Twamev posts ₹9.1 cr profit but its auditor won't stand behind the numbers
A modified opinion flags repeat accounting flaws and a ₹986 cr NHAI claim for a firm still waiting on a credit upgrade after insolvency.
— 4 earlier stories on Twamev Construction And Infrastructure Ltd. →What's new
- Auditors issued a modified opinion citing repetitive qualifications on subsidiary accounting.
- Company says it met the ₹21 cr insolvency plan terms but lenders haven't upgraded the account yet.
- Standalone revenue fell to ₹67.45 cr; net profit was ₹9.10 cr.
Why this matters
A post-insolvency company needs clean audit opinions and lender confidence to rebuild. Twamev has neither. The ₹986 cr claim is 14x annual revenue, and the auditor's refusal to issue a clean report makes the path to a credit upgrade harder.
What we're watching
- Whether lenders grant the NPA-to-Standard upgrade Twamev needs to complete its resolution plan.
- The ₹986 cr arbitration outcome, which would reshape the company's balance sheet either way.
- Whether the repeat accounting qualifications lead to any regulatory action.
The full read
Twamev Construction posted a ₹9.10 crore profit for FY26, but that headline number buries the real story. Annual revenue shrank to ₹67.45 crore, and the statutory auditors refused to sign off cleanly. They issued a modified opinion pointing to repetitive qualifications at subsidiaries: irregular interest accounting on inter-company loans and an abandoned tollway project tied to a ₹986 crore arbitration claim against NHAI. That claim alone is 14x annual revenue. The company says it has complied with its ₹21 crore insolvency resolution plan, but the final piece, a credit upgrade from NPA to Standard status, sits with lenders who haven't moved yet. For a firm trying to prove it has left insolvency behind, the audit qualifications and the unresolved arbitration are the two things that matter. One is a governance question. The other is a balance-sheet question. Neither has an answer yet.
Questions answered
- Why did the auditors issue a modified opinion?
- The statutory auditors flagged repetitive accounting qualifications at subsidiaries, including irregular interest accounting on inter-company loans and an abandoned tollway project. This is not the first time these issues have appeared.
- How large is the NHAI arbitration claim relative to the business?
- The ₹986 crore claim is more than 14 times the company's FY26 revenue of ₹67.45 crore. If Twamev wins, it transforms the balance sheet. If it loses, the claim becomes a write-off of nothing.
- What is blocking the insolvency resolution plan completion?
- Twamev says it has complied with the ₹21 crore plan. The hold-up is a lender decision to upgrade the account from NPA to Standard status, which banks have not yet granted.
- How did revenue and profit trend in FY26?
- Net profit was ₹9.10 crore, but annual revenue contracted to ₹67.45 crore from the prior year. The filing gives no year-on-year profit comparison.
Twamev Construction And Infrastructure Ltd.
Latest quarter · Mar 2026
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All notes on TICL →- 29 May 2026 · 9:12 PM IST Twamev posts ₹9.1 cr profit but its auditor won't stand behind the numbers
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