Please find enclosed Audited Standalone and Consolidated financial results for the quarter and year ended 31st March 2026
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Gayatri Projects Ltd reported standalone revenue of Rs 84,689.18 lakhs for FY26, up 88% from Rs 44,992.45 lakhs in FY25. The company swung from a net loss of Rs 6,879.61 lakhs in FY25 to a net profit of Rs 2,04,695.16 lakhs in FY26, largely due to exceptional gains of Rs 1,98,567.80 lakhs from the One Time Settlement (OTS) of debt under CIRP. The CIRP, initiated in November 2022, was withdrawn in September 2025 after lenders approved the promoter's OTS proposal involving Rs 750 crores. The auditors highlighted several concerns in their Emphasis of Matter: impairment provision of Rs 13,342.95 lakhs on CCCPS investment, write-off of Rs 13,411 lakhs subordinate debt from associate Gayatri Highways Ltd, and recovery issues with subcontractor advances. A secured term loan to Punjab National Bank of Rs 14,390.74 lakhs remains in default. The company also completed a preferential allotment raising Rs 27,710.03 lakhs.
The company has emerged from insolvency through debt settlement, but faces ongoing recovery challenges on investments and advances. The massive exceptional gains inflate profits; underlying operating performance needs scrutiny. Shareholders should monitor the PNB loan default resolution and affiliate company exposures.