Teerth Gopicon Limited (TGL)
Latest quarterly results (H1 FY26)
In its latest reported quarter, H1 FY26, Teerth Gopicon's revenue was ₹1.0 Cr (-98.5% year on year, -98.0% on the previous half-year), and net profit ₹-19.0 Cr (against a profit a year earlier); the operating margin was -1500.0%.
| H1 FY26 (₹ Cr) | Value | YoY vs H1 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹1.0 | -98.5% | -98.0% |
| Operating profit | ₹-15.0 | to loss | to loss |
| Net profit | ₹-19.0 | to loss | to loss |
| EPS (₹) | -15.94 | to loss | to loss |
| Operating margin | -1500.0% | — | — |
TGL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the TGL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 99.84%. That is close to its usual level. Turnover was under ₹1 lakh, so a handful of trades can move this figure. Volume was 0.5 times its average, well below normal. It closed at its lower price band (circuit) on 16 Oct, one of 17 band closes in about the last 20 sessions.
Delivery in the last 5 sessions: 100.0% · 100.0% · 100.0% · 100.0% · 100.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
The Hon'ble NCLAT, New Delhi has stayed the operation of NCLT's admission order placing Teerth Gopicon Limited into the Corporate Insolvency Resolution Process (CIRP). The interim stay was granted following appeals by two directors contesting that the operational creditor's default amount did not meet the mandatory Section 4 statutory threshold of ₹1 crore. The appellant submitted that after a ₹25 lakh payment on February 5, 2025, outstanding dues stood at approximately ₹75.68 lakh (or below ₹1 crore including recomputed interest of ₹16.93 lakh). The matter has been listed for the next hearing on November 23, 2026, temporarily pausing insolvency proceedings for the company.
- NCLAT stayed the NCLT CIRP admission order dated 10.08.2026 until the next hearing on 23.11.2026
- Directors appealed stating operational debt falls below the mandatory Section 4 threshold of ₹1 crore
- Appellants disclosed a payment of ₹25 lakh made on 05.02.2025, reducing principal dues to ~₹75.68 lakh
- Appellant calculated revised interest at ₹16,92,927, keeping total claim below ₹1 crore threshold
Teerth Gopicon Limited, currently undergoing Corporate Insolvency Resolution Process (CIRP), disclosed voting outcomes of its 2nd Committee of Creditors (CoC) meeting held on September 29, 2026. Out of 12 resolutions put to electronic vote, 7 were approved by the requisite majority, while 5 resolutions failed to pass. Notably, resolutions regarding the appointment of forensic auditors for avoidance transactions were rejected. The CoC also considered seeking an extension from the ROC for holding the FY25-26 AGM due to incomplete books of accounts and subsidiary records.
- 7 out of 12 resolutions approved by the CoC, while 5 failed to obtain requisite majority
- HDFC Bank holds the dominant majority in the CoC with a 78.868% voting share
- Appointment of forensic auditors under items B1A (Shah Kailash & Associates) and B1B (Mehta Singhvi & Associates) rejected by lenders
- Extension sought for FY25-26 AGM due to non-availability of complete books of account and subsidiary records
Teerth Gopicon Limited, which was admitted to the Corporate Insolvency Resolution Process (CIRP) via an NCLT Ahmedabad order dated August 10, 2026, held its 2nd Committee of Creditors (CoC) meeting on September 29, 2026. The CoC deliberated on key agenda items including the publication of Form G to invite resolution plans, appointing a forensic auditor for avoidance transactions, and regularizing statutory auditor vacancies following the resignation of M/s S. G. Marathe & Co. Additionally, voting was initiated to approve CIRP costs, the appointment/confirmation of the Resolution Professional, and an extension application for the Annual General Meeting. Voting results will be disclosed once finalized.
- 2nd Committee of Creditors (CoC) meeting convened on September 29, 2026, from 03:00 P.M. to 04:45 P.M.
- CIRP process initiated pursuant to NCLT Ahmedabad Bench order dated August 10, 2026 (received August 11, 2026)
- Proposed voting on publication of Form G to invite expression of interest from prospective resolution applicants
- Discussions initiated on transaction/forensic audit to evaluate avoidance transactions under IBC provisions
- Casual vacancy of Statutory Auditor noted following the resignation of M/s S. G. Marathe & Co.
Teerth Gopicon Limited has announced the closure of its trading window effective October 1, 2026, for designated persons ahead of its Q2 and half-year financial results. The window will remain shut until 48 hours following the declaration of results for the period ending September 30, 2026. Notably, the filing re-confirms that the company was admitted into the Corporate Insolvency Resolution Process (CIRP) via an NCLT Ahmedabad Bench order dated August 10, 2026. Powers of the Board remain suspended and are exercised by Interim Resolution Professional Ajit Gyanchand Jain.
- Trading window closes effective Wednesday, October 01, 2026
- Closure will last until 48 hours post declaration of unaudited results for period ending September 30, 2026
- Company was admitted to CIRP pursuant to NCLT order dated 10th August, 2026
- Board powers remain suspended under Section 17 of IBC under IRP Ajit Gyanchand Jain
Teerth Gopicon Limited, which has been under the Corporate Insolvency Resolution Process (CIRP) since August 10, 2026, has scheduled its 2nd Committee of Creditors (CoC) meeting for September 29, 2026. In the 1st meeting, the resolution to confirm the Interim Resolution Professional (IRP) as Resolution Professional failed, securing only 1.32% votes in favour against 78.86% opposed. The upcoming agenda covers the appointment of an RP, transaction/forensic audit discussions, approval of Form G publication, and addressing vacancies for Statutory Auditor and Company Secretary following multiple resignations.
- 2nd Committee of Creditors meeting scheduled for September 29, 2026 at 03:00 PM via virtual mode
- Resolution to appoint IRP as RP was previously rejected, receiving only 1.32% votes in favour vs 78.86% against
- IRP continues as deemed Resolution Professional effective from September 19, 2026
- Meeting agenda includes discussion of forensic audit for avoidance transactions and publication of Form G
Teerth Gopicon Limited, which was admitted into CIRP on August 10, 2026, reported the e-voting results of its first Committee of Creditors (CoC) meeting. Out of 27 resolutions, only 11 were approved, while 16 resolutions failed to pass. Notably, the proposal to confirm CA Ajit Gyanchand Jain as Resolution Professional received only 1.32% votes in favor and 78.96% against (led by dominant lender HDFC Bank holding 78.96% voting share), leaving him to continue merely as Deemed Resolution Professional.
- 16 of 27 resolutions were defeated, receiving only 1.32% approval versus 78.96% dissent
- Confirmation of CA Ajit Gyanchand Jain as Resolution Professional was rejected (78.96% Disagree vs 1.32% Agree)
- HDFC Bank holds the controlling voting share in the CoC at 78.96%, followed by Canara Bank at 15.66%
- Only 11 resolutions passed, securing 80.28% votes in favour, including publication of Form G capped at Rs 3,65,025
NCLT Ahmedabad Bench has rejected an application (IA/1483(AHM)2026) filed by an ex-director of Teerth Gopicon Limited seeking a stay and recall of the August 10, 2026 CIRP admission order. The Tribunal observed that no appeal had been preferred under Section 61 of the IBC and that the applicant failed to use proper legal remedies. The Committee of Creditors (CoC) has already been constituted, confirming the ongoing Corporate Insolvency Resolution Process under Section 9 initiated by Kataria Plastics Pvt Ltd. This leaves the company's suspended board without immediate relief, keeping management control under the Resolution Professional.
- Order delivered on 10.09.2026 rejected the plea to recall CIRP admission
- Application filed by suspended Whole-time Director dismissed as not maintainable
- Company was admitted to CIRP under Section 9 IBC on 10.08.2026 (petition CP(IB)/408(AHM)2025)
- Committee of Creditors (CoC) has already been constituted
Teerth Gopicon Limited disclosed the outcome of the first Committee of Creditors (CoC) meeting held on September 10, 2026, following its admission into the Corporate Insolvency Resolution Process (CIRP) via an NCLT order dated August 10, 2026. Critical agenda items included voting on appointing the Interim Resolution Professional (IRP) as Resolution Professional (RP) and addressing non-cooperation from erstwhile management under Section 19. Crucially, the IRP reported an inability to determine the company's going concern status, alongside discussing draft Form G for inviting Expressions of Interest and a forensic audit for avoidance transactions. Voting results from the CoC will be submitted separately.
- First CoC meeting conducted on September 10, 2026, following NCLT CIRP admission order dated August 10, 2026
- Noted IRP's inability to presently determine the going concern status under Regulation 31B
- Reported non-cooperation by erstwhile management, triggering status updates on Section 19 proceedings
- Discussed draft Form G to invite Expressions of Interest (EOI) and proposal for a forensic/transaction audit
- Voting initiated to confirm CA Ajit Gyanchand Jain as Resolution Professional and replace resigned statutory auditor M/s S. G. Marathe & Co.
Teerth Gopicon Limited, currently undergoing Corporate Insolvency Resolution Process (CIRP), has scheduled the first meeting of its Committee of Creditors (CoC) for September 10, 2026. Key financial creditors attending include HDFC Bank, Canara Bank, Bank of Baroda, and Tata Capital Fund. The meeting agenda includes evaluating a forensic/transaction audit for avoidance transactions, noting non-cooperation from suspended management under Section 19, and assessing the company's going concern status amidst significant prior resignations of independent directors, the statutory auditor, and company secretary.
- First CoC meeting scheduled for September 10, 2026, following admission into CIRP.
- Major financial creditors involved include HDFC Bank, Canara Bank, Bank of Baroda, and Tata Capital Fund.
- Agenda includes assessing non-cooperation by erstwhile management under Section 19 and potential forensic audit for avoidance transactions.
- Multiple leadership vacancies noted following resignations of two Independent Directors (Jan 2026), Statutory Auditor (Jan 2026), and Company Secretary (Nov 2025).
Teerth Gopicon Limited is undergoing the Corporate Insolvency Resolution Process (CIRP), with Interim Resolution Professional (IRP) Ajit Gyanchand Jain filing an Interlocutory Application before the NCLT. The filing was executed on September 3, 2026, under filing number 2401105/02559/2026. The company faces severe financial distress, carrying debt of Rs 55 Cr against an equity market cap of Rs 8 Cr and reporting a net loss of Rs 19 Cr in Q2 FY26 (Sep 2025). The insolvency process poses extreme restructuring, dilution, or liquidation risks for equity holders.
- Interim Resolution Professional (IRP) Ajit Gyanchand Jain submitted an Interlocutory Application (IBC) to NCLT on 03-09-2026.
- Filing registered under NCLT filing number 2401105/02559/2026 and transaction ID 2400110556172026.
- Company is under active insolvency proceedings with Rs 55 Cr debt against a market cap of Rs 8 Cr.
Financial Performance
Revenue Growth by Segment
Total Operating Income (TOI) grew by ~168% from INR 39.08 Cr in FY23 to INR 104.92 Cr in FY24, primarily driven by the water infrastructure segment. In FY25, TOI reached INR 118.27 Cr, representing a 12.7% YoY increase. The company has achieved a 3-year CAGR of ~31% from FY22 to FY24.
Geographic Revenue Split
Revenue is heavily concentrated in Madhya Pradesh and Rajasthan, with the order book majorly skewed towards these two states. Specific percentage split per region is not disclosed, but the company is expanding its renewable energy footprint PAN India.
Profitability Margins
PAT margin significantly improved from 4.34% in FY23 to 11.00% in FY24 due to better absorption of fixed overheads and high-margin contract execution. However, PAT margin slightly moderated to 10.83% in FY25 due to increased interest and finance costs.
EBITDA Margin
EBITDA margins have seen growth driven by the execution of high-margin contracts and scaling of operations. Specific EBITDA percentage was not disclosed, but the improvement is linked to the reduction in interest outgo and lower bank borrowing utilization.
Capital Expenditure
Not disclosed in available documents; however, the company maintains a machinery fleet and is investing in renewable energy projects including a 1.2 GW ISTS solar project.
Credit Rating & Borrowing
Assigned IVR BBB-/Stable for Long Term and IVR A3 for Short Term bank facilities as of March 2025. The company utilizes fund-based limits at a moderate rate of ~75% over the past 12 months.
Operational Drivers
Raw Materials
Pipes, steel, and cement are the primary raw materials, collectively forming the majority chunk of the total cost of sales. Specific percentage breakdown per material is not disclosed.
Import Sources
Sourced from large players and dealers at proximate distances to project sites in Madhya Pradesh and Rajasthan to optimize logistics.
Key Suppliers
Not disclosed in available documents, referred to generally as large players and dealers.
Capacity Expansion
Current focus is on executing an unexecuted order book of ~INR 2,035 Cr. Planned expansion includes the execution of 1,200 MW (1.2 GW) ISTS Connected Solar Power Projects for NHPC Ltd and Rooftop Solar projects for RRECL.
Raw Material Costs
Raw material and labor costs are volatile; however, the company utilizes escalation clauses in most contracts to protect margins from price fluctuations.
Manufacturing Efficiency
Efficiency is driven by higher absorption of fixed overheads as operations scale, evidenced by the jump in TOI from INR 39.08 Cr to INR 104.92 Cr in one year.
Logistics & Distribution
Not disclosed in available documents; however, proximity to dealers is used to manage costs.
Strategic Growth
Expected Growth Rate
50-60%
Growth Strategy
The company aims to achieve growth through diversification into renewable energy (solar, wind, and hybrid), expanding its order book which currently stands at 17.21x its FY25 revenue, and leveraging its new status as a 1.2 GW solar project developer for NHPC.
Products & Services
Water supply systems, sewerage networks, smart road development, lake rejuvenation, and renewable energy infrastructure (Solar/Wind/Hybrid).
Brand Portfolio
Teerth Gopicon Limited (TGL).
New Products/Services
Entry into the renewable energy sector with 1.2 GW ISTS solar projects and Rooftop Solar (RTS) projects.
Market Expansion
Expanding from civil construction in MP and Rajasthan to PAN India renewable energy projects.
Strategic Alliances
Partnerships with government bodies such as NHPC Ltd, Madhya Pradesh Jal Nigam, and Rajasthan Renewable Energy Corporation Limited (RRECL).
External Factors
Industry Trends
The industry is shifting toward renewable energy and integrated water management. TGL is positioning itself by diversifying into solar and wind energy to align with India's clean energy goals.
Competitive Landscape
Highly crowded and competitive with many players; work is primarily secured through aggressive tender-based bidding.
Competitive Moat
Competitive advantage stems from a proven track record of timely project execution, experienced promoters with 20+ years in the field, and a massive order book of INR 2,035 Cr providing medium-term visibility.
Macro Economic Sensitivity
Highly sensitive to government infrastructure spending and budgetary allocations for water and road sectors.
Consumer Behavior
Not applicable as the primary customers are government entities.
Geopolitical Risks
Minimal direct impact as operations are domestic, but global commodity price shifts affect raw material costs like steel.
Regulatory & Governance
Industry Regulations
Operations are subject to state government tender norms and technical qualification requirements for infrastructure projects.
Environmental Compliance
The company is aligning with clean energy goals through its renewable energy division.
Taxation Policy Impact
Current tax provision of INR 4.98 Cr and deferred tax of INR 0.24 Cr reported for the period ending March 2025.
Legal Contingencies
The company faced a Bank Guarantee (BG) related issue in 2025 which caused market confusion, though specific case values were not disclosed.
Risk Analysis
Key Uncertainties
Project execution risk is high as ~90% of the order book was in nascent stages as of January 2025. Delays in government fund disbursements pose a liquidity risk.
Geographic Concentration Risk
Significant revenue concentration in Madhya Pradesh and Rajasthan, making the company vulnerable to regional policy changes.
Third Party Dependencies
High dependency on government departments for order flow and timely payments.
Technology Obsolescence Risk
Low risk in civil construction, but the company is adopting innovation in its new renewable energy segment.
Credit & Counterparty Risk
Low default risk as clients are government departments, but high risk of payment delays depending on fund sanctions.
