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.

Dhruv consultancy Services Limited has secured significant consultancy contracts from central and state government authorities across four states during January and February 2026. The infrastructure consultancy company received multiple Letters of Award and Letters of Acceptance spanning highways, bridges, DPR preparation, supervision consultancy and project management assignments.

Major Contract Awards

The company secured six major consultancy mandates across Maharashtra, Telangana, Uttar Pradesh and West Bengal:

Diverse Service Portfolio

The assignments encompass a comprehensive range of infrastructure consultancy services including Detailed Project Reports preparation, bridge design, highway engineering, long-term supervision consultancy and project management consultancy. The contracts involve prestigious clients including the National Highways Authority of India, Central Public Works Department, and U.P. State Bridge Corporation Ltd.

The expansion highlights the company's strategy to strengthen its presence across key infrastructure verticals while building a geographically diversified order book. With an unexecuted order book of approximately ₹256 crore, the balanced mix of DPR assignments and supervision mandates provides strong revenue visibility.

Management Commentary

Mrs. Tanvi Dandawate Auti, Managing Director, expressed satisfaction with the contract wins, stating that these awards reflect continued confidence from central and state authorities in the company's technical capabilities and execution track record. She emphasized the company's diversified portfolio spanning multiple stages of infrastructure development, enabling comprehensive client service.

Company Performance

Established in 2003 and based in Navi Mumbai, Dhruv Consultancy Services provides infrastructure consultancy for design, engineering, procurement, construction, and project management services. The company has completed more than 250 projects with clients including Ministry of Road Transport, NHAI, CIDCO, JNPT, MMRDA and MSRDC.

The company employs more than 350 people, with over 75% being qualified engineers. It successfully completed its IPO on BSE SME platform raising ₹23 Cr in May 2018 and migrated to the Main Board of NSE & BSE in November 2021.