NSE: GAYAHWS · BSE: 541546
GAYATRI HIGHWAYS LIMITED
Operates toll road infrastructure through a group of project-specific subsidiaries, joint ventures and associates, classified in the road assets / toll-annuity segment. The main disclosed asset is a BOT toll road on the Hyderabad-Karimnagar-Ramagundam SH-1 in Andhra Pradesh, held through associate HKR Roadways Limited, in which the company is acquiring an additional 23% equity stake (10,67,729 shares of Rs 10 face value) from Kotak Special Situations Fund, with completion extended to 30 September 2026. Other road project vehicles named in the filings are subsidiaries Gayatri Jhansi Roadways Limited and Gayatri Lalitpur Roadways Limited, joint-venture entities Cyberabad Expressways Limited and Hyderabad Expressways Limited, and former subsidiary Indore Dewas Tollways Limited, which has been admitted into liquidation under the IBC. FY26 revenue is reported at Rs 14.5515 crore on total assets of Rs 990.4368 crore, with standalone FY26 total income of Rs 5,205.83 lakhs as per the audited results. The cost shape is dominated by other operating expenses at 109.7% of revenue, with no material input, employee cost at 0.8% and depreciation at 0.3%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Toll road operations. Asset-heavy toll road operator with multiple project SPVs, stressed debt and a negative standalone net worth of around Rs 21,965 lakhs
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 93 | 8 | 2 | 6 | 15 |
| EBITDA (ex other income) | 75 | 178 | (123) | (5) | (2) |
| margin % | 81.2 | 2338.4 | (7131.4) | (83.0) | (10.4) |
| Owners' profit | (141) | (140) | (441) | 1,129 | (1) |
| EPS, as reported (₹) | (5.90) | (5.85) | (18.40) | 47.10 | (0.05) |
| ROE % · ROCE % | 14.2 · (25.6) | 10.7 · (40.5) | 25.1 · 11.4 | (180.4) · 6.3 | 0.2 · 13.9 |
| Debt / equity (x) | (0.41) | (0.31) | (0.23) | (0.67) | (0.64) |
| Cash from operations | 798 | 93 | 312 | 175 | (27) |
| Capex | (0) | (0) | (0) | 0 | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1 | 2 | 1 | 0 | 0 | 0 | 15 | 7 |
| Profit before tax | 11 | (4) | (5) | 32 | (5) | (4) | (2) | (3) |
| Net profit | (45) | (98) | 1,347 | (2) | (3) | (3) | 7 | (3) |
| EPS (₹) | (1.89) | (4.10) | 56.22 | (0.09) | (0.14) | (0.12) | 0.29 | (0.12) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BF UTILITIES LIMITED | 1,661 | 12.1 | 1.27 | 3.7 | 26.0 | 22.7 | 20.7 | 39.9 |
| INNOVISION LIMITED | 655 | 23.2 | 2.23 | 13.2 | 12.4 | 15.1 | — | (3.8) |
| ATLANTAA LIMITED | 287 | 16.9 | 1.30 | 16.3 | 0.1 | 0.1 | (3.5) | 45.6 |
| SADBHAV ENGINEERING LTD | 123 | 2.4 | 1.20 | 6.2 | 107.5 | 6.8 | (15.4) | 69.9 |
| BHARAT ROAD NETWORK LTD | 118 | — | 0.22 | — | (11.1) | (6.3) | (5.9) | (154.4) |
| SADBHAV INFRA PROJ LTD. | 114 | 3.0 | — | 5.4 | (26.6) | 21.1 | (9.6) | 74.2 |
| GAYATRI HIGHWAYS LIMITED ◆ | 45 | — | — | — | 0.2 | 8.1 | (29.1) | 7.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| EBITDA margin | 7.1 | 36.0 | 10 of 15 | 36% |
| Profit growth | (33.6) | 18.0 | 10 of 13 | 25% |
| Market cap | 45 | 314 | 14 of 15 | 7% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 4 Nov 2026 · Board meeting postponed to approve September 2026 quarter results | results | low | — | — |
| 29 Oct 2026 · Gayatri Highways buys out two road subsidiaries and raises associate stake | strategic transactions | medium | — | — |
| 28 Oct 2026 · CEO K.G. Naidu resigns for personal reasons effective October 28, 2026 | management changes | critical | — | — |
| 28 Oct 2026 · CEO K.G. Naidu resigns for personal reasons | management changes | critical | — | — |
| 16 Oct 2026 · Board meeting on Nov 5, 2026 to approve Q2 and H1 FY26-27 results | results | low | — | — |
| 3 Oct 2026 · Compliance certificate on share demat filed for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · Default on loan payments: Rs 50.15 Cr overdue out of Rs 90.15 Cr outstanding | credit debt | high | — | — |
| 30 Sept 2026 · Gayatri Highways appoints PPKG and Co as Statutory Auditor for five years | management changes | medium | — | — |
| 30 Sept 2026 · AGM 2026: All 4 resolutions passed, including Rs 150 Cr related-party loan | board shareholder meetings | medium | — | — |
| 29 Sept 2026 · Summary of 20th AGM proceedings, four resolutions considered | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.