IL&FS Engineering and Construction Company Ltd. Share Price

IL&FS Engineering Secures ₹414 Cr Subcontract for Jaipur Metro Phase-II

has secured a subcontract worth ₹414.05 crore (inclusive of GST) for the Jaipur Metro Phase-II MRTS project. The order was awarded by the Lead Member of the Consortium (Main Contractor) on behalf of the Jaipur Metro Rail Corporation Limited (JMRCL). Key Highlights: Scope of Work: Design and construction of an elevated viaduct and 10 elevated stations (including Prahladpura, Sitapura, and Kumbha Marg). The work spans from chainage -600 m to 11,400 m and includes a spur line towards the depot. Exclusions: Architectural finishing for the Pinjrapole Gaushala station is excluded from this specific scope. Contract Share: This subcontract represents 49% of the total contract value for this package. Regulatory Disclosure: Announced in compliance with SEBI LODR Regulation 30. Strategic Significance: Order Book Augmentation: The ₹414 crore win significantly bolsters IL&FS Engineering’s order pipeline, providing strong revenue visibility for the near-to-medium term. Urban Infrastructure Expertise: Reinforces the company's core competencies in complex, large-scale urban transit and metro rail infrastructure projects. Sector Tailwinds: Aligns with the ongoing government push to expand mass rapid transit systems in key tier-2 cities to decongest urban traffic. Outlook: While the order provides robust top-line visibility, the execution of large civil infrastructure projects requires stringent working capital management. Investors will monitor the project's progress, margin realization, and timely billing cycles.

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IL&FS Group Recovery Proceedings & Debt Resolution Status

Executive Summary The Infrastructure Leasing & Financial Services (IL&FS) Group has initiated decisive legal measures before the National Company Law Tribunal (NCLT) to recover ₹187 crore in excess remuneration paid to former directors. Concurrently, the Group reports steady progress in its debt resolution framework, having discharged over ₹48,000 crore to creditors as of September 2025. Key Developments 1. Recovery of Excess Remuneration (₹187 Crore) Legal Action: IL&FS is filing applications with the NCLT to recover excess payouts from erstwhile whole-time and independent directors of the parent company and its subsidiaries, IFIN and ITNL. Rationale: The claim is based on the restated financials for FY 2013-14 through FY 2017-18. The recast books revealed a cumulative loss of ~₹9,600 crore, contradicting the originally reported profit of ₹1,869 crore. Consequently, managerial remuneration paid during this period is deemed recoverable under Section 199 of the Companies Act (recovery in cases of fraud/non-compliance). Current Status: While two independent directors have voluntarily returned funds without admitting liability, the erstwhile whole-time directors—who account for nearly 90% of the dues—are contesting the demand. 2. Financial Restatement & Audit The Group is reopening financial statements for FY 2018-19 and FY 2019-20 to incorporate the impact of the historical recast. The revised statements are currently being audited by NCLT-appointed statutory auditors, with finalization targeted before December 31, 2025. 3. Debt Resolution Progress (As of Sept 2025) Discharged Debt: The Group has successfully discharged ₹48,463 crore to creditors. This reflects a 7.02% increase from the ₹45,281 crore resolved as of March 2025. Resolution Guidance: IL&FS maintains its aggregate resolution target of ₹61,000 crore, representing approximately 61.39% of the total external debt outstanding (₹99,355 crore).

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