Gayatri Highways Limited has submitted to the Exchange, the financial results for the period ended December 31, 2025.
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Gayatri Highways reported nil revenue from operations for Q3 FY26, down from Rs. 218 lakhs in the same quarter last year. Standalone net loss for the quarter stood at Rs. 350.91 lakhs, though the 9-month standalone result showed a profit of Rs. 2,292.58 lakhs, driven almost entirely by Rs. 3,693.48 lakhs in other income. On a consolidated basis, the company posted a net loss of Rs. 276.43 lakhs for the quarter and Rs. 812.40 lakhs for nine months, with the consolidated other equity deeply negative at Rs. (67,387.04) lakhs. The board also approved a proposal to sell the company's stake in HKR Roadways Limited to Cube Highways, with Kotak Special Situations Fund as a counterparty. The statutory auditor (PRSV & Co. LLP) issued a qualified review report on both standalone and consolidated results.
Multiple red flags — a qualified auditor opinion, ongoing default on a Rs. 5,015.86 lakh IL&FS term loan, a subsidiary (Indore Dewas Tollways) under liquidation on a non-going-concern basis, and an unconfirmed Rs. 17,887.51 lakh loan write-back from a related party (Gayatri Projects) — point to serious financial stress. Shareholders should view this as negative for the stock, as the 9-month 'profit' is entirely dependent on non-operating income, while core operations have ceased generating revenue.