ARArtson522134Quarterly results

Board approves Q2 results, new statutory auditor and extension of loan maturity

Approved unaudited Q2 FY27 results; Price Waterhouse & Co LLP issued an unmodified limited review opinion, audit qualification impact Nil.

By ScoutQuest · Fri 16 Oct 2026, 7:17 PM IST · 4 min read

Total Income YoY Change

Year ago 4,816.61 (−19.3%)

Period

Quarter ended 30 September 2026 (Unaudited)

The board of Artson Ltd met on 16 October 2026 and approved three things: the unaudited results for the quarter and half year ended 30 September 2026, a change of statutory auditor, and an extension of the maturity of a loan taken from its holding company.

Results for the quarter ended 30 September 2026 (standalone, ₹ Lakhs)

• Revenue from operations: 3,867.61 (quarter ended 30 September 2025: 4,812.38)
• Other income: 21.43 (4.23)
• Total income: 3,889.04 (4,816.61)
• Total expenses: 3,616.77 (5,120.48)
• Profit/(loss) before tax: 272.27 ((303.87))
• Profit/(loss) for the period: 200.62 ((223.51))
• Earnings/(loss) per share, basic and diluted: 0.54 ((0.61))

Half year and full year figures (standalone, ₹ Lakhs)

• Half year ended 30 September 2026 — Total income: 6,543.77; Profit for the period: 159.88
• Half year ended 30 September 2025 — Total income: 9,291.91; Loss for the period: (201.92)
• Year ended 31 March 2026 (audited) — Total income: 16,369.32; Loss for the year: (1,088.37); Loss per share: (2.95)

Change of statutory auditor

• The board approved the appointment of M/s. Walker Chandiwala & Co LLP, Chartered Accountants (Firm Registration No. 001076N/N500013), as Statutory Auditors.
• The appointment is for a period of 5 years, effective from the conclusion of the 48th AGM to be held in 2027 till the conclusion of the 53rd AGM to be held in 2032, and is subject to the approval of the shareholders.
• The existing auditors, M/s. Price Waterhouse & Co Chartered Accountants LLP, would complete their tenure upon conclusion of the 48th AGM to be held in 2027.
• The incoming firm was established in 1935, has its registered office in New Delhi with nineteen other offices, and has ninety-eight partners.

Extension of loan maturity

• The board approved extension of the maturity period of the partly secured loan of ₹ 40.30 Crores taken from Tata Projects Limited, the Holding Company.
• The tenure moves from the existing 20 years (falling due in 2037) to 25 years (now due in 2042).
• This is subject to obtaining the requisite approvals, if any, inter alia from Tata Projects Limited.

Going concern and other notes to the results

• The company has significant accumulated losses as at 30 September 2026.
• Management, including the Board, assessed the company's ability to continue as a going concern and believes it would be able to meet its cash flow requirements for the next twelve months.
• Tata Projects Limited, the Holding Company, has provided a letter of support to provide adequate business, financial and operational support to the company to enable it to meet its financial obligations and continue operations.
• During the quarter, the company recognised revenue for a claim amounting to Rs. 992 lakhs towards recovery of additional costs incurred on account of extension of time, execution of ground improvement works and other related works at the project site. Management believes the amount recognised is recoverable.
• The company operates in only one business segment, viz. supply of equipments, steel structures and site services of mechanical works.

What the auditors said

• Price Waterhouse & Co Chartered Accountants LLP reviewed the statement and stated that nothing has come to their attention that causes them to believe the statement has not been prepared in all material respects in accordance with the applicable Accounting Standards, or that it contains any material misstatement.
• This is an unmodified opinion, and the company stated that the impact of audit qualification is Nil.
• A review provides moderate assurance and is not an audit opinion.

Balance sheet snapshot (₹ Lakhs)

• Total assets: 11,900.24 as at 30 September 2026, against 12,343.85 as at 31 March 2026.
• Total equity: 223.99 as at 30 September 2026, against 38.94 as at 31 March 2026.
• Non-current borrowings: 1,574.25 (1,458.40); current borrowings: 3,745.11 (3,876.22).
• Cash and cash equivalents: 0.20 (0.20).

How to read this

• The quarter shows a Profit for the period of 200.62 lakhs against a loss in the same quarter a year earlier, while the half-yearly and full-year figures printed alongside still show losses.
• The auditor's review carries an unmodified opinion. The results also carry a going-concern note, which rests on the holding company's letter of support and the approved business plan and cash flow projections.
• The auditor appointment and the loan maturity extension are changes that take effect subject to approvals — the auditor change needs shareholder approval, and the loan extension needs the requisite approvals, if any.

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