Dhruv Consultancy Services Limited has secured a notable position in the National Highways Authority of India's (NHAI) latest performance evaluation ranking. The company received official notification on March 18, 2026, confirming its achievement in the comprehensive assessment exercise conducted by the highway authority.

Performance Ranking Achievement

The company has been ranked at 6th position out of 57 nationwide consultants in NHAI's performance evaluation exercise. This ranking was communicated through an official letter from NHAI dated March 17, 2026, which the company received on March 18, 2026.

Evaluation Criteria and Methodology

NHAI undertook this comprehensive exercise for performance evaluation and rating of AE/IE (Associate Engineer/Independent Engineer) consultants across the country. The assessment methodology focused on three key parameters that reflect the quality of consultancy services:

• Transparency: Ensuring clear and open communication in project execution
• Quality: Maintaining high standards in consultancy deliverables
• Continuous Improvement: Demonstrating ongoing enhancement in consultancy services

The evaluation process was designed to assess consultants' performance towards the authority and establish a comprehensive rating system for future reference.

Regulatory Compliance

The company has disclosed this development in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was made to both BSE Limited and National Stock Exchange of India Limited, ensuring transparency with stakeholders regarding this significant business development.

This ranking achievement reflects the company's commitment to maintaining high standards in its consultancy services and its strong relationship with NHAI, one of India's premier infrastructure development authorities.

Dhruv consultancy Services Limited faced significant accounting adjustments during Q3 FY26, reporting a revenue reversal of approximately INR 30 crores that impacted its nine-month financial performance. The infrastructure consultancy firm disclosed these adjustments during its earnings conference call held on March 2, 2026.

Accounting Adjustment Details

The company's Managing Director, Ms. Tanvi Auti, explained that the adjustment arose from revisions to project cost and margin estimates undertaken in accordance with Ind AS 8 and Ind AS 115 standards. The revision followed a detailed review of select long-term contracts among the company's portfolio of 65-70 ongoing projects.

The adjustment primarily stemmed from policy changes implemented by NHAI, including modifications to deployment requirements, attendance thresholds, and project completion stages. Management emphasized that this represents a conservative alignment of revenue recognition with current project evaluations rather than any operational weakness.

Strategic Expansion into Aviation Sector

Despite the accounting impact, Dhruv Consultancy achieved a significant milestone with its entry into the aviation sector during Q3 FY26. The company secured its first airport project from Maharashtra Airport Development Company Limited (MADC) for consultancy services related to construction of link taxiways of approximately 1,950 meters at MIHAN Nagpur.

The company has hired two airport executives with experience from Maharashtra Airport Development Corporation and submitted bids for four additional airport projects, positioning itself to benefit from the government's plan to develop 250-300 new airports in Tier 2 and Tier 3 cities.

Order Book and Contract Wins

During the quarter, Dhruv Consultancy secured multiple mandates across various states, strengthening its geographical diversification. The company was appointed as independent engineer by NHAI for operation and maintenance of NH-66 and NH-73 in Karnataka, and secured supervision consultancy contracts in Maharashtra covering 44 kilometers across four JNPT packages.

Additionally, the company received four orders from NHAI to prepare detailed project reports (DPRs) for Jalgaon southern bypass, Dhule ring road, Manmad-Malegaon, and Kerala packages. The company also secured empanelment with Odisha Bridge and Construction Corporation Limited for supervision of road and bridge projects.

Financial Performance and Order Book Strength

For the nine-month period of FY26, the company reported total revenue of INR 35.36 crores, impacted by the accounting adjustment. However, management stressed that the company maintains a robust unexecuted order book of INR 256 crores, providing healthy revenue visibility for coming quarters with an expected execution timeline of 2.5 to 3 years.

The company maintains a strike rate of 20% to 25% for Indian projects and continues exploring international opportunities in Africa, Middle East, and Southeast Asia. Current international operations include ongoing projects in Mozambique and Ghana, with payments being received in US dollars.

Operational Resilience and Future Outlook

Management emphasized that despite the accounting adjustment, the company's operational capabilities remain strong with positive cash flows of INR 70-75 crores during the current year. The adjustment represents a one-time revision to adopt more conservative estimation practices rather than any structural business weakness.

The company's Vision 2030 focuses on diversifying into multiple infrastructure sectors including railways, metros, and urban infrastructure, while maintaining its strong position in highways and bridges consultancy. With over 350 professionals, including more than 75% qualified engineers, Dhruv Consultancy continues to strengthen its technical capabilities for sustainable long-term growth.