Audited Standalone and Consolidated financial results for the quarter and year ended 31st March 2023
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Gayatri Projects reported audited results for FY23 (year ended 31 March 2023), approved by the board on 4 November 2025 after a long delay. The company posted a massive net loss of ₹1,42,610 lakhs (vs ₹92,629 lakhs loss in FY22), with revenue from operations declining sharply to around ₹1,05,951 lakhs from ₹3,46,572 lakhs in the prior year. Net worth is completely eroded (negative other equity of ₹1,38,703 lakhs) and current liabilities exceed current assets by ₹2,32,174 lakhs. The auditor flagged a Material Uncertainty Related to Going Concern and multiple Emphasis of Matter paragraphs. The company had entered CIRP on 15 November 2022, but a One-Time Settlement (OTS) of ₹750 crore fund-based plus ₹1,229 crore non-fund-based was accepted by 97.20% of lenders; NCLT approved withdrawal of CIRP on 10 September 2025 and ₹215.74 crore has been paid to lenders as of 28 October 2025. Large exceptional items include ₹11,084 lakhs of invoked bank guarantees, ₹17,967 lakhs write-off of subordinate debt from associate Gayatri Highways, and ₹18,528 lakhs provision for EPC receivable from SMTL.
Despite the CIRP withdrawal and OTS progress, shareholders face severe dilution risk and near-zero equity value given complete net worth erosion and enormous contingent liabilities (corporate guarantees and bank guarantees exceeding ₹3.5 lakh lakhs in admitted claims). The stock remains extremely high-risk; near-term recovery depends entirely on the promoters honouring the OTS and on arbitration claim realizations.