Twamev Construction and Infrastructure Limited (TICL)
₹8.13 -0.37% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Twamev Construction's revenue was ₹11.0 Cr (-6.0% year on year, -51.0% on the previous quarter), and net profit ₹0.5 Cr (-53.6% year on year); the operating margin was 7.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹11.0 | -6.0% | -51.0% |
| Operating profit | ₹0.8 | +10.7% | -55.4% |
| Net profit | ₹0.5 | -53.6% | -68.3% |
| EPS (₹) | 0.03 | -57.1% | -70.0% |
| Operating margin | 7.5% | — | — |
TICL delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 81.38% of the TICL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 76.49%. That is close to its usual level. Turnover was only ₹8 lakh, so a handful of trades can move this figure. Volume was 0.1 times its average, well below normal. It closed at a price band (circuit) on 14 sessions in about the last 20. 7 bulk or block deals were reported in TICL in the last 60 days: ₹6 Cr bought and ₹7 Cr sold.
Delivery in the last 5 sessions: 57.9% · 83.3% · 82.2% · 82.5% · 81.4%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 24 Sep | Sell | Upendra Singh Constructions Private Limited | ₹0.63 Cr | ₹6.12 | 1,028,500 | Bulk |
| 23 Sep | Sell | Ravi Todi | ₹5.07 Cr | ₹5.63 | 9,000,000 | Bulk |
| 23 Sep | Buy | Mace Venture | ₹3.16 Cr | ₹5.74 | 5,500,000 | Bulk |
| 23 Sep | Buy | Monet Securities Private Ltd | ₹3.07 Cr | ₹5.59 | 5,500,000 | Bulk |
| 23 Sep | Sell | Ravi Todi Huf | ₹0.58 Cr | ₹5.83 | 1,000,000 | Bulk |
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
Twamev Construction and Infrastructure Limited (formerly Tantia Constructions Limited) has submitted its Reconciliation of Share Capital Audit Report under Regulation 76 of SEBI Regulations for the quarter ended September 30, 2026. The total issued and listed capital stands unchanged at 15,50,00,000 shares with a face value of Re. 1 each. Dematerialised shares account for 99.99% of total capital (NSDL holds 60.31% and CDSL holds 39.68%), while physical shares represent 0.01% (12,656 shares).
- Total issued and listed capital confirmed at 15,50,00,000 shares of face value Re. 1 each
- NSDL holds 9,34,86,627 shares, representing 60.31% of issued capital
- CDSL holds 6,15,00,717 shares, representing 39.68% of issued capital
- Physical shareholding stands at minimal 12,656 shares (0.01% of total)
Twamev Construction and Infrastructure Limited reported that promoter group entity M/s Upendra Singh Constructions Private Limited sold 39,37,446 equity shares (a cumulative 2.54% stake) between September 19, 2026, and September 30, 2026. The total consideration received for the shares was Rs. 2,60,99,516.32. Notably, the promoter group did not provide prior intimation to the company, and management only identified the transaction during a routine benpos check.
- Promoter group entity sold 31,16,333 shares (2.01%) and 8,21,113 shares (0.53%), totaling a 2.54% stake
- Total transaction consideration amounted to Rs. 2,60,99,516.32 across the two tranches
- Sales took place over the period from September 19, 2026, to September 30, 2026
- Transaction was executed without prior intimation to the company, discovered via regular benpos checks
Twamev Construction and Infrastructure Limited reported open market share sales executed on September 23, 2026, by its promoter and promoter group entities. Promoter Ravi Todi sold 90,00,000 equity shares (5.81% of total equity) for approximately ₹5.05 crore, reducing his direct stake from 31.79% to 25.98%. In addition, promoter group entities Ravi Todi HUF and Nadia Security Printing & Stationery sold 10,00,000 shares (0.65%) each, with Nadia completely liquidating its holding for ₹58.02 lakh.
- Promoter Ravi Todi offloaded 90,00,000 equity shares (5.81% stake) via the open market on 23rd September, 2026
- Ravi Todi's direct shareholding decreased from 4,92,72,278 shares (31.79%) to 4,02,72,298 shares (25.98%)
- Promoter group entity Nadia Security Printing & Stationery sold its entire 10,00,000 shareholding (0.65%) for ₹58.02 lakh
- Total shares sold across disclosures aggregate to 1,10,00,000 shares (7.10% of total 15.50 crore share capital)
Twamev Construction and Infrastructure Limited announced that its promoter and promoter group entities plan to sell 1,30,00,000 equity shares (8.40% of paid-up capital) in the open market between September 23, 2026, and September 25, 2026. The sale is being undertaken to comply with SEBI's Minimum Public Shareholding (MPS) mandate of 25%, as promoter holding stood at 84.06% as of March 2026. Key selling entities include promoter Ravi Todi (7.10%), Ravi Todi HUF (0.65%), and Nadia Security Printing & Stationery Co Pvt Ltd (0.65%). At the current market price of Rs 5.6 per share, the transaction represents approximately Rs 7.28 crore in equity value.
- Promoter group to sell 1,30,00,000 equity shares, representing 8.40% of total paid-up share capital
- Divestment window scheduled from September 23, 2026, to September 25, 2026, via open market route
- Individual promoter Ravi Todi to sell 1,10,00,000 shares (7.10% stake)
- Ravi Todi HUF and Nadia Security Printing & Stationery Co Pvt Ltd to sell 10,00,000 shares (0.65%) each
- Sale undertaken to satisfy regulatory MPS requirements under SCRR Rule 19A and SEBI LODR Regulation 38
Twamev Construction and Infrastructure Limited disclosed that promoter group entity M/s Upendra Singh Constructions Pvt Ltd sold 4,65,400 equity shares (0.30% of equity) for a consideration of ₹27,22,590 during the 3rd week of September 2026. The transaction occurred without prior intimation to the company, coming to light via a routine benpos check. The promoter holding stood at 84.06% as of March 2026, and this marginal sale represents less than 0.05% of the company's ₹87 crore market cap.
- Promoter group entity Upendra Singh Constructions sold 4,65,400 shares (0.30% stake)
- Total transaction consideration amounted to Rs. 27,22,590/-
- Sale executed in open market during the 3rd week of September, 2026
- Transaction was executed without prior intimation to the company, identified via benpos check
Twamev Construction and Infrastructure Limited disclosed that promoter group entity M/s Upendra Singh Constructions Private Limited sold 90,800 shares (0.06% equity) during the second week of September 2026. The transaction was conducted for a total consideration of Rs 6,40,140 without prior intimation to the company, coming to light via a routine benpos check. The disclosure was submitted under SEBI PIT Regulations as a governance measure, with the company noting that further updates will be provided.
- Promoter group entity Upendra Singh Constructions sold 90,800 shares (0.06% stake)
- Total transaction consideration stood at Rs 6,40,140
- Sale took place during the 2nd week of September 2026
- Transaction was executed without prior intimation to the company and detected during a benpos check
Twamev Construction and Infrastructure Limited has submitted its Annual Report for FY 2025-26 along with the Notice for its 61st Annual General Meeting scheduled for September 22, 2026. The disclosures highlight ongoing post-CIRP consolidation, with related party loan borrowings of ₹76.63 Cr (₹7,663 lakhs) and repayments of ₹64.43 Cr (₹6,443 lakhs) during FY26, leaving an outstanding balance of ₹51.86 Cr (₹5,186 lakhs). Additionally, the report notes challenges filed at NCLT Kolkata Bench against wilful defaulter show-cause notices issued by lenders (PNB, SBI, IOB) pertaining to pre-resolution legacy matters.
- 61st Annual General Meeting scheduled for September 22, 2026 at 11:00 AM IST via video conferencing.
- Shareholder voting cut-off date fixed as September 15, 2026.
- Total related party loans taken during FY26 stood at ₹76.63 Cr (₹7,663 lakhs) against repayments of ₹64.43 Cr (₹6,443 lakhs).
- Outstanding unsecured related party loan balance closed at ₹51.86 Cr (₹5,186 lakhs) as of March 31, 2026.
- Legal note confirms pending NCLT challenge against wilful defaulter show-cause notices from PNB, SBI, and IOB.
Twamev Construction and Infrastructure Limited has submitted its FY25-26 Annual Report and convened its 61st Annual General Meeting for September 22, 2026. The shareholder cut-off date for e-voting has been fixed for September 15, 2026. The disclosures highlight related party loans taken during FY26 of ₹76.63 crore (7,663 lakhs) with an outstanding year-end loan balance of ₹51.86 crore (5,186 lakhs). The report also notes ongoing NCLT proceedings challenging post-resolution wilful defaulter notices issued by lenders including SBI, PNB, and IOB.
- 61st Annual General Meeting scheduled for September 22, 2026, via Video Conferencing.
- Shareholder voting cut-off date fixed as Tuesday, September 15, 2026.
- Related party loans taken in FY26 totaled ₹76.63 crore with ₹51.86 crore outstanding as of March 31, 2026.
- Company challenged post-resolution plan 'Wilful Defaulter' show-cause notices from PNB, SBI, and IOB before NCLT Kolkata Bench.
Twamev Construction and Infrastructure Limited (TICL) has appointed Biswajit Chakraborty as CEO effective August 11, 2026, as part of its post-restructuring leadership. The company reported Q1 FY27 revenue of ₹11.04 Cr, though auditors highlighted that ₹3.02 Cr (27%) of this is unbilled revenue. Crucially, auditors issued qualified opinions on consolidated results, noting that the new management is still struggling to gain control of two subsidiaries (TIPL and TRPL) currently held by erstwhile promoters. The company is also in the final stages of a ₹21 Cr resolution plan settlement following its CIRP process.
- Revenue from operations for Q1 FY27 reported at ₹11.04 Cr.
- Unbilled revenue accounts for ₹3.02 Cr of the total quarterly revenue.
- Resolution plan settlement of ₹21.00 Cr is currently in progress subject to account upgradation from NPA.
- Biswajit Chakraborty appointed as CEO effective August 11, 2026, moving from a senior management role.
- 61st Annual General Meeting (AGM) scheduled for September 22, 2026.
TICL (formerly Tantia Constructions) reported Q1 FY27 revenue of ‡11.04 Cr, which includes ‡3.02 Cr (27%) of unbilled revenue. The board appointed Biswajit Chakraborty as CEO to oversee project execution and resource utilization. However, auditors issued several qualifications, including the company's inability to gain control over subsidiaries TIPL and TRPL from former promoters and a pending ‡21 Cr resolution plan settlement. The company also failed to provide for employee benefits (Gratuity/Leave Encashment) as per Ind-AS 19, impacting reported profits.
- Reported revenue of ‡11.04 Cr for the quarter ended June 30, 2026.
- Unbilled revenue stands at ‡3.02 Cr, representing a significant portion of quarterly turnover.
- Pending full and final settlement of ‡21 Cr resolution plan amount as per NCLT orders.
- Appointment of Biswajit Chakraborty as CEO effective August 11, 2026.
- 61st Annual General Meeting (AGM) scheduled for September 22, 2026.
Twamev Construction and Infrastructure Limited (TICL) has appointed Mr. Biswajit Chakraborty as CEO, effective August 11, 2026, following his tenure in senior management. The company reported Q1 FY27 revenue of Rs 11.04 Cr, though auditors highlighted that Rs 3.02 Cr (27%) of this is unbilled revenue. TICL is currently finalizing a Rs 21 Cr resolution plan settlement following its 2023 restructuring. While the company maintains a substantial order book of Rs 325-330 Cr, auditors raised concerns regarding missing gratuity provisions and unrecorded rental income.
- Appointment of Biswajit Chakraborty as CEO effective August 11, 2026.
- Reported Q1 FY27 revenue of Rs 11.04 Cr, with Rs 3.02 Cr classified as unbilled revenue.
- Ongoing settlement of a Rs 21 Cr (Rs 2100 Lacs) resolution plan as per NCLT Kolkata orders.
- Unexecuted order book stands at Rs 325-330 Cr, which is approximately 4.9x the TTM revenue of Rs 67 Cr.
- Auditors noted an understatement of profit due to missing gratuity provisions and Rs 8 Lakh in unrecorded rental income.
TICL reported a revenue of ₹11.04 Cr for the quarter ended June 30, 2026, which accounts for approximately 16.5% of its TTM revenue of ₹67 Cr. The results are heavily caveated by auditors, noting that ₹3.02 Cr (27% of quarterly revenue) is unbilled and that provisions for gratuity and leave encashment were not made. The company is currently settling a ₹21 Cr resolution plan amount following its CIRP process. A key management change was announced with Biswajit Chakraborty elevated to CEO to oversee project execution and resource planning.
- Quarterly revenue from operations reported at ₹11.04 Cr, including ₹3.02 Cr of unbilled revenue.
- Resolution plan settlement of ₹21 Cr (₹2100 Lacs) is in progress as per NCLT Kolkata orders.
- Rental income of ₹8 Lakh from the Guwahati RMC Plant was not accounted for, understating profit by that amount.
- Unexecuted order book stands at ₹325-330 Cr, representing nearly 5x TTM revenue, to be executed over 24-36 months.
- Biswajit Chakraborty appointed as CEO effective August 11, 2026, following a transition from Senior Management.
TICL (formerly Tantia Constructions) reported Q1 FY27 revenue of ₹11.04 cr, representing approximately 16.4% of its TTM revenue. The company appointed Biswajit Chakraborty as CEO to lead its post-restructuring phase following the CIRP process. However, the auditor's report highlights significant concerns, including ₹3.02 cr in unbilled revenue and a lack of management control over certain subsidiaries (TIPL and TRPL) still held by erstwhile promoters. The company is also in the process of settling a ₹21 cr resolution plan amount.
- Reported Q1 FY27 revenue of ₹11.04 cr, which includes ₹3.02 cr (27%) of unbilled revenue
- Final settlement of resolution plan amount of ₹21.00 cr is currently in progress
- Biswajit Chakraborty appointed as CEO effective August 11, 2026, to oversee project execution
- Auditor noted ₹8 lakh in rental income from the Guwahati RMC plant was not accounted for
- Qualified opinion issued as new management is still gaining control of subsidiaries TIPL and TRPL
Twamev Construction and Infrastructure Limited (TICL) has issued a clarification regarding a significant delay in reporting the resignation of its Chief Operating Officer (COO). The COO resigned effective October 31, 2025, but the company only informed the exchanges on July 3, 2026, representing a delay of approximately eight months. The company attributed the lapse to an 'inadvertent error' by the Compliance Officer regarding SEBI LODR reporting timelines. While the company has implemented internal measures to prevent recurrence, this delay highlights a historical weakness in the firm's regulatory compliance framework.
- COO resignation was effective from the close of business hours on October 31, 2025
- Disclosure to stock exchanges was delayed until July 3, 2026, a gap of over 240 days
- Company cited an unintentional error by the Compliance Officer regarding the 24-hour reporting mandate
- TICL maintains an unexecuted order book of INR 325-330 Cr against a TTM revenue of Rs 67 Cr
- The company underwent a promoter transition and restructuring as recently as December 2023
A promoter group entity, M/s Upendra Singh Constructions Private Limited, sold 16,52,777 equity shares of TICL during June 2026, representing a 1.07% stake. The company discovered this transaction through a routine beneficiary position (benpos) check rather than a proactive disclosure by the promoter group. While the exact transaction value is not yet disclosed, the sale follows a slight downward trend in promoter holding from 85.13% in September 2025 to 84.06% in March 2026. The company is currently awaiting full details from the promoter director regarding the transaction.
- Promoter group entity sold 16,52,777 shares during the month of June 2026
- The transaction represents a 1.07% reduction in total equity share capital
- Company identified the trade via a regular 'benpos' check rather than direct promoter intimation
- Promoter holding stood at 84.06% as of March 2026, prior to this June transaction
- Total consideration for the sale is currently 'not disclosed' as details are awaited from the promoter
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.
Risk Analysis
Key Uncertainties
High working capital requirements and dependence on public sector contracts are primary business risks.
Geographic Concentration Risk
Operations are focused within India, with specific project concentrations in states like West Bengal and Delhi.
Third Party Dependencies
Dependent on government agencies for contract awards and timely payments.
Technology Obsolescence Risk
Low risk in core construction, but the company is proactively adopting digital project management to maintain efficiency.
Credit & Counterparty Risk
Exposure to government receivables; legacy issues are being cleaned up to improve balance sheet quality.
