Outcome of Board Meeting held on 13th February, 2026 pursuant to regulation 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Awaiting price reaction for this filing.
Gammon India's board approved unaudited standalone and consolidated results for Q3 and nine months ended Dec 31, 2025. The company reported a standalone loss after tax of Rs 318.18 crore for the quarter (Rs 921.35 crore for 9M FY26) on revenue from operations of just Rs 0.11 crore. Consolidated loss for the quarter was Rs 345.87 crore (Rs 856.42 crore for 9M). The auditor issued a qualified conclusion, flagging Rs 30 crore of unrecoverable claims, Rs 989.91 crore in disputed penal interest not accounted for, and a subsidiary-level qualification. The auditor also highlighted material uncertainty on going concern, noting current liabilities exceed current assets by Rs 12,353.84 crore (standalone), loans are NPA since 2017, equity trading is suspended, lenders are yet to approve a resolution plan, and winding-up petitions have been filed. The board also re-appointed Mr. Ajit Desai as CEO for one year effective April 1, 2026.
This filing is deeply negative for shareholders. The auditor has flagged a material going concern doubt, the company continues to post massive losses with near-zero operating revenue, and over Rs 990 crore of contingent penal interest could materialise as a liability. With equity trading suspended, lenders unable to agree on a resolution, and winding-up petitions pending, shareholder equity (negative other equity of Rs 10,639 crore) is effectively wiped out and recovery prospects are bleak.