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 no revenue from operations for the quarter, with total income of Rs. 738.39 lacs coming entirely from 'other income.' The company posted a standalone profit after tax of Rs. 278.92 lacs in Q2 FY26, but the half-yearly profit of Rs. 30,775.04 lacs is almost entirely driven by a one-time exceptional gain of Rs. 31,319.27 lacs from reversal of provisions tied to the Sidhi Singrauli Road Project (SSRPL) one-time settlement with lenders. Excluding this exceptional item, the company remains in operating loss. Current liabilities of Rs. 1,12,402.11 lacs vastly exceed current assets, other equity is deeply negative at Rs. (1,21,607.76) lacs, and cash flow from operations was negative Rs. 2,617.71 lacs for the half year. The auditor (N V C & Associates LLP) flagged a material uncertainty related to going concern and drew attention to multiple stressed SPV projects and pending litigations including a Rs. 1,19,024.39 lacs non-funded corporate guarantee exposure on PHPL.
The headline profit is misleading—it's driven by a one-time accounting reversal, not operations, as the company has zero core revenue. The explicit going-concern flag from the auditor, deeply negative net worth, and continued operating cash burn make this a high-risk situation for shareholders despite the optical profit.