GVK Power & Infrastructure Reports Quarterly Results Amid Ongoing CIRP and Complex Litigation

GVK Power & Infrastructure Reports Quarterly Results Amid Ongoing CIRP and Complex Litigation​

GVK Power & Infrastructure Limited, currently operating under Corporate Insolvency Resolution Process (CIRP), released its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The results reflect significant operational challenges across various segments of the group as they navigate ongoing litigation and commitments related to subsidiaries.

The company’s financial statements detail accumulated losses and high liabilities relative to assets, with key uncertainties impacting the overall stability of the GVKPIL Group.

Financial Performance Highlights (Q ended June 30, 2026)​

The standalone results for Q ended June 30, 2026, show a profit/(loss) from ordinary activities after tax of 9 Lakhs, compared to 38 Lakhs in the quarter ended March 31, 2026. The company reported Earnings Per Share (EPS) both basic and diluted at 0.00 for this period, following financial results where EPS was recorded as negative at Q ended June 30, 2025.

The consolidated financials showed a mix of revenue generation and operational costs across the period. Total Expenses in the quarter ended June 30, 2026, stood at 224 Lakhs, while Revenue from Operations was not reported for that specific quarter. Overall, the Group’s performance is currently subject to multiple uncertainties concerning various project commitments and litigation outcomes.

A summary of the standalone financial results for GVK Power & Infrastructure Limited (in Rs. in Lakhs) is provided below:


For the consolidated results for Q ended June 30, 2026:

Focus on GVK Coal Developers and Debt Obligations​

A significant aspect of the company's financial structure involves its investment in GVK Coal Developers (Singapore) Pte. Limited (GVK Coal), which is treated as an associate under Ind AS 28. The parent company provided guarantees and commitments for loans taken by GVK Coal, amounting to USD 1 Billion 32 Million (Rs. 1,071,269 lakhs) as at June 30, 2026.

Financial creditors of GVK Coal Developers filed a claim in the High Court of Justice Business and Property Courts of England and Wales Commercial Courts on November 9, 2020, which crystalized the amount payable by the defendants (GVKPIL and other guarantors/stakeholders) at USD 2.19 Billion including interest.

The company noted that its legal opinion holds that this order dated October 19, 2023, passed by the England court is not a speaking order and cannot be enforced in India as it is contrary to substantive Indian law and principles of natural justice.

Following regulatory actions against GVK Coal Developers, one lender filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) before the National Company Law Tribunal (NCLT), Hyderabad on July 14, 2022. The NCLT admitted the company into CIRP via order dated July 12, 2024.

The Resolution Professional (RP) received claims totaling Rs. 21,79,248 Lakhs from Financial Creditors, and of these, RP admitted claims to an extent of Rs. 15,94,489 Lakhs for CIRP purposes. The Committee of Creditors (CoC) subsequently rejected two resolution plans, leading the CoC to resolve to re-initiate the CIRP process based on asset-wise sale approach.

Corporate Transactions and Project Risks​

The results also detail several corporate actions involving subsidiaries:

• GVK Airport Developers Limited (GVKADL): The company sold its holding in GVKADL to Adani Airport Holdings Limited (AAHL) as per a co-operation agreement dated August 31, 2020. This deal included the acquisition of debt by AAHL from various lenders of GVKADL and the conversion of acquired debt into equity, resulting in AAHL acquiring controlling interest in GVKADL on July 13, 2021.
• GVK Ratle Hydro Electric Project Private Limited: The subsidiary entered a concession agreement with J&K Power Development Department (JKPDD) for project development. After significant delays due to issues such as land acquisition and water charges, the project was terminated. A Tribunal granted an award of Rs. 29,048 Lakhs in favor of GVK Ratle, which is currently subject to appeal before a District Court.
• GVK Perambalur SEZ Private Limited (GVK SEZ): The subsidiary, which guaranteed loans taken by the parent company, has investment property with a book value of Rs. 11,655 Lakhs as of June 30, 2026. While GVKPIL repaid the loan to Canara Bank, the bank did not issue a no due certificate and is enforcing a general lien over the title deeds for liabilities related to GVK Coal (Singapore) Pte Ltd.

Risks and Litigation Facing the Group​

The management has highlighted multiple ongoing risks:

• Investment Guarantees: The company provided financial assistance of USD 3.1 Million (Rs. 2,942 lakhs) with respect to which there are multiple significant uncertainties, including sector outlook and necessary environmental and regulatory clearances for the project.
• CBI Investigation: Central Bureau of Investigation (CBI) filed a charge sheet before the Chief Metropolitan Court, Mumbai on February 9, 2023, alleging misuse of funds of MIAL, causing potential loss to Airport Authority of India (AAI). The court granted bail to all accused. This proceeding is currently stayed by the Sessions Court in revision petitions.
• ED Investigation: The Enforcement Directorate (ED) filed a complaint under Section 45 of the Prevention of Money Laundering Act, 2002. This matter is currently at the adjudication stage of an application seeking supply of un-relied documents and statements, scheduled for August 14, 2026.

The independent auditor's review report noted that due to these matters involving uncertainties, the financial results cannot be concluded upon regarding their cumulative effect on the consolidated financials.

GVKPIL Stock Price Movement​

Shares of GVK Power & Infrastructure Limited are gaining ground in live trading as of 3:03 PM, edging up 0.85% to reach ₹2.36. The stock has seen active interest with 422,690 shares traded so far today within the market session.