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 reported zero revenue from operations for Q3 FY26, with total income of just Rs. 245.53 lacs (down sharply from Rs. 738.39 lacs in Q2 FY26), posting a standalone loss of Rs. 138.62 lacs for the quarter versus a profit of Rs. 278.92 lacs in Q2. For the nine months ended Dec 2025, the company swung to a Rs. 30,636.42 lacs profit, but this is almost entirely driven by a one-time exceptional gain of Rs. 31,319.27 lacs from reversal of a provision related to the Sidhi Singrauli Road Projects (SSRPL) one-time settlement with lenders. Negative Other Equity stands at a massive Rs. (1,52,382.79) lacs, reflecting years of accumulated losses. The statutory auditor (N V C & Associates LLP) issued an unmodified limited review but explicitly flagged a Material Uncertainty relating to Going Concern, noting current liabilities exceed current assets by Rs. 1,10,161.93 lacs, ongoing liquidity crunch, and multiple stressed SPV projects (PHPL, ICTPL, Pravara, SSRPL) caught in protracted litigations.
The nine-month profit figure is misleading and non-recurring — it stems from a one-time accounting reversal, not operating performance. The going-concern flag is a serious red flag for shareholders, signaling real solvency and liquidity stress. With continued zero operational revenue, massive accumulated losses, and several large contingent exposures (including a Rs. 1,19,024 lacs disputed corporate guarantee for PHPL), the stock remains high-risk despite the headline profit optics.