How does this order compare to Artefact's previous NHAI win?

The earlier order in July 2026 was valued at ₹3.15 cr, slightly larger than this ₹2.93 cr contract. Both are supervision consultancy deals.

What is the financial significance for a nano-cap like Artefact?

With a market cap of ₹40 cr and annual revenue of ₹32.25 cr, the ₹2.93 cr order equals over 7% of market cap and more than 9% of revenue. For a small firm, each order meaningfully adds to order backlog and revenue visibility.

Why did Artefact's profit drop 30% in FY26 despite higher revenue?

Artefact reported net profit of ₹5.23 cr for FY26, down 30% year-on-year. The filing did not specify reasons, but higher costs or margins compression may be at play. The new order could help improve capacity utilisation.

Is Artefact dependent on NHAI for business?

Two consecutive NHAI contracts indicate a growing relationship, but the company's previous order book may have included other clients. The analyst rationale does not specify the share of NHAI in total revenue.

What is the project timeline and execution plan?

The contract spans 38 months for supervision consultancy on a 38.2 km stretch of NH-149B. Artefact will execute it in association with KCS Engineering Private Limited.

Engineering Consultancy · Micro cap

Artefact Projects lands ₹2.93 cr NHAI supervision deal

Second NHAI order in three months for the nano-cap consultancy; the 38-month contract covers a 38.2 km highway stretch in Chhattisgarh.

— 3 earlier stories on Artefact Projects Ltd. →

ARTEFACT By Tipsheet Editorial 7 Jul 2026 · 7:13 PM IST Verify on BSE · NSE

Mkt cap₹40.01 cr

P/E7.66×

ROE11.31%

Debt / eq.0.22

₹2.93 cr Supervision consultancy contract from NHAI

What's new

Artefact Projects awarded a supervision consultancy contract by NHAI for NH-149B in Chhattisgarh.
Contract value ₹2.93 cr (excluding GST), executed with KCS Engineering over 38 months.
This is the second NHAI order for Artefact, following a ₹3.15 cr deal in July 2026.

Why this matters

For a nano-cap with a market cap of just ₹40 cr and annual revenue of ₹32.25 cr, this order alone covers over 9% of revenue and 7% of market cap. It builds pipeline visibility, but the company’s trailing net profit fell 30% in FY26 – order wins need to translate into margin recovery.

What we're watching

Whether Artefact can sustain NHAI order momentum beyond these two contracts.
Impact of the 38-month revenue stream on FY27 and FY28 earnings.
Any visibility on the utilisation of the earlier ₹3.15 cr order.

The full read

Artefact Projects has secured another NHAI supervision consultancy contract, this time worth ₹2.93 crore for a 38.2 km stretch on NH-149B in Chhattisgarh. The 38-month project will be executed with KCS Engineering. This follows a ₹3.15 crore NHAI order won in July 2026. For a nano-cap with a market cap of just ₹40 crore and trailing annual revenue of ₹32.25 crore, these orders move the needle — the latest alone covers over 9% of revenue. But the company's net profit fell 30% in FY26 to ₹5.23 crore, so order inflow must eventually lift margins. Each incremental win improves visibility, but whether margins improve on these contracts will determine if profitability recovers.

Questions answered

How does this order compare to Artefact's previous NHAI win?: The earlier order in July 2026 was valued at ₹3.15 cr, slightly larger than this ₹2.93 cr contract. Both are supervision consultancy deals.
What is the financial significance for a nano-cap like Artefact?: With a market cap of ₹40 cr and annual revenue of ₹32.25 cr, the ₹2.93 cr order equals over 7% of market cap and more than 9% of revenue. For a small firm, each order meaningfully adds to order backlog and revenue visibility.
Why did Artefact's profit drop 30% in FY26 despite higher revenue?: Artefact reported net profit of ₹5.23 cr for FY26, down 30% year-on-year. The filing did not specify reasons, but higher costs or margins compression may be at play. The new order could help improve capacity utilisation.
Is Artefact dependent on NHAI for business?: Two consecutive NHAI contracts indicate a growing relationship, but the company's previous order book may have included other clients. The analyst rationale does not specify the share of NHAI in total revenue.
What is the project timeline and execution plan?: The contract spans 38 months for supervision consultancy on a 38.2 km stretch of NH-149B. Artefact will execute it in association with KCS Engineering Private Limited.

Mentioned: NHAI · KCS Engineering Private Limited · ₹2.93 cr

Primary source BSE · NSE · Tijori

An independent reading of the company's own disclosure — the primary filing above is the final word.

Company snapshot

Artefact Projects Ltd.

Services

₹40 cr

P/E 7.74×

Latest quarter · Mar 2014

Sales₹11 cr

Net profit₹1 cr

Op. margin+19.4%

EPS₹1.11

Strength & growth

Debt / equity0.95×

Current ratio1.46×

Sales CAGR+7.3%

EPS CAGR+84.1%

Story so far

All notes on ARTEFACT →

7 Jul 2026 · 7:13 PM IST Artefact Projects lands ₹2.93 cr NHAI supervision deal
8d ago Artefact Projects lands ₹3.15 cr NHAI supervision deal
44d ago Artefact Projects profit drops 30% on annual revenue of ₹32.25 cr
44d ago Artefact Projects reports profit drop despite higher annual revenue