Pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 Limited Review Results revised for June 2024 approve by Board meeting dated 2nd August, 2025.
Awaiting price reaction for this filing.
Gammon India has submitted revised consolidated results for Q1 FY25 (quarter ended June 30, 2024) after fixing a clerical error where a fair-value OCI loss was incorrectly shown as Rs 13.78 Cr instead of Rs (4.21) Cr. Revenue from operations for the quarter was just Rs 7.26 Cr against Rs 14.83 Cr in the year-ago quarter, while the company posted a net loss of Rs 315.82 Cr, largely driven by Rs 287.58 Cr in finance costs. The statutory auditor issued a Qualified Conclusion flagging uncertainties around Rs 30 Cr of recoverable claims, Rs 713.50 Cr of disputed cumulative penal interest, and a Rs 16.64 Cr RBI directive at subsidiary ACBI. Management and auditors both highlighted a Material Uncertainty on Going Concern, noting current liabilities exceed current assets by Rs 11,612.76 Cr, lenders have marked facilities NPA since June 2017, equity trading is suspended, and the resolution plan remains stuck with lenders unable to reach consensus.
This is a deeply negative filing for shareholders — the company is effectively insolvent on a working-capital basis, auditors doubt its ability to continue as a going concern, and stock trading is already suspended. While existing shareholders are unlikely to see fresh equity value until lenders approve a restructuring, any successful resolution plan or stake sale to a new investor could be the only realistic upside catalyst.