🔍

LLOYDSENGG - Lloyds Engineeri

📊 NSE: LLOYDSENGG 🏢 Engineering 📅 Last Updated: 12/14/2025 9:18

📢 Recent Corporate Announcements

Lloyds Engineering Increases Corporate Guarantee for Subsidiary to ₹109 Crore

🟡 NEUTRAL ⭐ 6/10

REGULATORY 📅 12 Mar 2026, 06:43 PM

Lloyds Engineering Works Limited has announced an enhancement of its corporate guarantee for its wholly-owned subsidiary, Techno Industries Private Limited. The guarantee amount, provided to HDFC Bank, has been increased from ₹59 Crore to ₹109 Crore to support the subsidiary's credit facilities. This move indicates the parent company's ongoing financial support for its subsidiary's operational needs. While it increases the contingent liability on the parent's balance sheet, the company maintains there is no direct impact on its own operations.

Corporate guarantee enhanced from ₹59 Crore to ₹109 Crore
Guarantee provided to HDFC Bank for credit facilities of Techno Industries Private Limited
Techno Industries is a 100% wholly-owned subsidiary of Lloyds Engineering Works
The transaction involves no interest from promoters and is considered a routine financial support measure

💡 Investors should monitor the financial health and utilization of funds by the subsidiary, as the parent company's contingent liability has increased by ₹50 Crore.

Lloyds Engineering Appoints Brickwork Ratings as Monitoring Agency for Rights Issue Proceeds

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 04 Mar 2026, 04:16 PM

Lloyds Engineering Works Limited has appointed Brickwork Ratings India Private Limited as the monitoring agency for its Rights Issue of equity shares. This appointment is a mandatory compliance step under Regulation 82 of the SEBI (ICDR) Regulations, 2018. The agency will be responsible for overseeing and reporting on the actual utilization of the funds raised against the objectives stated in the offer documents. The Board of Directors approved this appointment via a circular resolution on March 4, 2026, ensuring transparency in capital management.

Appointment of SEBI-registered Brickwork Ratings India Private Limited as the Monitoring Agency.
Complies with Regulation 82 of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.
The agency will monitor the utilization of proceeds from the company's Rights Issue of equity shares.
Approval was finalized by the Board of Directors through a Circular Resolution dated March 4, 2026.

💡 This is a routine regulatory procedure following a fundraise to ensure corporate governance. Investors should look out for the periodic monitoring agency reports to ensure the capital is being deployed as per the company's stated growth plans.

Lloyds Engineering Subsidiary Techno Industries to Shift Registered Office to Maharashtra

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 03 Mar 2026, 02:42 PM

Lloyds Engineering Works Limited has received regulatory approval to shift the registered office of its wholly owned subsidiary, Techno Industries Private Limited. The office will relocate from Ahmedabad, Gujarat, to Mumbai, Maharashtra, following an order from the Regional Director dated February 27, 2026. This administrative move is intended to enhance operational efficiency and economic convenience for the subsidiary. The company has clarified that this shifting pertains only to the subsidiary and does not directly impact the listed parent entity.

Wholly owned subsidiary Techno Industries Private Limited moving registered office from Gujarat to Maharashtra.
Order received from the Regional Director, Ministry of Corporate Affairs, on March 2, 2026.
The relocation was previously approved by a special resolution passed on October 25, 2025.
The move aims to carry on business more economically and with better operational convenience.

💡 This is a routine administrative update with no material impact on the company's financials. Investors should continue to monitor the company's core engineering order book and execution performance.

Lloyds Engineering Works Sets March 20 as Cut-off Date for EGM Voting

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 02 Mar 2026, 11:37 PM

Lloyds Engineering Works Limited has announced an Extraordinary General Meeting (EGM) scheduled for March 27, 2026, to be held via video conferencing. The company has fixed March 20, 2026, as the cut-off date to determine the eligibility of shareholders to cast their votes. Remote e-voting will be available for four days, starting from March 23, 2026, at 9:00 AM and concluding on March 26, 2026, at 5:00 PM. This is a standard regulatory filing to facilitate shareholder participation in the upcoming corporate resolutions.

Extraordinary General Meeting (EGM) scheduled for March 27, 2026, at 11:00 AM IST
Cut-off date for determining voting eligibility is Friday, March 20, 2026
Remote e-voting period runs from March 23, 2026, to March 26, 2026
The meeting will be conducted entirely through Video Conferencing (VC) or Other Audio-Visual Means (OAVM)

💡 Shareholders interested in voting on the EGM resolutions should ensure they hold shares as of the March 20 cut-off date. Review the specific EGM agenda items once the full notice is released to understand the proposed corporate actions.

Lloyds Engineering EGM on March 27: Director Appointments and Rights Issue Fund Extension

🔵 WATCH ⭐ 6/10

MANAGEMENT 📅 02 Mar 2026, 11:31 PM

Lloyds Engineering Works Limited has convened an Extraordinary General Meeting (EGM) for March 27, 2026, to seek shareholder approval for key leadership and financial matters. The company is proposing the appointment of two new Independent Directors, Mr. Vinay Kumar Tripathi and Mr. Apurva Chandra, for five-year terms ending in September 2030. Significantly, the board is also seeking approval to utilize unspent proceeds from the April 2025 Rights Issue during the 2026-27 financial year, extending beyond the previous March 31, 2026 deadline. This extension aims to ensure the capital is deployed for the original objects of the issue without altering the fundamental purpose.

Extraordinary General Meeting (EGM) scheduled for March 27, 2026, via video conferencing.
Proposal to appoint two Independent Directors and one Non-Executive Director to the board.
Request to extend the utilization of unspent Rights Issue proceeds (from April 2025) into FY 2026-27.
Remote e-voting period set for March 23-26, 2026, with a cut-off date of March 20, 2026.

💡 Investors should monitor the company's project execution timelines, as the request to extend fund utilization suggests a delay in the deployment of capital from the 2025 Rights Issue.

Lloyds Engineering Reappoints Kishor Mohanlal Pradhan as Independent Director for 5-Year Term

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 27 Feb 2026, 12:08 AM

Lloyds Engineering Works Limited has approved the reappointment of Mr. Kishor Mohanlal Pradhan as a Non-Executive Independent Director for a second term of five consecutive years. The new term is scheduled to run from July 22, 2026, through July 21, 2031, subject to shareholder approval. Mr. Pradhan is a veteran banking professional with 37 years of experience, including a significant tenure as General Manager at IDBI. An Extraordinary General Meeting (EGM) is scheduled for March 27, 2026, to formalize this reappointment.

Reappointment of Mr. Kishor Mohanlal Pradhan for a second 5-year term starting July 22, 2026
Mr. Pradhan brings 37 years of banking experience, having served as General Manager at IDBI
Extraordinary General Meeting (EGM) scheduled for March 27, 2026, for shareholder approval
The director has no inter-se relationships with other board members and is not debarred by SEBI

💡 This is a routine governance update ensuring board continuity; no immediate action is required from shareholders beyond noting the EGM date.

Lloyds Engineering Revises Final Call Payment Schedule for ₹16/share Rights Issue

🟡 NEUTRAL ⭐ 7/10

FUNDRAISE 📅 17 Feb 2026, 03:16 PM

Lloyds Engineering Works Limited has announced a revised schedule for the first and final call money payment regarding its previous rights issue. The company is calling for the remaining 50% of the issue price, amounting to ₹16 per share (including a premium of ₹15.50) on 30,85,17,476 partly paid-up equity shares. Due to technical reasons, the payment window has been rescheduled to open on February 18, 2026, and close on March 4, 2026. This affects shareholders who held partly paid-up shares as of the record date, January 28, 2026.

Final call of ₹16 per share (₹0.50 face value + ₹15.50 premium) on 30.85 crore partly paid-up shares.
Revised payment period set from February 18, 2026, to March 4, 2026.
This call represents the final 50% payment of the total rights issue price initiated in April 2025.
Record date for identifying eligible shareholders for this call was January 28, 2026.
Failure to pay the call money within the stipulated time may lead to forfeiture of the shares and previous payments.

💡 Investors holding partly paid-up shares must ensure they complete the ₹16 per share payment by March 4, 2026, to convert them into fully paid-up equity. Monitor registered email addresses for the corrigendum notice and specific payment instructions.

Lloyds Engineering to Acquire Industrial Land and Factory Assets from Windsor Machines

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 10 Feb 2026, 06:33 PM

Lloyds Engineering Works Limited has entered into a Memorandum of Understanding (MoU) with Windsor Machines Limited to acquire industrial land and factory buildings in Ahmedabad. The acquisition includes four plots (5402, 5403, 5404, and 5405) located in the GIDC Vatva Industrial Area. Along with the land and buildings, the deal encompasses fixed assets such as plant and machinery, cranes, and solar installations. This move indicates a strategic expansion of the company's manufacturing capacity and infrastructure.

MoU signed with Windsor Machines Limited for the purchase of industrial property in GIDC Vatva, Ahmedabad.
Acquisition includes four industrial plots (Nos. 5402, 5403, 5404, and 5405) and existing factory buildings.
Includes comprehensive fixed assets such as plant & machinery, furniture, cranes, and solar installations.
The transaction is confirmed to be at arm's length and involves no related party interests.
The agreement is strictly for the property transaction and does not create a continuing commercial partnership.

💡 Investors should view this as a positive sign of capacity expansion; however, keep an eye out for future disclosures regarding the total consideration paid for these assets. Monitor how this new facility will impact the company's production timelines and order book execution.

Lloyds Engineering Promoters Sell 7.14% Stake to Thriveni Earthmovers for Rs 525 Crore

🔵 WATCH ⭐ 8/10

OTHER 📅 09 Feb 2026, 08:26 PM

Lloyds Engineering Works Limited has announced a significant change in its shareholding structure following a block deal. The promoter group, including Lloyds Enterprises and associated LLPs, sold approximately 10.57 crore shares (7.14% stake) at a price of Rs. 49.65 per share. The buyer is Thriveni Earthmovers Private Limited, the investment arm of Mr. Balasubramanian Prabhakaran. Post-transaction, Thriveni Earthmovers holds a substantial 9.05% stake in the company, indicating strong interest from a strategic industry player.

Promoter group sold a total of 10,57,40,181 equity shares via block deals.
The transaction was executed at a fixed price of Rs. 49.65 per share.
Total deal value is approximately Rs. 525 crore across three promoter entities.
Thriveni Earthmovers Private Limited now holds a 9.05% equity stake in the company.
Sellers include Lloyds Enterprises (0.40%), Aeon Trading (3.37%), and Lloyds Metals and Minerals (3.37%).

💡 Investors should monitor the impact of Thriveni Earthmovers' increased stake on the company's strategic direction and potential synergies. The transaction price of Rs. 49.65 may act as a near-term support level for the stock.

Lloyds Engineering Reports Zero Deviation in Utilization of Rs 493.62 Cr Rights Issue Proceeds

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 04 Feb 2026, 07:46 PM

Lloyds Engineering Works Limited has submitted its statement of deviation for the quarter ended December 31, 2025, confirming that funds raised via its Rights Issue are being used as intended. The company raised Rs 493.62 crore on June 5, 2025, through the allotment of 30.85 crore partly paid-up equity shares. The Audit Committee and monitoring agency, India Ratings & Research, have reviewed the utilization and reported no deviations from the original objects. Approximately Rs 493 crore has been utilized as per the planned schedule, maintaining transparency in capital deployment.

Total amount raised through Rights Issue: Rs 493.62 Crore.
Zero deviation or variation reported in the utilization of funds for the quarter ended Dec 2025.
Allotment of 30,85,17,476 partly paid-up shares at an issue price of Rs 32 each.
Monitoring agency India Ratings & Research Private Limited confirmed the status of fund usage.
Balance call money for the partly paid shares is scheduled to be completed by March 31, 2026.

💡 Investors should note that the company is adhering to its stated fund utilization plan, which is a positive sign of corporate governance. No immediate action is required, but shareholders holding partly paid-up shares should prepare for the remaining call money payments due by March 2026.

Lloyds Engineering Appoints Former Railway Board Chairman & Retired IAS Officer to Board

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 04 Feb 2026, 07:44 PM

Lloyds Engineering Works Limited has significantly strengthened its leadership by appointing three high-profile directors on February 4, 2026. The new appointees include Mr. Vinay Kumar Tripathi, a former Chairman of the Railway Board with 38 years of experience, and Mr. Apurva Chandra, a retired IAS officer with 36 years of administrative expertise in sectors like defense and petroleum. Additionally, Mr. Balasubramaniam Prabhakaran, the MD of Lloyds Metals and Energy Limited, joins as a Non-Executive Director. These appointments bring deep regulatory and operational expertise that could enhance the company's strategic positioning in infrastructure and government-led projects.

Appointment of Mr. Vinay Kumar Tripathi (Ex-Chairman Railway Board) as Independent Director for a 5-year term until September 2030.
Appointment of Mr. Apurva Chandra (Retired 1988-batch IAS officer) as Independent Director for a 5-year term.
Appointment of Mr. Balasubramaniam Prabhakaran (MD of Lloyds Metals and Energy) as a Non-Executive Non-Independent Director.
The appointments are effective from February 4, 2026, subject to shareholder approval at the next General Meeting.

💡 The inclusion of top-tier former government officials and industry veterans is a strong positive signal for corporate governance and strategic networking. Investors should view this as a long-term positive for the company's ability to navigate complex regulatory environments and secure large-scale infrastructure contracts.

Lloyds Engineering Allots 58.8 Lakh ESOPs at ₹7.50 and ₹9.50 Exercise Prices

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 04 Feb 2026, 07:42 PM

Lloyds Engineering Works Limited has approved the allotment of 58,80,060 Employee Stock Options (ESOPs) under its 2021 plan. The allotment is split into two tranches: 43.56 lakh options at an exercise price of ₹7.50 and 15.24 lakh options at ₹9.50. These options are scheduled to vest on March 31, 2026, with an exercise period of three years from the vesting date. The company has indicated that the impact on diluted earnings per share (EPS) will be negligible.

Allotment of 43,56,000 ESOPs at an exercise price of ₹7.50 per share
Allotment of 15,24,060 ESOPs at an exercise price of ₹9.50 per share
Total potential equity dilution of approximately 0.40% based on 148 crore total shares
Vesting date for the allotted options is set for March 31, 2026
Total capital to be realized upon full exercise is approximately ₹4.71 crore

💡 This is a routine corporate action for employee retention with minimal dilution to existing shareholders. Investors should continue to monitor the company's core engineering performance as this event has no immediate material impact on stock valuation.

Lloyds Engineering Terminates Monitoring Agency Agreement with India Ratings

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 04 Feb 2026, 07:23 PM

Lloyds Engineering Works Limited has terminated its agreement with India Ratings and Research Private Limited, which served as the Monitoring Agency for its Rights Issue proceeds. The termination, effective February 3, 2026, was due to a disagreement over commercial terms rather than operational issues. The company has assured investors that this change will not have a material adverse impact on its financial position or operations. A new Monitoring Agency will be appointed within statutory timelines to ensure continued compliance with SEBI regulations regarding the utilization of issue proceeds.

Termination of Monitoring Agency Agreement with India Ratings and Research Private Limited effective Feb 3, 2026
Agreement was originally executed on November 13, 2024, to monitor Rights Issue proceeds
Reason for termination cited as a disagreement in commercial terms between the parties
Company confirms no material adverse impact on operations or financial standing
New Monitoring Agency to be appointed within statutory timelines as per SEBI requirements

💡 This is a routine administrative update regarding compliance for previous fund-raising; investors should simply watch for the appointment of a replacement agency to ensure continued transparency.

Lloyds Engineering Q3 Net Profit Drops 15% YoY to ₹28.5 Cr; Order Book Strong at ₹2,011 Cr

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 04 Feb 2026, 07:21 PM

Lloyds Engineering Works Limited reported a standalone net profit of ₹28.53 crore for the quarter ended December 31, 2025, marking a 15.3% decline from ₹33.68 crore in the previous year's corresponding quarter. Standalone revenue for Q3 FY26 stood at ₹221.96 crore, down slightly from ₹229.72 crore YoY. Despite the quarterly dip in profitability, the company's 9-month standalone revenue grew 11% YoY to ₹640.36 crore. A key positive is the robust consolidated order book of ₹2,011.22 crore, which provides significant revenue visibility for the coming quarters.

Standalone Net Profit for Q3 FY26 decreased to ₹28.53 crore from ₹33.68 crore in Q3 FY25.
Consolidated Order Book as of December 31, 2025, stands at ₹2,011.22 crore.
9M FY26 Standalone Revenue increased by 11% to ₹640.36 crore compared to ₹577.28 crore in 9M FY25.
Manufacturing and other expenses surged to ₹41.24 crore in Q3 FY26 from ₹26.92 crore in the year-ago period.
Associate company Lloyds Infrastructure and Construction Limited holds an additional order book of ₹4,619.01 crore.

💡 Investors should focus on the company's ability to convert its massive ₹2,011 crore order book into revenue, as current margins are under pressure from rising operational costs. The stock remains a 'Watch' to see if the Metalfab acquisition and associate company performance can boost consolidated earnings in FY27.

Lloyds Engineering Terminates Monitoring Agency Agreement for Rights Issue Proceeds

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 04 Feb 2026, 07:19 PM

Lloyds Engineering Works Limited has terminated its agreement with India Ratings and Research Private Limited, which was appointed to monitor the utilization of proceeds from its Rights Issue. The termination, effective February 3, 2026, resulted from a disagreement over commercial terms between the two parties. The company has clarified that this change will not have any material adverse impact on its financial position or operations. A new Monitoring Agency will be appointed within the statutory timelines to ensure continued compliance with SEBI regulations.

Termination of the Monitoring Agency Agreement dated November 13, 2024, with India Ratings and Research Private Limited.
The agreement was specifically for monitoring the utilization of funds raised through the company's Rights Issue.
Reason for termination cited as a disagreement in commercial terms.
Company confirms no material adverse impact on operations or financial standing.
A new Monitoring Agency is to be appointed within statutory timelines to maintain SEBI compliance.

💡 This is a routine administrative change and does not indicate any financial distress or misuse of funds. Investors should monitor for the announcement of the replacement agency to ensure continued transparency in fund utilization.

View All LLOYDSENGG Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations reached INR 845.74 Cr in FY25, representing a significant increase from standalone sales of INR 312.45 Cr in FY23. H1FY26 performance is described as broad-based with all major verticals contributing to growth, though specific percentage splits by segment are not disclosed.

Geographic Revenue Split

Not explicitly disclosed in available documents, though the company operates primarily in India with strategic international technology tie-ups in Italy (Virtualabs S.r.l.).

Profitability Margins

Gross margins are impacted by raw material costs which represent 50.6% of revenue (INR 428.43 Cr). PAT margin for FY25 stood at 12.4% (INR 105.04 Cr PAT on INR 845.74 Cr revenue). H1FY26 margins remain stable at approximately 18%.

EBITDA Margin

EBITDA margin was 18.84% in FY25 (INR 159.33 Cr) compared to 17.26% in FY24 (INR 92.13 Cr), showing an improvement of 158 basis points YoY due to operational efficiencies and scale.

Capital Expenditure

Capital Work In Progress (CWIP) stood at INR 63.08 Cr as of March 31, 2025, with payments towards capital expenditure including advances totaling INR 66.89 Cr during the fiscal year.

Credit Rating & Borrowing

Total borrowings as of March 31, 2025, were INR 58.34 Cr (INR 15.47 Cr non-current and INR 42.86 Cr current). Interest expenses for FY25 were INR 8.53 Cr, implying an average borrowing cost of approximately 14.6%.

⚙️ Operational Drivers

Raw Materials

Steel and specialized metal components are the primary raw materials, with 'Cost of Raw Materials Consumed' totaling INR 428.43 Cr, representing 50.6% of total revenue.

Import Sources

Not specifically disclosed, though the company has entered into technology agreements with Italian firms (Virtualabs S.r.l.) suggesting some high-tech component sourcing or design influence from Europe.

Key Suppliers

Not explicitly named in the documents, but the company operates in the heavy engineering and steel fabrication space, likely sourcing from major domestic steel producers.

Capacity Expansion

The company is expanding through acquisitions, including a 66% stake in Techno Industries for which it recognized goodwill of INR 122.78 Cr. It is also expanding into the defence sector via the newly incorporated Lloyds Advance Defence Systems Limited (Dec 2025).

Raw Material Costs

Raw material costs stood at INR 428.43 Cr in FY25. Procurement strategies involve a mix of direct consumption and purchase of traded goods (INR 59.35 Cr).

Manufacturing Efficiency

Working capital requirements reduced from 116 days to 85.6 days, indicating improved operational cycle efficiency despite an increase in debtor days from 73.6 to 97.9.

📈 Strategic Growth

Expected Growth Rate

400%

Growth Strategy

The company is targeting 4x growth in FY26 revenue through a combination of a massive order book (INR 1,303.81 Cr standalone + INR 4,558.8 Cr from associate LICL), strategic acquisitions like Techno Industries and Metalfab, and a pivot into the high-growth defence sector with FPV drones and SIGINT UAVs.

Products & Services

Heavy equipment and machinery for HydroCarbon, Oil & Gas, Steel, Power, and Nuclear plants; Turnkey project execution; First Person View (FPV) drones; Defender SIGINT UAVs; and Pellet plant projects.

Brand Portfolio

Lloyds Engineering Works, Lloyds Steels Industries, Lloyds Advance Defence Systems.

New Products/Services

Advanced FPV drones and Defender SIGINT UAVs for India's defence sector; 4.2 MTPA Pellet Project for SAIL-IISCO.

Market Expansion

Strategic push into the Defence sector via a dedicated subsidiary; expansion into the Italian market/technology via Virtualabs S.r.l. agreement.

Market Share & Ranking

Not disclosed, but positioned as a niche player in heavy engineering and a new entrant in advanced defence electronics.

Strategic Alliances

MoUs with FlyFocus (Drones), Virtualabs S.r.l. (Italy), Kliver, and Fincantieri; Consortium with Primetals for SAIL projects.

🌍 External Factors

Industry Trends

The industry is shifting toward automation and indigenous defence manufacturing (Atmanirbhar Bharat). The company is positioning itself by moving from pure fabrication to high-tech electronics and UAVs.

Competitive Landscape

Competes with other heavy engineering firms and EPC contractors; now entering the competitive drone market against established defence PSUs and startups.

Competitive Moat

Moat is built on 'Technological Tie-ups' in underpenetrated sectors like Defence and Nuclear. This is sustainable due to high entry barriers and long certification cycles in these industries.

Macro Economic Sensitivity

Highly sensitive to industrial CAPEX cycles and the National Infrastructure Pipeline. A 1% change in GDP growth typically correlates with higher industrial machinery demand.

Consumer Behavior

Shift in government procurement toward domestic private players in the defence sector is a key demand driver.

Geopolitical Risks

Trade barriers or export restrictions on high-tech drone components could impact the new defence subsidiary's manufacturing timeline.

⚖️ Regulatory & Governance

Industry Regulations

Subject to Ministry of Defence procurement policies and industrial licensing for heavy equipment manufacturing.

Taxation Policy Impact

Effective tax rate for FY25 was approximately 23.5% (INR 33.14 Cr tax on INR 141.14 Cr PBT).

Legal Contingencies

Not explicitly detailed in the provided MDA or financial notes, though the auditor noted the first-time recognition of INR 122.78 Cr in goodwill related to acquisitions.

⚠️ Risk Analysis

Key Uncertainties

Integration risk of new acquisitions (Techno Industries, Metalfab) and the success of the pivot into the defence sector, which has high R&D risks.

Geographic Concentration Risk

Primarily concentrated in India, with the registered office and major operations in Mumbai/Maharashtra.

Third Party Dependencies

High dependency on technology partners like FlyFocus for the success of the new drone vertical.

Technology Obsolescence Risk

Rapid changes in drone technology and SIGINT capabilities require continuous R&D investment to avoid obsolescence.

Credit & Counterparty Risk

Trade receivables stood at INR 256.79 Cr as of Sept 2025. Debtor days increased to 97.9, suggesting a slight deterioration in collection efficiency or longer credit terms for large infrastructure projects.