AJR INFRA AND TOLLING LIMITED has submitted to the Exchange, the financial results for the period ended Jun 30, 2025.
Awaiting price reaction for this filing.
AJR Infra and Tolling (formerly Gammon Infrastructure Projects) reported Q1 FY26 results showing zero operating revenue and only Rs. 186.03 lacs of other income, down from Rs. 286.99 lacs a year ago. Total expenses of Rs. 1,049.37 lacs pushed the pre-exceptional loss to Rs. 863.34 lacs, wider than the Rs. 358.18 lacs loss in Q1 FY25. A massive one-time exceptional gain of Rs. 31,319.27 lacs — from reversal of provisions tied to a one-time settlement with lenders of its Sidhi Singrauli Road Project SPV — flipped the bottom line to a reported profit of Rs. 30,496.12 lacs (EPS Rs. 3.24). The auditor issued an unmodified limited review conclusion but flagged a Material Uncertainty on Going Concern, noting current liabilities exceed current assets by Rs. 1,13,040.88 lacs and several SPV projects are under severe stress with unresolved litigation. Other equity stands at a deeply negative Rs. (1,52,382.79) lacs, and non-funded corporate guarantee exposures exceed Rs. 1.5 lakh lacs across subsidiaries.
The headline profit is entirely accounting-driven from a one-time settlement reversal and does not reflect any operational turnaround — core business remains loss-making with no revenue. The auditor's going-concern warning, deeply negative net worth, and huge off-balance-sheet guarantee exposures make this a high-risk stock where further provisions or guarantee invocations could wipe out equity. Retail investors should treat the profit as non-recurring and focus on the stressed balance sheet and litigation overhangs.