Twamev's auditors flag the same problems again, including a ₹986 cr NHAI claim
A modified audit opinion repeats old warnings about an abandoned tollway project and inter-company loans. The company is waiting on banks to complete its ₹21 crore insolvency exit.
— 1 earlier story on Twamev Construction And Infrastructure Ltd. →What's new
- Statutory auditors issued a modified opinion on consolidated results, citing repeated qualifications.
- Audit flags include an abandoned tollway project with a ₹986 cr arbitration claim against NHAI.
- Auditors also flagged irregular interest accounting for inter-company loans at subsidiaries.
Why this matters
The repeated audit qualifications are a governance problem for a firm fresh out of insolvency. Resolving the ₹986 cr claim would clear a major balance-sheet overhang, while the loan-accounting issues undermine confidence in the subsidiary structure just as the company seeks a credit upgrade to finalize its ₹21 cr resolution plan.
What we're watching
- Whether banks upgrade the company's account from NPA to 'Standard' status.
- Any progress or settlement of the ₹986 cr arbitration claim against NHAI.
- The final outcome of the auditor re-appointments and next-year audit scope.
The full read
Twamev Construction's statutory auditors qualified their consolidated opinion for FY26. They cited two repetitive problems at subsidiaries. The largest is an abandoned tollway project tied to a ₹986 crore arbitration claim against NHAI. The second is irregular interest accounting on inter-company loans. For a company that just exited insolvency with a ₹21 crore resolution plan, the audit flags are a governance problem. The plan's completion hinges on banks upgrading its credit status from NPA to 'Standard'. Revenue fell to ₹67.45 crore for the year, though the company held a standalone net profit of ₹9.10 crore. The board re-appointed its auditors. The unresolved claim and loan issues remain.
Questions answered
- What is the main issue in the statutory auditor's report?
- The auditor issued a modified opinion on consolidated results, highlighting repetitive qualifications on subsidiary accounting. The key concerns are an abandoned tollway project with a ₹986 crore arbitration claim against NHAI and irregular interest accounting for inter-company loans.
- What is the status of the company's insolvency resolution plan?
- The board confirmed it has complied with the requirements of its ₹21 crore resolution plan. Final completion is contingent on banks upgrading the company's account from NPA to 'Standard' status.
- How did the company's financial performance look for FY26?
- Twamev reported a standalone net profit of ₹9.10 crore for FY26, but annual revenue fell to ₹67.45 crore. The results show maintained profitability amid a significant year-on-year revenue contraction.
- What other appointments did the board make?
- The board approved the re-appointment of internal and cost auditors for the next financial year. It also granted a second four-year term to the statutory auditing firm.
Story so far
All notes on TICL →- 29 May 2026 · 9:12 PM IST Twamev's auditors flag the same problems again, including a ₹986 cr NHAI claim
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