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Ducon Infratechnologies Limited (DUCON)

₹1.37 +0.74% last close, 16 Oct

📊 NSE: DUCON 🏢 Engineering - Turnkey Services 📢 Latest filing: 16 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Ducon Infratechnologies' revenue was ₹105 Cr (-7.1% year on year, +4.0% on the previous quarter), and net profit ₹2.2 Cr (-30.7% year on year); the operating margin was 5.2%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹105	-7.1%	+4.0%
Operating profit	₹5.4	-24.7%	-4.5%
Net profit	₹2.2	-30.7%	+17.2%
EPS (₹)	0.07	-30.0%	+16.7%
Operating margin	5.2%	—	—

Full quarterly financials → Results calendar →

DUCON delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 82.98% of the DUCON shares traded on NSE were taken to delivery, against the stock's own 20-session average of 69.73%. That is close to its usual level. Turnover was only ₹6 lakh, so a handful of trades can move this figure. Volume was 0.1 times its average, well below normal. It closed at a price band (circuit) on 13 sessions in about the last 20.

82.98%Delivery, 16 Oct

69.73%Own 20-session average

0.1×Volume vs its average

₹1.37NSE close · +0.74%

Delivery in the last 5 sessions: 58.6% · 47.3% · 57.1% · 81.4% · 83.0%

Delivery across the market →Circuit stocks →

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

Ducon Infratechnologies Submits Reg 74(5) Demat Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 16 Oct 2026, 04:21 PM

Ducon Infratechnologies Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The Registrar & Transfer Agent, Bigshare Services Pvt. Ltd., confirmed that security certificates received for dematerialization were processed within 15 days. All received certificates were duly mutilated, cancelled, and substituted with the depository's name. This is a standard statutory filing and carries no operational or financial impact.

Compliance submitted for the quarter ended September 30, 2026
Confirmation provided by Registrar & Transfer Agent Bigshare Services Pvt. Ltd. dated October 6, 2026
Dematerialization requests confirmed and processed within the stipulated 15-day timeline
Filing covers ISIN INE741L01018

💡 No investor action required as this is a recurring regulatory filing; track upcoming Q2 FY27 financial results for operational updates.

Ducon Infratechnologies Approves All AGM Resolutions With Over 99.9% Majority

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Sep 2026, 09:55 PM

Ducon Infratechnologies Limited has submitted the Scrutinizer's Report and voting results for its 17th Annual General Meeting held on September 28, 2026. All five ordinary and special resolutions were approved by shareholders with over 99.9% majority votes. A total of 22,94,91,174 votes were polled across remote e-voting and AGM e-voting, representing 39.92% of the outstanding 57,48,68,346 shares. The resolutions included the adoption of FY26 financial statements and director appointments.

All 5 resolutions passed with more than 99.9% assent votes
Total votes polled stood at 22,94,91,174, representing 39.92% of the 57,48,68,346 outstanding shares
Promoter group polled 100% of their 21,89,02,554 shares entirely in favor of all resolutions
Appointment of Sandip Anandrao Sutar and Anil Rajmal Bhandari as Independent Directors approved

💡 Track upcoming quarterly financial results (Q2 FY27) and order book updates in the Flue Gas Desulfurization (FGD) sector. No corporate action required following this routine AGM outcome.

Ducon Infratechnologies Reshuffles Board: Appoints 2 New Independent Directors for 5-Year Terms

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 29 Sep 2026, 09:43 PM

Ducon Infratechnologies announced several board-level changes following its Annual General Meeting on September 28, 2026. The company appointed Mr. Sandip Anandrao Sutar and Mr. Anil Rajmal Bhandari as Independent Directors, each for a 5-year term effective September 28, 2026. Additionally, Mr. Prakash Vaghela was re-appointed as an Independent Director for a second 5-year tenure. Meanwhile, Non-Executive Director Mr. Maruti Deore did not seek re-election, and Mr. Jinesh Shah retired as Independent Director upon completing his 5-year tenure.

Appointment of Anil Bhandari as Independent Director for a 5-year term effective September 28, 2026
Appointment of Sandip Anandrao Sutar as Independent Director for a 5-year term effective September 28, 2026
Re-appointment of Prakash Vaghela as Independent Director for 5 years effective September 28, 2026
Retirement of Jinesh Shah after completing a 5-year tenure on September 28, 2026
Non-reappointment of Maruti Deore as Non-Executive Director; no casual vacancy being filled

💡 Monitor whether the incoming independent directors enhance corporate governance and board oversight, alongside upcoming quarterly financial performance.

Trading Approval Received for 24.99 Cr Rights Issue Shares at Re 1/Share

🟡 NEUTRAL ⭐ 7/10

FUNDRAISE 📅 16 Sep 2026, 06:35 PM

Ducon Infratechnologies has obtained trading approval from both the NSE and BSE for 24,99,42,759 equity shares issued via its rights issue at Re. 1.00 per share, raising approximately Rs 25.0 Cr. The new equity shares will be admitted to dealings on the exchanges effective September 17, 2026. Relative to the company's existing market capitalization of Rs 51 Cr, the fresh issue represents an equity expansion of nearly 49%. The capital influx addresses the company's working capital needs, though it brings massive share dilution.

24,99,42,759 equity shares approved for trading by NSE and BSE
Shares issued at Re. 1.00 per share on a rights basis, raising ~Rs 25 Cr
Trading commences effective September 17, 2026
Lock-in status for all 24.99 Cr allotted shares is 'Not Applicable'

💡 Track the deployment of the ~Rs 25 Cr proceeds toward reducing debt (currently Rs 105 Cr) or funding working capital, and monitor the EPS dilution in forthcoming quarterly results.

Ducon Allots 24.99 Cr Rights Shares at ₹1.00 Each, Raising Paid-Up Equity to ₹57.49 Cr

🟡 NEUTRAL ⭐ 7/10

FUNDRAISE 📅 11 Sep 2026, 08:23 PM

Ducon Infratechnologies' Rights Issue Committee approved the allotment of 24,99,42,759 fully paid-up equity shares of ₹1.00 each on a rights basis. The issue was priced at ₹1.00 per share in a 10:13 ratio, raising approximately ₹24.99 Cr (representing ~43% of the pre-allotment market cap of ₹58 Cr). Post-allotment, the company's total paid-up share capital increases from 32,49,25,587 shares to 57,48,68,346 shares. Lapsed Rights Entitlements have been extinguished, and the respective temporary ISIN has been deactivated.

Allotted 24,99,42,759 equity shares of face value ₹1.00 each on a rights basis
Rights issue price set at ₹1.00 per share in an entitlement ratio of 10:13
Post-issue total paid-up equity capital stands at ₹57,48,68,346 (57,48,68,346 shares)
Extinguishment of lapsed Rights Entitlements and deactivation of ISIN INE741L20034 approved

💡 Track the listing and trading approval dates for the newly allotted rights shares, and watch upcoming quarterly balance sheets to verify debt reduction or working capital utilization.

Ducon Infratechnologies Convenes 17th AGM on Sep 28, 2026; E-Voting Record Date Set for Sep 21

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Sep 2026, 06:42 PM

Ducon Infratechnologies Limited has issued the notice for its 17th Annual General Meeting (AGM) scheduled for Monday, September 28, 2026, via Video Conferencing. The record date for e-voting entitlement has been established as September 21, 2026. Key agenda items include adopting the audited standalone and consolidated financial statements for FY26 and formalizing board appointments. Proposed resolutions include the appointment of Sandip Anandrao Sutar and Anil Rajmal Bhandari as Independent Directors, and the re-appointment of Prakash Vaghela for a second term.

17th AGM scheduled for September 28, 2026 at 5:30 PM IST via video conferencing
Record date for e-voting eligibility fixed as September 21, 2026
Proposed appointment of Sandip Anandrao Sutar and Anil Rajmal Bhandari as Independent Directors for 5-year terms
Proposed re-appointment of Prakash Vaghela as Non-Executive Independent Director until the 2031 AGM
Non-Executive Director Maruti Deore retires by rotation and does not seek re-election

💡 Shareholders registered by September 21, 2026, may cast e-votes on the proposed resolutions ahead of the AGM on September 28, 2026.

Ducon Infratechnologies Schedules 17th AGM on Sept 28, 2026; Proposes Board Changes

🟡 NEUTRAL ⭐ 2/10

BOARD_MEETING 📅 02 Sep 2026, 08:54 PM

Ducon Infratechnologies announced the outcome of its Board meeting held on September 2, 2026, approving the convening of its 17th Annual General Meeting (AGM) on September 28, 2026. The e-voting window for shareholders is scheduled from September 25, 2026 (9:00 AM) to September 27, 2026 (5:00 PM). The Board recommended the appointment of Anil Bhandari and Sandip Sutar, and the re-appointment of Prakash Vaghela, as Independent Directors for 5-year terms. Additionally, Independent Director Jinesh Shah will retire upon tenure completion, and Non-Executive Director Maruti Deore will step down post-AGM.

17th Annual General Meeting scheduled for September 28, 2026 at 5:30 PM IST via Video Conferencing.
Remote e-voting window fixed from September 25, 2026 (9:00 AM) to September 27, 2026 (5:00 PM).
Appointment of Anil Bhandari and Sandip Sutar as Independent Directors for a 5-year term from September 28, 2026.
Re-appointment of Prakash Vaghela as Independent Director for a 5-year term subject to shareholder approval.
Retirement of Jinesh Shah upon completion of 5-year tenure and non-reappointment of Maruti Deore at the ensuing AGM.

💡 Eligible shareholders can participate in remote e-voting from September 25 to 27, 2026; watch for the full AGM Notice and FY26 Annual Report disclosures.

Ducon Infra Schedules 17th AGM for Sept 28, 2026; Proposes Key Board Changes

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 02 Sep 2026, 08:51 PM

Ducon Infratechnologies Limited has scheduled its 17th Annual General Meeting (AGM) for September 28, 2026, with remote e-voting running from September 25 to September 27, 2026. The Board approved the appointments of Mr. Anil Bhandari and Mr. Sandip Sutar as Independent Directors for 5-year terms, subject to shareholder approval. Additionally, Mr. Prakash Vaghela was recommended for re-appointment as an Independent Director for another 5-year term, while Mr. Maruti Deore will not seek re-election and Mr. Jinesh Shah will retire upon completing his 5-year tenure. The Board also adopted the Annual Report for FY26.

17th Annual General Meeting convened for Monday, September 28, 2026 at 5:30 PM IST via VC/OAVM
Remote e-voting window scheduled from September 25, 2026 (9:00 AM) to September 27, 2026 (5:00 PM)
Proposed appointment of Mr. Anil Bhandari and Mr. Sandip Sutar as Independent Directors for 5-year terms
Proposed re-appointment of Mr. Prakash Vaghela as Independent Director for a 5-year term
Retirement of Independent Director Mr. Jinesh Shah and non-reappointment of Director Mr. Maruti Deore

💡 Track shareholder voting results post-AGM on September 28, 2026, and look out for the full FY26 Annual Report disclosures regarding order book execution and debt management.

Ducon Infratechnologies Sets Sept 21, 2026 as Record Date for 17th AGM

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Sep 2026, 08:49 PM

Ducon Infratechnologies has fixed September 21, 2026, as the record date for determining shareholder eligibility for remote e-voting. The company's 17th Annual General Meeting (AGM) is scheduled to be held on Monday, September 28, 2026. Remote e-voting will begin on September 25, 2026, at 9:00 AM IST and conclude on September 27, 2026, at 5:00 PM IST. This is a standard corporate compliance filing with no operational or financial impact.

17th Annual General Meeting scheduled for Monday, September 28, 2026
Record date for remote e-voting set as Monday, September 21, 2026
Remote e-voting window open from September 25, 2026 (9:00 AM) to September 27, 2026 (5:00 PM IST)
Board of Directors approved the schedule at a meeting held on September 02, 2026

💡 Shareholders holding equity shares as of the September 21, 2026 record date may review AGM agenda items and cast votes during the September 25-27 e-voting window.

Ducon Infratechnologies Announces Board Changes and Sets 17th AGM for Sept 28, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 02 Sep 2026, 08:46 PM

Ducon Infratechnologies Limited announced outcomes of its Board meeting held on September 2, 2026. The Board approved the convening of the 17th Annual General Meeting (AGM) on September 28, 2026, with remote e-voting scheduled from September 25 to September 27, 2026. Board reconstitution items subject to shareholder approval include the appointments of Mr. Anil Bhandari and Mr. Sandip Sutar as Independent Directors for 5-year terms, and the re-appointment of Mr. Prakash Vaghela for 5 years. Meanwhile, Non-Executive Director Mr. Maruti Deore will not seek re-election, and Independent Director Mr. Jinesh Shah will retire upon completing his 5-year tenure.

17th Annual General Meeting scheduled for September 28, 2026, at 5:30 PM via Video Conferencing
Appointment of Anil Bhandari and Sandip Sutar as Independent Directors for 5-year terms from September 28, 2026
Re-appointment of Independent Director Prakash Vaghela for an additional 5-year tenure
Retirement of Independent Director Jinesh Shah and cessation of Maruti Deore following the AGM
E-voting window set from September 25, 2026 (9:00 AM) to September 27, 2026 (5:00 PM)

💡 Track shareholder voting results following the AGM on September 28, 2026, and look for subsequent corporate governance disclosures in the Annual Report.

Ducon Infra Schedules 17th AGM for Sept 28, 2026; Proposes Board Reshuffle

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 02 Sep 2026, 08:44 PM

Ducon Infratechnologies announced that its 17th Annual General Meeting (AGM) will be held on September 28, 2026 via video conferencing. The Board approved the appointment of two new Independent Directors (Mr. Anil Bhandari and Mr. Sandip Sutar) and the re-appointment of Mr. Prakash Vaghela for 5-year terms, subject to shareholder approval. Meanwhile, Non-Executive Director Mr. Maruti Deore will not seek re-election, and Independent Director Mr. Jinesh Shah will retire upon completing his 5-year term. Remote e-voting is scheduled from September 25 to September 27, 2026.

17th Annual General Meeting scheduled for Monday, September 28, 2026 at 5:30 PM IST.
Proposed appointment of Mr. Anil Bhandari and Mr. Sandip Sutar as Independent Directors for 5-year terms from September 28, 2026.
Proposed re-appointment of Mr. Prakash Vaghela as Independent Director for a 5-year term.
Retirement of Independent Director Mr. Jinesh Shah and non-re-election of Non-Executive Director Mr. Maruti Deore at the ensuing AGM.
Remote e-voting window set between September 25, 2026 (9:00 AM) and September 27, 2026 (5:00 PM).

💡 Track shareholder voting results following the AGM on September 28, 2026, and look out for the full FY26 Annual Report disclosures.

Ducon Infra Files Letter of Offer for Rs 24.99 Cr Rights Issue at Re 1/Share

🟡 NEUTRAL ⭐ 8/10

FUNDRAISE 📅 26 Aug 2026, 01:18 PM

Ducon Infratechnologies has submitted its final Letter of Offer for a Rights Issue aggregating up to Rs 24.99 Cr through the issuance of up to 24.99 crore equity shares of face value Re 1.00 each at an issue price of Re 1.00 per share. The issue offers 10 Rights Equity Shares for every 13 fully paid-up shares held as of the record date of August 25, 2026. The issue is scheduled to open on September 3, 2026, and close on September 10, 2026, with market renunciation ending on September 7, 2026. The fundraise represents approximately 32.9% of the company's current market capitalization of Rs 76 Cr.

Rights issue of up to 24,99,42,759 equity shares aggregating up to Rs 24,99,42,759 (approx. Rs 24.99 Cr)
Issue price fixed at Re 1.00 per share (at par with face value), compared to market price of Rs 2.40
Rights entitlement ratio set at 10 Rights Equity Shares for every 13 fully paid-up equity shares held
Issue opens on September 3, 2026, and closes on September 10, 2026 (renunciation closes September 7, 2026)
Tentative date of allotment is September 11, 2026, and listing of new shares on September 16, 2026

💡 Eligible shareholders should track key timeline milestones, including the market renunciation window ending September 7, 2026, and the issue closing on September 10, 2026.

Ducon Issues Corrigendum for ₹25 Cr Rights Issue (Minor 1-Share Typo Rectification)

🟡 NEUTRAL ⭐ 3/10

FUNDRAISE 📅 26 Aug 2026, 12:44 PM

Ducon Infratechnologies has issued a corrigendum to its August 19, 2026 Board Meeting outcome regarding its proposed Rights Issue. The update corrects a 1-share typographical error: the number of rights shares offered is 24,99,42,759 (up from 24,99,42,758) aggregating ₹24.99 Cr at ₹1.00 per share. The Rights Entitlement ratio remains unchanged at 10 equity shares for every 13 fully paid-up shares held as on the Record Date of August 25, 2026. The ₹24.99 Cr issue represents approximately 33% of the company's current market capitalization of ₹76 Cr.

Rights issue size rectified to 24,99,42,759 equity shares aggregating ₹24,99,42,759 (correction of 1 share / ₹1)
Issue price set at ₹1.00 per equity share (face value ₹1.00), payable in full on application
Entitlement ratio stands at 10 Rights Equity Shares for every 13 shares held
Post-issue equity share count to expand from 32,49,25,587 to 57,48,68,346 shares upon full subscription
Record date reaffirmed as Tuesday, 25th August, 2026

💡 Eligible shareholders on the August 25, 2026 record date should track the upcoming Letter of Offer for the issue opening date, closing date, and renunciation timeline.

Ducon Infratech Issues Corrigendum for ₹25 Cr Rights Issue Share Count

🟡 NEUTRAL ⭐ 3/10

FUNDRAISE 📅 26 Aug 2026, 12:43 PM

Ducon Infratechnologies has issued a corrigendum rectifying a 1-share typographical error in its previous Rights Issue disclosure. The corrected offering stands at 24,99,42,759 equity shares at ₹1.00 each, raising up to ₹24.99 Cr (representing ~33% of current market cap of ₹76 Cr). The rights entitlement ratio is fixed at 10 equity shares for every 13 shares held, with the record date reaffirmed as August 25, 2026.

Rights issue size corrected by 1 share to 24,99,42,759 shares aggregating ₹24,99,42,759
Issue price set at ₹1.00 per equity share (face value ₹1.00)
Rights entitlement ratio remains 10 rights shares for every 13 fully paid-up shares held
Pre-issue share capital is 32,49,25,587 shares, expanding to 57,48,68,346 shares post-issue upon full subscription

💡 Eligible shareholders should review the upcoming Letter of Offer detailing the application procedure and subscription opening and closing dates.

Ducon Infratechnologies Sets Rights Issue Schedule; Issue Opens Sep 3, Closes Sep 10, 2026

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 25 Aug 2026, 06:10 PM

Ducon Infratechnologies has approved the Letter of Offer and timeline for its proposed Rights Issue. The Rights Issue will open on September 3, 2026, and close on September 10, 2026, with the record date fixed as August 25, 2026. On-market renunciation of Rights Entitlements (ISIN: INE741L20034) will be open until September 7, 2026. Bigshare Services Private Limited is appointed as the Registrar to the Issue.

Rights Issue opens on September 3, 2026, and closes on September 10, 2026
Last date for on-market renunciation of Rights Entitlements is September 7, 2026
Record date for eligible equity shareholders confirmed as August 25, 2026
Rights Entitlement (RE) ISIN allotted is INE741L20034

💡 Eligible shareholders on the August 25, 2026 record date should track the credit of Rights Entitlements to their demat accounts and decide on subscription or renunciation before September 7, 2026.

View All DUCON Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 7.61% YoY to INR 450.63 Cr in FY2025 from INR 418.76 Cr in FY2024. Growth was primarily driven by the core Flue Gas Desulfurization (FGD) systems segment through timely order book execution.

Geographic Revenue Split

Primary operations are in the Indian subcontinent, with international presence through Ducon Combustion Equipment Inc. in New York, USA. The company is also expanding into Southeast Asia.

Profitability Margins

Operating margins improved to 6.59% in FY2025 from 5.07% in FY2024 due to enhanced operational efficiency and prudent cost management. Net income margins are expected to rise as fixed costs remain stable relative to revenue growth.

EBITDA Margin

Operating margin stood at 6.59% in FY2025, representing a 152 basis point improvement YoY from 5.07% in FY2024.

Capital Expenditure

Purchase of fixed assets, including intangible assets and CWIP, amounted to INR 0.35 Cr in FY2025, compared to INR 0.00 Cr in FY2024.

Credit Rating & Borrowing

Acuité downgraded and subsequently withdrew the credit rating on November 17, 2025. Interest coverage ratio improved to 2.91x in FY2025 from 2.21x in FY2024. Borrowing costs are approximately 10.7% based on finance costs of INR 10.81 Cr on total borrowings of INR 101.59 Cr.

⚙️ Operational Drivers

Raw Materials

Steel structures, DeNOx catalysts (3-year lifespan), limestone for scrubbing, and IT hardware components represent the primary material costs.

Import Sources

Sourced from India and the USA (via Ducon Technologies Inc. synergy).

Capacity Expansion

The company has completed over 30,000 projects since inception. Current focus is on executing the FGD order book for utilities and refineries.

Raw Material Costs

Operating costs (including raw materials) were INR 399.29 Cr, representing 88.6% of total revenue in FY2025.

Manufacturing Efficiency

Improved operational efficiency and prudent cost management contributed to a 1.52% increase in operating margins.

Logistics & Distribution

Other expenses, including distribution and general costs, stood at INR 13.64 Cr (3.0% of revenue) in FY2025.

📈 Strategic Growth

Expected Growth Rate

7.60%

Growth Strategy

Growth will be achieved through the execution of the massive FGD market in India (estimated at hundreds of billions of dollars), expansion into Southeast Asia, and leveraging the US parent company's technology for diversified combustion and power products.

Products & Services

Flue Gas Desulfurization (FGD) systems, material handling systems, waste incineration systems, power transmission products, steam and power turbines, and IT hardware.

Brand Portfolio

Ducon

New Products/Services

New offerings include steam and power turbines, heat recovery steam generators, and cogeneration plants using gas and biomass fuels through the DCE subsidiary.

Market Expansion

Targeting Southeast Asia and the Indian subcontinent for air pollution control and bulk material handling projects.

Market Share & Ranking

Prominent position in the Indian FGD sector; claims to be the leading company with the most experience in India for FGD technology.

Strategic Alliances

Synergy with Ducon Technologies Inc. (USA) and a merger phase for Ducon Technologies India Pvt. Ltd.

🌍 External Factors

Industry Trends

The FGD industry is growing rapidly due to strict environmental mandates in India. The market size is estimated in hundreds of billions of dollars, with recurring revenue from DeNOx catalysts every 3 years.

Competitive Landscape

Key competitors include global players such as Mitsubishi and Alstom.

Competitive Moat

Moat consists of a 30-year brand legacy, 30,000+ completed projects, and a client list featuring nearly every Fortune 500 company. This is sustainable due to high technical barriers in custom-engineered environmental systems.

Macro Economic Sensitivity

Highly sensitive to environmental regulations and government mandates regarding industrial pollution control (FGD norms).

Consumer Behavior

Shift toward sustainable industrial practices and compliance with global emission standards is driving demand for Ducon's core products.

Geopolitical Risks

Trade barriers or regulatory shifts in Southeast Asia could impact regional expansion plans.

⚖️ Regulatory & Governance

Industry Regulations

Operations are heavily influenced by SEBI Regulation 30 and 33 for disclosures and Indian Accounting Standard 109 for financial reporting.

Environmental Compliance

Core business is built on helping clients meet environmental compliance; however, the company must adhere to manufacturing standards and pollution norms.

Taxation Policy Impact

Effective tax rate was approximately 37.7% in FY2025, with direct taxes paid of INR 7.31 Cr on PBT of INR 19.38 Cr.

⚠️ Risk Analysis

Key Uncertainties

Working capital intensity and project execution delays could impact cash flows by over 20% given the negative operating cash flow of INR 28.21 Cr in FY2025.