SRMNSE14 November 2025

SRM Contractors Limited has informed the Exchange about Investor Presentation

SRM Contractors Limited

Date: 14-11-2025

To, The Manager, Department of Corporate Services Department of Corporate Services BSE Limited Floor 25, P.J. Towers, Floor 25, P.J. Towers, Dalal Street, Mumbai [544158] BSE Scrip code – [544158] Equity ISIN INE0R6Z01013 Equity ISIN INE0R6Z01013

et, Mumbai – 400 001

The General Manager, The General Manager, Department of Corporate Services Department Limited National Stock Exchange of India Limited The National No. C/1,GBlock, Bandra Kurla complex, Plot No. C/1,GBlock, Bandra Kurla complex, No. C/1,GBlock, Bandra Kurla complex, Bandra, Mumbai – 400 051 Bandra, Mumbai NSEScripcode–[SRM] NSEScripcode

Subject: Investor Presentation

Presentation for Q2 & H1 FY26

Dear Sir/Madam

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) s 2015, we enclose herewith a copy of Investor Presentation of SRM Contractors s 2015, we enclose herewith a copy of Investor Presentation of SRM Contractors s 2015, we enclose herewith a copy of Investor Presentation of SRM Contractors Regulations 2015, we enclose herewith a copy of Investor Presentation of SRM Contractors Financial Book position, Business Outlook, Financial Limited for Q2 & H1FY26 Position and Strategic Priorities of the company. Position and Strategic Priorities of the company.

H1FY26 for citing current Order Book

This is for your information

information and records.

Thanking You,

Yours faithfully,

For SRM Contractors

Limited

Arun Mathur Company Secretary and M.No : 36848

and Compliance Officer

Encl: As Above

SRM CONTRACTORS LIMITED SRM CONTRACTORS LIMITED

(Formerly known as ‘SRM CONTRACTORS PRIVATE LIMITED (Formerly known as ‘SRM CONTRACTORS PRIVATE LIMITED’) CIN: U45400JK2008PLC002933 CIN: U45400JK2008PLC002933 Regd. Office: Sector-3, Near BJP Head Off Telefax:0191 2472729. Ema GSTIN: 01AAMCS4397M1ZT GSTIN: 01AAMCS4397M1ZT

3, Near BJP Head Office, Trikuta Nagar, J srmcontractors@gmail.com; Email:srmcontractors@gmail.com;

Jammu-180012

Earnings Presentation 2Q &1HFY26

Disclaimer

This presentation and the accompanying slides (the “Presentation”) has been prepared by SRM Contractors Ltd (the “Company”). The presentation has been prepared solely for information purpose and does not constitute any offer, recommendation or invitation to purchase or subscribe for any securities and shall not form the basis or shall be relied upon in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on the truth, accuracy, completeness, fairness and reasonableness of the content of this Presentation. This Presentation may not be all inclusive and may not contain all the information that may be considered material. Any liability in respect of the contents of or any omission from this Presentation is expressly excluded.

This presentation contains certain forward-looking statements concerning the Company’s future business prospects and business profitability which are subject to several risks and uncertainties and the actual results could materially differ from those in such forward-looking statements. The risks and uncertainties relating to these statements include but are not limited to, risks and uncertainties regarding fluctuations in earnings, company’s ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over-runs on contracts, company’s ability to manage our responses to government policies, interest and other fiscal costs generally prevailing in the economy.

The Company does not undertake to make any announcement in case any of these forward-looking statements become materially incorrect in future or update any forward-looking statements made from time to time by or on behalf of the Company.

Company Overview

Contents

Company Overview

Management Overview

Financial Highlights

1. About SRM Contractors Ltd

2. Business Overview - Scope of Services

3. Primary Competitive Strengths

4. Major Completed Projects

5. Major Ongoing Projects

1. Background of Promoters

1. Recent Financial Performance – FY25 &

2. Board of Directors

3. Key Managerial Personnel

Q1FY26

2. Analysis of Order Book as on 30th

September 2025

3. Debt Profile

4. Historical Performance

Key Highlights of 2Q & 1HFY26

Strategic Update

• During the quarter, the company reported revenue from operations of Rs 192 crore. EBITDA stood at Rs 29 crore, resulting in an EBITDA margin of 15.49%. Profit after tax (PAT) for the quarter amounted to Rs 19 crore. For the half year revenue from operations of Rs 334 crore. EBITDA stood at Rs 51 crore, resulting in an EBITDA margin of 15.48%. Profit after tax (PAT) for the half year amounted to Rs 32 crore. This performance was largely on the back of improved execution.

• Our strategic initiatives continue to yield robust order inflows. As of Sept 2025, the company’s order is 1552.65 crore. Looking ahead to FY26, we are

targeting an order inflow of nearly Rs1,000 crore, of which Rs 330 crore has already been secured as on date.

Business Updates of the quarter

•

The members of the company, at the 17th Annual General Meeting, approved the appointment of Mr. Sanjay Mehta as Group Chairman (Non Executive Director). Mr. Mehta will focus on driving international business expansion, including the development of the Abu Dhabi branch office as well as the GCC and African markets. Concurrently, Mr. Puneet Pal Singh has been appointed as the Managing Director.

The company has incurred capex of Rs 48 till 1HFY26 and plan to incur Rs 70 in capex in FY26.

• • Order Inflow for H1FY26

Segment

Slope Stabilization

Road and Bridges

Project Name Project Vartak Landslide treatment at 8 locations on NH-07, Uttarakhand, under EPC mode 1000 MW, Bhivpuri Off-Stream Open-Loop Pumped Storage Project (PSP)

State AP

Maharashtra

TOTAL

Contract Value 24.83

Contract Award Date LOA Issued on 22/05/2025

38.98

110.28

174.09

L-1

11/8/2025

Outlook

• Overall the Company is confident of topline of ~Rs900cr in FY26 with EBITDA margin guidance in in the range of ~20%. • We also intend to expand our footprint into Hybrid Annuity Model (HAM) projects and further diversify our presence across India's

markets.

SRM Contractors: Building the Backbone of India’s toughest terrains

A leading infrastructure company with 17+ years of expertise in roadways, tunnels, bridges, and slope stabilization, backed by robust in-house capabilities and a strong track record across India’s toughest terrains.

Key Business Segments

Executed critical tunnels in high-altitude Himalayan terrain

Road & Bridge Projects

Tunnels

Slope Stabilisation

Built major bridges and roads across remote border regions

Delivered large-scale slope stabilization and hill-cutting projects

Constructed key assets for national highway and defense corridors

Enabled infrastructure access in India's most challenging geographies

Building Blocks of SRM Contractors

34.8% Revenue CAGR (FY 21-25)

51% EBITDA CAGR (FY 21-25)

60.7% PAT CAGR (FY 21-25)

Rs. 1,552.65Cr Order Book (as of Sept, 25)

50+ Projects Executed

Infra Specialist with a Strategic Edge in difficult terrain

Proven Turnkey Execution Partner

Strategically Positioned for Growth

•

50+ infrastructure projects delivered

• Operates in high-margin, high-entry-barrier hilly terrain EPC niche.

• Complete in-house capabilities, from design to delivery.

•

Poised to benefit from India’s infrastructure focus on:

•

300+ professionals, including terrain-specialized engineers.

Trusted by NHAI, NHIDCL, BRO, State Governments.

17+ years of operational excellence in high-altitude regions.

• Roadways • Tunnels • Slope stabilization • Border connectivity

•

Focus on complex, terrain-intensive, government-backed projects.

Sustainable edge through regional expertise and proven execution.

1HFY26 Financial Highlights

Revenue

EBITDA

EBITDA Margin

PAT

PAT Margin

334 Cr

51Cr

15.48%

33Cr

9.71%

Domain Expertise Across Diverse Business Verticals

Provides end-to-end design, construction, and maintenance solutions for roads, highways, and bridges, including standalone bridge projects.

Provides end-to-end design and construction solutions for tunnels, cut-and-cover structures, and caverns, including upgrades, restoration, and stabilization of existing tunnels.

Provides design and construction solutions for slope stabilization, including reinforced soil structures, to protect infrastructure, the environment, and public safety.

Record-Breaking Engineering Marvels

SRM Contractors stands at the forefront of redefining infrastructure possibilities, delivering iconic engineering marvels in India’s most challenging and strategic environments.

RS Wall Reasi, KRCL

Precast Cut-and-Cover Tunnel, Leh, Ladakh

Cavern, Hanle, Ladakh, BRO

India's Tallest Railway Loading Wall

 Built India's highest reinforced soil wall

designed for heavy-duty railway loading at Reasi, Jammu & Kashmir.

India's Longest Precast Cut-and-Cover Tunnel – Leh, Ladakh

India's Highest Underground Cavern – Hanle, Ladakh

 Engineered and executed the country’s longest

 Designed and built a pioneering underground

precast tunnel at a breathtaking 12,300 feet in Leh.

 The wall exemplifies advanced engineering in reinforced soil technology, tailored for difficult Himalayan terrain and large operational loads.

 Achieved rapid deployment and structural

durability despite extreme altitude, delivering a breakthrough in strategic Himalayan connectivity.

 Received the ET Infra Rail Show Award for

Excellence in Railway EPC Construction (2025 edition).

cavern for the Indian Army and BRO at 15,200 feet, carving a new record for high-altitude defense infrastructure

 Demonstrated expertise in complex tunneling and reinforced structures, ensuring maximum safety and operational readiness even in the world’s harshest climates.

Building Blocks of SRM Contractors

Resilient Business Model

Road & Bridges Projects

Tunnel Projects

Slope Stabilization

Other Civil Construction Activities

•

The Roads division designs, constructs, upgrades, and maintains roads, highways, and bridges, including realignment, widening, restoration, and strengthening.

•

64.36% of the orderbook contains Road and Bridge Projects.

• Delivered key projects

ahead of schedule.

•

The Tunnel division designs and constructs new tunnels and caverns, and specializes in upgrading, restoring, and stabilizing existing tunnel infrastructure.

•

9.17% of the orderbook contains Tunnel Projects.

The Slope Stabilization division designs and builds reinforced soil slopes to improve stability and safeguard infrastructure, the environment, and public safety.

26.48% of the orderbook contains Slope Stabilization Projects.

•

The company also undertakes civil construction projects, including government housing, drainage, and irrigation & flood control works for various public sector clients.

Investment Thesis

Critical Backward Integration

In-house Design and Engineering Capabilities

Strategic Project Clustering

Expertise in Challenging Geographies

The company's centralized procurement and equipment management system minimizes reliance on third-party suppliers, ensuring better control over quality, timelines, and costs.

With integrated in-house capabilities across design, engineering, and key material procurement, the company improves project execution speed and quality consistency, driving operational efficiency.

The business model focuses on selecting and clustering projects within specific geographic areas, enabling economies of scale, optimized resource allocation, and cost-effective project management.

A proven track record of delivering projects efficiently in difficult terrains highlights the company's execution capabilities, risk management strength, and operational resilience.

1.1 Investment Thesis - Critical Backward Integration

Manage & Own its construction equipment in-house

Investment in Equipment

SRM had allocated ₹31.50 crore out of the ₹130.20 crore raised via fresh issue specifically toward equipment purchases and capex.

Expanding verticals

SRM is now looking to gradually expand into adjacent sectors such as aerial ropeways, hydroelectric projects, and civil works in mining.

1.2 Investment Thesis In-house Design and Engineering Capabilities

Strategic Acquisition

Strategic Acquisition SRM secures a 51% stake in Maccaferri Infrastructure Pvt. Ltd. (MIPL).

Sector Expansion Reinforces presence in India’s rapidly growing infrastructure market.

Leadership Positioning Establishes SRM as a frontrunner in geotechnical and stabilization solutions.

Differentiators Driving MIPL’s Growth

Manufacturing Strength competitive advantage through MIPL’s cutting-edge facilities, ensuring excellence and scalability.

Technical Expertise Strengthens project delivery by harnessing MIPL’s proven expertise in complex engineering solutions.

Nationwide Portfolio Expands footprint with pan-India projects and established client base.

Core Solutions & Landmark Projects

Solutions Offered Geosynthetics (MacGrid, MacDrain), gabions, rockfall protection, tunnelling systems.

Environmental Focus Hydraulic and environmental engineering (river bank).

Key Projects India’s highest Reinforced Soil Wall with Railway Loading provided for USBRL Project.

Awarded Excellence in Railway EPC Construction at ET Infra Rail Show Awards 2025

1.3 Investment Thesis Strategic Project Clustering

PAN India Presence

Selective and Strategic Contracting

Government's Future Initiatives

• Operations spanning multiple states and Union

Territories with plans for further expansion in India and Overseas.

•

ISO Certified processes and strategic partnership with international Firms like Maccaferri.

• Pioneering solutions in high-altitude constructions

and geotechnical engineering.

• Rigorous evaluation of projects before bidding,

• Projects are clustered geographically to

with emphasis on EPC contracts.

maximize synergies.

• Selection based on factors such as terrain

• Manpower, equipment, and materials across

familiarity, resource availability, and clustering potential.

• Contracts that align with operational strengths,

improving execution quality and risk management.

nearby sites reduce overhead costs.

• Lower transportation expenses and limited

need for new equipment investments lead to economies of scale.

• Clustering principle applied consistently, including on sub-contract projects, further boosting margins

1.4 Investment Thesis Expertise in Challenging Geographies

Expertise in Challenging Terrain

• 17+ years in J&K & Ladakh, specializing in complex hilly infrastructure.

• Proven ability to manage steep gradients, sharp bends & extreme weather conditions.

• Recent contract win in Uttarakhand further validates execution capabilities.

Strong Competitive Edge

• Robust technical know-how and consistent timely execution track record.

• Solid financial strength and price competitiveness secure major GoI-funded projects.

• Trusted partner for complex and large sub-contracting assignments.

Established Regional Leadership

• Recognized as a leading infrastructure player in J&K & Ladakh region.

• Expanding footprint into other difficult hilly regions across India.

•

Industry recognition (D&B Report) further reinforces strong leadership.

Improving Financial Strength

0.43x

Net Debt/Equity

ROE & ROCE Pre-tax

FY23

FY24

-0.21x

Book to Bill Ratio

3.51

2.44

1.44

0.86

1.32

1.26

FY25

-0.19x

2.72

1.73

39%

35%

21%

26%

28%

20%

FY23

FY24

FY25

RoE

RoCE pre tax

FY2022

FY2023

FY2024

FY2025

SRM Peer Average

Formula: 1. Net Debt to Equity: Net debt/Equity Share Capital+ Share Premium, Reserves & Surplus 2. Book to Bill Ratio: Orderbook/Total Revenue. Peers- ITD Cementation Ltd, Likhita Infra Ltd & Udayshivakumar Infra Ltd 3. ROE: PAT/Total Equity, ROCE: EBIT/Capital Employed

Growth Outlook – In FY26

Revenue Guidance

Rs 800crores

EBITDA Guidance

20%+

PAT & PAT Margin Guidance

10%+

Expected Order Inflow

~1000+ cr order in FY26

Strategic Acquisition - 51% stake in Maccaferri Infrastructure Pvt. Ltd. (MIPL)

Strategic Acquisition of 51% Stake in Maccaferri Infrastructure Pvt. Ltd. (MIPL)

Expanding Horizons: This strategic acquisition of 51% stake in Maccaferri Infrastructure Pvt. Ltd., a wholly owned subsidiary of an Italian multinational brand with presence in over 100 countries is expected to significantly aid SRM in expanding their business PAN- India and abroad.

Enhanced Capabilities: Strengthened expertise in geotechnical and environmental solutions, including slope stabilization, soil retention, and erosion control.

Robust Financial Strength: With MIPL’s robust order book of ₹211 crores, its consolidation in the upcoming quarter will boost SRM’s financial strength, enhance revenue visibility, and improve overall financial position

Business Synergies: Complemented SRM Contractors’ EPC and HAM portfolio, enabling integrated and specialized project execution.

Market Positioning: Positioned SRM as a diversified infrastructure player with advanced technical solutions and broader market reach.

SRM Contractors – Strategic Priorities (Next 2–3 Years)

Disciplined expansion • Capability deepening • Superior execution

Growth Focus:

Diversification into HAM

Geographic & Segment Expansion

Selective bidding on quality HAM projects (predictable cash flows)

Consolidate in core infra states like Maharashtra

Maintain prudent EPC:HAM mix for stability + discipline

Enter tunnels, bridges, hill roads, and mitigation corridors

Geotechnical & Environmental Capabilities

51% stake in Maccaferri Infrastructure (slope stabilization, soil reinforcement)

Integrated design–build–monitoring offerings

Expand into drainage, landslide mitigation, climate-resilient infra

Operational Excellence & Technology

Centralized design cell → faster, margin-accretive execution

Vendor alliances & early procurement for supply chain resilience

People, Safety & Culture

Hire/train specialist geotechnical & environmental engineers

Zero-harm culture: HSE dashboards, audits, certifications

KRA-linked incentives for safety, quality, cash discipline

Financial Discipline & Governance

Strong working-capital management & claim cycles

Asset-light capex (focus on high-utilization equipment)

Robust board oversight, audits, compliance

Management Overview

Promoters & Directors

Mr. Sanjay Mehta Chairperson & Promoter

Ms. Ashley Mehta Promoter & Non - Executive Director

Mr. Puneet Pal Singh Promoter & Managing Director

Sanjay Mehta is the Promoter of the Company. He completed his degree of Bachelor of Medicine and Bachelor of Surgery from the University of Jammu in the year 1994. He also completed his degree of Master of Health Administration from the Tata Institute of Social Sciences in 2001. His prior work experience involves working as an Assistant Surgeon for the J&K Health Services, Jammu from the year 1998 till the year 2000 and then from the year 2004 till the year 2007. He has been associated with the Company since its incorporation in 2008. He has over 17 years of experience in the the construction infrastructure sector. His other ventures include SRM Realties Private Limited and Revya Technologies LLP.

particularly,

industry,

Ashley Mehta is a Non-Executive Director of the Company. She completed her degree of Bachelor of Science in Civil Engineering from Rutgers, The State University of New Jersey, in 2023. She is presently employed at Weeks Marine, Inc. as a Field Engineer - Dredging. She has been associated with the Company since the year 2018. She has over 5 years of experience in the business of the Company.

Puneet Pal Singh is a Managing Director of the Company. He completed his degree of Bachelor of Technology in Civil Engineering from Jaypee University of Information Technology, Waknaghat, Himachal Pradesh, in the year 2019. He has been associated with the Company since 01st April 2020, as a Project Coordinator – Civil till September 30, 2022. On October 1, 2022, he was appointed on the Board of our Company. He has over 6 years of experience in the construction industry, particularly, in the infrastructure sector. He oversees construction activities at multiple sites of the Company.

DIRECTORS

Mr. Ankur Verma Executive Director

Mr. Yudhvir Gupta Independent Director

Mr. Sanjay Sharma Independent Director

Mr. Ankur Verma is an Executive Director of our company since October 01, 2025.

He is a qualified Civil Engineer with over 12 years of professional experience in civil engineering, project execution, contract management, and quantity surveying.He has been associated with SRM Contractors Limited since 2013 and earlier holds the position of General Manager (Planning and Tendering). He possesses extensive expertise in tender management, bid preparation, cost estimation, contract administration, and execution planning for large scale infrastructure projects.

Yudhvir Gupta is an Independent Director appointed since August 02, 2023.

He completed his degree of Bachelors of Commerce from the University of Jammu in 1993 and Bachelors of Law from the University of Jammu in 1996. He has been enrolled with Bar Council of Jammu and Kashmir since 1999. He is the proprietor of M/s Gupta Accountants, Jammu since 1999. The firm specializes in taxation and accountancy matters and has more than 25 years of experience in legal (taxation) matters.

Sanjay Sharma is an Independent Director appointed since September 11, 2023.

He completed his degree of Bachelors of Science from University of Jammu in 2000 and Bachelors of Law from Hemwati Nandan Bahuguna Garhwal University in 2003. He has been enrolled with the Bar Council of Jammu and Kashmir since 2006. He has more than 20 years of experience in legal field. He has been empaneled on the J&K Bank’s panel of lawyers since 2010.

DIRECTORS

Mr. Sushil Kumar Sharma Independent Director

Mr. Inder Jeet Kumar Independent Director

Sushil Kumar Sharma is an Independent Director appointed since August 30, 2023.

He completed his Masters of Science and Masters of Philosophy in Botany from University of Jammu in 1985. He was involved in the education sector as an Assistant Professor of Botany in GGM Science College, Jammu since the 1988 till 2010. He has over 3 decades of experience in the education sector. Presently, Mr. Sushil serves as a faculty member, specializing in Botany for NEET aspirants at ASL Tutorials, Jammu.

Mr. Inder Jeet Kumar is an Independent Director of our company. He is a seasoned legal professional with over 24 years of extensive practice as an Advocate.

His long-standing career reflects his strong commitment to professional ethics, impartial judgment, and accountability. With his proven expertise in navigating complex legal and regulatory matters, Mr. Inder Jeet Kumar brings valuable insights into governance, compliance, and risk management.

Key Managerial Personnel

Ms. Aashni Mahajan Chief Financial Officer

Aashni Mahajan is the Chief Financial Officer of our Company. She has been working with our Company since January 2024.

Chartered Accountant with a Masters in Finance from the University of Jammu & Kashmir and with extensive experience in Wipro Limited.

Mr. Arun Mathur Company Secretary & Compliance Officer

Arun Mathur is the Company Secretary and Compliance Officer of our Company. He has been working with our Company since September 1, 2022

With a Master of Commerce degree from the University of Jammu and an Associate Membership with the Institute of Company Secretaries of India since 2014, Arun brought significant experience to the role.

Financial Highlights

Profit & Loss Statement (Consolidated)

Particulars (INR in Cr)

Q2FY26 Q2FY25 YoY% Q1FY26 QoQ% 1HFY26

1HFY25 YoY%

Revenue from Operations

Gross Profit

EBITDA

206.22

111

EBITDA Margin %

14.88%

18%

Depreciation

Earnings Before Interest & Tax

Interest

Profit Before Tax

Tax

Net Profit

PAT Margin (%)

Earnings Per Share Basic (INR) Earnings Per Share Diluted (INR)

9.74%

10%

8.75

18.04

8.75

18.04

117.07

236.36

72.222

-17.33

86.667

85.714

100

-2.6

-51.5

142

45.23

348.6

150

132.4

126.5

40.91

158

52.6

182.14

81.379

15%

-0.8

15.11%

19%

-20.474

100

44.44

5.8

46.8

2.9

43.9

11.08

53.85

32.82

-27.5

119.5

121.6

118.8

8.222

9.42%

10%

-5.8

5.56

57.37

14.30

13.18

8.4977

5.56

57.37

14.30

13.18

8.4977

All values in INR Crores 27

Profit & Loss Statement (Consolidated)

Particulars (INR in Cr)

Revenue from Operations

Gross Profit

EBITDA

EBITDA Margin %

Depreciation

Earnings Before Interest & Tax

Interest

Profit Before Tax

Tax

Net Profit

PAT Margin (%)

Earnings Per Share Basic (INR)

Earnings Per Share Diluted (INR)

FY 23

300.3

FY24

342.4

82.7

38.3

13%

7.8

30.5

5.8

25.1

6.3

18.8

11.2

84.7

41.6

12%

8.9

32.7

5.7

34.6

7.6

27.0

16.1

16.2

FY25

H1FY26

528.1

148.0

81.4

15%

13.6

67.9

7.5

74.3

19.3

55.0

10%

23.97

348.6

158.0

52.6

15.11%

5.8

46.8

2.9

43.9

11.08

32.82

9.42%

14.30

All values in INR Crores

Financial Highlights - Recent Performance - FY25 Balance Sheet (Consolidated)

Particulars

FY23

FY24

FY25 1HFY26

Particulars

ASSETS

NON-CURRENT ASSETS

FY23 FY24 FY25 1HFY26

Equity and Liabilities

Shareholders Funds Equity Share Capital Other Equity(includes share premium, Reserves and surplus) Money Received Against Share Warrants Minority Interest Total Equity NON-CURRENT LIABILITIES Long Term Borrowings Deferred Tax Liabilities Long term provision Total Non-Current Liabilities CURRENT LIABILITIES Short Term Borrowings Trade Payables Other current liabilities Short -term provisions Total Current Liabilities Total Liabilities Total Equity and Liabilities All values in INR Crores

16.74

22.94

Property, Plant and Equipment

39.47 39.84 72.69

115.88

46.63

39.06

252.60

276.20

0.00

73.59

0.00 63.37

0.00 129.33 275.54

0 299.15

25.57 0.35 0.00 25.91

25.73 0.48 0.00 26.21

14.10 0.42 0.00 14.52

21.39 26.79 21.86 11.15 68.21 32.28 0.01 0.00 0.01 14.20 22.57 25.26 46.75 79.41 117.57 105.62 132.09 72.66 136.03 235.01 407.63

20.55 2.43 2.86 25.84

38.71 109.16 30.13 13.51 191.51 217.34 516.50

(i) Tangible Assets

(ii) Capital Work in progress

Non-current investments

Deffered tax assets(net)

Long terms loans and advances

Other non-current assets

0.00

1.79

0.00

6.39

0.00

6.92

0.00

19.01

0.00

0.79

10.47

Total Non-Current Assets

41.25 46.23 79.61

146.16

CURRENT ASSETS

Current Investments

Inventories

6.79

7.65

19.43

0.00

10.37 27.46 85.07

29.21

Trade Receivables

15.38 31.30 39.26

0.00

Cash And Cash Equivalents

19.70 59.29 92.95

134.73

Short term loans and advances Other Current Assets/Financial Assets Total Current Assets

Total Assets

42.35 62.90 91.17

0.00

0.18

0.14

206.39

94.77 188.78 328.03 370.34

136.03 235.01 407.63 516.50

Analysis of Order Book as on 30th September 2025

Slope Stabilization 26%

Tunnels 9%

Roads and Bridges 60%

Segment

Amount (in INR crs)

Roads & Bridges

Tunnels

Slope Stabilization

Others

Total

999.24

142.34

411.06

1552.65

Arunachal Pradesh 2%

Maharashtra 17%

Gujarat 15%

Uttarakhand 17%

Odisha 3%

Leh 9%

Himachal Pradesh 5%

Jammu and Kashmir 32%

State

Amount (in INR crs)

Arunachal Pradesh

Gujarat

Himachal Pradesh

Jammu & Kashmir

Leh & Ladakh

Odisha

Uttarakhand

Maharashtra

Total

24.83

239.12

75.86

498.85

138.32

45.59

264.79

265.30

1552.65

Tenders under Evaluation and in pipeline - 5252 Crores and Tenders in pipeline ( HAM Projects ) - 2157 crores

Average Completion Time : 18 to 24 Month

Financial Highlights - Debt Profile

Long Term Debt

Short Term Debt

Long-Term Borrowings under Non-Current Liabilities

Short-Term Borrowings under Current Liabilities

2556.8

FY23

2572.52

FY24

INR Lakhs

Gross Debt

1409.79

FY25

2139

FY23

2186

FY24

INR Lakhs

2679

FY25

Gross Debt – Equity Ratio

Gross of Long-Term and Short-term

Short-Term Borrowings under Current Liabilities

0.74

Key Insights

Substantial reduction in debt levels post listing demonstrating management’s commitment towards efficient capital allocation and project management

0.20

Gross Debt – Equity Ratio as on 30th September 2025

On 1st July 2025, CARE Edge Ratings upgraded the rating of Long-Term Bank facilities from CARE BBB+ to CARE A-

4696

FY23

4758

FY24

INR Lakhs

4089

FY25

0.37

0.09

A-

FY23

FY24

FY25

Rating for Long-Term Bank Facilities

KEY CLIENTS

THANK YOU

For further information, please get in touch : www.goindiaadvisors.com Saloni Ajmera Go India Advisors

Tel: +91-99305 77801; E: saloni@goindiaadvisors.com

Selina Sheikh Go India Advisors

Tel: +91-84338 18768; E: selina@goindiaadvisors.com

This publication contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. Neither entities shall accept any responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication. On any specific matter, reference should be made to the appropriate advisor.

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