AJR Infra And Tolling Limited Reports Financial Results, Details Progress on Major Projects
AJR Infra and Tolling Limited, formerly Gammon Infrastructure Projects Limited, released its financial results for the quarter and year ended March 31, 2026. The company provided audited standalone and consolidated financial statements, alongside cash flow details, highlighting its operations across several key infrastructure projects and subsidiaries.Financial Performance Summary
The company reported comprehensive financial results across multiple segments. The financial data for the Standalone and Consolidated results are presented below.Statement of Standalone Financial Results (Rs in lacs)
| Metric | Quarter ended 31-Mar-26 | Quarter ended 31-Dec-25 | Quarter ended 31-Mar-25 | Year ended 31-Mar-26 | Year ended 31-Mar-25 |
|---|---|---|---|---|---|
| Other Income | 1,231.35 | 245.53 | 198.08 | 2,401.30 | 1,160.22 |
| Total Income | 1,231.35 | 245.53 | 198.08 | 2,401.30 | 1,160.22 |
| Employee Benefit Expenses | 33.82 | 45.74 | 28.33 | 176.01 | 140.83 |
| Finance Cost | 90.05 | 88.61 | (806.11) | 359.39 | 61.3.05 |
| Other Expenses | 289.83 | 249.78 | 2,792.97 | 1,768.39 | 4,394.75 |
| Total Expenses | 413.80 | 384.23 | 2,015.95 | 2,305.50 | 5,151.70 |
| Profit/(Loss) Before Tax | 817.55 | (138.70) | (10817.87) | 95.80 | (3,991.48) |
| Exceptional Items | - | - | - | 31,319.27 | (5,686.09) |
| Profit/(Loss) Before Tax | 817.55 | (138.70) | (1,817.87) | 31,415.07 | (9,677.57) |
| Tax Expense | 5.61 | (0.08) | 1.57 | (33.29) | 1,494.52 |
| Profit/(Loss) for the period | 811.94 | (138.62) | (1,819.44) | 31.448036 | (11,172.09) |
| Total Comprehensive Income | 811.25 | (138.47) | (1,819.87) | 31,447.82 | (11,172.52) |
Consolidated Financial Results (Rs in Lacs)
| Metric | Quarter ended 31.03.26 | Quarter ended 31.12.25 | Quarter ended 31.03.25 | Year ended 31.03.26 | Year ended 31.03.25 |
|---|---|---|---|---|---|
| Total Income | 1,112.50 | 198.81 | 115.73 | 2,130.76 | 4,366.89 |
| Total Expenditure | 446.87 | 387.94 | 6,217.22 | 2,399.55 | 29,722.62 |
| Profit/(Loss) before share of profit/ (loss) of an associate/ joint venture and exceptional Items | 665.63 | (189.13) | (6,101.49) | (268.79) | (25,355.73) |
| Share of profit/ (loss) of an associate and joint venture | 32.51 | 71.23 | 201.86 | 226.51 | 961.70 |
| Profit/ (Loss) before exceptional Item and tax | 698.14 | (117.90) | (5,899.63) | (42.28) | (24,394.03) |
| Profit/(Loss) before tax | 698.14 | (117.90) | (5,899.63) | 1,11,056.11 | 55,740.48 |
| Total tax expenses | 2.05 | (0.08) | 157.53 | (36.85) | 1,653.06 |
| Profit/(Loss) for the period attributable to owners of the Company | 696.10 | (117.52) | (6,057.14) | 1,11,093.31 | 56,105.67 |
Statement of Consolidated Assets and Liabilities (Rs in Lacs)
| Particulars | 31-03-2026 | 31-03-2025 |
|---|---|---|
| Total Assets | 17,337.32 | 21,517.33 |
| Property, Plant and Equipment (Non-current) | 1,884.27 | 1,886.17 |
| Investments in Joint Venture/Associate (Financial Assets) | 8,581.34 | 4,482.49 |
| Loans and advances (Financial Assets) | - | 7,795.20 |
| Other Non-current assets Total | 2,746.56 | 2,826.07 |
| Total Current Assets | 3,856.08 | 4,249.65 |
| Total Equity and Liabilities | 17,337.32 | 21,517.33 |
| Total Equity | (85,595.35) | (1,96,687.76) |
| Total Current Liabilities | 1,979.32 | 1,02,104.43 |
Cash Flow Highlights
The company reported key movements in cash flows during the year.Net Cash Flow (From) Operating Activities
The net cash flow from operating activities was (Rs 3,368.05) lakh for the year ended March 31, 2026, compared to (Rs 7,845.02) lakh for the same period in the previous year.
Net Cash Flow (From) Investing Activities
The net cash flow from investing activities was 3,267.36 lakh for the year ended March 31, 2026, compared to 11,616.40 lakh in the previous year.
Net Cash Flow (Used in) Financing Activities
The net cash flow from financing activities was 115.49 lakh for the year ended March 31, 2026, reversing a net usage of (Rs 3,862.67) lakh in the prior year.
Project-Specific Updates and Assignments
Sidhi Singrauli Road Project Limited (SSRPL)
The SPV, Sidhi Singrauli Road Project Limited (SSRPL), completed a One Time Settlement (OTS) with lenders and the Madhya Pradesh Road Development Corporation (MPRDC) and the Ministry of Road Transport and Highways (MORTH). The settlement, entered into on March 18, 2025, saw MPRDC and MORTH pay a total of Rs 27,500 lacs to the lenders in full and final settlement of dues on April 16, 2025. The settlement agreement also included a payment of Rs 31,064 lacs to a sub-contractor. Following the receipt of a no dues cum release certificate from Punjab National Bank (Lead Bank), the Company reversed the associated corporate guarantee liability, booking the reversal as an Exceptional item totaling Rs 1,11,098.39 lacs for the year ended March 31, 2026.Indira Container Terminal (Mumbai)
Regarding the Indira Container Terminal at Mumbai, the company transferred control to the new management following an OTS with lenders. AJR Infra and Tolling Limited retained only a beneficial interest in equity instruments amounting to 16.29%. The net exposure of the Company in ICTPL stands at Rs 4,834.87 lacs (funded) and includes a non-funded bank guarantee of Rs 3,500 lacs.Pravara Renewable Energy Limited
Pravara Renewable Energy Limited is working on developing a 30 MW Cogeneration Project on a Build-Own-Operate-Transfer (BOOT) basis with Karkhana. The project faces multiple legal challenges, and the SPV is marked as an NPA by lenders. The company stated that the entire funded exposure in the SPV had already been provided for on a prudent basis. The non-funded exposure of the group remains at Rs 19,167.00 lacs.Rangit-11 Hydroelectric Power Project (Sikkim)
The company received an advance of Rs 2,000 lacs for the acquisition of the SPV for the Rangit-11 Hydroelectric Power Project in Sikkim. However, due to pending approvals from authorities, the agreement was terminated in July 2025, and the full advance of Rs 2,000 lacs was subsequently refunded. The entire exposure for this project stands provided for.Litigation and Other Assignments
The company entered into an assignment agreement on March 20, 2025, for its awards from pending litigations related to earlier road projects (Gorakhpur Infrastructure Company Private Limited and Jagatpuri Highways Private Limited) for an aggregate sum of Rs 675 lacs. The balance payment against this assignment was received in July 2025, with revenue recognized in FY 2025-26.Material Uncertainty
The company noted a material uncertainty related to going concern, pointing to the current liabilities exceeding current assets by Rs 1,12,907.20 lacs as of March 31, 2026. The company stated that the future of various associated SPV projects, including those under stress, depends on favorable decisions on outstanding litigations, and management is working to resolve these matters.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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