Univastu India revenue triples as gross margin falls to 20.44%

Univastu India Limited reported consolidated revenue from operations of Rs 149.91 crore for the quarter ended September 30, 2026, more than triple Rs 48.34 crore a year earlier, while reported gross margin declined to 20.44% from 26.66%. Net profit after tax increased to Rs 15.58 crore from Rs 5.01 crore despite the margin contraction.

How did Univastu India perform in the September 2026 quarter?

Univastu India increased revenue from operations by Rs 101.57 crore year on year to Rs 149.91 crore in the September 2026 quarter. Total income, which includes other income, rose to Rs 152.35 crore from Rs 48.65 crore, with other income of Rs 2.44 crore compared with Rs 0.31 crore in the September 2025 quarter.

Profit before tax rose to Rs 20.46 crore from Rs 6.88 crore, and net profit after tax increased to Rs 15.58 crore from Rs 5.01 crore. Basic and diluted earnings per share were Rs 4.09, compared with Rs 1.23 a year earlier. Univastu India said earnings per share for quarterly and half-year periods are not annualised and that prior-period figures were restated for warrant-related equity and bonus shares.

What changed in Univastu India’s costs and margins?

Univastu India’s reported gross margin fell by 6.22 percentage points year on year to 20.44% in the September 2026 quarter. The margin was also lower than 23.06% in the June 2026 quarter, while the half-year margin was 21.52%, compared with 30.76% in the half year ended September 30, 2025.

Cost of construction rose to Rs 119.28 crore in the September quarter from Rs 35.45 crore a year earlier, alongside the increase in revenue. Employee-benefit expense rose to Rs 4.55 crore from Rs 2.76 crore and other expenses increased to Rs 6.55 crore from Rs 2.08 crore. Finance cost, however, decreased to Rs 0.87 crore from Rs 1.06 crore.

Profit before tax to revenue declined to 13.65% from 14.22%, while net profit after tax to revenue edged up to 10.39% from 10.37%. The differing movement reflects a tax expense of Rs 4.89 crore in the latest quarter, compared with Rs 1.86 crore a year earlier, and profit before tax of Rs 20.46 crore against Rs 6.88 crore.

What do Univastu India’s half-year results and cash flow show?

Univastu India reported revenue from operations of Rs 253.64 crore for the half year ended September 30, 2026, compared with Rs 77.74 crore in the corresponding prior-year half. Net profit after tax rose to Rs 25.68 crore from Rs 9.02 crore, while profit before tax increased to Rs 34.03 crore from Rs 12.87 crore.

Construction cost for the six-month period was Rs 199.06 crore, up from Rs 53.83 crore in the year-earlier half. Total expenses rose to Rs 222.43 crore from Rs 65.35 crore, while total income increased to Rs 256.46 crore from Rs 78.23 crore. Profit before tax to revenue declined to 13.42% from 16.56% across the two half-year periods.

Univastu India generated net operating cash flow of Rs 11.65 crore in the latest half year, compared with Rs 12.34 crore in the prior-year period. The cash-flow statement recorded a Rs 29.39 crore increase in current trade receivables and a Rs 14.22 crore increase in other current assets, partly offset by a Rs 25.13 crore increase in trade payables.

How did Univastu India’s balance sheet change by September 2026?

Univastu India’s total assets rose to Rs 428.17 crore at September 30, 2026 from Rs 330.28 crore at March 31, 2026. Current trade receivables increased to Rs 110.08 crore from Rs 80.63 crore, while cash and cash equivalents increased to Rs 28.68 crore from Rs 16.69 crore over the same period.

Current borrowings increased to Rs 60.64 crore at September 30 from Rs 28.07 crore at March 31. Current trade payables owed to creditors other than micro and small enterprises rose to Rs 178.79 crore from Rs 151.80 crore, while current liabilities in total increased to Rs 255.92 crore from Rs 199.23 crore.

The half-year cash-flow statement reported investing cash outflow of Rs 50.90 crore, compared with an inflow of Rs 6.02 crore in the previous-year half. The latest outflow included Rs 38.53 crore for fixed deposits and bank balances not classified as cash equivalents, Rs 8.95 crore invested in a partnership firm and Rs 2.53 crore of capital expenditure including capital advances.

What capital actions and resolution-process updates did Univastu India disclose?

Univastu India allotted 17,43,399 equity shares in the September 2026 quarter, comprising 5,81,133 shares issued on warrant conversion and 11,62,266 bonus shares. It also said Rs 55.01 lakh of initial warrant subscription money was forfeited and credited to capital reserve after certain holders did not pay the remaining subscription amount within the allotted time.

On August 28, 2026, Univastu India allotted 18,39,339 fully convertible warrants to promoters and certain directors at Rs 87 per warrant. The aggregate warrant amount was Rs 16.00 crore, of which the company received Rs 4.00 crore upfront; the remaining Rs 12.00 crore is payable on conversion within 18 months, according to the filing.

Univastu India also said technical, physical and legal handover formalities for Opal Luxury Time Products Ltd. remain in process under its approved resolution plan. The company said it has financial arrangements to meet a Rs 119.50 lakh payment obligation when the matter is finalised. Its resolution plan for Setubandhan Infrastructure Limited, after reconsideration by the Committee of Creditors, has been submitted to the National Company Law Tribunal for consideration.

Conclusion

Univastu India’s September-quarter results combine a sharp rise in construction-contracting revenue and net profit with a lower reported gross margin. Revenue from operations reached Rs 149.91 crore and net profit after tax reached Rs 15.58 crore, but construction cost of Rs 119.28 crore accompanied a 6.22-percentage-point decline in gross margin from the year-earlier quarter.

Next, investors can watch whether holders convert the Rs 12.00 crore balance of preferential warrants within 18 months of the August 28, 2026 allotment. The filing also leaves two resolution-process matters unresolved: Opal handover formalities remain in progress, while the Setubandhan plan awaits consideration by the National Company Law Tribunal.