Indifra Limited (INDIFRA)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Indifra's revenue was ₹14.8 Cr (+582.5% year on year, +469.6% on the previous half-year), and net profit ₹0.1 Cr (against a loss a year earlier); the operating margin was -0.2%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹14.8 | +582.5% | +469.6% |
| Operating profit | ₹-0.0 | loss narrowed | loss narrowed |
| Net profit | ₹0.1 | from loss | from loss |
| EPS (₹) | 0.21 | from loss | from loss |
| Operating margin | -0.2% | — | — |
INDIFRA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the INDIFRA shares traded on NSE were taken to delivery. The stock has too few sessions on record for a normal to compare with. It closed at a price band (circuit) on 5 sessions in about the last 20.
Delivery in the last 4 sessions: 66.7% · 66.7% · 100.0% · 100.0%
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
Indifra Limited announced the resignation of Mrs. Poonam Sandeepkumar Agrawal from her position as Non-Executive Director, effective October 01, 2026. The resignation letter, dated September 30, 2026, cited preoccupation with other professional responsibilities with no other material reasons noted. Mrs. Agrawal is a member of the promoter group (mother of Chairman and Managing Director Abhishek Sandeepkumar Agrawal), where promoters collectively hold a 67.56% stake in the Rs 9 Cr market cap company. The operational and financial impact on the business is expected to be minimal.
- Resignation of Non-Executive Director Mrs. Poonam Sandeepkumar Agrawal effective October 01, 2026
- Resignation letter submitted on September 30, 2026, citing professional commitments
- Confirmation provided stating no other material reasons exist for the resignation
- Promoter holding currently stands at 67.56% across a market cap base of Rs 9 Cr
Indifra Limited has announced shareholder approval for the appointment of Mrs. Indu Shaktibhusan Shukla as a Non-Executive Non-Independent Director, effective September 1, 2026. The approval was formalized at the Annual General Meeting held on September 26, 2026, and confirmed via the scrutinizer's report on September 29, 2026. Mrs. Shukla brings four years of accounting experience from GTPL. Given the non-executive nature of the role for this micro-cap company (market cap of ₹10 Cr), the operational impact is minimal.
- Shareholders approved the appointment of Mrs. Indu Shaktibhusan Shukla at the AGM on September 26, 2026
- Appointment is effective retroactively from September 1, 2026, subject to retirement by rotation
- Appointee is 47 years old with 4 years of accounting department experience at GTPL
- Scrutinizer report by SCS & Co LLP issued on September 29, 2026
Indifra Limited has informed the exchange that it sent letters providing web-links to its FY2025-26 Integrated Annual Report to shareholders without registered email addresses. The company's 17th Annual General Meeting is scheduled for Saturday, September 26, 2026, at 11:00 AM IST via Video Conferencing. E-voting eligibility is set with a cut-off date of September 19, 2026, and the voting window runs from September 23 to September 25, 2026.
- 17th Annual General Meeting to be held on Saturday, September 26, 2026, at 11:00 A.M. (IST)
- Cut-off date for e-voting eligibility fixed as Saturday, September 19, 2026
- Remote e-voting window opens September 23, 2026 (9:00 AM) and closes September 25, 2026 (5:00 PM)
- Letter sent under Regulation 36(1)(b) containing Annual Report web-link for unregistered email holders
Indifra Limited has issued the notice convening its 17th Annual General Meeting (AGM), scheduled for Saturday, September 26, 2026, at 11:00 AM IST through Video Conferencing. The company has established Saturday, September 19, 2026, as the cut-off date for identifying demat shareholders eligible to participate and cast electronic votes. This is a standard statutory compliance filing with no operational or financial impact.
- 17th Annual General Meeting convened for September 26, 2026, at 11:00 AM IST
- Shareholder e-voting cut-off date fixed for September 19, 2026
- AGM to be conducted electronically via Video Conferencing / Other Audio Visual Means
Indifra Limited's Board of Directors met on August 31, 2026, and approved the appointment of Mrs. Indu Shaktibhusan Shukla as a Non-Executive Non-Independent Director effective September 1, 2026, subject to shareholder approval. The board also approved the remuneration terms for Chairman & Managing Director Mr. Abhishek Sandeepkumar Agrawal. Additionally, the company scheduled its 17th Annual General Meeting (AGM) for September 26, 2026, to be held via Video Conferencing.
- Appointed Mrs. Indu Shaktibhusan Shukla as Non-Executive Non-Independent Director w.e.f. September 1, 2026
- Approved remuneration and revised appointment terms for CMD Mr. Abhishek Sandeepkumar Agrawal
- Scheduled 17th AGM for Saturday, September 26, 2026 at 11:00 AM IST via Video Conferencing
- Appointed NSDL as e-voting agency and M/s. SCS and CO. LLP as scrutiny partner for AGM
Financial Performance
Revenue Growth by Segment
Total revenue from operations grew by 18.88% YoY, increasing from INR 986.23 Lakh in FY24 to INR 1,172.39 Lakh in FY25. Segment-specific growth is not disclosed as the company operates primarily in a single business segment.
Geographic Revenue Split
Not disclosed in available documents; however, the company is headquartered in Gujarat, India.
Profitability Margins
Net Profit Margin improved from a negative margin in FY24 to 0.06% in FY25. The company reported a Profit After Tax (PAT) of INR 0.74 Lakh in FY25 compared to a loss of INR 118.77 Lakh in FY24.
EBITDA Margin
EBITDA margin stood at approximately 0.30% in FY25 (calculated as PBT of INR 0.59 Lakh plus Depreciation of INR 2.91 Lakh over Revenue of INR 1,172.39 Lakh). This represents a significant recovery from the negative EBITDA reported in FY24.
Capital Expenditure
The company spent INR 7.10 Lakh on the purchase of property, plant, and equipment and INR 9.70 Lakh on intangible assets during FY25, totaling INR 16.80 Lakh in capital expenditure.
Credit Rating & Borrowing
The company reported zero long-term and short-term borrowings as of March 31, 2025. Finance costs were INR 0 in FY25 compared to INR 0.90 Lakh in FY24, indicating a 100% reduction in interest-bearing debt costs.
Operational Drivers
Raw Materials
Purchase and Direct Expenses (primarily infrastructure-related trading goods or services) represent 99.93% of total revenue, amounting to INR 1,171.54 Lakh.
Capacity Expansion
Not disclosed in available documents; the company operates as a service/trading entity in the infrastructure sector.
Raw Material Costs
Direct purchase costs increased by 9.65% YoY from INR 1,068.40 Lakh in FY24 to INR 1,171.54 Lakh in FY25, representing 96.5% of total income.
Manufacturing Efficiency
Not applicable as the company is primarily involved in infrastructure services and trading.
Strategic Growth
Growth Strategy
The company is utilizing IPO proceeds to scale operations, specifically allocating INR 800.00 Lakh (100% of the planned amount) toward meeting working capital requirements to support higher volume infrastructure projects and trading activities.
Products & Services
Infrastructure-related services and trading of infrastructure goods.
Brand Portfolio
INDIFRA
External Factors
Industry Trends
The infrastructure sector is evolving with increased government focus on urban development; however, the company's small scale (Net Worth of INR 18.16 Crore) makes it vulnerable to larger competitors and regulatory shifts.
Competitive Landscape
Operates in a fragmented infrastructure services market with high competition from both organized and unorganized players.
Competitive Moat
The company currently lacks a significant moat, as evidenced by its low margins and high dependency on working capital for growth. Its competitive advantage is not clearly defined in the financial disclosures.
Macro Economic Sensitivity
Highly sensitive to infrastructure spending cycles and government policy regarding urban development and construction.
Regulatory & Governance
Industry Regulations
The company is subject to infrastructure and construction standards; however, it is exempt from certain SEBI Corporate Governance regulations (Regulation 27(2)) because its paid-up capital is below INR 10 Crore (currently INR 7.9 Crore) and Net Worth is below INR 25 Crore (currently INR 18.16 Crore).
Taxation Policy Impact
The company reported a deferred tax expense of INR 0.15 Lakh for FY25. Effective tax rate is not standard due to the low profit base.
Legal Contingencies
The company has disclosed the impact of pending litigations on its financial position in its standalone financial statements, though specific case values were not detailed in the summary.
Risk Analysis
Key Uncertainties
The primary risk is the extremely low net margin (0.06%), which makes the company vulnerable to even minor increases in operating costs or delays in project payments.
Geographic Concentration Risk
High concentration in Gujarat, India, where the corporate and registered offices are located.
Third Party Dependencies
High dependency on suppliers for infrastructure goods, as evidenced by the INR 1,171.54 Lakh spent on purchases.
Technology Obsolescence Risk
Low risk for the current trading/service model, but digital transformation in project management is a potential future requirement.
Credit & Counterparty Risk
Trade receivables stood at INR 30.27 Lakh in FY25, a decrease from the previous year, suggesting active management of credit exposure.
