Techindia Nirman Limited (TECHIN)
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Techindia Nirman's revenue was ₹0.0 Cr, and net profit ₹-0.5 Cr (a bigger loss than a year earlier).
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹0.0 | — | — |
| Operating profit | ₹-0.2 | loss widened | loss widened |
| Net profit | ₹-0.5 | loss widened | loss widened |
| EPS (₹) | -0.34 | loss widened | loss widened |
📢 Recent Corporate Announcements
Techindia Nirman Limited announced the proceedings and voting results of its 46th Annual General Meeting held on September 22, 2026. Shareholders rejected all 6 resolutions placed before the meeting, failing to reach the requisite majority. The rejected items include the adoption of the audited standalone financial statements for FY26, the reappointment of three independent directors, and the appointments of statutory and secretarial auditors. A total of 37 shareholders (11 promoter group, 26 public) attended via video conferencing.
- Shareholders rejected all 6 resolutions proposed at the 46th AGM.
- Resolution 1 to adopt audited financial statements for the FY ended March 31, 2026 was defeated.
- Reappointments of 3 independent directors (Mr. Purohit, Mr. Nagabhushanam, and Mr. Deshpande) were not passed.
- Appointment of Statutory Auditors (M/s KP Sahasrabudhe & Co) for 5 years was rejected.
- A total of 37 shareholders (11 promoters, 26 public) attended via video conferencing.
Techindia Nirman Limited has issued the notice for its 46th Annual General Meeting (AGM) to be held on September 22, 2026, via video conferencing. Key agenda items include the adoption of FY26 audited standalone financial statements, the re-appointment of three independent directors, and the appointment of M/s KP Sahasrabudhe & Co. as statutory auditors for a 5-year term ending in 2031. The cut-off date for e-voting eligibility is September 11, 2026, with voting open from September 19 to September 21, 2026.
- 46th AGM scheduled on September 22, 2026, at 11:00 AM IST via Video Conferencing
- E-voting cut-off date set as September 11, 2026; voting open from September 19 to September 21, 2026
- Proposed appointment of M/s KP Sahasrabudhe & Co. as statutory auditors for 5 consecutive years (FY27 to FY31)
- Proposed re-appointment of three independent directors for second 5-year terms
- Reported FY26 Debt-Equity ratio stood at 6.86 and Current Ratio declined to 0.09
The Securities and Exchange Board of India (SEBI) has appointed CNK & Associates LLP to conduct a forensic audit of Techindia Nirman Limited. The audit will examine the company's books and records for a six-year period spanning FY 2020-21 to FY 2025-26. This regulatory action comes while the company is already undergoing the Corporate Insolvency Resolution Process (CIRP) and reporting zero operational revenue. With a high debt of Rs 71 Cr against a net worth of only Rs 10 Cr, the audit adds significant regulatory uncertainty to the company's recovery prospects.
- SEBI appointed CNK & Associates LLP as Forensic Auditor via communication dated August 5, 2026.
- The audit scope covers six financial years from 2020-21 to 2025-26.
- Company reported Rs 0 revenue for the entire FY26 and FY25 periods.
- Debt-to-equity ratio stands at a critical 6.86 with total debt of Rs 71 Cr.
- Audit will specifically examine books of account and records for matters specified by SEBI.
Techindia Nirman Limited has announced the closure of its trading window for all designated persons starting July 1, 2026. This move is in compliance with SEBI Insider Trading regulations ahead of the release of unaudited financial results for the quarter ending June 30, 2026. The trading window will remain closed until 48 hours after the financial results are officially declared. The specific date for the board meeting to approve these results has not yet been disclosed.
- Trading window closure effective from July 1, 2026
- Closure is related to the Q1 financial results for the period ending June 30, 2026
- Window to reopen 48 hours after the announcement of financial results
- Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015
Techindia Nirman Limited has submitted its annual disclosure under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations for the financial year ended March 31, 2026. The filing confirms that the promoter group, comprising 11 entities, has not created any new encumbrances or pledges on their shares during the period. This is a standard compliance procedure intended to provide transparency regarding promoter shareholding. The list of promoters includes individuals like Nandkishor Laxminarayan Kagliwal and various corporate entities like Nath Securities Limited.
- Annual disclosure filed under Regulation 31(4) of SEBI (SAST) Regulations, 2011.
- Covers the full financial year ending March 31, 2026.
- Includes a list of 11 promoter and promoter group entities.
- Confirms no undisclosed encumbrances or pledges were made by the promoters during the year.
Techindia Nirman Limited reported zero revenue from operations for the financial year ended March 31, 2026, with a total comprehensive loss of ₹62.64 lakhs. The company's auditors have issued a qualified opinion due to the non-recognition of interest on borrowings worth ₹6,434.68 lakhs and uncertainty regarding the recoverability of ₹5,320.70 lakhs in advances. Legal proceedings regarding the company's insolvency status are currently pending before the Supreme Court, creating significant operational uncertainty. Additionally, the company remains non-compliant with SEBI board composition requirements due to shareholder resistance.
- Revenue from operations remained at zero for FY26, with total income at a negligible ₹0.34 lakhs.
- Net loss for the year narrowed slightly to ₹62.15 lakhs from ₹82.70 lakhs in the previous fiscal year.
- Auditors raised concerns over ₹6,434.68 lakhs in borrowings from a sister concern where interest has not been accrued.
- Recoverability of ₹5,320.70 lakhs in advances for real estate and R&D projects is currently unascertainable.
- The company's insolvency status is sub-judice in the Supreme Court following an NCLAT order that set aside previous CIRP proceedings.
Techindia Nirman Limited reported zero operational revenue for the financial year ended March 31, 2026, resulting in a net loss of ₹62.15 lakhs. The company is facing significant legal uncertainty as the Supreme Court is currently hearing an appeal regarding its insolvency proceedings. Auditors have issued a qualified opinion, citing the non-recognition of interest on a ₹64.35 crore loan and doubts over the recoverability of ₹53.21 crore in advances. Additionally, the company remains non-compliant with SEBI board composition regulations due to shareholder resistance.
- Revenue from operations stood at ₹0.00 for the full year and the quarter ended March 31, 2026.
- Net loss for FY26 narrowed slightly to ₹62.15 lakhs from ₹82.70 lakhs in the previous fiscal year.
- Auditors flagged non-provisioning of interest on a ₹64.35 crore loan from sister concern Agri-Tech (India) Limited.
- Uncertainty persists over the recoverability of ₹53.21 crore in advances given for real estate and R&D projects.
- Company is in breach of SEBI (LODR) regulations regarding Board of Directors composition.
Techindia Nirman Limited has appointed Mrs. Poonam Satish Kagliwal as an Additional Director effective April 23, 2026. Mrs. Kagliwal brings over 15 years of experience in business management and finance to the board. The appointment is subject to shareholder approval at the next Annual General Meeting. Notably, she is the wife of Satish Kagliwal, indicating a continuation of family-linked leadership within the company.
- Appointment of Mrs. Poonam Satish Kagliwal as Additional Director effective April 23, 2026
- Appointee brings 15+ years of experience in Business Management and Finance
- Disclosure identifies the appointee as the wife of Satish Kagliwal
- Board meeting also discussed financial results for the period ending March 31, 2026
Techindia Nirman Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the period ending March 31, 2026. The certificate, issued by Bigshare Services Pvt. Ltd., confirms that all share certificates received for dematerialization were processed and confirmed to depositories. The company verified that security certificates were mutilated and cancelled within the mandated 15-day period. This is a standard administrative filing ensuring the integrity of the company's electronic shareholding records.
- Compliance certificate submitted for the quarter ended March 31, 2026
- Confirmation that dematerialization requests were processed within 15 days of receipt
- Bigshare Services Pvt. Ltd. served as the Registrar and Share Transfer Agent (RTA)
- Verification that security certificates were mutilated and cancelled after due verification
Techindia Nirman Limited has officially announced the record date for its upcoming 45th Annual General Meeting (AGM). The company has fixed Friday, April 24, 2026, as the record date to determine shareholder eligibility for the meeting. The AGM is scheduled to be held on Tuesday, May 5, 2026. This disclosure is a standard compliance requirement under Regulation 42 of SEBI (LODR) Regulations, 2015.
- The 45th Annual General Meeting (AGM) is scheduled for May 5, 2026
- The record date for shareholder eligibility is fixed as April 24, 2026
- Compliance filing under Regulation 42 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015
Techindia Nirman Limited has announced the closure of its trading window starting April 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the declaration of audited financial results for the quarter and financial year ending March 31, 2026. The window will remain shut until 48 hours after the results are officially announced to the exchanges. The specific date for the board meeting to approve these results will be communicated separately. This is a standard regulatory procedure to prevent insider trading during the sensitive period before financial disclosures.
- Trading window closure begins on Wednesday, April 1, 2026
- Closure pertains to audited financial results for the quarter and year ending March 31, 2026
- Window to remain closed until 48 hours after the official declaration of results
- Board meeting date for result approval to be intimated at a later date
Techindia Nirman Limited has reported the cessation of two Independent Directors, Mr. Vadla Nagabhushanam and Mr. Madhukar Dhondiraj Deshpande, following the completion of their first terms. Mr. Nagabhushanam's tenure ended on October 30, 2025, while Mr. Deshpande's tenure concluded on February 12, 2026. The company acknowledged a delay in making this disclosure, attributing it to ongoing Corporate Insolvency Resolution Process (CIRP) proceedings. Both directors held positions in key board committees, including the Audit and Nomination and Remuneration committees.
- Mr. Vadla Nagabhushanam ceased to be an Independent Director effective October 30, 2025, after completing his first term.
- Mr. Madhukar Dhondiraj Deshpande ceased to be an Independent Director effective February 12, 2026, upon tenure completion.
- The company cited Corporate Insolvency Resolution Process (CIRP) proceedings as the reason for the delayed disclosure to exchanges.
- Mr. Nagabhushanam was a member of the Audit, Stakeholders Relationship, and Nomination and Remuneration committees.
- Mr. Deshpande was a member of the Nomination and Remuneration Committee.
Techindia Nirman Limited has received formal warning letters from both NSE and BSE for multiple disclosure failures under SEBI (LODR) Regulations. The company failed to report financial defaults and the insolvency application filed by Agri-Tech (India) Limited in a timely manner. Furthermore, there were significant delays in disclosing the initiation of the Corporate Insolvency Resolution Process (CIRP) and the appointment of the Resolution Professional. The company has acknowledged these lapses, citing operational reasons, and is now under regulatory scrutiny to prevent future recurrences.
- Warning letters issued by NSE and BSE on February 24, 2026, regarding non-compliance with SEBI (LODR) Regulations.
- Failure to disclose financial default and the Section 7 IBC application filed by Agri-Tech (India) Limited.
- Delayed reporting of the NCLT order initiating CIRP and the appointment of the Resolution Professional.
- The first Committee of Creditors (CoC) meeting was held on January 30, 2025, but disclosures were not made within prescribed timelines.
- Exchanges have warned of serious action for any future aberrations and mandated the warning be placed before the Board.
Techindia Nirman Limited reported zero revenue from operations for the quarter ended December 31, 2025, resulting in a net loss of ₹5.71 Lakhs. The company is facing severe governance and financial challenges, including a board composition that violates SEBI regulations and a qualified audit report. Notably, the statutory auditor resigned on the same day the results were announced, and the company has failed to provide for accumulated interest liabilities of ₹2,920.39 Lakhs. Furthermore, over ₹6,500 Lakhs in advances for real estate and R&D projects are currently stalled due to a lack of financial resources.
- Revenue from operations remained at zero for both the quarter and the nine-month period ended December 2025.
- Statutory auditor Gautam N Associates resigned effective February 11, 2026, following a qualified opinion on the financial statements.
- The company failed to provide for accumulated interest liabilities of ₹2,920.39 Lakhs due to group company Agritech India Limited.
- Auditors raised concerns over the recoverability of ₹5,334.62 Lakhs in real estate advances and ₹1,174.62 Lakhs in R&D advances.
- Board composition remains non-compliant with SEBI LODR regulations due to resistance from non-promoter shareholders.
Techindia Nirman Limited has announced the closure of its trading window for all designated persons starting January 1, 2026. This move is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the upcoming financial results. The closure pertains to the unaudited financial results for the quarter and nine months ending December 31, 2025. The trading window will remain closed until 48 hours after the results are officially declared.
- Trading window closure effective from Thursday, January 1, 2026
- Closure is for the purpose of declaring financial results for the period ending December 31, 2025
- Window to reopen 48 hours after the announcement of unaudited financial results
- Board meeting date for result approval to be intimated separately
Financial Performance
Revenue Growth by Segment
The company reported 0% revenue growth as sales remained at INR 0.00 Lacs for both FY 2023-24 and FY 2022-23. The real estate segment, which is the company's sole focus, has not yet commenced revenue-generating operations.
Geographic Revenue Split
Not disclosed in available documents as the company has zero operational revenue across all regions.
Profitability Margins
Profitability is negative; Net Loss increased by 13.08% from INR 35.10 Lacs in FY 2022-23 to INR 39.69 Lacs in FY 2023-24. For the half-year ended September 30, 2025, the company reported a total comprehensive loss of INR 82.78 Lacs.
EBITDA Margin
EBITDA margin is not applicable due to zero revenue; however, Operating Profit before working capital changes was a loss of INR 11.97 Lacs for the half-year ended September 2025, compared to a loss of INR 72.21 Lacs in the previous year period.
Capital Expenditure
Capital expenditure is minimal; Property, Plant & Equipment stood at INR 2,201.60 Lacs as of September 30, 2025, a slight decrease from INR 2,202.10 Lacs in March 2025 due to depreciation of INR 0.50 Lacs.
Credit Rating & Borrowing
The company has significant current borrowings of INR 7,034.54 Lacs as of September 30, 2025. Interest payable has not been accounted for in the books since the commencement of the Corporate Insolvency Resolution Process (CIRP) on January 2, 2025.
Operational Drivers
Raw Materials
Construction materials including cement, steel, and bricks represent the primary cost drivers for the planned real estate projects, though specific percentage breakdowns are not disclosed due to lack of active construction revenue.
Import Sources
Not disclosed in available documents; however, operations are centered in Maharashtra, specifically Thane and Andheri.
Capacity Expansion
The company has entered into agreements for the development and construction of residential and commercial properties. Current inventory of work-in-progress/finished goods is valued at INR 589.31 Lacs as of September 2025.
Raw Material Costs
Raw material costs are currently 0% of revenue as no sales have occurred. The company identifies high construction costs as a primary industry risk that could impact future margins.
Manufacturing Efficiency
Not applicable as the company is a real estate developer with no active manufacturing units; it currently operates with only 2 permanent employees.
Logistics & Distribution
Selling and distribution expenses were INR 0.00 for the periods reported, reflecting the lack of active sales operations.
Strategic Growth
Growth Strategy
The company plans to achieve growth by transitioning into the real estate sector through joint ventures and development agreements. It has already entered into agreements for residential and commercial projects in Thane and Andheri to generate future revenue streams.
Products & Services
Residential apartments, commercial office spaces, and retail shops.
Brand Portfolio
Techindia Nirman.
New Products/Services
Development of a shop in Andheri and a joint venture project in Thane with Cosmos Builders.
Market Expansion
Focus is currently restricted to the Maharashtra real estate market, specifically the Thane and Mumbai regions.
Market Share & Ranking
Not disclosed in available documents; the company is a small-cap player currently in insolvency proceedings.
Strategic Alliances
Joint Venture Agreement with Cosmos Builders (signed January 30, 2018) for property development in Thane and an allotment agreement with Cosmos Prime Projects Limited for a shop in Andheri.
External Factors
Industry Trends
The real estate industry is currently viewed as 'dull' but with 'tremendous scope of growth.' The industry is shifting toward strategic asset placement to catch the upside of future demand cycles.
Competitive Landscape
The company operates in a highly fragmented real estate market prone to variable demand and high construction costs.
Competitive Moat
The company lacks a significant moat as it is currently under insolvency (CIRP) and has no operational revenue. Its primary 'asset base' is its only cited advantage for future upside.
Macro Economic Sensitivity
High sensitivity to real estate market cycles and interest rates. A global slowdown or dull domestic market directly impacts the company's ability to find 'takers' for its planned assets.
Consumer Behavior
Demand for residential and commercial properties is variable; the company noted that during Covid, there were 'no takers' for real estate work.
Geopolitical Risks
Minimal direct impact as operations are local, but global economic slowdowns are cited as a factor that previously brought the real estate market down.
Regulatory & Governance
Industry Regulations
The company is subject to the Insolvency and Bankruptcy Code, 2016 (IBC). It is currently undergoing Corporate Insolvency Resolution Process (CIRP) following an NCLT order dated January 2, 2025.
Taxation Policy Impact
The company reported a tax provision of INR 0.00 for FY 2023-24 due to losses.
Legal Contingencies
The company is involved in CIRP proceedings under the NCLT. There is a significant contingency regarding the recoverability of INR 11.74 Cr in advances paid to Nath Biotechnologies Limited, which is currently under assessment by the Resolution Professional.
Risk Analysis
Key Uncertainties
The primary uncertainty is the outcome of the CIRP process and the company's ability to continue as a 'going concern.' Failure to recover advances or complete joint venture projects could lead to a 100% loss of projected revenue.
Geographic Concentration Risk
100% of assets and planned projects are concentrated in Maharashtra, making the company highly vulnerable to regional regulatory changes or economic shifts in that state.
Third Party Dependencies
High dependency on Cosmos Builders for the Thane project and Nath Biotechnologies for R&D station advances (representing a significant portion of non-current assets).
Technology Obsolescence Risk
Low risk for real estate, but the company has not yet implemented significant digital transformation beyond standard accounting and reporting.
Credit & Counterparty Risk
High risk regarding the recoverability of advances and deposits paid for land development and research stations, which are currently being audited for enforceability under IBC.
