Declaration of Results.
Awaiting price reaction for this filing.
Jaiprakash Associates, currently under Corporate Insolvency Resolution Process (CIRP) since June 2024, declared its Q3 FY26 results taken on record by Resolution Professional Bhuvan Madan. On a standalone basis, revenue from operations stood at Rs 72,476 lakhs for the quarter (vs Rs 76,592 in Q3 FY25), with nine-month revenue declining to Rs 2,05,687 lakhs from Rs 2,42,157 last year. Net loss for the quarter was Rs 30,533 lakhs (vs Rs 1,12,200 in Q2 FY26), and nine-month net loss narrowed to Rs 1,63,072 lakhs from Rs 2,07,396 lakhs. The company carries a deeply negative net worth of Rs (8,53,446) lakhs and a negative debt-equity ratio of -10.65x. On the consolidated side, revenue for the nine months collapsed to Rs 2,08,320 lakhs from Rs 4,65,849, mainly because JCCL and JAICO were deconsolidated post the NCLAT order. Adani Enterprises' resolution plan has been approved by the CoC and is awaiting NCLT approval; certain parties have filed impleadment applications. Exceptional items of Rs 2,246 lakhs (standalone) and Rs 31,826 lakhs (consolidated) impacted the quarter.
The stock remains under insolvency proceedings, meaning equity holders face significant uncertainty and dilution risk depending on the resolution plan outcome. Even if Adani's plan is approved, the deeply negative net worth and accumulated losses (Rs 4.93 lakh crores full-year FY25 standalone) signal that existing shareholders could see minimal or no value. The continued quarterly losses, pending litigation (CCI penalties, YEIDA land case), and deconsolidation of subsidiaries underline a highly risky investment.