Gayatri Highways Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2025.
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Gayatri Highways submitted Q1 FY26 results. On a standalone basis, the company swung to a net profit of Rs. 3,152.31 lakhs versus a loss of Rs. 213.07 lakhs in the same quarter last year, but almost the entire profit came from a one-time dividend of Rs. 3,459.50 lakhs received from two jointly controlled entities. Revenue from operations was NIL (vs Rs. 168 lakhs in Q1 FY25), and operating expenses were minimal. On a consolidated basis, the picture reverses: after factoring in share of losses from jointly controlled entities of Rs. 3,363.88 lakhs, the company reported a total loss of Rs. 211.75 lakhs versus a profit in Q4 FY25. The auditor issued a qualified conclusion on both reports, flagging unconfirmed write-back of Rs. 17,887.51 lakhs to a related party (Gayatri Projects), defaulted IL&FS term loans of Rs. 5,015.86 lakhs, and unprovided impairments of roughly Rs. 4,072 lakhs in its two JVs (Cyberabad Expressways and Hyderabad Expressways). The subsidiary Indore Dewas Tollways is already under liquidation/CIRP, and standalone other equity stands at negative Rs. 24,022.62 lakhs (consolidated negative Rs. 67,387.04 lakhs).
The headline standalone profit is misleading because it is entirely propped up by a one-time dividend from JVs that themselves are loss-making and under impairment pressure. The true consolidated result is a loss, the auditor has qualified the accounts on multiple serious items, a key subsidiary is in liquidation, and accumulated losses have already wiped out shareholder equity several times over — all of which together point to significant ongoing financial stress for shareholders.