PBA Infrastructure Ltd has submitted its quarterly compliance certificate to BSE, fulfilling regulatory requirements under SEBI (Depositories and Participants) Regulations 2018. The filing demonstrates the company's adherence to mandatory disclosure norms for the quarter ended 31st March 2026.

Regulatory Filing Details

The certificate was submitted on 7th April 2026 to BSE Ltd by Joint Managing Director Narain P Belani. The filing pertains to Regulation 74(5) of SEBI (Depositories and Participants) Regulations 2018, which governs the dematerialisation process and related compliance requirements.

Registrar Confirmation

MUFG Intime India Private Limited, formerly Link Intime India Private Limited, serves as the company's Registrar and Share Transfer Agent. The registrar provided confirmation on 3rd April 2026 regarding compliance with dematerialisation processes during Q4 FY26.

The registrar confirmed that securities received from depository participants for dematerialisation during the quarter were properly processed within prescribed timelines. All security certificates received for dematerialisation were appropriately confirmed or rejected, with certificates being mutilated and cancelled after due verification by depository participants.

Compliance Confirmation

Key aspects of the regulatory compliance include:

• Securities received from depository participants were confirmed (accepted/rejected) to depositories within prescribed timelines
• All securities comprised in certificates have been listed on stock exchanges where earlier issued securities are listed
• Security certificates were properly mutilated and cancelled after verification
• Names of depositories were substituted in the register of members as registered owners

The filing represents routine quarterly compliance with SEBI regulations governing depositories and participants, ensuring transparency in the dematerialisation process and maintaining proper records of securities transactions.

PBA Infrastructure Limited announced its unaudited financial results for the quarter and nine months ended December 31, 2025, revealing significant operational and financial challenges. The Board of Directors approved the results at a meeting held on February 14, 2026.

Financial Performance Overview

The company's financial performance for Q3 FY26 showed considerable strain across key metrics:

For the nine-month period ended December 31, 2025, the company reported revenue from operations of ₹1,775.73 lakhs compared to ₹2,742.34 lakhs in the corresponding period of the previous year. The nine-month net loss stood at ₹2,490.45 lakhs against a loss of ₹80.15 lakhs in the previous year.

Banking and Financial Obligations

The company faces severe financial distress with significant defaults in loan repayments. According to the auditor's report, the consortium of banks has confirmed outstanding dues aggregating to ₹214.59 crores:

The lead bank under the consortium approached the CMM Court to take physical possession of various secured assets under the SARFAESI Act, 2002. However, the company has filed a counter case and received a stay on proceedings from the DRT court. State Bank of India, a consortium member, opted for a special settlement scheme and received ₹26.50 crores from the borrower, issuing a No Objection Certificate.

Operational Challenges

The company has been classified as a Non-Performing Asset by banks and financial institutions, resulting in the suspension of interest provisioning since January 2018. As an EPC contractor, PBA Infrastructure follows the percentage completion method for revenue recognition and has raised various claims with clients for delays and cost escalations.

The company's Work in Progress stands at ₹79.13 crores, comprising:

• Certified WIP: ₹3.48 crores
• Uncertified WIP: ₹24.31 crores
• Claims (WIP): ₹55.00 crores

These claims relate to cost overruns arising from work suspensions, client-caused delays, scope changes, and design deviations, with the company at various stages of negotiation or arbitration with clients.

Auditor's Qualified Opinion

The independent auditors issued a qualified opinion highlighting material uncertainties about the company's ability to continue as a going concern. Key concerns include the substantial bank defaults, classification as NPA, and uncertainties regarding asset valuations and claim recoveries. The auditors noted that banks have appointed registered valuers for updated asset valuation reports, which are currently awaited.