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Mcnally Bharat Engineering Company Limited (MBECL)

₹420.30 -1.99% last close, 16 Oct

📊 NSE: MBECL 🏢 Engineering - Turnkey Services 📢 Latest filing: 13 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Mcnally Bharat's revenue was ₹15.1 Cr (+0.3% year on year, +0.3% on the previous quarter), and net profit ₹-25.3 Cr (a smaller loss than a year earlier); the operating margin was -43.9%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹15.1	+0.3%	+0.3%
Operating profit	₹-6.6	loss narrowed	loss narrowed
Net profit	₹-25.3	loss narrowed	loss narrowed
EPS (₹)	-7.58	loss narrowed	loss widened
Operating margin	-43.9%	—	—

Full quarterly financials → Results calendar →

MBECL exchange data

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

It closed at its lower price band (circuit) on 16 Oct, one of 18 band closes in about the last 20 sessions.

₹420.30NSE close · -1.99%

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

McNally Bharat Files 63rd AGM Minutes; Highlights Relisting and Post-CIRP Turnaround

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Oct 2026, 05:26 PM

McNally Bharat Engineering Company Limited has submitted the minutes of its 63rd Annual General Meeting held on September 25, 2026. The Chairman noted that following the NCLT-approved Resolution Plan, the company relisted on Stock Exchanges on September 1, 2026, and secured a large O&M contract from a major group. All proposed resolutions, including director continuation and cost auditor remuneration, were passed with over 99.99% shareholder approval. A total of 33 members attended the meeting, where management highlighted efforts to rebuild customer trust and regain EPC contracts.

Company officially relisted on Stock Exchanges on September 1, 2026, post-CIRP resolution
All tabled resolutions passed with over 99.99% votes in favor (e.g., 30,523,896 votes for Resolution 5)
Total of 33 members attended the 63rd AGM via video conference, including 13 body corporates
Chairman confirmed receipt of a large O&M job from a major group to kickstart operational turnaround

💡 Track the upcoming quarterly financial results and announcements of new EPC order inflows to evaluate actual revenue recovery after relisting.

McNally Bharat Seeks Shareholder Approval to Diversify into IT/ITES Business via Postal Ballot

🟡 NEUTRAL ⭐ 4/10

EXPANSION 📅 13 Oct 2026, 04:44 PM

McNally Bharat Engineering Company Limited has issued a Postal Ballot notice seeking shareholder approval via Special Resolution to alter its Memorandum of Association (MoA). The proposed amendment adds Information Technology and IT-Enabled Services (IT/ITES)—including software development, AI, cyber security, and cloud computing—to its Objects Clause. Remote e-voting runs from October 15, 2026, to November 13, 2026, with results scheduled for declaration on or before November 17, 2026. This signals an intention to diversify beyond its legacy turnkey EPC and mineral handling engineering services.

Proposed alteration of Clause III of MoA to insert sub-clause (23) for IT/ITES, AI, and cloud services
Remote e-voting period runs from October 15, 2026 (10:00 AM IST) to November 13, 2026 (5:00 PM IST)
Cut-off date for voting eligibility was October 09, 2026
Voting results along with Scrutinizer's Report to be declared by November 17, 2026

💡 Track the outcome of the postal ballot voting on November 17, 2026, and watch for subsequent management announcements regarding capital allocation or operational entry into the IT/ITES domain.

MBECL Boards Approves MoA Alteration to Diversify into IT/ITES Sector via Postal Ballot

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 05 Oct 2026, 05:21 PM

Mcnally Bharat Engineering Company Limited's Board has approved altering the Object Clause of its Memorandum of Association (MoA) to permit entry into the Information Technology and IT Enabled Services (IT/ITES) space. The company will seek shareholder approval via postal ballot with a voting window open from October 15, 2026, to November 13, 2026. The cut-off date for eligible voters is October 9, 2026. This potential diversification comes as the legacy EPC business generates modest quarterly revenues of around Rs 15 Cr with operating losses.

Board approved insertion of sub-clause (23) to Clause III of MoA to diversify into IT/ITES sector
Postal ballot e-voting begins on October 15, 2026 (10:00 am) and ends on November 13, 2026 (5:00 pm)
Cut-off date set for Friday, October 9, 2026, to determine eligible members for voting
Meeting commenced at 3:00 PM and concluded at 4:10 PM on October 5, 2026

💡 Track postal ballot voting results after November 13, 2026, and watch for concrete business plans, capital allocation, or acquisitions in the IT/ITES domain.

McNally Bharat Concludes 63rd AGM; All 5 Resolutions Approved by Shareholders

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Sep 2026, 05:54 PM

McNally Bharat Engineering Company Limited held its 63rd Annual General Meeting on September 25, 2026, via video conferencing. A total of 33 members attended the meeting, where all 5 agenda resolutions were passed with the requisite majority. Key agenda items included the adoption of FY26 financial statements, the reappointment of director Ms. Poonam Singhania, and the appointment of M/s Singhi & Co. as statutory auditors. The voting results and Scrutinizer's Report will be submitted within two working days.

All 5 resolutions passed by members with the requisite majority
A total of 33 members attended the meeting virtually, including 13 authorized representatives
Appointment of M/s Singhi & Co., Chartered Accountants, approved as Statutory Auditors
Meeting commenced at 3:30 PM IST and concluded at 3:54 PM IST on September 25, 2026

💡 Track the formal Scrutinizer's report and voting percentages to be filed within two working days, as well as operational updates on core EPC project execution.

MBECL Convenes 63rd AGM on September 25, 2026; Proposes New Statutory Auditor

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Sep 2026, 10:05 PM

McNally Bharat Engineering Company Limited has issued the notice convening its 63rd Annual General Meeting (AGM) on September 25, 2026, via Video Conferencing. Key ordinary business items include the adoption of FY26 audited financial statements and the appointment of M/s Singhi & Co. as statutory auditors for a 5-year term. Special business includes seeking shareholder approval for the continuation of Independent Director Mehar Chand Thakur beyond age 75. The filing is procedural in nature and forms part of mandatory annual compliance.

63rd Annual General Meeting scheduled for September 25, 2026, at 3:30 PM IST via VC/OAVM.
Proposal to appoint M/s Singhi & Co., Chartered Accountants, as Statutory Auditors for a 5-year term from the 63rd to 68th AGM.
Special resolution seeking approval for Independent Director Mehar Chand Thakur to continue past age 75 up to October 21, 2030.
Re-appointment of Ms. Poonam Singhania as Non-Executive Non-Independent Director liable to retire by rotation.

💡 Shareholders may review the AGM agenda and participate in electronic voting ahead of the September 25, 2026 meeting date.

BSE and NSE Approve Trading of 3.33 Cr Restructured Shares Effective September 1, 2026

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 28 Aug 2026, 09:23 PM

McNally Bharat Engineering Company Limited has received final trading permission from both BSE and NSE for 3,33,33,334 equity shares of face value Rs 10 each. The trading will commence on Tuesday, September 1, 2026, in the Trade-to-Trade ('T') group following a special pre-open session. This formalizes the share capital restructuring under the NCLT-approved Resolution Plan, which sets the total paid-up equity capital at Rs 33.33 Cr across 3.33 Cr shares.

Final trading approval granted for 3,33,33,334 equity shares of Rs 10 each, effective September 1, 2026.
Paid-up equity share capital reconstituted from Rs 17.22 Cr to Rs 33.33 Cr post-capital reduction and fresh allotments.
Share allotment includes 3,00,00,000 shares to the Successful Resolution Applicant (SRA) and 16,66,667 shares each via capital reduction and preferential issue to public shareholders.
Shares will trade in the 'T' Group (Trade-to-Trade segment) with 3.16 Cr shares subject to lock-in until August 29, 2027.

💡 Track price discovery during the special pre-open session on September 1, 2026, and watch upcoming quarterly results for signs of operational turnaround under the new promoter management.

MBECL Appoints Independent Director Pradip Kumar Bishnoi as Non-Executive Chairman Till Jan 2030

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 24 Aug 2026, 03:31 PM

McNally Bharat Engineering Company Limited has approved the appointment of Mr. Pradip Kumar Bishnoi as Non-Executive Chairman with immediate effect from August 24, 2026. Mr. Bishnoi, who currently serves as an Independent Director, will hold the post until January 5, 2030, aligning with his residual tenure. He brings over 45 years of industry experience, including past roles as CMD of Rashtriya Ispat Nigam and MD of Balmer Lawrie. The board leadership change comes as MBECL continues its operational turnaround following debt resolution.

Appointed Mr. Pradip Kumar Bishnoi as Non-Executive Chairman effective August 24, 2026
Tenure approved up to January 5, 2030, matching his residual term as Independent Director
Mr. Bishnoi brings 45+ years of experience across steel, natural gas, and industrial sectors
Resolution approved by the Board of Directors by circulation on August 24, 2026

💡 Track subsequent board appointments and monitor execution progress in core EPC contracts as the company attempts to scale quarterly revenues beyond current levels (~Rs 15 Cr/quarter).

Chairman and Independent Director Partha Sarathi Bhattacharyya Resigns from MBECL

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 13 Aug 2026, 07:40 PM

Mr. Partha Sarathi Bhattacharyya has resigned as the Chairman and Independent Director of McNally Bharat Engineering Company Limited (MBECL) effective August 13, 2026. The resignation is attributed to age-related health issues, with the director confirming no other material reasons for his departure. This exit is notable as he also served as the Chairman of the Audit Committee and was a member of three other key board committees. The company is currently in a post-NCLT resolution phase with a high promoter holding of 90.0%.

Resignation of Chairman and Independent Director effective from closure of business hours on August 13, 2026
Cessation of membership in 4 committees: Audit (Chairman), Stakeholders Relationship, Nomination & Remuneration, and Risk Management
Director continues to hold independent directorships in 2 other listed entities: Texmaco Rail & Engineering Ltd. and Ramkrishna Forgings Ltd.
Company reported TTM revenue of Rs 73 Cr and a significant TTM PAT of Rs 3450 Cr following its resolution process
Promoter holding remains concentrated at 90.0% as of June 2026

💡 Investors should monitor the company's upcoming filings for the appointment of a new Chairman and Audit Committee head to ensure governance continuity during the company's turnaround phase.

₹24.25 Cr Recovery: NCLT Orders UCO Bank and JVs to Refund Funds to MBECL

🟢 POSITIVE ⭐ 7/10

LEGAL 📅 12 Aug 2026, 09:12 PM

The NCLT Kolkata Bench has ruled in favor of MBECL, ordering the recovery of ₹24.25 Crore plus 9% interest from UCO Bank and three Joint Venture entities. This recovery stems from the avoidance of preferential transactions identified under Section 43 of the IBC during the insolvency process. The total recovery amount is highly material, representing approximately 33% of the company's TTM revenue of ₹73 Crore. While the accounting impact was recognized in the June 2026 quarter, the actual cash inflow will be distributed according to the approved Resolution Plan and IBC Section 53.

NCLT ordered UCO Bank to refund ₹9.07 Crore to the company for preferential transactions.
Three Joint Venture entities (McNally-Trolex, McNally-AML, and McNally-Trolex-Kilburn) directed to refund ₹15.18 Crore.
Interest at 9% per annum awarded from the date of the respective transactions until repayment.
Total recovery of ₹24.25 Crore represents approximately 33.2% of the company's TTM revenue of ₹73 Crore.
Impact of the order has been recognized in the unaudited financial results for the quarter ended June 30, 2026.

💡 Investors should monitor the actual cash realization from these entities and how the funds are distributed under the Resolution Plan's waterfall mechanism. The key is to see if this liquidity helps in regaining credit lines for new EPC projects.

MBECL Approves Q1 Results; NCLT Mandates Rs 30 Cr Equity Buyback for Resolution Plan

🔵 WATCH ⭐ 6/10

BOARD_MEETING 📅 12 Aug 2026, 08:51 PM

MBECL has approved its Q1 FY27 financial results and proposed a new statutory auditor, M/s. Singhi & Co., for a five-year term. A significant regulatory update confirms that the NCLT, via a June 2026 order, has mandated a Rs 30 Cr (Rs 3,000 Lakhs) equity buyback as a non-negotiable requirement for the full implementation of the Resolution Plan. The company continues to struggle with financial reconciliations, as trade receivables and payables remain subject to pending arbitrations and claim settlements. Despite a high TTM PAT of Rs 3,450 Cr due to resolution-related adjustments, TTM revenue remains low at Rs 73 Cr.

NCLT Kolkata Bench mandated a mandatory Rs 3,000 Lakhs (Rs 30 Cr) equity buyback obligation for Resolution Plan completion.
Proposed appointment of M/s. Singhi & Co. as Statutory Auditors for a 5-year term until the 68th AGM in 2031.
63rd Annual General Meeting (AGM) scheduled for September 25, 2026, via video conferencing.
Subsidiary McNally Bharat Equipments Limited reported a marginal loss of Rs 0.29 Lakhs for the quarter ended June 30, 2026.
Book closure for the purpose of the AGM is set from September 19, 2026, to September 21, 2026.

💡 Investors should monitor the company's progress in fulfilling the Rs 30 Cr buyback mandate, as the NCLT has ruled the Resolution Plan is not fully implemented without it. Additionally, watch for the outcome of pending arbitrations which could impact the valuation of trade receivables.

Rs 5.52 Cr + Interest to be Released to MBECL as Delhi HC Dismisses Metso India Claim

🟢 POSITIVE ⭐ 6/10

LEGAL 📅 11 Aug 2026, 04:40 PM

The Delhi High Court has ruled in favor of McNally Bharat Engineering Company Limited (MBECL) in a dispute with Metso India Private Limited. The court held that Metso's claim was extinguished as it was not included in the NCLT-approved Resolution Plan. Consequently, the court directed the release of Rs 5.52 crore previously deposited by MBECL, plus accrued interest, which will act as a direct cash inflow. This amount represents approximately 7.5% of the company's TTM revenue of Rs 73 crore.

Court directed the release of Rs 5.52 crore deposited with the Registry to the company.
Accrued interest on the fixed deposit will be released alongside the principal amount.
The claim by Metso India Pvt Ltd arising from a May 5, 2018, arbitral award is officially extinguished.
The judgment confirms that claims not part of the approved Resolution Plan under IBC 2016 cannot survive.
The order was received by the company on August 10, 2026, following the August 3 judgment.

💡 Investors should monitor the upcoming quarterly financial statements to confirm the actual receipt of these funds and their impact on the company's cash position and other income.

MBECL Appoints Sarvesh Kumar Adukia as CEO to Lead Post-Resolution Recovery

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 27 Jul 2026, 11:57 AM

McNally Bharat Engineering Company Limited (MBECL) has appointed Mr. Sarvesh Kumar Adukia as Chief Executive Officer (CEO) effective July 27, 2026. Mr. Adukia, a CA and CS with 18+ years of experience, takes the helm as the company attempts to stabilize operations following its NCLT resolution in late 2023. With TTM revenue at a low of ‹73 Cr and a highly negative operating margin of -301.4%, the new leadership faces the critical task of scaling the EPC business and improving execution efficiency.

Appointment of Mr. Sarvesh Kumar Adukia as CEO and Key Managerial Personnel effective July 27, 2026
Appointee brings over 18 years of experience in strategy, governance, and stakeholder management
The Board meeting approving the appointment was conducted in 15 minutes (11:30 AM to 11:45 AM)
Company is operating with a high promoter holding of 90.0% following the resolution process
CEO has prior experience advising European group entities in Germany and Hungary on liquidity and financial controls

💡 Investors should monitor the new CEO's strategy for order book growth and margin improvement in upcoming quarterly results, as the company needs to significantly scale its ‹73 Cr TTM revenue to justify its ‹1384 Cr market cap.

MBECL Clarifies Procedural Observations on FY26 Financial Results

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 10 Jul 2026, 05:23 PM

McNally Bharat Engineering Company Limited (MBECL) has responded to NSE's clarification request regarding its March 31, 2026, financial results. The company clarified that the results were signed by Chairman Partha Sarathi Bhattacharyya, as authorized by a Board resolution dated May 28, 2026. Additionally, the company explained that a declaration for an unmodified audit opinion was omitted from the uploaded PDF due to technical glitches, though it was included in the XBRL filing. These clarifications are procedural and do not change the reported financial figures, which showed a ₹15 crore revenue and a ₹69 crore loss for the March 2026 quarter.

Clarification pertains to the financial results for the quarter and year ended March 31, 2026
Chairman Partha Sarathi Bhattacharyya was the authorized signatory per the May 28, 2026, Board resolution
Missing declaration for unmodified opinion was attributed to technical glitches during PDF merging
Company reported a net loss of ₹69 crore for the quarter ended March 31, 2026
TTM revenue stands at ₹73 crore with an operating profit margin of -301.4%

💡 Investors should focus on the company's operational turnaround and execution of the NCLT resolution plan rather than these administrative filings.

74(5) Regulation: MBECL Files Share Dematerialization Certificate for June 2026 Quarter

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jul 2026, 11:10 AM

McNally Bharat Engineering Company Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Maheshwari Datamatics Private Limited, confirms that share certificates received for dematerialization between April 1, 2026, and June 30, 2026, were processed. This filing is a standard regulatory requirement for listed companies in India to ensure the integrity of the dematerialization process. It indicates that the company's share registry processes are functioning as per SEBI norms.

Reporting period: April 1, 2026, to June 30, 2026
RTA involved: Maheshwari Datamatics Private Limited
Certificate issuance date: July 2, 2026
Filing date to exchanges: July 7, 2026

💡 This is a procedural update; investors should monitor the company's upcoming quarterly earnings for material business developments.

MBECL to Close Trading Window from July 1, 2026, for Q1 FY27 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 22 Jun 2026, 01:23 PM

McNally Bharat Engineering Company Limited (MBECL) has announced the closure of its trading window starting July 1, 2026. This is a standard regulatory requirement under SEBI Insider Trading regulations for the quarter ending June 30, 2026. The window will remain closed for all Directors, Auditors, and Designated Persons. It will reopen 48 hours after the declaration of the unaudited financial results for the quarter, the date of which will be announced later.

Trading window closure begins on Wednesday, July 1, 2026.
Closure pertains to the Unaudited Financial Results for the quarter ending June 30, 2026.
Restriction applies to all Directors, Auditors, and Designated Persons of the company.
Trading window will reopen 48 hours after the financial results are officially declared.
Board meeting date for result approval will be intimated in due course.

💡 This is a routine regulatory filing with no impact on company fundamentals; investors should monitor for the upcoming board meeting date and financial results.

View All MBECL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The company operates primarily in a single segment: Construction and Engineering. Standalone revenue for H1 FY26 was INR 3,314.18 Lakhs, representing a 37.59% decline compared to INR 5,310.69 Lakhs in H1 FY25. Q2 FY26 revenue was INR 1,835.46 Lakhs, down 31.82% from INR 2,691.90 Lakhs YoY.

Geographic Revenue Split

Not explicitly disclosed in percentages, but the company has a presence in India and previously Singapore (MBE Mineral Technologies Pte Limited, now deregistered) and Zambia (MBE Minerals Zambia Limited).

Profitability Margins

Operating Profit Margin improved from -2.35% to -0.30% (a 205 bps improvement). Net Profit Margin improved from -10.83% to -5.27% (a 556 bps improvement) due to decreased losses following the resolution process.

EBITDA Margin

Not explicitly stated as EBITDA, but Operating Profit Margin improved by 87.42% relative to the previous year's negative margin, moving toward break-even at -0.30%.

Capital Expenditure

Purchase of property, plant, and equipment was minimal at INR 0.47 Lakhs for the period ended September 30, 2025, compared to nil in the previous year.

Credit Rating & Borrowing

Borrowing costs (Finance Costs) were INR 50.27 Lakhs for the period. Total current borrowings were reduced by 97.06% from INR 3,09,423.86 Lakhs to INR 9,086.62 Lakhs following the NCLT resolution plan implementation.

⚙️ Operational Drivers

Raw Materials

Not specifically named, but typical for EPC business includes steel, cement, and electrical components. Raw material costs are reflected in project execution expenses.

Capacity Expansion

Not disclosed in available documents; focus is currently on project execution and recovering from insolvency.

Raw Material Costs

Not disclosed as a separate line item; however, the company is focusing on a supply chain risk management system to capture macro risks like commodity price variations and WPI Indices.

Manufacturing Efficiency

Inventory turnover ratio improved by 57.96% YoY, increasing from 189.84 to 299.86 times, indicating higher efficiency in clearing project-related stocks.

📈 Strategic Growth

Growth Strategy

The company is transitioning from a cost-minimization EPC outlook to a value-add approach focusing on time-saving and environment-friendly solutions. Growth is supported by the implementation of a Resolution Plan (NCLT order Dec 19, 2023) which cleared INR 3,00,337.24 Lakhs in current borrowings, and digital transformation via Oracle Cloud Infrastructure (OCI) for data-enabled solutions.

Products & Services

Engineering, Procurement, and Construction (EPC) services for the core sector, including mineral technologies and infrastructure projects.

Brand Portfolio

McNally Bharat Engineering Company Limited (MBECL).

New Products/Services

Focusing on environment-friendly EPC solutions and value-added project execution; specific revenue contribution percentages are not disclosed.

Market Expansion

The company has JVs including EMC MBE Contracting Company LLC and McNally-Trolex, indicating historical expansion into specialized engineering niches.

Strategic Alliances

Joint Ventures include EMC MBE Contracting Company LLC, McNally – Trolex, McNally – AML, and McNally – Trolex – Kilburn.

🌍 External Factors

Industry Trends

The EPC industry is shifting toward environment-friendly and time-saving solutions. MBECL is positioning itself to partner with major expansions in the core sector using digital transformation to capture macro risks.

Competitive Landscape

The company operates in a competitive EPC market for core sectors like mining and infrastructure, currently recovering from a period of financial distress.

Competitive Moat

Competitive advantage stems from its long-standing EPC expertise and the successful completion of the Corporate Insolvency Resolution Process (CIRP), which significantly deleveraged the balance sheet (Equity improved from negative INR 5.89 Lakh Cr to positive INR 69,922 Lakhs).

Macro Economic Sensitivity

The company is sensitive to commodity price variations and WPI Indices, which are now being tracked via OCI Analytics Solutions to mitigate project cost overruns.

Geopolitical Risks

Exposure through international subsidiaries in Zambia and formerly Singapore; deregistration of the Singapore entity highlights regulatory risks in foreign jurisdictions.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Companies Act 2013 and SEBI LODR. The company faced a non-compliance notice for Regulation 17(1) regarding the failure to appoint a woman director for the quarter ended Sept 30, 2025, resulting in SOP fines.

Environmental Compliance

The company is shifting its EPC outlook toward environment-friendly solutions to meet evolving industry standards.

Taxation Policy Impact

Income tax refund of INR 87.74 Lakhs was recorded in the cash flow for the period ended September 30, 2025.

Legal Contingencies

Trade receivables, financial assets, and trade payables are subject to the outcome of pending arbitrations and claim settlements. The company implemented a Resolution Plan under NCLT Kolkata order dated Dec 19, 2023, which overrode certain Ind AS requirements for accounting treatment.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty involves the reconciliation and confirmation of trade receivables and advances, which are subject to pending arbitrations. The impact of these adjustments has not yet been ascertained.

Geographic Concentration Risk

Primarily India-based operations following the deregistration of the Singapore subsidiary.

Third Party Dependencies

High dependency on financial creditors for bank guarantee (BG) coverage; creditors maintain a charge over assets until BGs are released or the third tranche of the resolution plan is paid.