Dhruv Consultancy Services Limited has secured a significant contract from the National Highways Authority of India (NHAI) for supervision consultancy services worth Rs. 2.88 crores. The company received the Letter of Award on February 23, 2026, for a highway project in Telangana state.

Project Details

The contract involves supervision consultancy services for Operation & Maintenance of a 2-lane highway with paved shoulders. The project covers a stretch from Km 23.000 to Km 108.000, spanning a total length of 85.80 kilometers on the Hyderabad (Near Tukkuguda) to Dindi Section of NH-765 in Telangana on PMC Mode.

Contract Terms and Execution

The Letter of Award was issued on February 20, 2026, and received by the company on February 23, 2026. Dhruv Consultancy Services Limited is working in association with M/s Lane Logic Consultants for this project. The company is required to furnish Performance Security within 15 days of the LOA issuance.

Regulatory Compliance

The contract award has been disclosed under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has confirmed that this is a domestic contract with no related party transactions involved.

Business Impact

This highway supervision project represents a significant addition to Dhruv Consultancy Services Limited's portfolio in the infrastructure consulting sector. The 36-month duration provides revenue visibility for the company over the medium term, strengthening its position in the highway operations and maintenance supervision segment.

Dhruv consultancy Services Limited announced its unaudited financial results for Q3 and 9M FY26, highlighting a strategic accounting reassessment undertaken during the period. The infrastructure consultancy company reported its quarterly and nine-month performance while implementing enhanced financial discipline measures.

Financial Performance Overview

The company's financial results for the reporting period reflect both operational performance and strategic accounting adjustments:

Strategic Accounting Reassessment

During the current financial year, the company recorded an adjustment resulting from revisions to project cost and margin estimates in line with Ind AS 8 (Changes in Accounting Estimates) and Ind AS 115 (Revenue Recognition) requirements. This adjustment represents a refinement of previously estimated project costs and margins, reflecting a more prudent and conservative alignment of revenue recognition with updated project cost evaluations.

Key characteristics of the accounting impact include:

• Non-cash nature with no outflow of funds
• No effect on operational cash flows
• Refinement of forward-looking assumptions rather than misreporting
• No indication of structural weakness in execution capabilities
• Positive project-level profitability maintained across majority of contracts

Management Commentary

Mrs. Tanvi Dandawate Auti, Managing Director, stated that the company undertook a detailed reassessment of select long-term contracts as part of a governance-led review. She emphasized that the adjustment was a prudent step to align revenue recognition with updated project costs, scope realities, and certification status. The Managing Director highlighted that execution strength, client relationships, and order pipeline remain intact with an unexecuted order book of ₹256 Cr providing strong revenue visibility.

Business Fundamentals and Order Book

The company maintains strong operational fundamentals with stable order book strength and operational cash flows. The unexecuted order book of ₹256 Cr as of the reporting date provides revenue visibility for future periods. Enhanced cost monitoring mechanisms and tighter milestone-based controls have been implemented to improve stability and predictability in financial reporting.

Company Background and Performance

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

The company has recorded a CAGR of over 72% in profitability growth since inception, leveraging technical expertise and management experience to establish its market position in the infrastructure consultancy sector.