for over 20 years, providing a competitive edge in technical qualification for Gujarat state projects.
Logistics & Distribution
Distribution costs are primarily related to the movement of heavy machinery and materials to road construction sites across Gujarat.
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
Growth is targeted through aggressive bidding for road construction and repair tenders from the Gujarat government. The company aims for a 20% annual revenue improvement by utilizing its INR 208 Cr order book and pursuing new projects in the Irrigation and Commercial Construction verticals.
Products & Services
Road construction and repair services, fuel (petrol/diesel) retailing, and grocery sales.
Brand Portfolio
Akash Infra-Projects, Akash Petroleum, Akash Residency & Hospitality.
New Products/Services
The company is strengthening its business verticals in Irrigation and Commercial Construction as part of a corporate restructuring process to diversify beyond road projects.
Market Expansion
Focus remains on deepening presence in Gujarat, specifically targeting projects from the Ahmedabad Urban Development Authority and the Roads and Buildings Department.
Market Share & Ranking
Not disclosed, but identified as an established player in the Gujarat civil construction industry with over 20 years of experience.
Strategic Alliances
The company operates with subsidiaries and associates including Akash Infra Inc., Akash International LLC, Akash Petroleum Private Limited, and Akash Residency & Hospitality Private Limited.
External Factors
Industry Trends
The construction industry is cyclical and highly competitive. Current trends show a shift toward larger, integrated infrastructure projects, though AIPL remains focused on regional road maintenance and construction where it has a proven track record.
Competitive Landscape
Intense competition from local and national construction firms which creates pricing pressure and impacts the ability to maintain operating margins above 7%.
Competitive Moat
The moat is based on a 20-year relationship with Gujarat state departments and a proven track record that provides an advantage in the technical bidding process for government tenders. This is sustainable as long as the company maintains its 'AA' class contractor status.
Macro Economic Sensitivity
Highly sensitive to government infrastructure spending in Gujarat and national economic developments that influence tax laws and regulation changes.
Consumer Behavior
Demand is driven by government policy and urban development needs rather than individual consumer behavior.
Geopolitical Risks
Limited to national eco-political developments that might affect government contracting and infrastructure budgets.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013, SEBI Listing Obligations (LODR) 2015, and state-specific construction safety and quality standards set by the Gujarat PWD.
Taxation Policy Impact
The company is subject to Indian corporate tax laws. Tax expense for H1 FY26 was approximately INR 0.08 Cr.
Legal Contingencies
A significant arbitration award of INR 85.83 Cr was passed in favor of AIPL in January 2022 regarding pending receivables from AMC. However, AMC has filed an appeal, and the decision remains pending, which is a critical monitorable for liquidity.
Risk Analysis
Key Uncertainties
The primary uncertainty is the realization of the INR 85.83 Cr arbitration award. A failure to win the appeal could result in a permanent liquidity strain. Revenue volatility is also high, as seen in the 50% drop in FY25.
Geographic Concentration Risk
100% of revenue is concentrated in Gujarat, making the company highly vulnerable to the state's political and economic shifts.
Third Party Dependencies
High dependency on government agencies for order flow and timely payment of receivables.
Technology Obsolescence Risk
Low risk in civil construction, but the company must maintain modern earth-moving and road-laying machinery to remain competitive in tenders.
Credit & Counterparty Risk
High credit risk associated with government receivables, evidenced by the stretched working capital cycle and the ongoing legal dispute with AMC.
