Tirupati Sarjan Limited has informed investors about BSE Limited's rejection of its penalty waiver application, resulting in an outstanding fine of Rs. 6,84,400 including GST. The company disclosed this development through a regulatory filing under Regulation 30 of SEBI Listing Regulations on March 26, 2026.

Penalty Details and Timeline

The penalty saga began when BSE imposed a fine on Tirupati Sarjan for board composition violations. The company's board structure did not comply with Regulation 17(1) of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Regulatory Violation Specifics

BSE identified that Tirupati Sarjan's board composition violated SEBI regulations during the specified period. The company initially received an email regarding the non-compliance for the quarter ended December 31, 2024, which led to the imposition of the Rs. 2,83,200 fine.

Following the initial penalty, the company filed a waiver application with BSE on May 8, 2025, seeking relief from the imposed fine and any future penalties related to the same issue.

Current Status and Company Response

BSE's rejection communication dated March 25, 2026, confirmed that the company must pay the outstanding SOP fine of Rs. 6,84,400 including GST. This amount represents an increase from the initially imposed penalty, indicating additional charges or accumulated fines.

The company has stated it is exploring further options to determine its future course of action regarding the penalty payment. The disclosure indicates that apart from the financial burden of the fine, there is no other quantifiable monetary impact on the company's financial, operational, or other activities.

Regulatory Compliance Framework

The penalty falls under Regulation 17(1) of SEBI Listing Regulations, which governs board composition requirements for listed companies. The company's disclosure follows the amended Regulation 30 requirements and SEBI circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023.

Managing Director Jitendrakumar Ishvarlal Patel signed the disclosure document, confirming the company's commitment to transparency in regulatory communications with stakeholders.

Tirupati Sarjan Limited has released its unaudited financial results for the third quarter ended December 31, 2025, showing mixed performance with revenue growth but a decline in net profit compared to the previous year.

Financial Performance Overview

The company reported total revenue of Rs. 6,911.61 lakhs for Q3FY26, representing a significant increase from Rs. 5,386.70 lakhs recorded in Q3FY25. However, net profit decreased to Rs. 141.23 lakhs from Rs. 152.38 lakhs in the corresponding quarter of the previous year.

Revenue Breakdown by Business Segments

The company's revenue streams showed varied performance across different divisions. The tender division emerged as the primary growth driver, while the construction business segment experienced fluctuations.

Nine-Month Performance Analysis

For the nine-month period ended December 31, 2025, Tirupati Sarjan achieved total revenue of Rs. 13,826.89 lakhs compared to Rs. 14,486.76 lakhs in the corresponding period of FY25. The company reported net profit of Rs. 350.68 lakhs for the nine-month period versus Rs. 380.99 lakhs in the previous year.

Expense Management

Total expenses for Q3FY26 stood at Rs. 6,713.11 lakhs compared to Rs. 5,187.99 lakhs in Q3FY25. Key expense categories included cost of material consumed at Rs. 1,589.29 lakhs and cost of construction at Rs. 2,783.66 lakhs. The company reported an increase in inventories of Rs. 1,999.35 lakhs during the quarter.

Earnings Per Share and Capital Structure

The company maintained its equity share capital at Rs. 1,649.01 lakhs with a face value of Rs. 5 per share. Basic earnings per share for Q3FY26 was Rs. 0.43 compared to Rs. 0.46 in Q3FY25, while diluted EPS remained stable at Rs. 0.54.

Board Approval and Compliance

The financial results were approved by the Audit Committee on February 14, 2026, and subsequently taken on record by the Board of Directors. The results comply with Regulation 33 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.