AJR INFRA AND TOLLING LIMITED has submitted to the Exchange, the financial results for the period ended December 31, 2025.
Awaiting price reaction for this filing.
AJR Infra and Tolling (formerly Gammon Infrastructure Projects) reported NIL revenue from operations for Q3 FY26 and 9M FY26. The company posted a consolidated profit of Rs. 1,10,396.87 lakh for 9M FY26, but almost the entire amount came from a one-time exceptional gain of Rs. 1,11,008.39 lakh linked to a settlement agreement with lenders and the concessioning authority (MORTH/MPRDC) for its road project SPV (SSRPL). Without this exceptional item, the company would have reported a loss of Rs. 740.42 lakh for 9M FY26. The auditor flagged a material uncertainty on going concern, noting current liabilities exceed current assets by Rs. 95,242.23 lakh and that the company's net worth is fully eroded (negative other equity of Rs. 2,15,481.09 lakh). The auditor also issued a qualified conclusion because a material associate (Vizag Seaport) was consolidated based on unaudited management numbers. Multiple subsidiaries remain under IBC proceedings, arbitration, or distressed asset situations.
The headline profit is misleading — it is entirely driven by a one-time settlement, not operating performance. With zero revenue, eroded net worth, ongoing IBC proceedings in subsidiaries (notably PHPL with a Rs. 1,19,024 lakh invoked corporate guarantee), and a flagged going concern issue, the stock carries significant speculative risk. Shareholders should view the result as a debt-resolution event rather than a turnaround.