AJR INFRA AND TOLLING LIMITED has informed the Exchange regarding 'Financial Results'.
Awaiting price reaction for this filing.
AJR Infra and Tolling Ltd reported a net profit of Rs 1,10,397 lacs for the nine months ended Dec 31, 2025, swinging from a loss of Rs 3,584 lacs a year ago — but this was almost entirely driven by a one-time exceptional gain of Rs 1,11,098 lacs from a settlement agreement with lenders and the concessioning authority in its Sidhi Singrauli Road Project (SSRPL). Underlying operations remain in loss, with a pre-exceptional loss of Rs 740 lacs for nine months and a small loss of Rs 117 lacs in Q3 alone. Revenue from operations is around Rs 3,470 lacs for the quarter. Other equity is deeply negative at Rs (2,15,481) lacs against a paid-up equity of Rs 18,918 lacs. The statutory auditor issued a qualified conclusion, citing reliance on unaudited results of a material associate (Vizag Seaport), and flagged material uncertainty on going concern — current liabilities exceed current assets by Rs 95,242 lacs and the company admits to a severe liquidity crunch. Multiple subsidiaries are under stress due to NCLT/CIRP proceedings, debt defaults, and ongoing litigations.
Shareholders should note that the headline profit is a one-time accounting gain, not from operations. The core business continues to lose money, reserves are massively eroded, and the auditor has explicitly raised going concern doubts along with a qualified report and several emphasis-of-matter notes on large contingent liabilities — including a Rs 1,19,024 lac corporate guarantee that has been invoked. Stock price is likely to remain volatile and sentiment weak given the deep structural issues, despite the optical boost from the SSRPL settlement.