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.

PBA Infrastructure Limited , a company operating in the infrastructure sector, has announced a significant change in its board composition. Monica M. Talwar, who held the position of Non-Executive Director, has tendered her resignation from the company's board, effective November 12, 2025.

Resignation Details

Talwar, who served on the board with the Director Identification Number (DIN) 09324017, cited personal commitments and other responsibilities as the reasons for her departure. In her resignation letter, she confirmed that there were no other material reasons for her decision beyond those stated.

Impact on Board Composition

The resignation of Monica M. Talwar marks a change in the non-executive leadership of PBA Infrastructure Limited. As per the company's statement, Talwar did not hold any committee memberships within the organization. Additionally, the company reported that she had no directorships in other listed entities that needed to be disclosed in connection with this resignation.

Corporate Governance Implications

This change in board composition comes as part of the regular evolution of corporate leadership. Such changes may potentially influence the company's governance structure and decision-making processes.

The board of PBA Infrastructure Limited may address this change in due course, potentially by appointing a new non-executive director or redistributing responsibilities among existing board members. Shareholders and stakeholders will be keen to observe how this transition might affect the company's strategic direction and governance practices in the coming months.