Dhruv Consultancy Services Limited has reported its unaudited financial results for the third quarter ended December 31, 2025, revealing a significant downturn in financial performance. The company posted a net loss of ₹3,096.94 lakhs, marking a dramatic shift from the profit of ₹100.74 lakhs recorded in the previous quarter.

Financial Performance Overview

The company's financial results show a challenging quarter with revenue from operations turning negative at ₹(568.54) lakhs, compared to ₹1,923.10 lakhs in the previous quarter. This unusual negative revenue figure stems from significant adjustments made to project contract valuations.

Project Contract Reassessment Impact

The primary driver behind the poor quarterly performance was a comprehensive reassessment of cost estimates related to revenue recognized on certain project management service contracts. The company undertook this detailed review during the nine months period ended December 31, 2025, which significantly impacted the current quarter's results.

The revision in estimated margins arose due to multiple factors including upward revision of project costs, reassessment of stage of completion, extension of time on projects, status of work certification, and policy changes by customers.

Expense Analysis

Total expenses for the quarter increased to ₹2,538.76 lakhs from ₹1,874.97 lakhs in the previous quarter. The major expense categories included employee benefit expenses of ₹504.31 lakhs, other administrative expenses of ₹1,870.46 lakhs, depreciation and amortization expenses of ₹118.85 lakhs, and finance costs of ₹45.14 lakhs.

Nine-Month Performance

For the nine months ended December 31, 2025, the company reported revenue from operations of ₹3,458.18 lakhs compared to ₹7,436.53 lakhs in the corresponding period of the previous year. The net loss for the nine-month period stood at ₹2,836.52 lakhs against a profit of ₹491.08 lakhs in the previous year.

Legal and Regulatory Updates

The company continues to benefit from an interim stay granted by the Honorable High Court of Madras dated August 6, 2025, on the debarment order dated March 11, 2025, by NHAI. This interim protection remains in force until further orders from the court, ensuring that the status quo is maintained.

Consolidated Results

The consolidated financial results, which include the performance of subsidiary Dhruv International Private Limited, showed similar trends with a net loss of ₹3,101.45 lakhs for the quarter. The consolidated revenue from operations also turned negative at ₹(568.54) lakhs, reflecting the same project-related adjustments affecting the standalone results.

Dhruv Consultancy Services Limited has announced the receipt of a significant consultancy contract from the Central Public Works Department, marking a notable addition to its project portfolio. The company received the Letter of Acceptance on January 23, 2026, for a comprehensive infrastructure development project along the Indo-Bangladesh border.

Project Overview and Scope

The consultancy assignment encompasses the preparation of Detailed Project Reports (DPR) including designing for construction of bridges and security infrastructure at strategic border locations. The project covers multiple districts in West Bengal, focusing on critical border infrastructure development.

Infrastructure Components

The project involves designing and preparation of DPRs for construction of 3 bridges at locations GIN-87, GIN-88, and GIN-90. Additionally, the scope includes 13 grill/drop gates at various locations in Malda and Murshidabad districts, with specific reference points including GIN-83-A, GIN-101-B, GIN-101-D, GIN-101-F, GIN-101-G, GIN-101-H, GIN-101-J, and GIN 101-K, along with multiple border post locations. The project also covers construction of 1 grill/drop gate at GIN-44-A in Nadia District.

Contract Terms and Compliance

The company is required to furnish a Performance Bank Guarantee within 7 days from the issuance of the Letter of Acceptance. The contract follows general contract conditions as specified by the Central Public Works Department and represents a domestic project assignment.

Strategic Significance

This consultancy contract represents work on critical border infrastructure along the Indo-Bangladesh Border Roads (IBB), highlighting the company's capabilities in strategic infrastructure projects. The project spans across three districts in West Bengal, demonstrating the scope and complexity of the assignment. The 9-month timeline indicates a comprehensive engagement requiring detailed technical expertise in bridge construction and border security infrastructure design.