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ARSSINFRA - ARSS Infra

📊 NSE: ARSSINFRA 🏢 Construction 📅 Last Updated: 12/13/2025 18:31

📢 Recent Corporate Announcements

ARSS Infrastructure Appoints A D V & Co. LLP as Statutory Auditors Following Firm Merger

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 10 Mar 2026, 07:34 PM

ARSS Infrastructure Projects Limited has appointed A D V & Co. LLP as its new Statutory Auditors effective March 10, 2026. This appointment fills a casual vacancy created by the merger of the previous auditor, M/s M A R S & Associates, into the new firm. The Board approved the appointment via circular resolution following recommendations from the Audit Committee. The change is a technical requirement under the Companies Act, 2013, and is subject to shareholder approval.

Appointment of A D V & Co. LLP (FRN: 003467N/N500463) as Statutory Auditors effective March 10, 2026.
Casual vacancy arose due to the merger of existing auditor M/s M A R S & Associates with A D V & Co. LLP.
The Board of Directors approved the appointment via a resolution passed by circulation on March 10, 2026.
The appointment is subject to the final approval of the company's members in accordance with Section 139 of the Companies Act, 2013.

💡 This is a routine administrative change resulting from a merger of audit firms and does not indicate any underlying financial or governance issues. No immediate action is required from investors.

ARSS Infrastructure Appoints A D V & Co. LLP as New Statutory Auditors Following Firm Merger

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 10 Mar 2026, 07:04 PM

ARSS Infrastructure Projects Limited has appointed A D V & Co. LLP as its new Statutory Auditors effective March 10, 2026. This appointment fills a casual vacancy created by the merger of the previous auditor, M/s M A R S & Associates, into the new firm. The Board of Directors approved the transition following recommendations from the Audit Committee. The change is a technical requirement under the Companies Act, 2013, and remains subject to final approval by the company's shareholders.

A D V & Co. LLP (FRN: 003467N/N500463) appointed as Statutory Auditors effective March 10, 2026
Casual vacancy arose due to the merger of existing auditor M/s M A R S & Associates with the new firm
Board approval granted via resolution by circulation on March 10, 2026
The new audit firm provides comprehensive services including Audit, Tax Advisory, and Compliance
Appointment is subject to the approval of the Members of the Company

💡 This is a routine administrative change resulting from a professional merger of audit firms rather than a dispute. No immediate action is required by investors as the transition appears procedural.

ARSS Infrastructure Statutory Auditor M A R S and Associates Merges with A D V & Co. LLP

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Feb 2026, 06:48 PM

ARSS Infrastructure Projects Limited has reported a change in the constitution of its Statutory Auditors due to a merger at the audit firm level. The existing auditor, M A R S and Associates (FRN: 010484N), has merged with A D V & Co. LLP (FRN: 003467N/N500463) as of February 25, 2026. This is a regulatory notification under SEBI (LODR) Regulations, 2015. Detailed disclosures will be submitted to the exchanges once the Board of Directors provides its formal approval.

Statutory Auditor M A R S and Associates (FRN: 010484N) has merged with A D V & Co. LLP.
The notification of the merger was received by the company on February 25, 2026.
The successor firm is A D V & Co. LLP with Firm Registration Number 003467N/N500463.
Full disclosure per SEBI Circular dated November 11, 2024, is pending Board approval.

💡 This is a routine administrative update regarding the company's audit firm and does not reflect any change in the company's financial position. No action is required from investors.

ARSS Infra Q3 Revenue Rises to ₹38.25 Cr; Settles ₹4,675 Cr Debt via Equity Issuance

🔵 WATCH ⭐ 8/10

EARNINGS 📅 10 Feb 2026, 04:16 PM

ARSS Infrastructure Projects reported a revenue of ₹38.25 crore for the quarter ended December 31, 2025, showing a recovery from the previous quarter's ₹11.41 crore. The company is implementing an NCLT-approved Resolution Plan which involved settling unsustainable debt of ₹4,675.45 crores through the issuance of 7.5 crore equity shares. While the quarterly net loss narrowed significantly to ₹6.28 lakhs, the nine-month loss remains at a massive ₹3,343.28 crores due to restructuring adjustments. The company is now under new management following the takeover by Ocean Capital Market Limited.

Revenue from operations grew to ₹3,825.10 lakhs in Q3FY26 from ₹1,141.00 lakhs in Q2FY26.
Settled unsustainable debt of ₹4,675.45 crores by issuing 7.5 crore equity shares to creditors and an AIF.
Extinguished 1.06 crore equity shares previously held by erstwhile promoters as part of the resolution plan.
Auditors issued a qualified opinion due to non-ascertainment of contract-wise surplus/loss under Ind AS-115.
Total comprehensive loss for the nine-month period stands at ₹3,34,328.78 lakhs following insolvency proceedings.

💡 Investors should exercise extreme caution as the company is emerging from insolvency with massive equity dilution and significant historical losses. While the debt settlement is a positive step for the balance sheet, the auditor's qualification and the company's ability to generate consistent operational profits under new management remain key monitorables.

ARSS Infra Q3 Revenue Jumps to ₹38.25 Cr; Debt Restructuring via NCLT Plan Completed

🔵 WATCH ⭐ 8/10

EARNINGS 📅 10 Feb 2026, 03:57 PM

ARSS Infrastructure reported a significant revenue increase to ₹38.25 crore in Q3 FY26, up from ₹19.55 crore in the same quarter last year. The company is emerging from a Corporate Insolvency Resolution Process (CIRP) following the NCLT-approved resolution plan by Ocean Capital Market Limited. A massive unsustainable debt of ₹4,675.45 crore was settled through the issuance of 7.5 crore equity shares, significantly altering the capital structure. While the company reported a marginal net loss of ₹6.28 lakhs this quarter, it represents a stabilization after massive accounting adjustments in the previous period.

Revenue from operations grew 95% YoY to ₹3,825.10 lakhs in Q3 FY26.
Settled unsustainable debt of ₹4,675.45 crores through the issuance of 7.5 crore equity shares to creditors.
Equity share capital expanded significantly from ₹15.12 crore to ₹90.12 crore following resolution plan implementation.
Reported a marginal net loss of ₹6.28 lakhs for the quarter, recovering from massive exceptional losses in Q2.
Auditors issued a qualified opinion regarding non-compliance with Ind AS-115 for contract-wise surplus/loss recognition.

💡 Investors should closely monitor the company's operational turnaround and ability to secure new contracts post-insolvency. The massive equity dilution and auditor qualifications regarding revenue recognition are significant risks that warrant a cautious approach.

ARSS Infrastructure Clarifies Typographical Error in Q2 FY26 Financial Results

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 02 Feb 2026, 12:09 PM

ARSS Infrastructure Projects Limited has issued a clarification regarding its financial results for the quarter ended September 30, 2025. The company noted that an inadvertent typographical error occurred in the Limited Review Report, where the period was incorrectly labeled as the 'June Quarter' instead of the 'September Quarter.' The company confirmed that there are no changes to the actual financial figures or other disclosures previously submitted on November 10, 2025. This filing serves as a formal correction to the exchange's query under SEBI Regulation 33.

Clarification issued for the quarter and half-year ended September 30, 2025.
Typographical error in the Limited Review Report mislabeled the period as 'June Quarter'.
Company confirms no changes to financial results or any other disclosures.
Original board meeting for result approval was concluded on November 10, 2025.
An Extra-Ordinary General Meeting (EGM) was previously scheduled for December 9, 2025.

💡 This is a routine administrative correction with no impact on the company's financial health or operations. Investors should ignore the clerical error and focus on the actual financial performance reported for the September quarter.

ARSS Infrastructure Reports Q1 FY25 Net Loss of ₹15.84 Crore Amid Ongoing Insolvency Process

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 31 Jan 2026, 04:23 PM

ARSS Infrastructure Projects, currently undergoing Corporate Insolvency Resolution Process (CIRP), has released its revised consolidated financial results for Q1 FY25. The company reported a marginal total income of ₹0.98 crore, down from ₹1.10 crore in the same quarter last year. Net losses widened to ₹15.84 crore for the quarter, compared to a loss of ₹15.22 crore in Q1 FY24. The company continues to struggle with high finance costs and minimal operational revenue while under the supervision of a Resolution Professional.

Total income for Q1 FY25 decreased to ₹98.26 lakhs from ₹110.07 lakhs in Q1 FY24.
Net loss for the quarter widened to ₹15.84 crore versus a loss of ₹15.22 crore in the previous year.
Total expenses for the period stood at ₹16.82 crore, significantly exceeding the total income.
Loss per share (EPS) deteriorated to ₹(7.01) from ₹(6.73) year-on-year.
The company remains under Corporate Insolvency Resolution Process (CIRP) with its board powers suspended.

💡 Investors should remain extremely cautious as the company is in insolvency proceedings, which often results in significant or total erosion of equity value. The widening losses and lack of revenue generation indicate a highly distressed financial position.

ARSS Infrastructure Submits SEBI Regulation 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Jan 2026, 04:39 PM

ARSS Infrastructure Projects Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Bigshare Services Private Limited, confirms that all dematerialization requests for the quarter ended December 31, 2025, were processed within the mandatory 15-day timeframe. It verifies that physical security certificates were mutilated and cancelled after verification, with the depositories' names updated in the register of members. This is a standard procedural filing required for all listed companies in India to ensure record-keeping integrity.

Compliance certificate issued for the quarter ended December 31, 2025.
Confirmation that dematerialization requests were processed and accepted/rejected within 15 days.
Registrar and Share Transfer Agent (RTA) Bigshare Services Private Limited verified the cancellation of physical certificates.
Securities comprised in the certificates are confirmed to be listed on the relevant stock exchanges.

💡 No action is required as this is a routine regulatory filing confirming standard operational compliance regarding share dematerialization.

ARSS Infrastructure Closes Trading Window from Jan 1, 2026; Trading Remains Suspended

🔴 NEGATIVE ⭐ 4/10

ROUTINE 📅 23 Dec 2025, 04:47 PM

ARSS Infrastructure Projects Limited has announced the closure of its trading window starting January 1, 2026, for the declaration of Q3 and nine-month financial results ending December 31, 2025. The window will remain closed until 48 hours after the results are announced to the stock exchanges. Crucially, the company noted that share trading is currently suspended for a six-month period following an NCLT Cuttack Bench order dated August 29, 2025. This suspension limits liquidity and exit options for current shareholders during the insolvency or restructuring process.

Trading window closure effective from January 1, 2026, for Q3 and 9M FY26 results.
Window to reopen 48 hours after the announcement of unaudited financial results.
Trading of company shares is currently suspended for 6 months per NCLT order dated August 29, 2025.
Compliance follows SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 Investors should remain cautious as the stock is under a 6-month trading suspension due to NCLT orders. Monitor the upcoming Q3 results for any updates on the company's financial health and legal status.

ARSS Infra Approves Resolution Plan; Doubles Authorized Capital to ₹110 Crore

🟢 POSITIVE ⭐ 8/10

REGULATORY 📅 22 Dec 2025, 05:18 PM

ARSS Infrastructure Projects Limited has approved a Resolution Plan submitted by Ocean Capital Market Limited following NCLT Cuttack's approval. The company is doubling its authorized share capital from ₹55 crore to ₹110 crore to facilitate fresh fund infusion and debt restructuring. This move includes reclassifying 1.5 crore preference shares into equity shares. The restructuring aims to revive operations, clear legacy liabilities, and restore financial health after the Corporate Insolvency Resolution Process.

Authorized share capital increased from ₹55 crore to ₹110 crore, divided into 11 crore equity shares.
Resolution Plan by Ocean Capital Market Limited approved by CoC and Hon'ble NCLT, Cuttack Bench.
Reclassification of 1.5 crore existing preference shares of ₹10 each into equity share capital.
Shareholders approved new borrowing limits and the infusion of fresh funds for working capital and sustainability.

💡 Investors should monitor the implementation of the resolution plan and the impact of equity dilution on existing shareholders. The entry of a new promoter marks a significant shift in the company's recovery path.

ARSS Infra to Double Authorized Capital to ₹110 Cr for IBC Resolution Plan Implementation

🟢 POSITIVE ⭐ 8/10

REGULATORY 📅 22 Dec 2025, 05:15 PM

ARSS Infrastructure Projects Limited has moved to implement its NCLT-approved Resolution Plan following a period of significant financial stress. Shareholders approved an increase in authorized share capital from ₹55 crore to ₹110 crore, alongside the reclassification of 1.5 crore preference shares into equity. The plan, submitted by Ocean Capital Market Limited, aims to infuse fresh working capital and clear legacy liabilities. This marks a formal transition toward operational revival and financial health restoration.

Resolution Plan by Ocean Capital Market Limited approved by NCLT Cuttack Bench to revive operations.
Authorized Share Capital doubled from ₹55 crore to ₹110 crore to facilitate new equity structure.
Reclassification of 1.5 crore existing Preference Shares into Equity Shares of ₹10 each.
Approval of new borrowing limits to support working capital and sustainability requirements.
The plan aims to clear legacy liabilities and rebuild market confidence through transparent execution.

💡 Investors should monitor the specific terms of equity issuance to the new promoters and the resulting dilution for existing shareholders. While the exit from insolvency is a positive milestone, the company's long-term viability depends on successful operational execution under new management.

ARSS Infrastructure Completes Allotment of 7.8 Crore Equity Shares Under Resolution Plan

🟢 POSITIVE ⭐ 9/10

REGULATORY 📅 22 Dec 2025, 04:51 PM

ARSS Infrastructure Projects Limited has finalized the allotment of 7.8 crore equity shares as part of its NCLT-approved Resolution Plan. The Successful Resolution Applicant, Ocean Capital Market Limited (OCML), and its nominated AIF received a total of 7.65 crore shares, while Assenting Financial Creditors were allotted 15 lakh shares. This marks the completion of a restructuring process initiated under the Insolvency and Bankruptcy Code in 2021. The company recently increased its authorized share capital to accommodate this significant equity issuance.

Total allotment of 7.8 crore equity shares completed on December 22, 2025, under the IBC Resolution Plan.
Ocean Capital Market Limited (SRA) and its nominated AIF received 7.65 crore shares in multiple tranches.
Assenting Financial Creditors were allotted 15,00,000 equity shares on October 13, 2025.
The company increased its authorized share capital on December 9, 2025, to facilitate the final allotment of 5.01 crore shares.
Resolution plan follows the NCLT order dated August 29, 2025, marking a change in control and capital structure.

💡 Investors should note the massive equity dilution and the change in promoter control to Ocean Capital Market Limited. Monitor the company's operational turnaround and debt levels under the new management before making fresh commitments.

ARSS Infrastructure Projects: Investor Presentation at EGM on Dec 9, 2025

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 09 Dec 2025, 12:33 PM

ARSS Infrastructure Projects presented to investors at its EGM, highlighting a market size estimated to grow from USD 223.59 billion in 2025 to USD 353.11 billion by 2030, a CAGR of 9.57%. The company's net worth has increased significantly to approximately ₹1,100 Crs post-restructuring. For FY 2025–26, a capital expenditure of INR 2,65,200 crore has been allocated to the Ministry of Railways. The company has work orders worth ₹1,23,607.93 Lakhs.

Infrastructure sector market size is estimated to grow to USD 353.11 billion by 2030.
Net worth of the company has increased to approximately ₹1,100 Crs.
Capital expenditure of INR 2,65,200 crore allocated to the Ministry of Railways for FY 2025-26.
Company has work orders worth ₹1,23,607.93 Lakhs.
Allocation of INR 1,16,292 crore for roads and bridges for the year 2025-26.

💡 Investors should review the presentation for details on the company's strategy and project pipeline. Monitor the company's progress in securing and executing railway and HAM projects.

ARSSINFRA: Record Date for Promoter Share Extinguishment is 19-Dec-2025

🟡 NEUTRAL ⭐ 6/10

REGULATORY 📅 05 Dec 2025, 05:26 PM

ARSS Infrastructure Projects Limited announced a record date of December 19, 2025, for the extinguishment of promoter and promoter group shareholding, totaling 1,06,19,468 equity shares. This action is pursuant to the resolution plan approved by the NCLT, Cuttack Bench, on August 29, 2025, under Section 31 of the Insolvency and Bankruptcy Code, 2016. The entire equity shareholding of the erstwhile Promoter and Promoter Group will be fully extinguished, cancelled, and reduced to zero. This extinguishment is part of the approved restructuring process.

Record date for extinguishment: 19-Dec-2025
Extinguishment of 1,06,19,468 equity shares
Resolution Plan approved on 29th August, 2025
Promoter shareholding reduced to zero

💡 Investors should be aware of the change in shareholding structure. Monitor the company's progress post-restructuring.

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💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment, Construction Business. Revenue from operations fell 48.46% YoY to INR 165.39 Cr in FY25 from INR 320.87 Cr in FY24.

Geographic Revenue Split

Approximately 67% of the outstanding order book is concentrated in Odisha, with the remaining 33% coming from other Indian states.

Profitability Margins

Net Profit Margin improved from -11.02% in FY24 to -5.74% in FY25 due to lower net losses. Operating Profit Margin also improved from -10.14% to -4.46% YoY. The company has set a long-term target for Net Profit Margin of >8%.

EBITDA Margin

Standalone EBITDA was negative INR 6.93 Cr in FY25, an improvement from negative INR 32.54 Cr in FY24, representing a 78.7% reduction in operating loss.

Credit Rating & Borrowing

CRISIL suspended ratings (previously Rs. 5580.8 Million facility) in 2013 due to non-cooperation. Post-restructuring, the company is debt-free except for INR 250 Cr of debt from promoter entities.

⚙️ Operational Drivers

Raw Materials

Specific materials include ballast, sleepers, rails, and earthwork materials for railway projects, along with general construction materials for roads and bridges.

Capacity Expansion

The company has executed over 80 projects, including 300 km of roads and 200 km of rail tracks. Following restructuring, net worth increased to INR 1,100 Cr, enabling bidding for projects exceeding INR 11,000 Cr.

Raw Material Costs

Not disclosed as a specific percentage of revenue; however, the company utilizes joint ventures in large projects to achieve economies on critical resources.

Manufacturing Efficiency

Targeting a project execution efficiency of >95% on-time completion. Employee retention target is >85%.

📈 Strategic Growth

Growth Strategy

The strategy focuses on operational excellence, strategic diversification, and aggressive claims settlement. The company secured INR 238.03 Cr in new work orders in FY25 and aims to leverage its increased bidding capacity of >INR 11,000 Cr to reclaim its position in growth sectors.

Products & Services

Construction of railway infrastructure (earthwork, bridges, track linking), roads, highways, flyovers, and irrigation systems.

Brand Portfolio

ARSS Infrastructure Projects Limited.

New Products/Services

Foray into high-potential railway and irrigation infrastructure; expected revenue contribution not specifically quantified.

Market Expansion

Focusing on becoming one of the largest EPC players in Eastern India from 2025 onwards.

Market Share & Ranking

Poised to become one of the largest EPC players in Eastern India.

Strategic Alliances

The company enters into Joint Ventures (JVs) with other companies to tap into mega work orders and critical resources.

🌍 External Factors

Industry Trends

The industry is seeing increased government spending but faces challenges with banks being reluctant to provide credit due to rising NPAs in the sector.

Competitive Landscape

Facing increased competition in the EPC sector, particularly for large-scale government infrastructure projects.

Competitive Moat

Durable advantages include 25+ years of experience, successful execution of 80+ projects, and specialized expertise in railway infrastructure (ballast/sleeper supply and track linking).

Macro Economic Sensitivity

Highly sensitive to Indian government infrastructure spending; the government aims to build 200,000 km of highways in the next 15 years.

Consumer Behavior

Not applicable as the company primarily serves government and institutional clients.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Insolvency and Bankruptcy Code (IBC) 2016 during the CIRP period, and NCLT Cuttack bench orders.

Environmental Compliance

The company carries out safety audits and monitors material effluent or pollution problems as part of its internal control reporting.

Taxation Policy Impact

Not disclosed; the company reported a net loss of INR 9.49 Cr in FY25.

Legal Contingencies

The company was under Corporate Insolvency Resolution Process (CIRP) since November 2021. The NCLT Cuttack approved the Resolution Plan on August 29, 2025, which included the extinguishment of 1,06,19,468 promoter shares.

⚠️ Risk Analysis

Key Uncertainties

Liquidity risk remains a concern as banks are reluctant to provide credit to the industry. Reliance on government contracts is a primary business risk.