Financial Results for the Nine months and Quarter Ended 31.12.2025
RESULTS
▼ Concern Flagged
HIGH RISK
📅 Filed on BSE: 17 Mar 2026, 12:05 PM IST · BSE ID: 5a92f4e9-3cf5-40b1-be31-9e84bd80a94f
View Original BSE Filing (PDF)
💡
In Simple Terms
Infrastructure company reported quarterly loss; faces major debt default and audit qualifications over unconfirmed write-offs and investment impairments.
🤖 AI Summary
- Q3 FY26 net loss Rs. 393.22 lakhs for nine months ended 31 December 2025; unaudited, limited review basis
- Revenue from operations Rs. 451.02 lakhs for nine months; finance costs Rs. 1,131.98 lakhs drain profitability
- Outstanding term loan default Rs. 5,015.86 lakhs to IL&FS; unconfirmed subordinate loan write-back Rs. 17,887.51 lakhs
- Auditor qualified opinion: impairment Rs. 4,890.36 lakhs in jointly controlled entities CEL and HEL not provided
- Board approved stake sale in HKR Roadways Limited to Cube Highways and Infrastructure V PTE Limited via KSSF
🔢 Key Numbers — exact figures from BSE filing, not rounded
Net loss after tax (nine months ended 31 December 2025)
Rs. 393.22 lakhs
Revenue from operations (nine months ended 31 December 2025)
Rs. 451.02 lakhs
Finance costs (nine months ended 31 December 2025)
Rs. 1,131.98 lakhs
Outstanding term loan default (IL&FS Financial Services Limited)
Rs. 5,015.86 lakhs
Unconfirmed ZISL write-back (Gayatri Projects Limited, FY23)
Rs. 17,887.51 lakhs
Auditor-flagged unrecognized impairments (CEL + HEL)
Rs. 4,890.36 lakhs
Unrecognized interest expense on defaulted loan (9 months)
Rs. 432.01 lakhs
Paid-up equity share capital (face value Rs. 2/- each)
Rs. 4,793.04 lakhs
EPS - Basic & Diluted (nine months, unannualised)
Rs. (0.16)
🏢 How This Affects the Company
Revenue Rs. 451.02 lakhs for nine months reflects minimal operational activity. Asset sale of HKR Roadways stake to Cube Highways via KSSF signals capital redeployment; details and impact value pending Schedule III disclosure.
Net loss Rs. 393.22 lakhs for nine months. Finance costs Rs. 1,131.98 lakhs dominate expense base. Unresolved term loan default Rs. 5,015.86 lakhs and unconfirmed ZISL write-back Rs. 17,887.51 lakhs create contingent liability exposure. Auditor-flagged unrecognized impairments Rs. 4,890.36 lakhs inflate reported equity.
Company engaged in road/highway construction, operation and maintenance on BOT/BOOT/BOLT basis. Employee benefits minimal (Rs. 3.04 lakhs for nine months). Operating complexity with 2 subsidiaries and 5 jointly controlled entities; two JCEs (CEL, HEL) carry negative/stressed valuations.
Qualified audit opinion signals material unresolved accounting disputes. Default on term loan Rs. 5,015.86 lakhs increases lender enforcement risk. Unrecognized impairments Rs. 4,890.36 lakhs may force restatement. Unconfirmed subordinate loan write-back Rs. 17,887.51 lakhs creates balance sheet uncertainty.
👥 What This Means For Shareholders
✅
Action Required
Review auditor's qualification notice and management response on unconfirmed loan write-backs and impairments before assessing portfolio impact.
👤
Who Is Affected
All equity shareholders. Unrecognized impairments Rs. 4,890.36 lakhs overstate net worth. Contingent liability from unconfirmed ZISL Rs. 17,887.51 lakhs affects net asset value per share.
🔍
Management Signal
Asset sale of HKR Roadways stake signals capital optimization amid liquidity stress. Continued non-recognition of auditor-flagged impairments suggests dispute with lenders/related parties over liability confirmation.
For information only. Not investment advice. ForgeUp is not SEBI-registered.
👁 Watch List — track these upcoming events
Schedule III disclosure on HKR Roadways stake sale to Cube Highways; check acquisition structure and cash proceeds
FY26 full year results (March 2026); verify if impairments Rs. 4,890.36 lakhs finally recognized or still disputed
Lender action from IL&FS on term loan default Rs. 5,015.86 lakhs; monitor for enforcement, restructuring or settlement
HIGH RISK
Qualified audit opinion, unresolved loan defaults Rs. 5,015.86 lakhs, unconfirmed liability write-back Rs. 17,887.51 lakhs, unrecognized impairments Rs. 4,890.36 lakhs create material balance sheet and legal uncertainty.
💡 Investor Takeaway
Nine months ended 31 December 2025: net loss Rs. 393.22 lakhs; revenue Rs. 451.02 lakhs. Auditor issued qualified opinion citing unconfirmed ZISL write-back Rs. 17,887.51 lakhs and unrecognized impairments Rs. 4,890.36 lakhs in jointly controlled entities. Term loan default Rs. 5,015.86 lakhs remains unresolved. Balance sheet accuracy uncertain.
⚖️ Strengths & Concerns
⚠️ Concerns
- Term loan default Rs. 5,015.86 lakhs outstanding; no balance confirmation from lender; unrecognized interest expense Rs. 432.01 lakhs for nine months
- Auditor-flagged unrecognized impairments Rs. 4,890.36 lakhs in investments in CEL (Rs. 4,431.54 lakhs) and HEL (Rs. 458.82 lakhs) inflate net worth
📅 Company Track Record
Gayatri Highways Limited (CIN L45100TG2006PLC052146), incorporated 2006, is engaged in road/highway construction, operation, maintenance on BOT/BOOT/BOLT basis in India. Prior filing context (16 March 2026) noted FY25 net loss Rs. 5.01 lakhs with qualified audit opinion citing SEBI listing non-compliance. Current results show deterioration with nine-month loss Rs. 393.22 lakhs and heightened balance sheet disputes.
Based on publicly available historical data. For context only.