Transwind Infrastructures Limited (TRANSWIND)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Transwind Infrastructures' revenue was ₹10.1 Cr (-35.2% year on year, -11.4% on the previous half-year), and net profit ₹0.3 Cr (+26.1% year on year); the operating margin was 2.5%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹10.1 | -35.2% | -11.4% |
| Operating profit | ₹0.2 | -77.9% | -71.6% |
| Net profit | ₹0.3 | +26.1% | -49.1% |
| EPS (₹) | 0.38 | +11.8% | -55.3% |
| Operating margin | 2.5% | — | — |
TRANSWIND delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the TRANSWIND shares traded on NSE were taken to delivery. The stock has too few sessions on record for a normal to compare with.
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
Transwind Infrastructures Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended September 30, 2026. The certificate issued by MUFG Intime India Private Limited confirms that security certificates received for dematerialisation during the period were duly verified, cancelled, and listed on the exchanges. This is a purely procedural regulatory filing with no impact on revenue or operations.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended 30th September 2026.
- Registrar MUFG Intime India Private Limited confirmed dematerialisation verification dated 03-10-2026.
- Filing made to the National Stock Exchange on 14th October 2026.
Transwind Infrastructures Limited announced the results of its 29th Annual General Meeting held on September 25, 2026. All 5 resolutions, including the adoption of FY26 financial statements, appointment of statutory auditors M/s. Nilesh K Agarwal & Co. for 5 years, and 3-year re-appointments of Whole-Time Directors Nishant Pandey and Pankaj Kumar Dubey, were passed unanimously. A total of 50,09,000 votes were polled across 17 members, representing 65.49% of outstanding shares (predominantly promoter group holdings), with 100% of votes cast in favor. No public institutions or public non-institutional shareholders cast votes.
- All 5 resolutions passed with 100.00% votes cast in favor
- Total votes polled stood at 50,09,000 shares, representing 65.4857% of outstanding share capital
- M/s. Nilesh K Agarwal & Co. appointed as Statutory Auditors for a 5-year term replacing M/s. Gattani & Associates
- Re-appointment of Whole-Time Directors Nishant Mathuraprasad Pandey and Pankaj Kumar Dubey approved for 3 years
Transwind Infrastructures Limited has issued the notice for its 29th Annual General Meeting (AGM) scheduled to take place on September 25, 2026. Key agenda items include the adoption of FY2025-26 audited financial statements and the appointment of M/s. Nilesh K Agarwal & Co. as Statutory Auditors for a 5-year term up to 2031. Additionally, shareholders will vote on the re-appointment of Whole-Time Directors Mr. Nishant Mathuraprasad Pandey and Mr. Pankaj Kumar Dubey for 3-year tenures each.
- 29th Annual General Meeting to be held on September 25, 2026, at 04:00 PM in Ahmedabad
- Appointment of M/s. Nilesh K Agarwal & Co. as Statutory Auditors for a 5-year term (FY26 to FY31 AGM)
- Re-appointment of Whole-Time Director Mr. Nishant Mathuraprasad Pandey for a 3-year term (5 Feb 2027 to 4 Feb 2030)
- Re-appointment of Whole-Time Director Mr. Pankaj Kumar Dubey for a 3-year term (21 Aug 2026 to 20 Aug 2029)
Transwind Infrastructures announced that its 29th Annual General Meeting (AGM) will be held on September 25, 2026. The Board approved the appointment of M/s. Nilesh K Agarwal & Co. as Statutory Auditors for a 5-year term following the term expiry of existing auditors M/s. Gattani & Associates. The Board also approved the re-appointment of Whole-Time Directors Nishant Pandey and Pankaj Kumar Dubey for 3-year tenures, subject to shareholder approval. The Board did not recommend any dividend on equity shares for FY 2025-26.
- 29th AGM scheduled for Friday, September 25, 2026 at 04:00 PM
- Appointment of M/s. Nilesh K Agarwal & Co. as Statutory Auditors for a 5-year term due to term expiry of existing auditor
- Re-appointment of Whole-Time Directors Nishant Pandey (from Feb 5, 2027 to Feb 4, 2030) and Pankaj Kumar Dubey (from Aug 21, 2026 to Aug 20, 2029) for 3 years each
- No dividend recommended on Equity Shares for FY 2025-26
- Remote e-voting window open from September 22, 2026 to September 24, 2026 with cut-off date on September 18, 2026
Transwind Infrastructures announced the re-appointment of Mr. Pankaj Kumar Dubey and Mr. Nishant Mathuraprasad Pandey as Whole-Time Directors, each for a 3-year term, subject to shareholder approval. The Board also approved the appointment of M/s. Nilesh K Agarwal & Co. as Statutory Auditors for a 5-year tenure following the expiration of the previous auditor's term. Additionally, the company scheduled its 29th Annual General Meeting for September 25, 2026, and confirmed that no dividend has been recommended for FY 2025-26.
- Re-appointment of Mr. Pankaj Kumar Dubey as Whole-Time Director for 3 years (August 21, 2026 to August 20, 2029)
- Re-appointment of Mr. Nishant Mathuraprasad Pandey as Whole-Time Director for 3 years (February 5, 2027 to February 4, 2030)
- Appointment of M/s. Nilesh K Agarwal & Co. as Statutory Auditors for a 5-year term
- 29th Annual General Meeting convened for September 25, 2026; no dividend recommended for FY 2025-26
Transwind Infrastructures announced board approval for key leadership and statutory appointments subject to shareholder approval at its 29th AGM on September 25, 2026. Mr. Nishant Mathuraprasad Pandey has been re-appointed as Whole-Time Director for a 3-year term from February 5, 2027, to February 4, 2030, while Mr. Pankaj Kumar Dubey was re-appointed as Whole-Time Director for 3 years starting August 21, 2026. Additionally, M/s. Nilesh K Agarwal & Co. was appointed as Statutory Auditor for a 5-year tenure following the expiration of the incumbent auditor's term. The board did not recommend any dividend for FY 2025-26.
- Re-appointment of Mr. Nishant Mathuraprasad Pandey as Whole-Time Director for 3 years (Feb 5, 2027 to Feb 4, 2030)
- Re-appointment of Mr. Pankaj Kumar Dubey as Whole-Time Director for 3 years (Aug 21, 2026 to Aug 20, 2029)
- Appointment of M/s. Nilesh K Agarwal & Co. as Statutory Auditor for a 5-year term upon expiry of M/s. Gattani & Associates' term
- 29th Annual General Meeting scheduled for September 25, 2026; no dividend recommended for FY 2025-26
Transwind Infrastructures Limited approved the appointment of M/s. Nilesh K Agarwal & Co., Chartered Accountants, as Statutory Auditors for a 5-year term subject to shareholder approval, following the expiry of the term of M/s. Gattani & Associates. The Board also approved the re-appointment of Whole-Time Directors Nishant Mathuraprasad Pandey and Pankaj Kumar Dubey for 3-year terms each. The 29th Annual General Meeting is scheduled for September 25, 2026. The Board confirmed that no dividend has been recommended for FY 2025-26.
- Appointment of M/s. Nilesh K Agarwal & Co. as Statutory Auditors for a 5-year term subject to shareholder approval
- Re-appointment of Mr. Nishant Mathuraprasad Pandey as Whole-Time Director for 3 years (Feb 5, 2027 to Feb 4, 2030)
- Re-appointment of Mr. Pankaj Kumar Dubey as Whole-Time Director for 3 years (Aug 21, 2026 to Aug 20, 2029)
- 29th Annual General Meeting convened for September 25, 2026, with zero dividend recommended for FY 2025-26
Transwind Infrastructures announced the outcome of its board meeting held on August 20, 2026. The Board approved the appointment of M/s. Nilesh K Agarwal & Co. as Statutory Auditors for a 5-year term following the tenure completion of M/s. Gattani & Associates. Executive Directors Nishant Pandey and Pankaj Kumar Dubey were approved for 3-year re-appointments, subject to shareholder approval. The 29th Annual General Meeting is scheduled for September 25, 2026, and no dividend was recommended for FY 2025-26.
- Proposed appointment of M/s. Nilesh K Agarwal & Co. as Statutory Auditors for a term of 5 years.
- Re-appointed Whole-Time Director Nishant Pandey for 3 years from February 5, 2027 to February 4, 2030.
- Re-appointed Whole-Time Director Pankaj Kumar Dubey for 3 years from August 21, 2026 to August 20, 2029.
- 29th AGM scheduled for September 25, 2026, with remote e-voting from September 22 to September 24, 2026.
- No dividend recommended for equity shareholders for FY 2025-26.
Financial Performance
Revenue Growth by Segment
S & T Work revenue grew 129.16% YoY to INR 16.01 Cr; Gas Distribution Work revenue declined 17.46% YoY to INR 2.59 Cr; Civil Work revenue decreased 0.93% YoY to INR 4.25 Cr; Irrigation work revenue fell 91.45% YoY to INR 0.03 Cr.
Geographic Revenue Split
Not disclosed in available documents; however, the company is headquartered in Ahmedabad, Gujarat.
Profitability Margins
Operating Profit Margin improved from 13.71% to 16.81% (a 22.6% increase) due to higher profitability in S&T projects. Net Profit Margin declined from 3.69% to 2.54% (a 31.16% decrease) primarily due to higher tax and interest expenses.
EBITDA Margin
Operating Profit Margin stands at 16.81% for FY 2024-25, showing a YoY improvement of 310 basis points from 13.71% in FY 2023-24.
Capital Expenditure
Purchase of fixed assets amounted to INR 0.92 Cr in FY 2024-25, compared to INR 0.045 Cr in the half-year ended September 30, 2025.
Credit Rating & Borrowing
Not disclosed in available documents; however, interest coverage ratio improved to 13.67 from 11.04, indicating better debt-servicing capacity.
Operational Drivers
Raw Materials
Specific raw materials include MDPE (Medium Density Polyethylene) pipes for gas distribution, quad cables, and optical fiber cables for telecom maintenance.
Capacity Expansion
Not disclosed in available documents; the company operates as a service provider in construction and infrastructure maintenance.
Raw Material Costs
Not disclosed as a specific line item; however, total expenses for H1 FY2025-26 were INR 10.80 Cr against a total income of INR 11.67 Cr.
Manufacturing Efficiency
The company operates in a single segment (Construction) with an inventory turnover ratio of 4.34, which slightly declined by 7.78% YoY.
Strategic Growth
Growth Strategy
The company aims to leverage the increased government capital investment outlay of INR 10 Lakh Crores in Budget 2024-25, focusing on Railways, Road, and Urban Infrastructure. Growth is driven by diversifying into MDPE gas pipeline laying and maintaining quad/optical fiber cables.
Products & Services
MDPE gas pipeline laying, installation and commissioning; maintenance of quad cable and optical fiber cable; civil construction; and irrigation works.
Brand Portfolio
Transwind Infrastructures Limited.
New Products/Services
The company has expanded into domestic gas pipeline (MDPE) laying and commissioning, which contributed INR 2.59 Cr to FY 2024-25 revenue.
Market Expansion
Targeting opportunities in the 8 Core Infrastructure Sectors including natural gas and refinery products following government initiatives.
External Factors
Industry Trends
The infrastructure sector is evolving with a focus on private infrastructure players in Railways and Urban Infrastructure. The industry is growing supported by government initiatives like the Investment Finance Secretariat.
Competitive Landscape
Operates in a competitive infrastructure sector alongside private players vying for government contracts in road and rail sectors.
Competitive Moat
The company's moat lies in its specialized technical expertise in MDPE gas pipeline laying and telecom cable maintenance, which are niche areas within the broader construction industry.
Macro Economic Sensitivity
Highly sensitive to government infrastructure spending, specifically the INR 10 Lakh Crore outlay for FY 2024-25.
Consumer Behavior
Shift towards increased demand for domestic gas connections and high-speed data (fiber) infrastructure.
Regulatory & Governance
Industry Regulations
Compliance with the Companies Act 2013 and Section 197 regarding director remuneration; adherence to Accounting Standard-17 for segment reporting.
Taxation Policy Impact
Effective tax rate for H1 FY2025-26 is approximately 24% (INR 20.86 Lakhs tax on INR 86.75 Lakhs PBT).
Legal Contingencies
The company reports zero pending litigations that would impact its financial position as of March 31, 2025.
Risk Analysis
Key Uncertainties
Dependence on government infrastructure budgets and the risk of material misstatement due to fraud or error in complex construction contracts.
Geographic Concentration Risk
Operations appear concentrated in India, specifically Gujarat, based on the registered office location.
Technology Obsolescence Risk
Risk of shifting technologies in telecom cabling (e.g., 5G/6G) requiring updates to optical fiber maintenance capabilities.
Credit & Counterparty Risk
Trade receivables release timing is a key risk; however, the turnover ratio improved to 4.28, suggesting better collection efficiency.
