Artefact Projects lands ₹3.08 cr NHAI supervision deal, third in a month
The 38-month contract for a 70.2 km stretch of NH-130A in Chhattisgarh adds ~7.5% to market cap and follows two similar wins in recent weeks.
— 4 earlier stories on Artefact Projects Ltd. →What's new
- Artefact received a letter of award from NHAI for supervision consultancy on the Bilaspur-Urga section of NH-130A in Chhattisgarh.
- The contract is valued at ₹3.08 cr (excl. GST), to be executed over 38 months with KCS Engineering.
- This is the third NHAI supervision deal for Artefact since early July, following ₹2.93 cr and ₹3.15 cr contracts.
Why this matters
At ~9.5% of annual revenue, the order is material for a nano-cap like Artefact. But with net profit down 30% in FY26, these small but frequent wins provide revenue visibility without transforming the earnings trajectory. The pattern suggests a steady relationship with NHAI but limited upside surprise.
What we're watching
- Whether Artefact sustains this pace of NHAI contract wins through the rest of FY27.
- Margins on these supervision contracts, given execution via a joint venture.
- Impact on the order book and potential for larger NHAI mandates in the future.
The full read
Artefact Projects keeps winning the same deal. ₹3.08 crore from NHAI for supervision consultancy on a 70.2 km stretch of NH-130A in Chhattisgarh — the third such award in a month, following ₹2.93 cr and ₹3.15 cr contracts in early July. Each is roughly 7.5% of market cap, each runs 36–38 months. The pattern is consistent: small, frequent NHAI mandates that keep the order book alive but never shift the earnings needle. FY26 net profit fell 30% on revenue of ₹32.25 cr, so these orders fill capacity without fixing margins. For a ₹40 cr nano-cap, the win is material but incremental. The real test is whether Artefact can scale up — or whether it stays a serial winner of ₹3 cr contracts.
Questions answered
- How does this contract compare to Artefact's recent NHAI wins?
- It is very similar in size and scope: two other supervision contracts worth ₹2.93 cr and ₹3.15 cr were awarded in early July 2026, also for NHAI stretches. All are 36-38 month projects.
- What is the materiality of this order for Artefact?
- The ₹3.08 cr order represents about 7.5% of Artefact's ₹41 cr market cap and roughly 9.5% of its annual revenue of ₹32.25 cr (FY26), exceeding typical materiality thresholds for nano-caps.
- How will Artefact execute this project?
- Artefact will execute the supervision consultancy in association with KCS Engineering Private Limited as a joint venture partner.
- What duration does the contract cover?
- The contract is for 38 months, covering the operation and maintenance stage of the four-lane highway.
- Does Artefact have a history with NHAI?
- Yes, the company has been consistently winning similar-sized NHAI supervision contracts, as evidenced by the two prior awards this month and past projects. This suggests an established track record.
- Is this order likely to change Artefact's financial outlook significantly?
- Likely not — the analyst notes it is an incremental positive, not transformative. Given FY26 profit fell 30%, these orders help sustain revenue but don't materially alter profitability unless margins improve.
Artefact Projects Ltd.
Latest quarter · Mar 2014
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All notes on ARTEFACT →- 16 Jul 2026 · 1:49 PM IST Artefact Projects lands ₹3.08 cr NHAI supervision deal, third in a month
- 10d ago Artefact Projects lands ₹2.93 cr NHAI supervision deal
- 15d ago Artefact Projects lands ₹3.15 cr NHAI supervision deal
- 51d ago Artefact Projects profit drops 30% on annual revenue of ₹32.25 cr
- 51d ago Artefact Projects reports profit drop despite higher annual revenue