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TICL - Twamev Constr.

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

📢 Recent Corporate Announcements

TICL Appoints Ms. Suparna Chakrabortti to Key Board Committees as Chairperson and Member

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 24 Apr 2026, 02:27 PM

Twamev Construction and Infrastructure Limited (TICL) has issued an addendum to its February 26, 2026, board meeting disclosure. The company clarified that Ms. Suparna Chakrabortti, an Independent Woman Director, has been inducted into three critical board committees. She will serve as the Chairperson of the Nomination and Remuneration Committee and as a member of both the Audit and Corporate Social Responsibility Committees. This update ensures the company remains compliant with SEBI corporate governance norms regarding committee compositions.

Ms. Suparna Chakrabortti (DIN: 07090308) appointed as Chairperson of the Nomination and Remuneration Committee
Inducted as a member of the Audit Committee and Corporate Social Responsibility (CSR) Committee
The addendum corrects an inadvertent omission from the original board meeting outcome filed on February 26, 2026
The filing is made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

💡 No immediate action is required as this is a routine administrative update. Investors should view the appointment as a positive step toward maintaining standard corporate governance and independent oversight.

TICL Reports Demise of Independent Director Mr. Santanu Ray

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 23 Apr 2026, 10:31 AM

Twamev Construction and Infrastructure Limited (TICL) has informed the stock exchanges regarding the demise of Mr. Santanu Ray, an Independent Director, on April 18, 2026. Mr. Ray had been associated with the company for several years, providing guidance on governance and financial oversight. The formal intimation was filed on April 23, 2026, in compliance with Regulation 30 of SEBI LODR. The company will now need to fill this vacancy to ensure continued compliance with board composition regulations.

Demise of Independent Director Mr. Santanu Ray (DIN: 00642736) occurred on April 18, 2026
Official intimation provided to BSE and NSE on April 23, 2026, under Regulation 30
Mr. Ray was a long-standing board member focused on governance and financial oversight
Company must now appoint a new Independent Director to meet SEBI board requirements

💡 Investors should monitor future announcements regarding the appointment of a new Independent Director to the board. This is a routine administrative update and is not expected to impact the company's operational performance.

TICL Promoter Group Sells 6.09 Lakh Shares During Closed Trading Window

🔴 NEGATIVE ⭐ 7/10

REGULATORY 📅 19 Apr 2026, 01:24 AM

Upendra Singh Constructions Private Limited, a promoter group member of Twamev Construction and Infrastructure Limited (TICL), sold 6,09,283 shares worth approximately ₹1.42 crore. The sales occurred on April 13 and 15, 2026, during a period when the company's trading window was officially closed. The company's Compliance Officer identified the breach after an enquiry, and the matter has been referred to the Audit Committee for further action. This violation of SEBI (Prohibition of Insider Trading) Regulations highlights potential governance and compliance risks.

Sale of 6,09,283 shares (0.39% stake) by promoter group entity Upendra Singh Constructions Private Limited.
Total transaction value of ₹1,41,96,503 executed via market sale on NSE.
Promoter group shareholding decreased from 12.50% to 12.11% following the transactions.
Transaction confirmed as a violation of SEBI (PIT) Regulations due to trading during a closed window.
Audit Committee and Board are currently examining the matter for appropriate regulatory reporting and action.

💡 Investors should exercise caution as regulatory breaches by promoter entities often signal internal control weaknesses. Monitor for any SEBI-imposed penalties or further management clarifications regarding the breach.

TICL Reports Demise of Audit Committee Chairman Mr. Santanu Ray

🔵 WATCH ⭐ 4/10

MANAGEMENT 📅 18 Apr 2026, 11:46 PM

Twamev Construction and Infrastructure Limited (TICL) has announced the passing of Mr. Santanu Ray, a long-serving Independent Director. Mr. Ray held the critical position of Chairman of the Audit Committee, playing a vital role in financial oversight and corporate governance. The company, formerly known as Tantia Constructions Limited, will now need to fill this vacancy to remain compliant with SEBI listing regulations. Investors should monitor the board's next steps regarding the appointment of a successor to lead the Audit Committee.

Demise of Independent Director Mr. Santanu Ray reported on April 18, 2026
Mr. Ray served as the Chairman of the Audit Committee for several years
The loss creates a vacancy in a key governance role responsible for financial oversight
Company must appoint a new Independent Director to comply with regulatory board composition requirements

💡 Investors should watch for an official announcement regarding the appointment of a new Audit Committee Chairman. Ensure the successor has the requisite financial expertise to maintain governance standards.

TICL Proposes Appointment of Ms. Suparna Chakrabortti as Independent Director for 5-Year Term

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 14 Apr 2026, 02:45 PM

Twamev Construction and Infrastructure Limited (formerly Tantia Constructions) is seeking shareholder approval via postal ballot for the appointment of Ms. Suparna Chakrabortti as an Independent Director. The proposed term is for five consecutive years, effective from February 26, 2026, to February 25, 2031. The e-voting period for shareholders is scheduled from April 14, 2026, to May 13, 2026, with the cut-off date for eligibility set as April 3, 2026. This is a standard governance procedure to ensure compliance with SEBI and Companies Act regulations.

Appointment of Ms. Suparna Chakrabortti as an Independent Director for a 5-year tenure.
The proposed term runs from February 26, 2026, through February 25, 2031.
E-voting period starts on April 14, 2026, and concludes on May 13, 2026.
Cut-off date for determining shareholder voting eligibility is April 3, 2026.
Final results of the postal ballot are expected to be declared on or before May 15, 2026.

💡 Investors should review the director's credentials in the explanatory statement to ensure the board maintains high governance standards. No immediate trading action is required as this is a routine regulatory appointment.

TICL Promoters Declare Zero Pledged Shares; Release 1.20 Crore Pledged Shares in FY26

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 03 Apr 2026, 01:43 PM

Tarun Chaturvedi, a promoter of Twamev Construction and Infrastructure Limited (TICL), has filed a disclosure confirming that all pledged shares were released during the financial year 2025-26. As of March 31, 2026, the promoter and Persons Acting in Concert (PACs) hold a combined 84.08% stake in the company with zero encumbrances. This annual declaration under SEBI (SAST) Regulations confirms that no promoter shares are currently being used as collateral, which is a positive sign for the company's financial stability.

Promoter Tarun Chaturvedi released a pledge on 1,20,07,607 equity shares during the 2025-26 financial year.
Total promoter and PAC shareholding stands at 13,02,98,301 shares, representing 84.08% of the total equity.
Confirmed zero encumbrances or direct/indirect pledges on any promoter shares as of March 31, 2026.
Major individual holdings include Ravi Todi at 31.79% and Tarun Chaturvedi at 13.76%.

💡 Investors should view the elimination of share pledges and the high promoter holding as a sign of strong commitment and reduced financial risk. However, be mindful of the high concentration of ownership (84.08%) which may impact stock liquidity.

TICL Announces Trading Window Closure from April 1, 2026 for Q4 and FY26 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Mar 2026, 12:24 PM

Twamev Construction and Infrastructure Limited (TICL) has announced that its trading window will be closed starting April 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the announcement of the audited financial results for the quarter and year ending March 31, 2026. The window will remain shut for all designated persons and their immediate relatives until 48 hours after the results are made public. The specific date for the board meeting to approve these results will be communicated at a later date.

Trading window closure effective from April 1, 2026.
Closure pertains to the audited financial results for the quarter and year ending March 31, 2026.
Restriction applies to Directors, Designated Persons, and their immediate relatives.
Window to reopen 48 hours after the official announcement of financial results to stock exchanges.

💡 This is a routine regulatory filing and requires no immediate action from general investors. Monitor future announcements for the specific date of the board meeting to review the company's annual performance.

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.

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.