BSEOthers21 Aug 2026 · 21 Aug 2026, 03:20 pm
Annual Report of the Company for the FY 2025-26 is attached herewith.
Monarch Surveyors and Engineering Consultants Ltd · 544453
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Monarch Surveyors and Engineering Consultants Ltd has announced its Annual Report for FY 2025-26, along with the notice of its 27th Annual General Meeting (AGM) to be held on September 16, 2026. The report highlights the company's journey as a public limited company, emphasizing better governance, transparency, and disciplined execution. The AGM notice includes details on e-voting, remote e-voting dates, and the businesses to be transacted.
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Earnings Impact5/10
Growth Catalyst3/10
Governance Concern2/10
Regulatory Risk1/10
Balance Sheet Risk4/10
Liquidity Impact8/10
Market Sentiment6/10
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Monarch Surveyors and Engineering Consultants Ltd - 544453 - Reg. 34 (1) Annual Report.
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Date: August 21, 2026
Department of Corporate Services/ Listing
BSE Limited
PJ Towers, Dalal Street,
Mumbai – 400001
BSE Scrip Code - 544453
ISIN: INE0V0L01028
Sub: Notice of the 27th Annual General Meeting of the Company (‘AGM’) and Annual Report for the
Financial Year ended March 31, 2026
Ref: Regulation 34(1) read with Regulation 30 and other applicable Regulations of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”).
Dear Sir/Madam,
Pursuant to the Listing Regulations, we enclose herewith the following for your information and records:
1. Notice of the 27th AGM of the Company scheduled to be held on Wednesday, September 16, 2026,
at 03:00 P.M. (IST) through Video Conference(‘VC’)/Other Audio-Visual Means (‘OAVM’) without
physical presence of the members; and
2. Annual Report for the Financial Year ended March 31, 2026.
In compliance with the applicable provisions of the Companies Act, 2013 and Rules made thereunder
(“Act”) and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, read with the applicable circulars as issued by “Ministry of Corporate Affairs (“MCA”)
and the Securities and Exchange Board of India (“SEBI”), in relation to the subject matter, the AGM Notice
and Annual Report has been sent today, only by electronic mode to all the Members whose email
addresses are registered with the Depository Participants or the Company.
Further, in accordance with Regulation 36(1)(b) of the Listing Regulations, a letter containing the web-
link and path to access the Annual Report of the Company was also sent to the registered address of the
members whose e-mail addresses were not registered with the Company/ RTA/Depository Participant(s).
The members can also access the Annual Report on the Website of the Company www.monarchltd.com
Key information about the AGM is reproduced below for ready reference:
Monarch House, CTS No 434/1, B T Kawade Road, Ghorpadi, Pune 411 036, Maharashtra. India.
CIN No.: L45203PN1999PLC013830 | D&B D-U-N-S: 91 663 2276
Contact: + 91 97665 56746 | Email: info@monarchltd.com | www.monarchltd.com
Mumbai | New Delhi | Nagpur | Nashik | Navi Mumbai | Ahmedabad
Cut-off date for e-voting Wednesday, September 09, 2026
Commencement of Remote e-voting 9:00 A.M. (IST) on Sunday, September 13, 2026
Conclusion of Remote e-voting 5:00 P.M. (IST) on Tuesday, September 15, 2026
E-voting during AGM From commencement of the AGM till conclusion
of the AGM
Businesses to be transacted by voting through Kindly refer the Notice of AGM
electronic means
Thanking You.
For and on behalf
Monarch Surveyors and Engineering Consultants Limited
Dattatraya Mohaniraj Karpe
Managing Director
DIN: 01155398
Monarch House, CTS No 434/1, B T Kawade Road, Ghorpadi, Pune 411 036, Maharashtra. India.
CIN No.: L45203PN1999PLC013830 | D&B D-U-N-S: 91 663 2276
Contact: + 91 97665 56746 | Email: info@monarchltd.com | www.monarchltd.com
Mumbai | New Delhi | Nagpur | Nashik | Navi Mumbai | Ahmedabad
Monarch Surveyors &
Engineering Consultants Limited
A n nu a l
Re por t
2 025-2 6
A YEAR OF IMPACT
ABOUT MONARCH ANNUAL REPORT 2025-26
Becoming a public limited company marks the beginning of
a new chapter for Monarch. It strengthens our commitment
to better governance, greater transparency, and disciplined
execution as we continue creating long-term value for all
our stakeholders.
2 MONARCH SURVEYORS AND ENGINEERING CONSULTANTS LIMITED www.monarchltd.com 3
ABOUT MONARCH ANNUAL REPORT 2025-26
TABLE OF CONTENTS
SECTION 1: ABOUT MONARCH
SECTION 3: NOTICES AND BOARD REPORT
7 Corporate Information
86 Notice of Twenty-Seventh Annual General Meeting
8 About Monarch
98 Board Report 2026
10 The Journey
112 Annexure A
12 Letter from the Chairman
113 Annexure B
13 Letter from the Managing Director
116 Annexure C
14 Board of Directors & Leadership
120 Annexure D
17 Awards and Recognitions
18 Certifications
20 Key Business Verticals and Services SECTION 4: FINANCIALS AND NOTES
36 Services Across Sectors
121 Standalone Financial Statements 2025-26
123 Independent Auditor’s Report
132 Balance Sheet
SECTION 2: MANAGEMENT DISCUSSION AND ANALYSIS
133 Profit & Loss
40 Industry Structure & Developments
134 Cash Flow
44 Opportunities and Threats
136 Notes to Accounts
48 Segment-wise Performance
154 Key Technical Terms and Abbreviations
52 Outlook
56 Risks and Concerns
58 Internal Control Systems and their Adequacy
62 Discussion on Financial Performance
66 Material Developments in Human Resources
68 Macro-Economic Indicators Forward-Looking Statements Disclaimer
This Annual Report and other statements we periodically make contain forward-looking statements regarding
72 GMR Acquisition
anticipated results, based on management’s current plans and assumptions. Words such as “anticipates,”
76 Significant Accounting Policies and Disclosures “estimates,” “expects,” “projects,” “intends,” “plans,” “believes,” and similar expressions identify such
80 Corporate Governance statements. While we believe these assumptions are prudent, we cannot guarantee that these statements will
prove accurate. Actual results may differ materially due to risks, uncertainties, and inaccurate assumptions.
84 Means of Communications
Known or unknown risks may materialise, and underlying assumptions may prove incorrect. Readers should
85 Disclosures not place undue reliance on these forward-looking statements. We undertake no obligation to publicly update
or revise any forward-looking statements, whether due to new information, future events, or otherwise.
4 MONARCH SURVEYORS AND ENGINEERING CONSULTANTS LIMITED www.monarchltd.com 5
ABOUT MONARCH ANNUAL REPORT 2025-26
CORPORATE INFORMATION
Company Name: Monarch Surveyors and Engineering Consultants Limited
CIN: L45203PN1999PLC013830
Registered Office
Monarch House, CTS No. 434/1, Near Kawade Petrol Pump, Ghorpadi Gaon,
Hadapsar, Pune 411036
Board of Directors:
Anil Sadashiv Shelar (Chairman & Independent Director)
Dattatraya Mohaniraj Karpe (Managing Director & Promoter)
Sunil Shrikrishna Bhalerao (Whole-Time Director & Promoter)
Bhartesh Rajkumar Shah (Whole-Time Director & Promoter)
Sanjay Bhalchandra Vidwans (Whole-Time Director & Promoter)
Usha Sunil Kokare (Executive Director)
Sanjay Bhaskarrao Mahashabde (Independent Director)
Sakharam Bhagwanrao Tamsekar (Independent Director)
Key Managerial Personnel:
Sanjay Premkumar Kandhari (Chief Financial Officer)
Naman Kaur Saluja (Company Secretary)
Statutory Auditors: C R Sagdeo & Co.,
Chartered Accountants, Mumbai
Secretarial Auditor: AKA & Associates,
Company Secretaries, Pune
Bankers:
Bank of Baroda
The Hongkong and Shanghai Banking Corporation Limited (HSBC)
HDFC Bank Limited
Union Bank of India
Janata Sahakari Bank Limited
Merchant Banker: Beeline Capital Advisors Private Limited
Registrar: Bigshare Services Private Limited
Company Secretary: cs@monarchltd.com
Website: www.monarchltd.com
Shares of the Company listed on: Bombay Stock Exchange (SME Platform)
6 MONARCH SURVEYORS AND ENGINEERING CONSULTANTS LIMITED www.monarchltd.com 7
ABOUT MONARCH ANNUAL REPORT 2025-26
ABOUT MONARCH
Founded in 1999, listed in 2025 — Monarch's 710-people team now runs
concept-to-commissioning work across roads, rail, water, and urban
infrastructure, built on a largely debt-free balance sheet.
Monarch Surveyors and Engineering Consultants The Company's team of over 710 engineers,
Limited was founded on a simple conviction: India’s surveyors, planners, and geospatial specialists
infrastructure ambitions deserve partners who are
forms the core of its delivery capability. Staff
present on the ground, rigorous in their methods
work across Indian and international technical
Integrated Service Model
and unwavering in delivery.
standards, and move between design work, Monarch brings together engineering survey, DGPS
client engagement, and field execution as project and LiDAR mapping, geotechnical investigation, GIS
Over more
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