Further to our letter dated February 24, 2026 and the telephonic discussion we had today, we are submitting herewith Un-audited Standalone Financial Results for the quarter ended September 30, 2025
Awaiting price reaction for this filing.
AJR Infra and Tolling Ltd reported standalone total income of Rs 738.39 lakhs for Q2 FY26 (vs Rs 698.31 lakhs in Q2 FY25) and Rs 924.42 lakhs for H1 FY26, only marginally higher than last year. The company swung to a headline profit of Rs 30,775.04 lakhs in H1 FY26 from a loss of Rs 9,260.74 lakhs last year, but this is entirely driven by a one-time exceptional income of Rs 31,319.27 lakhs from reversal of provisions following a one-time settlement with lenders of its road SPV (SSRPL). Stripping out the exceptional item, the company is still loss-making at Rs 583.05 lakhs for H1 FY26, though improved from Rs 2,071.17 lakhs loss a year ago. The auditor flagged a 'Material Uncertainty relating to Going Concern' since current liabilities exceed current assets by Rs 1,10,061.38 lakhs, and added an 'Emphasis of Matter' on several stressed SPV projects, ongoing litigations in Supreme Court and NCLAT, and disputed corporate guarantees of over Rs 1.19 lakh lakhs. Other equity remains deeply negative at Rs (1,21,607.76) lakhs and operating cash flow was negative at Rs 2,617.71 lakhs in H1 FY26.
The headline profit is misleading — it is entirely a one-time accounting reversal, not real operational earnings, and the underlying business continues to lose money with a severe going-concern flag and eroded net worth, making this a high-risk situation for shareholders with likely continued stock price volatility.