AJR INFRA AND TOLLING LIMITED has submitted to the Exchange, the financial results for the period ended September 30, 2025.
Awaiting price reaction for this filing.
AJR Infra and Tolling (formerly Gammon Infrastructure Projects) reported consolidated profit after tax of Rs. 63,728.32 lacs for H1 FY26, but this entire amount came from a one-time exceptional gain of Rs. 1,11,098.39 lacs booked in Q1 FY26 after the Sidhi Singrauli Road Project (SSRPL) settled its Rs. 1,10,462 lac debt with lenders via a one-time settlement. Stripping out this exceptional item, the company actually made a loss before tax of Rs. (14,886.65) lacs on total income of Rs. 5,050.39 lacs, with finance costs alone of Rs. 15,077.18 lacs. For Q2 FY26 (the latest quarter), revenue from operations was nil and the company barely scraped a Rs. 258.40 lac profit. Net worth is deeply negative at Rs. (86,173.08) lacs and current liabilities exceed current assets by Rs. 95,023.47 lacs. The statutory auditor issued a qualified conclusion because results from material associate Vizag Seaport were not audited, and separately flagged material uncertainty on the company's ability to continue as a going concern, along with multiple emphasis-of-matter notes on stressed SPVs and pending litigations. Operating cash flow was negative Rs. (2,784.60) lacs in H1 FY26.
The headline profit is entirely a one-time accounting gain from debt settlement and does not reflect any turnaround in the business. Underlying operations remain deeply loss-making, net worth is wiped out, and the auditor has flagged going-concern uncertainty. Retail investors should treat this as a high-risk situation — the stock price may react to the headline PAT number, but the underlying fundamentals are very weak.