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 December 31, 2025.
Awaiting price reaction for this filing.
AJR Infra (formerly Gammon Infrastructure Projects) reported Q3 FY26 results with zero revenue from operations, continuing the trend from prior periods. Total income for the quarter stood at Rs 245.53 lacs (vs Rs 738.39 lacs in Q2), with a loss before tax of Rs 138.70 lacs. For the nine-month period, the company swung to a profit of Rs 30,636.42 lacs, but this is entirely driven by a one-time exceptional gain of Rs 31,319.27 lacs from reversal of provisions following a One-Time Settlement (OTS) with lenders of subsidiary Sidhi Singrauli Road Projects Ltd (SSRPL). Without the exceptional item, the company would have reported a loss of Rs 721.75 lacs for 9M FY26. The auditor has flagged a Material Uncertainty relating to Going Concern, noting current liabilities exceed current assets by Rs 1,10,161.93 lacs and there are continuing payment defaults.
Operational performance remains weak with no core revenue, but the SSRPL settlement has cleaned up one major liability overhang. However, the going concern flag, massive accumulated losses (Other Equity at negative Rs 1,52,382.79 lacs), and large unresolved exposures (Rs 1.19 lakh lacs non-funded guarantee in PHPL, Rs 19,167 lacs in Pravara, Rs 9,811 lacs in RGBL) mean the stock remains a high-risk, distressed counter. Short-term relief from the OTS may be offset by ongoing litigation uncertainty.