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Udayshivakumar Infra Limited (USK)

₹20.31 +0.05% last close, 16 Oct

📊 NSE: USK 🏢 Construction 📢 Latest filing: 12 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Udayshivakumar Infra's revenue was ₹46.3 Cr (-20.3% year on year, -3.6% on the previous quarter), and net profit ₹2.5 Cr (against a loss a year earlier); the operating margin was 15.3%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹46.3	-20.3%	-3.6%
Operating profit	₹7.1	from loss	-58.4%
Net profit	₹2.5	from loss	-81.1%
EPS (₹)	0.44	from loss	-81.7%
Operating margin	15.3%	—	—

Full quarterly financials → Results calendar →

USK delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 35.29% of the USK shares traded on NSE were taken to delivery, against the stock's own 20-session average of 68.15%. That is lower than usual for this stock. Turnover was only ₹20 lakh, so a handful of trades can move this figure. It closed at a price band (circuit) on 1 session in about the last 20.

35.29%Delivery, 16 Oct

68.15%Own 20-session average

1.3×Volume vs its average

₹20.31NSE close · +0.05%

Delivery in the last 5 sessions: 65.6% · 36.5% · 13.7% · 28.6% · 35.3%

Delivery across the market →Circuit stocks →

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

Udayshivakumar Infra Submits Demat Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 12 Oct 2026, 01:15 PM

Udayshivakumar Infra Limited has submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by the Registrar and Share Transfer Agent, MAS Services Limited, on October 6, 2026. It confirms that all securities received for dematerialization between July 1, 2026, and September 30, 2026, were processed, accepted/rejected, and certificates mutilated within the mandated 15-day period. This is a regular administrative compliance update with no financial or operational impact.

Compliance certificate received under Regulation 74(5) of SEBI Regulations, 2018 for the quarter ended September 30, 2026
Covers the dematerialization period from July 1, 2026, to September 30, 2026
RTA MAS Services Limited confirmed processing and cancellation of securities within the prescribed 15 days limit
Certificate issued by MAS Services Limited on October 6, 2026, and filed with exchanges on October 12, 2026

💡 No action is required as this is a standard quarterly compliance filing. Investors should look out for upcoming quarterly financial results and operational updates.

Udayshivakumar Infra AGM Approves All 5 Resolutions Including Capital Increase

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 03 Oct 2026, 01:51 PM

Udayshivakumar Infra Limited announced the voting results and scrutinizer's report for its 7th Annual General Meeting held on September 30, 2026. All five ordinary resolutions were approved by shareholders with over 99.8% votes in favor. Key resolutions included the adoption of FY26 financial statements, reappointment of director Mrs. Amruta, approval of related party transactions, and an increase in authorized share capital. Promoter group shares (3.72 crore votes) were excluded from voting on the related-party transaction and director re-appointment resolutions as interested parties.

All 5 resolutions passed with over 99.8% approval, including the increase in Authorised Share Capital with 99.9997% assent (3,82,44,606 votes).
Approval of Related Party Transactions passed with 99.9782% public votes in favour (9,61,344 votes) after excluding 3,72,83,184 promoter/interested votes.
A total of 32 members attended the AGM on September 30, 2026, with cut-off date for eligibility set on September 23, 2026.

💡 Track subsequent filings to observe if the increase in authorised share capital precedes any future equity fundraise or corporate action.

Udayshivakumar Infra Concludes 7th AGM; 5 Resolutions Voted Including Capital Increase

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Sep 2026, 04:21 PM

Udayshivakumar Infra Limited concluded its 7th Annual General Meeting on September 30, 2026, with 32 members attending physically. Shareholders voted on 5 key resolutions, including an increase in authorized share capital and approval of related-party transactions. The Managing Director also noted strategic interest in entering Hybrid Annuity Model (HAM) road projects. Final consolidated voting results are scheduled to be disclosed on or before October 5, 2026.

7th Annual General Meeting held on September 30, 2026, with 32 members physically present
A total of 5 resolutions placed for voting across ordinary and special business
Key special business included an increase in authorized share capital and approval of related-party transactions
Consolidated e-voting and physical poll results to be announced on or before October 5, 2026

💡 Track the detailed voting results due by October 5, 2026, particularly regarding the approval and exact quantum of the authorized share capital increase.

Udayshivakumar Infra Dispatches Notice and Annual Report for 7th AGM; Sets Cut-off Date

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Sep 2026, 04:55 PM

Udayshivakumar Infra Limited has issued newspaper publications confirming the electronic dispatch of the Notice for its 7th Annual General Meeting (AGM) alongside the FY 2025-26 Annual Report. The cut-off date to determine shareholder voting eligibility via remote e-voting is set for September 23, 2026. Remote e-voting will begin on September 27, 2026, at 9:00 AM and end on September 29, 2026, at 5:00 PM. Advertisements were published across multiple national editions of Business Standard and local daily Nagaravani on September 09, 2026.

Published newspaper notices for the 7th AGM and FY 2025-26 Annual Report dispatch on September 09, 2026
Cut-off date fixed as September 23, 2026, for determining e-voting eligibility
Remote e-voting period opens September 27, 2026 (9:00 AM) and concludes September 29, 2026 (5:00 PM)
Published across 14 editions of Business Standard and local daily Nagaravani

💡 Shareholders holding stock as of September 23, 2026, can review the Annual Report and exercise remote voting rights between September 27 and September 29, 2026.

Udayshivakumar Infra Convenes 7th AGM on September 30, 2026; E-Voting Starts September 27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Sep 2026, 06:58 PM

Udayshivakumar Infra Limited has scheduled its 7th Annual General Meeting (AGM) for Wednesday, September 30, 2026, at its registered office in Davangere, Karnataka. The company fixed September 23, 2026, as the cut-off date to establish voting eligibility. Remote e-voting will run from September 27 to September 29, 2026. The ordinary agenda covers the adoption of FY26 financial statements, the reappointment of director Mrs. Amrutha, and ratification of cost auditor remuneration of Rs 1,00,000.

7th Annual General Meeting scheduled for September 30, 2026, at 03:00 P.M. IST
Voting eligibility cut-off date fixed as September 23, 2026
Remote e-voting open between September 27, 2026 (9:00 AM) and September 29, 2026 (5:00 PM)
Ordinary business includes ratification of Rs 1,00,000 remuneration for Cost Auditor M/s Murthy & Co. LLP

💡 Eligible shareholders holding shares by September 23, 2026, may participate in e-voting; investors should monitor the voting outcome report following the September 30 AGM.

Udayshivakumar Infra Proposes Capital Hike to ₹72.5 Cr; Postpones Promoter Warrants

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 08 Sep 2026, 03:05 PM

Udayshivakumar Infra's board has approved an increase in authorized share capital from ₹56.50 crore to ₹72.50 crore, divided into 7.25 crore shares of ₹10 each, subject to shareholder approval at the upcoming AGM on September 30, 2026. However, the board decided to postpone the discussion regarding the preferential issue of convertible warrants to promoters to the next meeting. Additionally, M/s Murthy & Co. LLP was appointed as cost auditor for FY27, and multiple board committees were reconstituted. Shareholders will also vote on ratification of related party transactions at the AGM.

Authorized share capital increased from ₹56.50 crore to ₹72.50 crore, creating headroom of ₹16.0 crore
Postponed decision on proposed preferential issue of convertible warrants to promoters to the next board meeting
7th Annual General Meeting scheduled for September 30, 2026
M/s Murthy & Co. LLP appointed as Cost Auditor for FY 2026-2027

💡 Track the outcome of the subsequent board meeting regarding the deferred promoter convertible warrants and monitor AGM voting results on September 30, 2026, especially regarding related-party transactions.

Udayshivakumar Infra Closes Trading Window Ahead of Board Meeting on Sept 8, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Sep 2026, 05:53 PM

Udayshivakumar Infra Limited has informed the exchanges regarding the closure of its trading window for designated persons and insiders. The closure is effective in view of an upcoming Board of Directors meeting scheduled for Tuesday, September 8, 2026. The meeting will consider and approve matters constituting Unpublished Price Sensitive Information (UPSI). The trading window will reopen 48 hours after the outcome of the board meeting is made publicly available.

Board meeting scheduled on Tuesday, September 8, 2026
Trading window closed for Designated Persons pursuant to SEBI PIT Regulations
Window remains closed until 48 hours after the conclusion/disclosure of the Board Meeting
Intimation date: September 3, 2026

💡 Track the outcome of the Board of Directors meeting scheduled for September 8, 2026, to understand the specific corporate actions or UPSI matters being considered.

USK Submits Newspaper Publications of Q1 Financial Results (PAT at Rs 2.46 Cr)

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Aug 2026, 05:06 PM

Udayshivakumar Infra Limited has submitted copies of the newspaper publication for its financial results for the quarter ended June 30, 2026, pursuant to Regulation 47 of SEBI LODR. For Q1, total income from operations stood at Rs 46.25 Cr (Rs 4,625.20 lakhs), down 20.5% YoY from Rs 58.16 Cr in Q1 FY26. Net profit after tax turned positive at Rs 2.46 Cr (Rs 245.73 lakhs) compared to a net loss of Rs 7.73 Cr in the corresponding quarter last year. Basic EPS for the quarter was reported at Rs 0.44.

Published Q1 results in Business Standard (all editions) and Nagaravani on August 17, 2026
Q1 Total Income from operations reported at Rs 46.25 Cr (4,625.20 lakhs) vs Rs 58.16 Cr in Q1 FY26
Q1 Net Profit after tax stood at Rs 2.46 Cr (245.73 lakhs) vs a net loss of Rs 7.73 Cr in Q1 FY26
Quarterly Basic and Diluted EPS reported at Rs 0.44 per share (Face value Rs 10)

💡 Track execution milestones of the order book and working capital management in upcoming quarterly filings.

Q1 PAT Turns Positive to Rs 2.46 Cr vs Loss YoY; Revenue Drops 20.5% to Rs 46.25 Cr

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 14 Aug 2026, 07:27 PM

Udayshivakumar Infra reported a turnaround in profitability for the quarter ended June 30, 2026, recording a net profit of Rs 2.46 Cr (Rs 245.73 lakhs) compared to a net loss of Rs 7.73 Cr (Rs -772.83 lakhs) in Q1 of the previous year. Revenue from operations declined 20.5% YoY to Rs 46.25 Cr (vs Rs 58.16 Cr in the year-ago period) and fell 3.7% QoQ from Rs 48.05 Cr. Total expenses dropped sharply by 35.9% YoY to Rs 44.03 Cr, aiding the recovery in operating profitability. Basic EPS for the quarter improved to Rs 0.44 from negative Rs 1.40 YoY.

Net profit swung to positive Rs 2.46 Cr from a net loss of Rs 7.73 Cr in Q1 FY26 (ended June 30, 2025).
Revenue from operations decreased 20.5% YoY to Rs 46.25 Cr compared to Rs 58.16 Cr in the corresponding quarter.
Total expenses dropped by 35.9% YoY to Rs 44.03 Cr from Rs 68.65 Cr.
Basic and diluted EPS stood at Rs 0.44 versus negative Rs 1.40 YoY.
Unutilized IPO proceeds stood at Rs 5.87 Cr under general corporate purposes as of June 30, 2026.

💡 Monitor order book execution pace to see if top-line revenue stabilizes, alongside sustained operating margins in upcoming quarters.

USK Q1 Net Profit at ₹2.46 Cr (Turnaround YoY from ₹7.73 Cr Loss); Revenue Down 20.5% YoY

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 14 Aug 2026, 06:47 PM

Udayshivakumar Infra reported standalone revenue from operations of ₹46.25 Cr (₹4,625.20 lakhs) for the quarter ended June 30, 2026, down 20.5% YoY compared to ₹58.16 Cr in Q1 FY26 and down 3.7% QoQ. The company posted a net profit of ₹2.46 Cr (₹245.73 lakhs), turning around from a net loss of ₹7.73 Cr in the corresponding year-ago period, though down 81.6% QoQ from ₹13.35 Cr in Q4 FY26. EBITDA for the quarter stood at ₹7.29 Cr (₹728.52 lakhs), reflecting a 63.7% sequential contraction. Basic EPS stood at ₹0.44 for the quarter compared to ₹(1.40) in Q1 FY26.

Revenue from operations fell 20.5% YoY and 3.73% QoQ to ₹46.25 Cr (₹4,625.20 lakhs)
Net profit recorded at ₹2.46 Cr vs a net loss of ₹7.73 Cr in Q1 FY26 and ₹13.35 Cr profit in Q4 FY26
EBITDA stood at ₹7.29 Cr (₹728.52 lakhs), dropping 63.67% QoQ from ₹20.05 Cr in the prior quarter
Basic and diluted EPS stood at ₹0.44 for the quarter vs ₹(1.40) in the year-ago quarter
Unutilized IPO proceeds for general corporate purposes stood at ₹5.87 Cr (₹586.89 lakhs) as of June 30, 2026

💡 Track order execution velocity on the outstanding order book and monitor working capital cycles and operating margins across upcoming quarters.

Appointment of Internal Auditor for FY 2026-27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Aug 2026, 01:44 PM

Udayshivakumar Infra Limited has appointed Miss Bhavana Singh as the Internal Auditor for the financial year 2026-27. The appointment was approved during a board meeting held on August 14, 2026, which lasted 30 minutes. The new auditor brings over 4 years of experience in accounting, taxation, and audit. This is a standard regulatory compliance filing and does not impact the company's financial operations or order book execution.

Appointment of Miss Bhavana Singh as Internal Auditor for the Financial Year 2026-27.
The appointee has 4+ years of experience in accounting, taxation, and audit services.
Board meeting was conducted and concluded within 30 minutes (01:00 P.M. to 01:30 P.M.).
The company maintains an outstanding order book of Rs 1,475 Cr as per latest context.

💡 This is a routine administrative update. Investors should focus on the company's ability to convert its Rs 1,475 Cr order book into revenue, given the current TTM revenue is only Rs 58 Cr.

Regulation 74(5) Compliance: USK Confirms Share Dematerialization for Q1 FY27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Jul 2026, 01:28 PM

Udayshivakumar Infra Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Registrar and Share Transfer Agent MAS Services Limited, confirms that share certificates received for dematerialization between April 1, 2026, and June 30, 2026, were processed within the mandated 15-day window. This is a standard administrative filing required for all listed companies to ensure the integrity of the shareholding system. No material financial impact is associated with this announcement.

Covers the quarterly period from April 1, 2026, to June 30, 2026
Confirms processing of dematerialization requests within 15 days of receipt
Verification and cancellation of physical certificates completed within the 15-day limit
Compliance certificate issued by MAS Services Limited on July 2, 2026

💡 This is a routine regulatory filing; investors should focus on the upcoming Q1 FY27 financial results for fundamental performance updates.

USK Infra to Close Trading Window from July 1, 2026, for Q1 FY27 Financial Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Jun 2026, 11:41 AM

Udayshivakumar Infra Limited has announced the closure of its trading window for all designated persons and their relatives starting July 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the upcoming financial results for the quarter ending June 30, 2026. The trading window will remain closed until 48 hours after the financial results are officially disclosed to the stock exchanges. The company will announce the specific date for the board meeting to approve these results at a later time.

Trading window closure starts on July 1, 2026, for the quarter ending June 30, 2026.
Restriction applies to Designated Persons, officers, and their immediate relatives as per the company code.
The window will reopen 48 hours after the public disclosure of the quarterly financial results.
The specific date for the board meeting to declare results will be intimated separately.
Compliance is in accordance with SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 No action is required as this is a standard regulatory filing. Investors should await the announcement of the board meeting date to track the company's Q1 FY27 performance.

Udayshivakumar Infra Publishes Audited FY26 Financial Results in Newspapers

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 08 Jun 2026, 03:46 PM

Udayshivakumar Infra Limited has completed the mandatory newspaper publication of its audited financial results for the quarter and financial year ended March 31, 2026. The results were published on June 8, 2026, in 13 regional editions of Business Standard (English) and the Kannada newspaper Nagaravani. This filing is a procedural compliance under Regulation 47 of SEBI (LODR) Regulations, 2015, and does not contain new financial data beyond what was previously reported to the exchanges.

Compliance with Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Audited financial results for the year ended March 31, 2026, were published in 13 English editions of Business Standard.
Local language publication was completed in the Kannada newspaper 'NAGARAVANI' in Davangere.
The publications were released on June 8, 2026, following the board's approval of the annual results.

💡 No immediate action is required as this is a routine regulatory disclosure. Investors should refer to the company's full audited financial statements for FY26 to assess operational performance.

Udayshivakumar Infra Reports FY26 Results; Auditor Highlights GST Recovery Case

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 06 Jun 2026, 10:58 PM

Udayshivakumar Infra Limited has filed its audited financial results for the quarter and year ended March 31, 2026, receiving an unmodified audit opinion. A significant portion of the audit focused on the recoverability of GST reimbursements (12% rate) on pre-GST era contracts currently pending before the Karnataka High Court. The auditor also highlighted that balance confirmations for trade receivables and payables are still being reconciled. While the specific profit figures were not detailed in the report text, the auditor expressed confidence in the company's revenue recognition methods for long-term EPC projects.

Statutory auditors issued an unmodified (clean) opinion for the financial year ended March 31, 2026.
Key Audit Matter identified regarding the recovery of 12% GST on contracts signed before July 2017.
Auditor notes a high probability of recovery for GST dues based on legal precedents like the Belgaum Smart City Ltd case.
Emphasis of Matter raised regarding pending balance confirmations for trade receivables, payables, and deposits.
Revenue recognition for long-term construction contracts continues to be assessed based on the stage of completion under Ind AS 115.

💡 Investors should monitor the Karnataka High Court's direction on GST reimbursements as a favorable ruling would significantly boost cash flows. Additionally, verify the final P&L figures in the full statement to assess year-on-year growth and margin stability.

View All USK Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue for FY23 reached INR 286.96 Cr, representing a significant growth of 54.5% compared to INR 185.70 Cr in FY22. For the quarter ended September 30, 2025 (Q2 FY26), revenue was INR 57.71 Cr, a marginal decrease of 0.78% from the previous quarter's INR 58.16 Cr. Revenue is derived from civil construction (roads, bridges, canals) and Ready-Mix Concrete (RMC) manufacturing, though specific segment percentage splits are not disclosed.

Geographic Revenue Split

The company is primarily based in Davangere, Karnataka, with operations focused on projects for the Karnataka State Government and local civic bodies. While a specific percentage split is not disclosed, the historical focus indicates a high concentration in the Karnataka region.

Profitability Margins

PAT margins declined from 6.66% in FY22 to 5.56% in FY23. Operating margins are sensitive to raw material costs, with a drop below 5-7% triggering negative rating actions. The company aims to sustain margins above 10% for a rating upgrade.

EBITDA Margin

EBITDA for Q2 FY26 stood at INR 5.96 Cr, showing a massive recovery of 104.56% compared to an EBITDA loss of INR 5.70 Cr in the preceding quarter. This volatility is linked to the cyclical nature of construction and supply of materials/services which decreased by 9.48% to INR 49.75 Cr in the same period.

Capital Expenditure

The company maintains a comfortable capital structure with a gearing of 1.0x as of March 31, 2025. Management has indicated an absence of significant debt-funded capital expenditure in the near term to allow gearing to improve through internal accruals.

Credit Rating & Borrowing

CRISIL assigned a 'Negative' outlook in late 2025 due to profitability deterioration and working capital stretch. Bank limit utilization averaged 53% to 63% over 12-month periods. Term debt obligations are estimated between INR 10-14 Cr over the medium term.

⚙️ Operational Drivers

Raw Materials

Key raw materials include cement, aggregates, bitumen, and steel for civil construction and RMC production. Specific percentage of total cost for each material is not disclosed, but raw material price volatility is cited as a primary risk to the 7-10% operating margin target.

Import Sources

Not disclosed; typically sourced domestically within India/Karnataka for infrastructure projects.

Key Suppliers

Not disclosed, though the promoter maintains established relationships with a network of suppliers developed over 20 years.

Capacity Expansion

Operational capacity is reflected in the order book of INR 1,475 Cr as of October 31, 2025, which provides revenue visibility for the next 12-24 months. This is a slight decrease from the INR 1,598 Cr order book reported in October 2024.

Raw Material Costs

Supply of materials and services for Q2 FY26 was INR 49.75 Cr. Fluctuations in these costs directly impact the ability to maintain the 7% operating margin threshold required by credit agencies.

Manufacturing Efficiency

Operating efficiency is characterized as 'sound' by credit ratings, marked by a healthy Return on Capital Employed (RoCE) driven by economies of scale in road and canal projects.

📈 Strategic Growth

Expected Growth Rate

30-40%

Growth Strategy

Growth is targeted through the execution of the INR 1,475 Cr outstanding order book over the next 24 months. The strategy involves aggressive bidding for government tenders in road development, smart city projects, and irrigation/canal works while maintaining operating efficiency to protect margins.

Products & Services

Civil construction services (roads, bridges, canals, irrigation works) and manufactured Ready-Mix Concrete (RMC).

Brand Portfolio

Udayshivakumar Infra Limited (USK).

New Products/Services

Recent focus includes Smart City Road Development and specialized Canal Constructions, though specific revenue contribution percentages for these sub-segments are not provided.

Market Expansion

The company is focused on strengthening its position within Karnataka and government civic bodies, leveraging its status as a listed entity since 2023 to access broader project scales.

🌍 External Factors

Industry Trends

The construction industry is currently characterized by intense competition and cyclicality. There is a trend toward larger-scale integrated infrastructure projects (Smart Cities), and USK is positioning itself to bid for these higher-value contracts.

Competitive Landscape

Intense competition from other civil construction firms leads to aggressive bidding, which is a primary factor restricting operating margins to moderate levels.

Competitive Moat

The company's moat is built on the promoter's 20-year track record and established relationships with government clients. This 'long track record' acts as a pre-qualification barrier for many large-scale government tenders.

Macro Economic Sensitivity

Highly sensitive to government infrastructure spending and budgetary allocations for Karnataka state projects.

Consumer Behavior

Not applicable as the primary customers are government entities.

Geopolitical Risks

Low direct impact as operations are domestic; however, global oil price fluctuations can indirectly affect bitumen and fuel costs for construction machinery.

⚖️ Regulatory & Governance

Industry Regulations

Operations must comply with State and Central Government tender norms, civil engineering standards, and local municipal regulations for RMC manufacturing.

Legal Contingencies

The company declared no significant fraud or transactions violating the Code of Conduct. Statutory auditors issued a Limited Review Report with an unmodified opinion for the period ended September 30, 2025.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the 'Negative' outlook on credit ratings, which could increase borrowing costs if profitability does not recover above 7%. There is also a risk of margin compression if raw material costs rise by more than 200 bps.

Geographic Concentration Risk

Significant concentration in Karnataka, making the company vulnerable to state-specific political or budgetary shifts.

Third Party Dependencies

100% dependency on government tender awards for revenue pipeline.

Technology Obsolescence Risk

Low risk in civil construction, though adoption of modern RMC technology and efficient project management software is necessary for margin protection.