Ekansh Concepts Limited approves Sankalp merger amid FY26 loss

Ekansh Concepts Limited has approved the absorption of Sankalp Industrial Infratech Private Limited, subject to regulatory and shareholder approvals, while its FY26 annual report showed a ₹304.22 crore net loss. The proposed all-share merger would issue 4.43 crore new shares and change the company’s post-merger ownership structure.

What did Ekansh Concepts Limited approve?

Ekansh Concepts Limited approved a Scheme of Merger by Absorption of Sankalp Industrial Infratech Private Limited with the company at its board meeting on June 29, 2026. The proposal followed recommendations from the Audit Committee and the Committee of Independent Directors. Ekansh Concepts said the transaction is intended to combine Sankalp Industrial Infratech's infrastructure development capabilities with its own consultancy and project-management activities.

Ekansh Concepts provides multi-expertise consulting and engineering services for infrastructure projects, including roads, bridges and tunnels, through its subsidiary focused on development and construction. The merger proposal therefore brings together activities that the company has described as infrastructure asset development, consultancy and project management.

The scheme is not yet effective. It requires approvals from BSE Limited, the Securities and Exchange Board of India, the National Company Law Tribunal, shareholders and creditors. The company said it would file the detailed scheme with BSE under Regulation 37 of the SEBI Listing Regulations.

What are the share-swap terms and ownership changes?

Sankalp Industrial Infratech shareholders would receive seven fully paid Ekansh Concepts equity shares of ₹10 each for every eight fully paid equity shares of ₹10 each held in Sankalp Industrial Infratech. The approved swap is expected to result in the issue of 4.43 crore new Ekansh Concepts equity shares.

According to the disclosed post-merger shareholding structure, promoters would hold 73.71% of the expanded equity capital and the public would hold 26.29%. The company stated that the public shareholding would decline from 100% before the transaction to 26.29% after the merger. This ownership change is a central part of the proposal for existing public shareholders to consider during the approval process.

The consideration was determined by Harsh Ruparelia, a registered valuer. 3Dimension Capital Services Limited, a Category I SEBI-registered merchant banker, issued a fairness opinion for the transaction. Ekansh Concepts also said the scheme requires the consent of a majority of public shareholders in line with the SEBI Master Circular dated June 20, 2023.

How did Ekansh Concepts perform in FY26?

Ekansh Concepts reported consolidated revenue of ₹3,109.32 crore for FY26, compared with ₹4,626.60 crore in the preceding year. The company reported a net loss of ₹304.22 crore, against a net profit of ₹191.78 crore in the prior year, according to its FY26 annual report filed with BSE on September 4, 2026.

The change from profit to loss provides important context for the merger proposal. The company did not recommend a dividend for FY26. Its operating profit margin was negative 8.69% for the year ended March 2026, compared with a positive 2.62% in the year ended March 2025. The trailing-twelve-month operating margin shown in the supplied data was negative 7.94%.

The proposal would add Sankalp Industrial Infratech's reported net worth of ₹51.19 crore and total assets of ₹57.76 crore to the combined platform. However, Ekansh Concepts has not disclosed future financial guidance, a target for the merged entity, or a deadline for completing the scheme beyond the required approval process.

How has the announcement affected Ekansh Concepts investors?

The supplied market data show that Ekansh Concepts shares traded at ₹161.10, down ₹2.00 or 1.23%, with a market capitalisation of ₹243.71 crore in the peer-comparison snapshot. The same data show returns of negative 10.08% over one week, negative 18.66% over one month, negative 31.46% over six months and negative 25.50% over one year.

A separate price update reported Ekansh Concepts at ₹174.75 on BSE at 12:03 pm on October 29, 2026, up 7.84% from the previous close of ₹162.05. These figures relate to different market snapshots and should not be treated as a single closing-price series. The stated 52-week trading range was ₹142.85 to ₹270.00.

For investors, the key disclosed effects are the proposed issue of new shares, the resulting ownership shift and the pending approvals. The company’s reported negative price-to-earnings ratio of -72.57 also reflects the loss position in the supplied market data. No projection about the merger's future impact on earnings, valuation or share price has been provided by Ekansh Concepts.

What approvals and governance changes remain pending?

The merger remains subject to review by BSE, SEBI and the NCLT, followed by the required approvals from shareholders and creditors. The company has specifically identified majority support from public shareholders as a requirement under the applicable SEBI framework. Until these steps are completed, the merger is a board-approved proposal rather than a completed transaction.

Alongside the merger decision, the board appointed Neha Beriwala and Rajesh Kumar Agrawal as Additional Executive Directors with effect from June 29, 2026. Their appointments are subject to shareholder approval. Ekansh Concepts' FY26 annual report also disclosed governance changes and scheduled its annual general meeting for September 28, 2026.

The compliance record supplied with the company information includes a certificate filed on October 6, 2026, under Regulation 74(5) of the SEBI Depositories and Participants Regulations, 2018. This filing is separate from the merger process, but it shows that the company continued to make regulatory disclosures after the board approved the scheme.

Conclusion

Ekansh Concepts has proposed a substantial change to its capital structure and operating platform through the absorption of Sankalp Industrial Infratech. The transaction comes after FY26 revenue fell to ₹3,109.32 crore and the company recorded a ₹304.22 crore net loss, replacing the previous year's profit. The disclosed share swap, new share issue and post-merger ownership structure are therefore material considerations for shareholders.

The next matters to watch are the filing and review of the detailed scheme by BSE and SEBI, NCLT proceedings, and shareholder and creditor approvals. Ekansh Concepts has not disclosed a completion date or financial guidance for the combined entity, leaving the regulatory process and final shareholder vote as the key unresolved steps.