Tirupati Sarjan profit rises 10% as tender revenue jumps

Tirupati Sarjan Limited reported net profit of Rs 112.97 lakh for the quarter ended September 30, 2026, up 10% from Rs 103.13 lakh a year earlier, as tender-division revenue increased 43% to Rs 53.4375 crore. Tender work accounted for almost all of the company’s Rs 54.0597 crore operating income.

How did Tirupati Sarjan perform in the September 2026 quarter?

Tirupati Sarjan’s reported net profit rose to Rs 112.97 lakh in the September 2026 quarter from Rs 103.13 lakh in the corresponding quarter a year earlier. Total revenue increased to Rs 54.1586 crore from Rs 38.0076 crore, while reported profit before tax rose to Rs 1.5712 crore from Rs 1.4342 crore.

The year-earlier reported profit before tax included an extraordinary item of Rs 18.54 lakh. Before exceptional and extraordinary items, profit from operations was Rs 1.5712 crore in the latest quarter, compared with Rs 1.2488 crore in the September 2025 quarter. Tax expense increased to Rs 44.14 lakh from Rs 40.29 lakh, resulting in a slower increase in net profit than in revenue.

On a sequential basis, total revenue rose from Rs 32.0898 crore in the June 2026 quarter to Rs 54.1586 crore in the September quarter. Net profit declined from Rs 1.3577 crore to Rs 112.97 lakh, and reported profit before tax fell from Rs 1.8883 crore to Rs 1.5712 crore. Finance cost was Rs 91.98 lakh in September, compared with Rs 1.0084 crore in June.

What drove Tirupati Sarjan’s revenue growth?

Tirupati Sarjan’s tender division was the main source of growth, reporting September-quarter revenue of Rs 53.4375 crore versus Rs 37.4249 crore in the corresponding 2025 quarter. The increase of Rs 16.0126 crore was substantially larger than the construction business, whose revenue increased by Rs 5.55 lakh to Rs 13.54 lakh.

Tender work represented about 99% of Tirupati Sarjan’s operating income of Rs 54.0597 crore in the September 2026 quarter. Other operating income increased to Rs 48.68 lakh from Rs 32.67 lakh. The company says it constructs houses and complexes and undertakes government tender work, although construction activity is its sole segment under Indian Accounting Standard 108, or Ind AS 108.

The same contrast appears in the half-year figures. Tender-division revenue for the half year ended September 30, 2026 was Rs 85.6466 crore, up from Rs 66.8904 crore in the prior-year half year. Construction-business revenue declined to Rs 50.18 lakh from Rs 1.0812 crore, meaning the tender-revenue increase more than offset the reduction in construction sales.

How did Tirupati Sarjan’s costs and half-year earnings change?

Tirupati Sarjan’s total expenses rose to Rs 52.5874 crore in the September quarter from Rs 36.7588 crore a year earlier. Cost of materials consumed increased to Rs 17.7277 crore from Rs 11.7212 crore, while cost of construction rose to Rs 30.6099 crore from Rs 26.9478 crore.

Employee-benefit expense increased to Rs 52.69 lakh from Rs 36.26 lakh, while depreciation and amortisation expense rose to Rs 28.50 lakh from Rs 19.83 lakh. Other expenses were Rs 77.23 lakh, compared with Rs 76.30 lakh a year earlier. These cost movements left reported profit before tax at Rs 1.5712 crore on total revenue of Rs 54.1586 crore.

For the half year ended September 30, 2026, Tirupati Sarjan reported total revenue of Rs 87.1484 crore, compared with Rs 69.1528 crore in the previous corresponding half year. Net profit rose to Rs 2.4874 crore from Rs 2.0946 crore, while reported profit before tax increased to Rs 3.4595 crore from Rs 2.9443 crore.

Half-year finance cost declined to Rs 1.9282 crore from Rs 2.1024 crore in the year-earlier period. Total expenses for the latest half year were Rs 83.6689 crore, compared with Rs 66.3939 crore previously. The company recorded no other comprehensive income for either the September quarter or the first half of the financial year.

What do Tirupati Sarjan’s balance sheet and cash flows show?

Tirupati Sarjan’s total assets were Rs 200.0456 crore at September 30, 2026, compared with Rs 186.1772 crore at March 31, 2026. Inventories increased to Rs 68.9125 crore from Rs 61.2122 crore, trade receivables rose to Rs 27.3639 crore from Rs 26.4114 crore, and other non-current assets increased to Rs 22.8233 crore from Rs 11.7311 crore.

Total equity was Rs 96.4549 crore at September 30, compared with Rs 93.9674 crore at March 31. Non-current borrowings declined to Rs 22.2637 crore from Rs 23.9015 crore, but current borrowings increased to Rs 19.3898 crore from Rs 16.5027 crore. Total liabilities increased to Rs 103.5907 crore from Rs 92.2098 crore over the same period.

Cash and cash equivalents were Rs 33.04 lakh at September 30, 2026, compared with Rs 4.1653 crore at March 31. The half-year cash-flow statement recorded Rs 4.97695 crore of cash used before extraordinary items, following a Rs 7.7003 crore increase in inventory and a Rs 9.1914 crore increase in non-current assets. Cash generated from operations before tax payments was negative Rs 4.00485 crore.

Were Tirupati Sarjan’s September 2026 results audited?

Tirupati Sarjan’s September-quarter and half-year financial results were unaudited and subject to a limited review by MAAK & Associates. In its report dated November 6, 2026, the auditor said nothing had come to its attention to indicate that the financial statement contained a material misstatement under applicable accounting requirements.

The audit committee approved the results on November 6, 2026, and the board took them on record on the same date. The limited-review report states that the procedure provides moderate assurance and is based primarily on company inquiries and analytical procedures, rather than an audit opinion.

Conclusion

Tirupati Sarjan’s September-quarter increase in profit was led by tender work, with tender-division revenue rising 43% year on year to Rs 53.4375 crore and total revenue increasing 42.5% to Rs 54.1586 crore. Net profit increased 9.5% to Rs 112.97 lakh, while total expenses rose 43.1%, broadly matching the rate of revenue growth.

The filing provides no tender-order target or future reporting schedule. The disclosed matters to watch are the Rs 7.7003 crore inventory increase, the decline in cash and cash equivalents to Rs 33.04 lakh, and the rise in current borrowings to Rs 19.3898 crore as of September 30, 2026.