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TICL - Twamev Constr.

📊 NSE: TICL 🏢 Construction 📅 Last Updated: 12/14/2025 14:36

📢 Recent Corporate Announcements

TICL Promoter Group Member Sells 7 Lakh Shares via Open Market

🔵 WATCH ⭐ 5/10

REGULATORY 📅 27 Feb 2026, 02:31 PM

Mrs. Vijay Laxmi Tapuria, a member of the promoter group of Twamev Construction and Infrastructure Limited (TICL), sold 7,00,000 equity shares on February 26, 2026. This transaction was executed in the open market, reducing her individual holding from 5.73% to 5.28%. The total disposal represents approximately 0.45% of the company's total paid-up equity capital. Such minor stake reductions by promoter group members are common for personal liquidity but warrant monitoring for further divestment trends.

Sale of 7,00,000 equity shares by promoter group member Vijay Laxmi Tapuria on Feb 26, 2026
Individual stake reduced from 5.73% (88.75 lakh shares) to 5.28% (81.75 lakh shares)
The transaction represents a 0.45% reduction in the company's total equity base
Sale was conducted through the open market as per SEBI (SAST) and (PIT) regulations
Total paid-up capital of the company remains at 15.5 crore shares of Re. 1 each

💡 Investors should monitor if this sale is followed by further selling from other promoter group members, though the current 0.45% stake reduction is relatively small. No immediate action is required unless the broader promoter holding drops significantly.

TICL Appoints Ms. Suparna Chakrabortti as Independent Woman Director

🟢 POSITIVE ⭐ 4/10

MANAGEMENT 📅 27 Feb 2026, 01:22 PM

Twamev Construction and Infrastructure Limited (formerly Tantia Constructions) has appointed Ms. Suparna Chakrabortti as an Independent Woman Director effective February 26, 2026. Ms. Chakrabortti is a Chartered Accountant with an MBA from Rutgers University and extensive experience auditing MNCs and PSUs like Bata India and MSTC. She has previously served on the boards of several listed companies, including La Opala RG Ltd and Duroply Industries. This appointment is expected to strengthen the company's corporate governance and financial oversight.

Appointment of Ms. Suparna Chakrabortti as Independent Woman Director effective February 26, 2026.
Appointee is a Chartered Accountant with an MBA in Finance from Rutgers University, USA.
Professional experience includes auditing major entities such as Bata India Ltd, MSTC Ltd, and American Express.
Previous board-level experience at listed firms including La Opala RG Ltd and Duroply Industries Limited.
The appointment is subject to the approval of the company's shareholders.

💡 This is a positive governance update that adds significant financial and audit expertise to the board. Investors should monitor if this leads to improved transparency and reporting standards, but no immediate action is required.

TICL Appoints Ms. Suparna Chakrabortti as Independent Woman Director

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 26 Feb 2026, 01:03 PM

Twamev Construction and Infrastructure Limited (TICL) has appointed Ms. Suparna Chakrabortti as an Independent Woman Director effective February 26, 2026. Ms. Chakrabortti is a Chartered Accountant with an MBA from Rutgers University and has significant experience auditing MNCs like Bata India and American Express. She has previously served on the boards of several listed companies, including La Opala RG Ltd and Duroply Industries. This appointment is expected to strengthen the company's corporate governance and financial oversight capabilities.

Appointment of Ms. Suparna Chakrabortti as Independent Woman Director effective Feb 26, 2026
Appointee holds an MBA in Finance from Rutgers University and is a member of ICAI
Professional experience includes auditing PSUs like MSTC Ltd and MNCs like Bata India
Previous board experience at listed firms including La Opala RG Ltd and Duroply Industries
Board meeting for the appointment concluded within 35 minutes on Feb 26, 2026

💡 Investors should view this as a positive step toward better corporate governance and board diversity. No immediate action is required, but the addition of a seasoned financial professional to the board is a healthy sign for long-term oversight.

TICL Appoints Ms. Suparna Chakrabortti as Independent Woman Director

🟢 POSITIVE ⭐ 4/10

MANAGEMENT 📅 26 Feb 2026, 12:52 PM

Twamev Construction and Infrastructure Limited (formerly Tantia Constructions) has appointed Ms. Suparna Chakrabortti as an Independent Woman Director effective February 26, 2026. Ms. Chakrabortti is a qualified Chartered Accountant with an MBA from Rutgers University and has extensive experience auditing major entities like Bata India and American Express. She has previously served on the boards of several listed companies, including La Opala RG Ltd and Duroply Industries Limited. This appointment is subject to shareholder approval and is aimed at strengthening the company's corporate governance and compliance framework.

Ms. Suparna Chakrabortti appointed as Independent Woman Director effective February 26, 2026.
Appointee is a Chartered Accountant with an MBA from Rutgers University and an M.Ed from Hunter College, USA.
Professional experience includes auditing MNCs like Bata India Ltd and financial institutions like American Express.
Previously served on the boards of multiple listed companies including La Opala RG Ltd and Duroply Industries Limited.
The Board meeting for this appointment was conducted between 11:55 a.m. and 12:30 p.m. on February 26, 2026.

💡 Investors should view this as a positive step toward improving board diversity and governance. No immediate action is required as this is a routine but qualitative management update.

TICL Q3 FY26 Revenue Up 38% YoY; 9M PAT Surges 120% to ₹7.18 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 31 Jan 2026, 04:38 PM

Twamev Construction and Infrastructure Limited reported a strong 38% YoY growth in quarterly revenue to ₹20.83 crore for the period ending December 31, 2025. For the nine-month period, Profit After Tax (PAT) surged by 120% to ₹7.18 crore, driven by improved cost oversight and a significant reduction in finance costs. Operating EBITDA margins improved to 16.0% from 14.7% in the previous year, reflecting better project delivery efficiency. The company is also benefiting from a multi-year tax shield and has recently diversified into aerial transportation with a new ropeway project in Shillong.

Revenue for 9M FY26 increased by 28% to ₹44.94 crore compared to ₹35.13 crore in 9M FY25
Net Profit (PAT) for the nine-month period rose 120% YoY to ₹7.18 crore
Earnings Per Share (EPS) doubled to ₹0.46 for 9M FY26 from ₹0.21 in the previous year
Operating EBITDA margin expanded to 16.0% from 14.7% YoY
Secured first prestigious ropeway project in Shillong, marking entry into aerial transportation

💡 Investors should note the strong operational turnaround and margin expansion; however, they should monitor the sustainability of growth once the current tax shield benefits are exhausted.

TICL Q3 FY26 Results: Revenue at ₹2,083 Lakh Amid Audit Qualifications and NCLT Resolution

🔵 WATCH ⭐ 7/10

EARNINGS 📅 31 Jan 2026, 04:20 PM

Twamev Construction and Infrastructure Limited (formerly Tantia Constructions) reported Q3 FY26 revenue of ₹2,083 lakh, though a significant ₹834 lakh of this is unbilled. The auditors have issued a qualified opinion citing non-accrual of interest on certain loans and unresolved claims in subsidiaries. The company is currently executing a ₹2,100 lakh resolution plan settlement following an NCLT order from July 2025. Furthermore, significant financial assets remain tied up in arbitration awards, including a massive ₹98,618 lakh claim against NHAI by a subsidiary.

Reported quarterly revenue of ₹2,083 lakh, with unbilled revenue accounting for ₹834 lakh (approx. 40%).
Executing a ₹2,100 lakh resolution plan settlement as per NCLT Kolkata order dated July 14, 2025.
Trade receivables of ₹5,144 lakh and other financial assets of ₹8,157 lakh include significant arbitration-related receivables.
Subsidiary TRPL has a pending arbitration claim of ₹98,618 lakh against NHAI for an abandoned project.
Auditors issued a qualified opinion due to accounting discrepancies in subsidiaries and non-provisioning for certain liabilities like Gratuity.

💡 The stock remains a high-risk play given the audit qualifications and heavy reliance on legal and arbitration outcomes. Investors should monitor the successful completion of the resolution plan and clarity on the NHAI arbitration awards before making further commitments.

TICL Q3 FY26 Results: Auditor Issues Qualified Opinion Over ₹98,618 Lakh Arbitration Claim

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 31 Jan 2026, 04:17 PM

Twamev Construction and Infrastructure Limited (formerly Tantia Constructions) reported Q3 FY26 results marked by significant auditor qualifications and financial stress. The company is currently settling a ₹2,100 Lacs resolution plan following an NCLT order dated July 2025. Revenue for the quarter was ₹2,083 Lakh, but ₹834 Lakh of this remains unbilled, and the company faces massive pending arbitration claims of ₹98,618 Lakh. Auditors have expressed a disclaimer of conclusion for certain subsidiaries due to unavailable records and ongoing insolvency proceedings of an associate company.

Auditors flagged a massive ₹98,618 Lakh pending arbitration claim against NHAI for an abandoned project.
Quarterly revenue of ₹2,083 Lakh includes ₹834 Lakh (40%) of unbilled revenue, raising liquidity concerns.
Company is in the process of a ₹2,100 Lacs resolution plan settlement to upgrade its NPA status.
Total receivables and financial assets include ₹10,671 Lakh tied to pending arbitration awards.
Auditors issued a qualified opinion due to non-provisioning of interest on NPA accounts and missing subsidiary data.

💡 Investors should remain highly cautious as the company's financial health is heavily dependent on uncertain arbitration outcomes and the successful execution of the NCLT resolution plan. The significant auditor qualifications and high unbilled revenue suggest substantial risk to the reported profit and asset valuation.

TICL Q3 FY26 Results: Board Approves Financials Amid Multiple Audit Qualifications

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 31 Jan 2026, 04:08 PM

Twamev Construction and Infrastructure Limited (formerly Tantia Constructions) approved its Q3 FY26 results, reporting standalone revenue of ₹2,083 Lakh, though 40% of this is unbilled. The company is currently executing a ₹2,100 Lakh resolution plan under NCLT supervision. However, auditors have raised several red flags, including qualified opinions on subsidiaries with abandoned projects and ₹98,618 Lakh in pending arbitration claims. Furthermore, over ₹10,600 Lakh of the company's assets are tied up in arbitration awards, posing significant liquidity risks.

Standalone revenue for Q3 FY26 stood at ₹2,083 Lakh, which includes ₹834 Lakh of unbilled revenue.
Company is settling a resolution plan of ₹2,100 Lakh following an NCLT Kolkata order dated July 14, 2025.
Trade receivables and other financial assets include ₹10,671 Lakh tied to pending arbitration awards.
Step-down subsidiary TRPL has abandoned its project and filed an arbitration claim of ₹98,618 Lakh against NHAI.
Associate company Tantia Sanjauliparkings (TSPL) has been admitted to the Corporate Insolvency Resolution Process (CIRP).

💡 Investors should exercise extreme caution due to the high volume of audit qualifications, insolvency of associates, and heavy reliance on uncertain arbitration awards for liquidity. The stock remains a high-risk play given the ongoing resolution plan and significant unbilled revenues.

TICL Re-classifies 5 Promoter Entities to Public Category Following IBC Resolution

🟡 NEUTRAL ⭐ 6/10

REGULATORY 📅 28 Jan 2026, 11:53 AM

Twamev Construction and Infrastructure Limited (formerly Tantia Constructions) has applied to stock exchanges for the re-classification of five promoter entities to the public category. This move is part of the Resolution Plan approved under Section 31 of the Insolvency and Bankruptcy Code (IBC). The entities include individual promoters Mr. Ishwari Prasad Tantia and Mr. Rahul Tantia, along with three corporate entities. The Board of Directors had previously approved this request on May 27, 2025, as the company transitions post-insolvency.

Application filed for re-classification of 5 promoter/promoter group entities to the public category.
Action taken pursuant to a Resolution Plan approved under Section 31 of the IBC, 2016.
Promoters involved include Mr. Ishwari Prasad Tantia and Mr. Rahul Tantia.
Corporate entities Nigolice Trading, EDCL Infrastructure, and Tantia Financial Services are also being re-classified.
The Board of Directors initially approved this re-classification request on May 27, 2025.

💡 Investors should note this as a procedural step in the company's restructuring post-IBC. Monitor the final approval from BSE and NSE to confirm the updated shareholding structure.

TICL Board Meeting on Jan 31, 2026, to Approve Q3 FY26 Financial Results

🔵 WATCH ⭐ 6/10

BOARD_MEETING 📅 22 Jan 2026, 01:36 PM

Twamev Construction and Infrastructure Limited has scheduled a board meeting on January 31, 2026, to consider and approve un-audited financial results. The meeting will cover both standalone and consolidated performance for the quarter ended December 31, 2025. As per SEBI regulations, the trading window for the company's equity shares has been closed since January 1, 2026. The window will reopen 48 hours after the financial results are disclosed to the BSE and NSE.

Board meeting scheduled for January 31, 2026, for Q3 FY26 results approval
Financials to include both Standalone and Consolidated un-audited results
Trading window closed from January 1, 2026, until 48 hours post-announcement
Compliance maintained under Regulation 29 of SEBI LODR Regulations

💡 Investors should wait for the official earnings release on January 31 to evaluate the company's quarterly performance. Monitor for any significant changes in margins or order book updates usually provided alongside results.

TICL Reports Zero Demat Requests for Quarter Ended December 31, 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Jan 2026, 12:57 PM

Twamev Construction and Infrastructure Limited (TICL) has submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar and Share Transfer Agent, Maheshwari Datamatics Private Limited, confirmed that no dematerialization requests were processed during the quarter from October 1, 2025, to December 31, 2025. This is a standard quarterly administrative filing required by SEBI to ensure shareholding records are accurately maintained. The announcement has no impact on the company's operational or financial standing.

Compliance certificate filed for the quarter ended December 31, 2025
Confirmed zero dematerialization requests received or processed during the period
Issued by Registrar and Share Transfer Agent Maheshwari Datamatics Private Limited
Filing adheres to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018

💡 No action is required as this is a routine regulatory filing. Investors should continue to monitor the company's upcoming quarterly financial results for material performance updates.

TICL Announces Trading Window Closure from Jan 1, 2026, for Q3 FY26 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Dec 2025, 01:24 PM

Twamev Construction and Infrastructure Limited (TICL) has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations. This closure is for the quarter ending December 31, 2025, and applies to all designated persons and their immediate relatives. The window will remain closed until 48 hours after the declaration of the un-audited financial results. The specific date for the board meeting to approve these results will be communicated in due course.

Trading window closure effective from January 1, 2026
Closure pertains to the quarter ending December 31, 2025
Applies to all Directors, Designated Persons, and their immediate relatives
Window to reopen 48 hours after the announcement of un-audited financial results

💡 This is a routine regulatory filing with no impact on company fundamentals. Investors should monitor for the upcoming board meeting date to review the Q3 financial performance.

TICL Board Meeting Outcome: Unaudited Financial Results Approved

🟡 NEUTRAL ⭐ 6/10

BOARD_MEETING 📅 12 Dec 2025, 01:34 PM

Twamev Construction and Infrastructure Limited's board meeting on November 12, 2025, approved the unaudited financial results (standalone and consolidated) for the quarter and half-year ended September 30, 2025. The board also noted a monetary penalty levied by the Stock Exchange for delayed submission of the Annual Report for FY 2024-25. Revenue from operations includes ₹438 Lakh on account of unbilled revenue for the half year ended 30th Sept 2025. Other Income includes ₹72 Lakh on account of provision for bad and doubt debts written back.

Revenue from operations includes ₹438 Lakh on account of unbilled revenue for the half year ended 30th Sept 2025.
Trade receivable of ₹4786 Lakh and Other financial assets of ₹8149 Lakh includes ₹2877 Lakh and 7794 Lakh to be receivable on account of arbitration award as on 30th sept 2025
Other Income of ₹134 Lacs includes ₹72 Lakh on account of provision for bad and doubt debts written back.
Company Unbilled revenue balance stands at INR 576 Lakh as on 30th Sept 2025.

💡 Investors should review the detailed financial results when available to assess the company's performance. Monitor the progress of the arbitration award receivables, which constitute a significant portion of the company's assets.

TICL: Ramya Hariharan Resigns as Independent Director eff. Nov 28, 2025

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 05 Dec 2025, 09:15 PM

Twamev Construction and Infrastructure Limited (TICL) announced the resignation of Mrs. Ramya Hariharan as an Independent Director, effective November 28, 2025. Mrs. Hariharan cited pressing professional commitments as the reason for her resignation. She also ceases to be a member of the committees of the board of directors from the same date. The company acknowledged her valuable guidance and contribution during her tenure.

Ramya Hariharan resigned as Independent Director effective November 28, 2025
DIN of Ramya Hariharan is 06928511
Ramya Hariharan was a member of the Audit Committee for KKalpana Industries (India) Limited
Ramya Hariharan was a member of the Nomination and Remuneration Committee for Petro Carbon and Chemicals Limited

💡 Investors should monitor board composition changes and any potential impact on company strategy. No immediate action is required.

TICL: Promoter Ravi Todi Sells 14,454 Shares on Dec 4, 2025

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 04 Dec 2025, 07:22 PM

Twamev Construction and Infrastructure Limited (TICL) announced that promoter Ravi Todi sold 14,454 equity shares on December 4, 2025. This sale reduces his holding from 4,92,86,732 shares to 4,92,72,278 shares. The sale represents a decrease in promoter holding from 31.80% to 31.79% of the total share capital. The transaction was executed in the open market.

Ravi Todi sold 14,454 equity shares of TICL.
His holding decreased from 4,92,86,732 to 4,92,72,278 shares.
Promoter holding reduced from 31.80% to 31.79%.
The sale was executed on December 4, 2025.
Equity share capital of the company is 15,50,00,000 shares of Re. 1/- each.

💡 Investors should monitor promoter activity for further changes in shareholding. This sale represents a minor change in promoter stake and may not significantly impact the company's fundamentals.

View All TICL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Revenue from operations grew 60% YoY to INR 84.86 Cr in FY25 from INR 53.05 Cr in FY24. Total consolidated revenue grew 202% YoY to INR 163.98 Cr, heavily supported by other income.

Geographic Revenue Split

The company operates nationally with a presence in high-growth states; specific regional % splits are not disclosed, though a Ready Mix Concrete (RMC) plant is noted in Guwahati.

Profitability Margins

PAT margin rose to 65.97% in FY25 from -41.89% in FY24. This sharp increase was largely due to exceptional income and does not reflect regular business profitability.

EBITDA Margin

EBITDA margin expanded to 126.27% in FY25 from -8.75% in FY24. This unusual jump was driven by a massive increase in other income (INR 79.03 Cr), including INR 77.95 Cr from interest on an arbitration award.

Credit Rating & Borrowing

Total borrowings stood at INR 338.76 Cr as of March 31, 2025. Interest costs were INR 2.11 Cr, reflecting a low effective rate likely due to promoter unsecured loans and NCLT restructuring.

⚙️ Operational Drivers

Raw Materials

Steel, cement, bitumen, and aggregates are the primary raw materials for infrastructure projects; specific cost percentages are not disclosed.

Import Sources

Sourced domestically within India to support projects across various states.

Capacity Expansion

The company has an unexecuted order book of INR 325-330 Cr to be executed over 24-36 months, with a target to add INR 250-300 Cr in new orders during the year.

Raw Material Costs

Not disclosed as a specific percentage of revenue, but commodity price volatility is cited as a key threat to project economics.

Manufacturing Efficiency

The company has completed more than 600 legacy projects, demonstrating a long-term track record of execution expertise.

📈 Strategic Growth

Expected Growth Rate

60%

Growth Strategy

Growth will be achieved through disciplined project execution, selective bidding in high-margin segments, geographic diversification, and the adoption of advanced project management technologies to reduce cycle times.

Products & Services

Infrastructure construction services for roads, railways, bridges, urban infrastructure, and ropeways.

Brand Portfolio

Twamev (formerly Tantia Constructions Limited).

New Products/Services

Emerging segments include ropeways, which are being targeted as a high-growth infrastructure vertical.

Market Expansion

Deepening presence in high-growth Indian states and selectively exploring new infrastructure segments.

Strategic Alliances

The company was revived by a new investor consortium following NCLT resolution plan approval in 2020.

🌍 External Factors

Industry Trends

The industry is seeing rising infrastructure spending under government programs, with a shift toward technology adoption for operational efficiency.

Competitive Landscape

Intensifying competition in the infrastructure sector and regulatory changes in taxation or environmental norms.

Competitive Moat

Moat is based on a legacy of excellence with credentials from 600+ completed projects, providing a strong brand and execution track record that is difficult for new entrants to replicate.

Macro Economic Sensitivity

Highly sensitive to government infrastructure spending and domestic economic policies.

⚖️ Regulatory & Governance

Industry Regulations

Subject to environmental regulations, pollution norms, and labor laws governing construction sites.

Taxation Policy Impact

The company benefits from a significant tax shield due to legacy losses, resulting in a low effective tax rate of approximately 5% in FY25.

Legal Contingencies

Associate company Tantia Sanjauliparkings Private Limited (TSPL) was admitted to CIRP in March 2023; legacy arbitration claims are ongoing, with one recently resulting in a INR 77.95 Cr interest award.