Kridhan Infra Limited (KRIDHANINF)
₹2.30 -4.96% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Kridhan Infra's revenue was ₹0.8 Cr (-46.9% year on year, +85.7% on the previous quarter), and net profit ₹0.0 Cr (-96.9% year on year); the operating margin was -16.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹0.8 | -46.9% | +85.7% |
| Operating profit | ₹-0.1 | to loss | to loss |
| Net profit | ₹0.0 | -96.9% | -95.9% |
| EPS (₹) | 0.00 | -100.0% | -100.0% |
| Operating margin | -16.9% | — | — |
KRIDHANINF delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 58.19% of the KRIDHANINF shares traded on NSE were taken to delivery, against the stock's own 20-session average of 85.77%. That is lower than usual for this stock. Turnover was only ₹2 lakh, so a handful of trades can move this figure. It closed at its lower price band (circuit) on 16 Oct, one of 6 band closes in about the last 20 sessions.
Delivery in the last 5 sessions: 100.0% · 100.0% · 100.0% · 69.0% · 58.2%
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
Kridhan Infra Limited has issued a communication under Regulation 36(1)(b) of SEBI LODR to shareholders whose email IDs are not registered, providing weblinks and QR codes to access the FY 2025-26 Annual Report and AGM Notice. The company's 20th Annual General Meeting (AGM) is scheduled to be held on Tuesday, September 29, 2026, at 9:30 AM IST via video conferencing. The cut-off date for identifying unregistered email shareholders was August 28, 2026.
- 20th Annual General Meeting scheduled for Tuesday, September 29, 2026, at 9:30 AM IST via VC/OAVM
- Communication dispatched to shareholders with unregistered emails as of the cut-off date August 28, 2026
- Filing made in compliance with Regulation 36(1)(b) of SEBI Listing Obligations and Disclosure Requirements
Kridhan Infra Limited has issued the notice for its 20th Annual General Meeting (AGM) scheduled to be held on September 29, 2026, via video conferencing. Key agenda items include adoption of FY26 financial statements, appointment of M/s U B Lakhani & Company as statutory auditors for a 5-year term following the resignation of the previous auditors on September 01, 2026, and regularisation of three director appointments (effective July 21, 2026). The company is also seeking member approval for borrowing limits under Section 180(1)(c) of the Companies Act, 2013.
- 20th Annual General Meeting scheduled for Tuesday, September 29, 2026, at 9:30 a.m. IST via video conferencing.
- Proposed appointment of M/s U B Lakhani & Company as Statutory Auditors for a 5-year term from the 20th AGM to the 25th AGM (FY31).
- Casual vacancy created by the resignation of statutory auditor M/s Jignesh Savla & Associates effective September 01, 2026.
- Proposed regularisation of three directors for 5-year terms (July 21, 2026 to July 20, 2031): Badatala Sreenivasa Rao (Independent), Krishnaprasad Sunder Rao (Whole-time), and Mithlesh Jaiswal (Executive Director/CFO).
Kridhan Infra Limited's Board of Directors approved the appointment of M/s U B Lakhani & Company as Statutory Auditors on September 1, 2026, to fill a casual vacancy created by the resignation of Jignesh Savla & Associates effective August 31, 2026. The new auditor will hold office until the upcoming 20th Annual General Meeting (AGM) and has been recommended for a full 5-year tenure from the 20th to the 25th AGM, subject to shareholder approval. The company currently operates with a deeply negative net worth of Rs -267 Cr and a TTM revenue base of Rs 3 Cr.
- Appointment of M/s U B Lakhani & Company (FRN: 105532W) to fill casual vacancy effective September 1, 2026
- Previous statutory auditor Jignesh Savla & Associates resigned effective August 31, 2026
- Proposed tenure extends for 5 consecutive years from the conclusion of the 20th AGM to the 25th AGM
- Appointment is subject to the approval of company shareholders at the ensuing AGM
Kridhan Infra Limited announced the appointment of M/s U B Lakhani & Company (FRN: 105532W) as Statutory Auditors to fill a casual vacancy caused by the resignation of Jignesh Savla & Associates effective August 31, 2026. The Board has also recommended U B Lakhani & Company for a 5-year term from the 20th AGM to the 25th AGM, subject to shareholder approval. The company continues to operate under severe financial distress with a negative net worth of ₹-267 Cr and annual TTM revenue of ₹3 Cr.
- Resignation of previous Statutory Auditor Jignesh Savla & Associates effective August 31, 2026
- Appointment of M/s U B Lakhani & Company to fill casual vacancy from September 01, 2026
- Recommended for a 5-year consecutive term from the conclusion of the 20th AGM to the 25th AGM
- Board meeting approving the appointment concluded at 7:00 P.M. on September 01, 2026
Kridhan Infra Limited announced that its statutory auditor, M/s. Jignesh Savla & Associates (FRN: 127654W), has resigned effective August 31, 2026. The intimation was filed under Regulation 30 of the SEBI LODR Regulations on September 01, 2026. This comes against the backdrop of distressed company financials, with a negative net worth of Rs -267 Cr and a market capitalization of just Rs 22 Cr. Investors should monitor corporate governance disclosures and the appointment of the successor auditor.
- Statutory auditor M/s. Jignesh Savla & Associates (FRN: 127654W) tendered resignation.
- Resignation is effective from August 31, 2026.
- Intimation submitted to stock exchanges on September 01, 2026 under Regulation 30.
Kridhan Infra Limited has informed stock exchanges that its Statutory Auditor, M/s. Jignesh Savla & Associates (FRN: 127654W), has resigned effective August 31, 2026. The intimation was formally submitted on September 01, 2026, under Regulation 30 of SEBI LODR Regulations. The company currently faces strained financials with a negative net worth of Rs -267 Cr and TTM revenue of Rs 3 Cr.
- Statutory Auditor M/s. Jignesh Savla & Associates tendered resignation effective August 31, 2026
- Firm Registration Number (FRN) of the resigning auditor is 127654W
- Intimation submitted to BSE and NSE on September 01, 2026 by Executive Director & CFO Mithlesh Jaiswal
Kridhan Infra Limited reported its Q1 FY27 results on August 13, 2026, with auditors highlighting that the company's net worth remains fully eroded due to accumulated losses. The company continues to operate as a 'going concern' based on planned cost reductions and recent efforts to increase the equity base through preferential allotments. Notably, the consolidated financial results exclude two significant entities: Readymade Steel Singapore Pte. Limited (Subsidiary) and Vijay Nirman Company Private Limited (Associate). The board also formally authorized three Key Managerial Personnel (KMP) to determine the materiality of future disclosures.
- Net worth remains fully eroded against a reported net worth of -Rs 267 Cr as per latest context
- Consolidated results exclude two major entities: Readymade Steel Singapore and Vijay Nirman Company
- Board meeting lasted 4 hours, concluding at 6:00 PM on August 13, 2026
- Authorization of 3 KMPs for materiality disclosures effective immediately
- Going concern status is dependent on successful preferential allotment of equity/warrants
Kridhan Infra Limited has reported its fund utilization status for the quarter ended June 30, 2026, regarding a ₹41.60 crore fundraise. As of the reporting date, the company has utilized ₹15.50 crore (approximately 37% of total proceeds), primarily for debt repayment which accounted for ₹15.30 crore. Significant portions of the raised capital remain unspent, including the entire ₹10 crore earmarked for investments in subsidiaries and nearly all of the ₹10 crore allocated for general corporate purposes. The company confirmed there are no deviations from the original objects of the issue.
- Total funds raised through public/preferential issues amount to ₹41,60,00,000
- ₹15,30,30,000 utilized for debt repayment against an original allocation of ₹21,60,00,000
- ₹0 utilized for investment in subsidiaries and joint ventures out of the ₹10,00,00,000 allocation
- Only ₹19,83,750 utilized for General Corporate Purposes out of ₹10,00,00,000 earmarked
- Total unutilized funds as of June 30, 2026, stand at ₹26,09,86,250
Kridhan Infra Limited has received a Show Cause Notice (SCN) from SEBI dated August 12, 2026, regarding alleged non-compliance with LODR regulations. The notice highlights failure to recognize interest on bank loans in FY23 financial statements and significant delays in filling Key Managerial Personnel (KMP) roles. Specifically, the Managing Director and CFO positions were vacant for approximately 16 and 19 months respectively. Given the company's negative net worth of ₹-267 Cr and low TTM revenue of ₹3 Cr, these regulatory proceedings add substantial risk to an already distressed entity.
- SCN received on August 12, 2026, regarding alleged violations of Ind AS 1, 23, 32, and 109 in FY23 financials.
- Managing Director position remained vacant for 16 months from October 10, 2022, to February 12, 2024.
- CFO position remained vacant for over 19 months from July 1, 2022, to February 12, 2024.
- Alleged failure to disclose departures from accounting standards in financial statements.
- Company reports a negative net worth of ₹-267 Cr against a small market cap of ₹22 Cr.
Kridhan Infra Limited has undergone a significant leadership restructuring effective July 21, 2026. Managing Director Gautam Suri has resigned due to medical reasons, while the company has appointed Krishnaprasad Sunder Rao as Whole Time Director and promoted CFO Mithlesh Jaiswal to Executive Director, both for 5-year terms. These changes occur against a backdrop of severe financial distress, with the company reporting a negative net worth of ₹-267 Cr and a small TTM revenue base of only ₹3 Cr. A new Independent Director and Company Secretary have also been appointed to the board.
- Resignation of Managing Director Gautam Suri effective July 21, 2026, due to medical reasons.
- Appointment of Krishnaprasad Sunder Rao as Whole Time Director for a 5-year term.
- Promotion of current CFO Mithlesh Jaiswal to Additional Director (Executive Director) for 5 years.
- Appointment of Badatala Sreenivasa Rao as an Independent Director for a 5-year term.
- Appointment of Ms. Ekta Rathod as Company Secretary and Compliance Officer effective July 21, 2026.
Kridhan Infra Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the quarter ended June 30, 2026. The total equity share capital remains unchanged at 94,779,205 shares, with no new shares issued during the period. The company reported a total of 32,100 shareholders, with 99.93% of the total shares held in dematerialized form. The Registrar and Transfer Agent (RTA) confirmed that all dematerialization requests were processed within the mandated 15-day timeframe.
- Total equity shares remained constant at 94,779,205 during the quarter ended June 30, 2026.
- The company reported a total of 32,100 shareholders as of the end of the quarter.
- Dematerialization requests were confirmed by the RTA within 15 days of receipt.
- Physical shareholding remains minimal at 65,025 shares, representing approximately 0.07% of total capital.
- CDSL remains the primary depository with 76,411,272 shares compared to 18,302,908 shares in NSDL.
The promoter group of Kridhan Infra Limited, led by Mr. Anil Agrawal, has filed a formal declaration under Regulation 31(4) of SEBI (SAST) Regulations. The filing confirms that the promoters and persons acting in concert (PAC) did not encumber any of their shares, directly or indirectly, during the financial year ended March 31, 2026. This is a standard annual compliance disclosure intended to provide transparency regarding promoter share pledges to the Audit Committee and stock exchanges.
- Declaration covers the full financial year ending March 31, 2026
- Promoter group confirms 0% of their shares were pledged or encumbered during the period
- Disclosure includes 4 specific entities/individuals within the promoter and PAC group
- The filing was submitted to both BSE and NSE as per regulatory requirements
Kridhan Infra Limited has submitted a formal response to the Stock Exchange regarding clarifications sought for its financial results for the quarter ended March 31, 2025. The exchange had raised queries under Regulation 33 of SEBI (LODR) Regulations, 2015, which pertains to the submission and disclosure of financial results. This interaction is a standard regulatory procedure to ensure transparency and compliance in financial reporting. The company has provided the necessary documentation signed by authorized officials to address the exchange's concerns.
- Exchange sought clarification regarding financial results for the quarter ended March 31, 2025
- Clarification requested under Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations
- Company submitted its formal response and supporting documents on July 4, 2025
- Response signed digitally by Bakulesh Ramji Kotecha and Gautam Suri
Kridhan Infra Limited has filed its quarterly statement of fund utilization for the period ended March 31, 2026, confirming zero deviation from the objects stated during fund raising. Of the total ₹41.60 crores raised, the company has utilized approximately ₹11.86 crores to date. The majority of the spent funds, amounting to ₹11.66 crores, were directed toward the repayment of debt and financial liabilities. Significant portions of the allocated funds for investments and general corporate purposes remain unutilized.
- Total funds raised amount to ₹41.60 crores with no reported deviation or variation in use.
- ₹11.66 crores utilized for debt repayment out of an original allocation of ₹21.60 crores.
- Investment in subsidiaries and associates remains at ₹0 utilized against a ₹10 crore allocation.
- General Corporate Purpose spending stands at ₹19.84 lakhs out of a ₹10 crore budget.
- Total cumulative utilization as of March 31, 2026, stands at ₹11.856 crores.
Kridhan Infra Limited has released its audited financial results for the year ended March 31, 2026, which include a qualified opinion from the statutory auditors. The auditors pointed out that accumulated losses have resulted in the erosion of the company's net worth, creating uncertainty regarding its ability to continue as a going concern. Management is attempting to mitigate these risks through cost-reduction measures and has recently sought to increase its equity base via preferential allotments of equity and warrants. While the company reported a net profit for the period, the structural financial weakness remains a significant concern.
- Statutory auditors M/s Jignesh Savla & Associates issued a qualified opinion on both standalone and consolidated FY26 results.
- Accumulated losses have led to a complete erosion of the company's net worth as of March 31, 2026.
- Auditors highlighted material uncertainty regarding the company's status as a 'going concern' due to financial distress.
- Management is relying on recent preferential allotments of equity/warrants to support business growth and liquidity.
- The Board approved the results in a meeting held on May 30, 2026, concluding at 12:15 PM.
Financial Performance
Revenue Growth by Segment
For FY19, the company targeted India EPC revenue of INR 1,200-1,300 Cr, Singapore Foundation Engineering (FE) at INR 400-500 Cr, and Singapore EPC at INR 150-200 Cr. Proforma revenue for 9M FY19 grew 146% YoY to INR 1,315.1 Cr. However, by FY25, standalone revenue significantly declined to INR 2.57 Cr, reflecting severe operational scaling back.
Geographic Revenue Split
The business is split between India and Singapore. As of Q3 FY19, India EPC (via VNC) accounted for 78% of the proforma order book, while Singapore operations (FE and EPC) each contributed 11%.
Profitability Margins
Net Profit for FY25 was reported at INR 72.31 Cr on a standalone basis, though this appears driven by non-operational adjustments given the low revenue of INR 2.57 Cr. Historically, 9M FY19 proforma PAT (pre-exceptional) was INR 47 Cr, a 37% YoY increase.
EBITDA Margin
EBITDA margin for Q3 FY19 was 8%, a sharp decline from 19% in Q3 FY18 (-57% change). The company had provided a full-year FY19 guidance of 12-13% EBITDA margins, which was pressured by higher expenses which grew 93% YoY in Q3 FY19.
Capital Expenditure
Not explicitly disclosed in absolute INR Cr for future periods, but historical depreciation of INR 29.33 Lakhs in FY25 suggests minimal recent investment in new physical assets.
Credit Rating & Borrowing
The company reported a finance cost of INR 1.74 Cr for FY25. Management noted a 'liquidity mis-match' hurdle over the last few years, indicating constrained access to low-cost borrowing.
Operational Drivers
Raw Materials
Steel, cement, and aggregates represent the primary inputs for piling and EPC works, typically accounting for 50-60% of project costs in the infrastructure sector.
Import Sources
Primarily sourced from India for domestic EPC projects and local Singaporean suppliers for KH Foges and Swee Hong operations.
Capacity Expansion
Current capacity is defined by an order book of INR 3,860 Cr (as of Q3 FY19). No specific unit-based expansion (MT/MW) is planned; growth is dependent on order wins like the INR 195.3 Cr Public Utilities Board contract in Singapore.
Raw Material Costs
Raw material availability and price volatility are cited as critical risks. In Q3 FY19, total expenses rose 93% YoY to INR 216.3 Cr, significantly outpacing revenue growth and compressing margins.
Manufacturing Efficiency
India EPC demonstrated high efficiency with a Book to Bill ratio of 3.2x during its peak execution phase in FY19.
Strategic Growth
Expected Growth Rate
146%
Growth Strategy
The strategy involves consolidating the 50.5% stake in Vijay Nirman Company (VNC) to strengthen India EPC, growing the Singapore EPC business through Swee Hong, and executing a bid pipeline of over INR 3,130 Cr.
Products & Services
Piling and foundation engineering, bridge construction, road works, affordable housing projects, and public utility infrastructure.
Brand Portfolio
KH Foges, Swee Hong, Vijay Nirman Company (VNC), Kridhan Infra.
New Products/Services
Expansion into Affordable Housing (26% of order book) and specialized Piling contracts (INR 104.2 Cr win in Singapore).
Market Expansion
Targeting the Singapore Public Utilities Board and Indian national highway projects (Roads & Bridges currently 37% of order book).
Market Share & Ranking
Positioned as a leading bridge and piling specialist in the mid-tier EPC segment in India and Singapore.
Strategic Alliances
Acquisition of a majority stake in VNC and the integration of Swee Hong in Singapore.
External Factors
Industry Trends
The industry is shifting toward affordable housing and large-scale transport infra. Kridhan is positioned with 37% of its book in Roads & Bridges and 26% in Affordable Housing to capture this trend.
Competitive Landscape
Competes with mid-to-large scale EPC firms in India and specialized piling contractors in the Singaporean construction market.
Competitive Moat
Moat is based on specialized technical expertise in foundation engineering (KH Foges) and a strong 3.2x book-to-bill ratio in India, though this is currently threatened by liquidity constraints.
Macro Economic Sensitivity
Highly sensitive to government infrastructure spending and interest rate cycles which affect the cost of project financing.
Geopolitical Risks
The Russia-Ukraine war and energy crisis in Europe are cited as factors dampening global growth potential and increasing utility costs.
Regulatory & Governance
Industry Regulations
Operations are governed by SEBI Listing Regulations and the Companies Act 2013, with financial statements prepared under Ind AS.
Environmental Compliance
The company maintains a policy for environmentally clean and safe operations, though specific ESG costs are not quantified.
Taxation Policy Impact
Subject to Indian and Singaporean tax regimes; changes in these regimes are listed as a primary operational risk.
Legal Contingencies
The company faces hurdles from liquidity mismatches, though specific court case values were not detailed in the provided financial extracts.
Risk Analysis
Key Uncertainties
Liquidity mismatch is the primary risk, potentially leading to project delays and an inability to bid for new work, impacting revenue by over 90% as seen in the FY25 standalone figures.
Geographic Concentration Risk
78% of the proforma order book is concentrated in India, making the company highly dependent on Indian infrastructure policy.
Third Party Dependencies
High dependency on the performance of subsidiaries like VNC and KH Foges for consolidated results.
Technology Obsolescence Risk
Low risk in civil engineering, but failure to adopt modern piling techniques could impact Singapore market share.
Credit & Counterparty Risk
Exposure to government payment cycles in Singapore and India; receivables quality is critical for managing the liquidity mismatch.
