Twamev Approves Q1 Financial Results, Changes CEO Amid Operational Review Highlights

Twamev Approves Q1 Financial Results, Changes CEO Amid Operational Review Highlights​

Twamev Construction and Infrastructure Limited, formerly Tantia Constructions Limited, has approved the un-audited standalone and consolidated financial results for the quarter ended June 30, 2026. The company also announced a key change in its executive leadership.

During its Board meeting on August 11, 2026, the Directors transacted several matters related to operations and corporate governance. Key decisions approved by the Board included setting up an Annual General Meeting (AGM) for September 22, 2026, which will be held via Video Conferencing or other audio-visual means. The company also set a cut-off date of September 15, 2026, to record shareholders eligible for voting through the remote e-voting facility during the AGM. M/s MR & Associates was appointed as the Scrutinizer for the e-voting process at the Annual General Meeting.

Management Transition and Corporate Updates​

The Board meeting also approved a personnel change, effective August 1, 2026. Mr. Biswajit Chakraborty's designation was changed from Senior Management Personnel to Chief Executive Officer (CEO).

Highlights of Financial Review for Q1 2026​

Standalone Results​

The independent auditor's review focused on the un-audited standalone financial results for the quarter ended June 30, 2026. The review highlighted several operational and accounting aspects:

• Resolution Plan: The company is involved in settling the resolution plan amount of Rs 2100 Lacs, which is contingent upon upgrading its account status from NPA as per the NCL Kolkata order dated July 14, 2024.
• Revenue Recognition: Revenue amounting to INR 1104 Lakhs includes INR 302 Lakhs for unbilled revenue for the quarter ending June 30, 2026.
• Provisions and Contingencies: The company initiated reconciliation with Trade Receivable, Advances to Vendor, and Creditors. A provision of Rs Nil was made for estimated credit loss based on the management's assessment. Furthermore, a provision for impairment loss of INR NIL was recorded regarding the fair value of investment in a Subsidiary, following an independent impairment study.
• Accounting Notes: Note 8 in the financial results noted that no provision had been made for Gratuity and Leave Encashment, which resulted in an understatement of profit for the quarter. Additionally, cumulative rental income not accounted for during the period (INR 8 Lakh from April to June 2026) also led to a standalone profit understatement by INR 8 Lakh.

Consolidated Results​

The review of the consolidated financial results similarly highlighted specific issues related to subsidiaries and international disputes:

• Subsidiary Status: Tantia Sanjali Parking Private Limited (TSPL), an associate company, was admitted into the CIR process by the Adjudicating Authority on March 23, 2023.
• Major Litigation: A step-down subsidiary, Tantia Raxaultolloway Private Limited (TRPL), has preferred an arbitration and filed a claim of INR 98618 Lakh before the Arbitration Tribunal (AT) concerning an abandoned project. NHAI has taken over control of the Project Assets in this matter.
• Financial Concerns: The review noted that TRPL's facilities from various banks had become NPA, but no provisions have been made for interest payments since April 1, 2018.

The company also detailed its business activities, noting that it has only one reportable operating segment as per IND AS 108. Furthermore, the company disclosed that Mr. Upendra Singh and Mr. Shrish Tapuriah sold 32,37,060 equity shares (2.09% of paid-up capital) on the stock exchange during the quarter.

TICL Stock Price Movement​

Twamev Construction and Infrastructure Limited shed 0.69% in trading today, closing at ₹10.04 after a brief session. The stock traded amidst a narrow intraday range between ₹9.71 and ₹10.39, with 20,260 shares transacted.