Jhaveri Credits & Capital Limited informed BSE that its secretarial audit firm has changed its name from M/s. ALAP & Co. LLP to M/s. Prasad and Partners LLP. The company clarified that this is solely a nomenclature change with no alteration to the appointment terms or scope of work.

The disclosure was filed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This update follows the company's earlier intimation regarding the appointment of the firm for a five-year term starting FY26.

Details of the change

The reference date for the original appointment was May 28, 2025, covering the period from April 1, 2025. The firm continues to serve in the same capacity as originally appointed.

Regulatory compliance

The company requested BSE to take the information on record and update their records with the new name of the secretarial auditor. Gaurav Shrimankar, Company Secretary and Compliance Officer, signed the intimation on behalf of Jhaveri Credits & Capital Limited.

Praveg has secured a confirmed work order worth Rs 12.99 crore from Tourism Corporation of Gujarat Limited (TCGL). The contract involves developing and operating rest shelter facilities for the Parade Contingent in the Statue of Unity area over a 13-day period.

ORDER IN FINANCIAL CONTEXT

The Rs 12.99 crore order value represents approximately 20.9% of the company's pre-computed average quarterly revenue of Rs 62.17 crore. With no prior orders disclosed in the last three fiscal quarters, this single contract constitutes the entire total disclosed order book (sum of the 1 order disclosed across the last 3 fiscal quarters shown in the table below). Consequently, the book-to-bill ratio stands at 0.05x, calculated as the total disclosed order book divided by trailing twelve-month revenue of Rs 248.7 crore. The current backlog covers 0.00 quarters of average quarterly revenue, reflecting a just-in-time execution model rather than a large accumulated pipeline.

COMPANY ORDER TRACK RECORD

This is the first order disclosed by the company in the last three fiscal quarters. The absence of prior disclosures suggests either a gap in reporting or a shift toward larger, less frequent contracts. The current order size is consistent with the company's microcap scale but will need to be sustained to impact annual revenue meaningfully.

EXECUTION AND REVENUE QUALITY

Recent quarterly results show significant margin compression. In Q1FY27, revenue declined to Rs 46.20 crore from Rs 74.00 crore in Q4FY26, while net profit swung to a loss of Rs 13.20 crore. Operating profit margin contracted sharply to 8.04% from 28.59% in the previous quarter, signaling potential execution stress or higher input costs. The company had reported a net profit of Rs 9.90 crore in Q3FY26 with an OPM of 29.02%, indicating that the recent downturn is a recent development.

REVENUE GROWTH - ORDER WINS TRANSLATING TO REVENUE

As Praveg has sustained order wins, with inflow data limited to the current quarter, its annual revenue has grown from Rs 45.30 crore in FY22 to Rs 240.94 crore in FY26, representing a YoY growth of +38.9% based on the latest annual data. However, net profit volatility remains high, with a decline of -149.0% in FY26 compared to FY25, highlighting that revenue growth has not translated into proportional bottom-line improvement recently.

WORKING CAPITAL AND EXECUTION CAPACITY

The company maintains a healthy current ratio of 1.40x, suggesting adequate short-term liquidity to fund working capital requirements for new projects. Total Liabilities/Equity stands at 0.59x, indicating a conservative balance sheet structure without excessive leverage. However, free cash flow was negative at Rs -244.80 crore in FY25 due to heavy capex of Rs -277.30 crore, implying that ongoing expansion requires significant capital deployment beyond operating cash generation.

WHAT TO WATCH

• Execution rate: Monitor whether the Rs 12.99 crore order converts to revenue in Q2FY27, given the 13-day timeline and recent margin pressure.
• OPM trajectory: Watch for stabilization of operating profit margins, which have compressed to 8.04% from nearly 30% in recent quarters.
• Client concentration: With only one disclosed client in the current order book, TCGL accounts for 100% of the visible pipeline, creating concentration risk.
• Cash conversion: Given negative free cash flow in FY25, assess if receivables collection improves to support working capital needs.

KEY OBSERVATIONS

• Margin stress: Net loss of Rs 13.20 crore in Q1FY27; execution stress visible in quarterly data with OPM dropping to 8.04%.
• Valuation check (as of 16 Sep 2026): P/E of -38.2x against ROCE of 5.27%. At the time of this article, valuation was pricing in execution improvement not yet visible in return ratios.
• Backlog signal: Book-to-bill of 0.05x. At this level, execution capacity becomes the binding constraint, as there is minimal backlog to smooth revenue volatility.