ARSS Infrastructure Projects Limited (ARSSINFRA)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, ARSS Infrastructure's revenue was ₹14.5 Cr (-23.5% year on year, -81.1% on the previous quarter), and net profit ₹-10.9 Cr (a smaller loss than a year earlier); the operating margin was -40.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹14.5 | -23.5% | -81.1% |
| Operating profit | ₹-5.9 | loss narrowed | to loss |
| Net profit | ₹-10.9 | loss narrowed | loss narrowed |
| EPS (₹) | -1.21 | loss narrowed | loss narrowed |
| Operating margin | -40.4% | — | — |
📢 Recent Corporate Announcements
ARSS Infrastructure Projects Limited has secured a domestic work order worth Rs 31.76 Cr from the Superintending Engineer Kataka (R&B) Division No.1. The project entails road widening and strengthening from Netaji Subash Chowk to Naraj in Cuttack under the State plan. The contract represents approximately 22.5% of the company's TTM revenue of Rs 141 Cr, providing visible order book replenishment. The execution timeline for the project is 11 months.
- Received domestic work order valued at Rs 31,75,70,522 (Rs 31.76 Cr)
- Execution timeline set strictly at 11 months
- Contract is ~22.5% of the company's TTM revenue of Rs 141 Cr
- Awarded by Office of the Superintending Engineer Kataka (R&B) Division No.1, Kataka
ARSS SCPL JV, a joint venture involving ARSS Infrastructure Projects Limited, has received a domestic EPC work order valued at ₹239.60 Cr from East Central Railway. The contract covers doubling work along a 29.50 km stretch between Kathuatia and Hazaribagh town stations in the Dhanbad Division. This single order is substantial, representing approximately 170% of the company's TTM revenue of ₹141 Cr and nearly double its market cap of ₹124 Cr. The project is scheduled for completion within 730 days from the appointed date.
- Total work order value is ₹239,59,95,539.39 awarded to ARSS SCPL JV
- Contract awarded by East Central Railway for doubling work on a 29.50 km stretch (Kathuatia to Hazaribagh town)
- Execution timeline is set at 730 days from the Appointed Date
- Letter of award is dated 17.10.2026 and received by the JV on 17.10.2026
ARSS Infrastructure Projects Limited has submitted its Structured Digital Database (SDD) compliance certificate for the quarter ended September 30, 2026. The submission is made pursuant to Regulation 3(5) and 3(6) of SEBI (Prohibition of Insider Trading) Regulations, 2015. The Compliance Officer confirmed that all 14 required events involving Unpublished Price Sensitive Information (UPSI) were captured in the database during the quarter. No non-compliance was observed, and zero remedial actions were required.
- Captured 14 out of 14 required UPSI events during the quarter ended September 30, 2026
- Compliance certificate submitted under Regulation 3(5) and 3(6) of SEBI PIT Regulations
- Database verified as tamper-proof with audit trail capability maintained for 8 years
- Reported zero instances of non-compliance for the quarter
ARSS Infrastructure Projects Limited has received a domestic work order worth ₹22.67 Cr for widening and strengthening the Cuttack City Ring Road to 6-lane standards. The project was awarded by the office of the Superintending Engineer Kataka under the State Plan. The contract execution timeline is 8 months. Materially, this single order represents approximately 16.1% of the company's TTM revenue of ₹141 Cr, adding to its regional order pipeline in Odisha.
- Work order size of ₹22,66,55,719 (Rupees Twenty Two Crore Sixty Six Lakh Fifty Five Thousand Seven Hundred Nineteen)
- Contract duration is stipulated at 8 months
- Scope covers widening and strengthening of Cuttack City Ring Road to 6-lane standard between 5/200 km to 8/520 km
- Order letter dated 12.08.2026 was received by the company on 08-10-2026
ARSS Infrastructure Projects received a letter from Roger Bravo Secured Development Fund withdrawing its willingness to act as nominee of Successful Resolution Applicant (SRA) Ocean Capital Market Limited. The fund was allotted 7,35,00,000 equity shares representing about 81.55% of the company's equity capital under the NCLT-approved Resolution Plan dated 29 August 2025. Roger Bravo has granted an unconditional no-objection for Ocean Capital to substitute itself or another nominee as the holder, confirming no economic claims or objections. The total share capital remains unchanged, though substitution procedures and pending listing approvals must now be re-aligned.
- Nominee Roger Bravo withdraws from holding 7,35,00,000 equity shares, representing about 81.55% of paid-up equity
- Shares were allotted pursuant to the NCLT Cuttack Bench Resolution Plan approval order dated 29 August 2025
- Listing application for the shares is pending with the Exchange, and shares have not yet been credited to the nominee's demat account
- Roger Bravo gave unconditional no-objection to substitute Ocean Capital Market Limited or another nominee without claim to economic rights
ARSS Infrastructure Projects Limited concluded its 26th Annual General Meeting (AGM) held on September 29, 2026. All six resolutions, including the adoption of FY25-26 audited financial statements and the re-appointment of Dipti Ranjan Patnaik as Chairman and Managing Director (who has attained age 77), were approved by shareholders with over 99.99% votes in favor. The company reported that statutory audit reports contained qualifications, while secretarial audit reports were unqualified. A total of 35 members attended the meeting virtually.
- All 6 resolutions passed with 99.99% or higher majority of votes cast
- Special resolution approved re-designating Dipti Ranjan Patnaik as CMD despite attaining 77 years of age
- Company Secretary noted Statutory Auditor's report contained qualifications
- Total of 35 members attended the AGM via Video Conferencing out of 14,033 shareholders on the record date (September 22, 2026)
ARSS Infrastructure Projects Limited has informed the exchanges that the Enforcement Directorate (ED) conducted search operations at its Registered Office in Bhubaneswar on September 11, 2026. The company has stated it will update stock exchanges regarding any future material developments. The financial context shows extreme distress, with a TTM net loss of Rs 3,449 Cr on TTM revenue of Rs 141 Cr, making regulatory scrutiny an added layer of uncertainty.
- Search operations were conducted by the Enforcement Directorate (ED) on 11th September, 2026
- Searches took place at the Registered Office in Mancheswar Industrial Estate, Bhubaneswar
- Company committed to updating stock exchanges on any future material developments
- TTM net loss stands at Rs -3449 Cr against TTM revenue of Rs 141 Cr
ARSS Infrastructure Projects Limited has issued the notice for its 26th Annual General Meeting (AGM) to be held on September 29, 2026, via Video Conferencing. Key ordinary agenda items include the adoption of FY26 financial statements and the appointment of M/s A D V and CO LLP as Statutory Auditors for 2 years at an annual remuneration of Rs 12,00,000. Under special business, the company is seeking shareholder approval to re-designate Chairman Dipti Ranjan Patnaik (age 77) as Chairman and Managing Director (CMD) for 5 years, with a proposed salary of Rs 50,00,000 per month (Rs 6 crore per annum) citing inadequacy of profits. Remote e-voting is set between September 25 and September 28, 2026, with the cut-off date on September 22, 2026.
- 26th AGM scheduled for September 29, 2026, at 11:00 AM IST via Video Conferencing.
- Proposed change in designation of 77-year-old Chairman Dipti Ranjan Patnaik to CMD with a monthly salary of Rs 50,00,000.
- Appointment of M/s A D V and CO LLP as Statutory Auditors for 2 years at a fee of Rs 12,00,000 plus taxes.
- Remote e-voting period runs from September 25, 2026 (9:00 AM) to September 28, 2026 (5:00 PM) with cut-off date of September 22, 2026.
ARSS Infrastructure Projects has secured a major domestic contract worth ₹130.53 Cr from East Coast Railway. The project entails constructing Road Over Bridges (ROBs) on the Howrah-Visakhapatnam Main Line under Khurda Road Division. The order is substantial, representing ~92.6% of the company's TTM revenue of ₹141 Cr and exceeding its market cap of ₹124 Cr. The contract has an execution timeline of 24 months with no promoter interest or related-party conflict.
- Awarded work order worth ₹130,53,42,520.78 from East Coast Railway on September 1, 2026.
- Project duration is set at 24 months.
- Scope includes construction of ROBs at KM 468/31-469/1 and KM 526/41-43 on the Howrah-Visakhapatnam Main Line.
- Order magnitude is ~92.6% of TTM revenue (₹141 Cr) and ~105% of current market capitalization (₹124 Cr).
ARSS Infrastructure Projects Limited has announced the approval of postal ballot resolutions by shareholders with 99.96% majority. The resolutions include increasing the authorised share capital and approving the issuance of up to 25,00,00,000 (25 crore) 0.01% Non-Cumulative Non-Convertible Redeemable Preference Shares (NCRPS) of ₹10 each to promoter Ocean Capital Market Limited on a private placement basis. This represents a capital infusion/financial restructuring of up to ₹250 Cr, which compares significantly against the company's market cap of ₹124 Cr and TTM revenue of ₹141 Cr. Since promoter group entities were interested, only public non-institutional votes were polled.
- Shareholders approved the issuance of up to 25,00,00,000 NCRPS of ₹10 each (totaling ₹250 Cr) to promoter Ocean Capital Market Limited.
- Approved increase in Authorised Share Capital and consequential alteration of Clause V of the Memorandum of Association.
- All resolutions received 99.96% votes in favour (19,42,578 votes) out of total valid votes polled (19,43,438 votes).
- Remote e-voting concluded on 29 August 2026, with the scrutinizer report issued on 31 August 2026.
ARSS Infrastructure approved its Q1 FY27 results and appointed Dipti Ranjan Patnaik as Chairman cum Managing Director. However, statutory auditors issued a significant qualification regarding the recognition of Rs 708.32 Cr in arbitration claims as income, which they deem uncertain and not in compliance with Ind AS. Furthermore, the auditors flagged Rs 5.54 Cr in interest expenses on a related-party loan from Ocean Capital Market Limited that was not part of the NCLT-approved resolution plan. These accounting disputes are material given the company's TTM revenue of only Rs 145 Cr.
- Auditors qualified the recognition of Rs 708.32 Cr in arbitration claims as income and receivables, citing uncertainty of outcome.
- Interest expense of Rs 5.54 Cr for the quarter was accrued on a related-party loan, which auditors claim exceeds the NCLT resolution plan scope.
- Dipti Ranjan Patnaik appointed as Chairman cum Managing Director effective August 14, 2026.
- Annual General Meeting (AGM) scheduled for September 29, 2026, via video conferencing.
- Record date for e-voting and AGM participation fixed for September 22, 2026.
ARSS Infrastructure Projects Limited has informed the exchanges that Mr. G. K. Dash (DIN: 10776309) has resigned from the position of Managing Director with immediate effect from August 11, 2026, citing personal reasons and health issues. The Board of Directors has accepted his resignation. The top-level leadership exit comes while the company manages ongoing operational turnaround and project bidding following its resolution process.
- Managing Director Mr. G. K. Dash resigned with immediate effect on August 11, 2026
- Reason cited for cessation: personal reasons and health issues
- The outgoing MD confirmed refraining from taking financial, administrative, or other decisions on behalf of the company
Mr. Gopal Krishna Dash has resigned as the Managing Director of ARSS Infrastructure Projects Limited effective August 11, 2026, citing personal reasons and health issues. This leadership exit occurs while the company is in severe financial distress, reporting a TTM net loss of ₹3,554 Cr against a revenue of only ₹145 Cr. The Board has accepted the resignation, and the outgoing MD will refrain from administrative or financial decisions during the transition period. Investors should note the company is currently under a resolution plan approved by NCLT Cuttack as of August 2025.
- Resignation of Managing Director Mr. G. K. Dash effective from August 11, 2026
- Company reported a massive TTM net loss of ₹3,554 Cr as of the latest financial context
- TTM revenue stands at ₹145 Cr, significantly lower than the reported net loss
- Company maintains a bidding capacity of >₹11,000 Cr following a restructuring that increased net worth to ₹1,100 Cr
- Resolution Plan by Ocean Capital Markets Limited was approved by NCLT in August 2025
ARSS Infrastructure Projects Limited has secured a domestic work order worth Rs 19.79 crore from the Superintending Engineer Panikoili (R&B) Division, Odisha. The project involves widening and strengthening the Danagadi-Bangarkata road in Jajpur district with an execution timeline of 21 months. Notably, the company won the bid by quoting 28% less than the government's estimated cost of Rs 27.48 crore. This order represents approximately 13.6% of the company's TTM revenue of Rs 145 crore.
- Secured a work order valued at Rs 19,78,77,668 (Rs 19.79 Cr) for road improvement works.
- Bid was accepted at 28.00% less than the estimated cost of Rs 27.48 crore.
- Project execution period is stipulated at 21 months.
- Order value constitutes ~13.6% of the company's TTM revenue of Rs 145 crore.
- Requires an Initial Security Deposit and Additional Performance Security of Rs 91.02 lakh.
ARSS Infrastructure is seeking shareholder approval to issue 25 crore Non-Convertible Redeemable Preference Shares (NCRPS) to its promoter, Ocean Capital Market Limited, totaling ₹250 crore. This fundraise is highly material, representing approximately 203% of the company's current market capitalization of ₹123 crore. The proceeds are primarily intended for the repayment or prepayment of existing indebtedness and working capital. The preference shares carry a nominal 0.01% dividend but are structured to provide a 12% IRR upon redemption after a 22-month tenure.
- Issuance of up to 25,00,00,000 preference shares at a face value of ₹10 each
- Total capital infusion of ₹250 crore from promoter Ocean Capital Market Limited
- Redemption premium structured to provide an internal rate of return (IRR) of 12% per annum
- Proceeds targeted at clearing existing debt, which currently stands at ₹263 crore
- E-voting period scheduled from July 31, 2026, to August 29, 2026
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.
Geographic Concentration Risk
High geographic concentration with 67% of the order book in Odisha.
Third Party Dependencies
Dependency on government entities for project approvals and payments.
Credit & Counterparty Risk
Debtors turnover ratio decreased 51.37% YoY to 18.10 times in FY25, indicating an increase in receivables and potential credit exposure.
