AJR Infra reports FY26 profit on exceptional gains
AJR Infra and Tolling Limited reported a net profit of ₹31.42 crore for FY26, reversing a net loss of ₹9.68 crore in FY25, primarily due to exceptional income of ₹31.32 crore from the reversal of provisions related to the Sidhi Singrauli Road Project Limited settlement. Revenue from operations declined to ₹24.01 crore from ₹51.52 crore in the previous year. The statutory auditors issued an unmodified opinion but highlighted material uncertainty regarding the company's ability to continue as a going concern, noting that current liabilities exceeded current assets by ₹1,12,907.20 lacs.
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AJR Infra and Tolling Limited reported a net profit of ₹31.42 crore for the financial year ended March 31, 2026, compared to a net loss of ₹9.68 crore in the previous year. The turnaround was primarily driven by exceptional income of ₹31.32 crore, largely stemming from the reversal of provisions related to the Sidhi Singrauli Road Project Limited (SSRPL) settlement. Revenue from operations for the year stood at ₹24.01 crore, a decrease from ₹51.52 crore in FY25.
The Board of Directors approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, at its meeting held on May 30, 2026. The statutory auditors, NV C & Associates LLP, issued an unmodified opinion on the results. However, the auditors highlighted a material uncertainty relating to the company's ability to continue as a going concern, noting that current liabilities exceeded current assets by ₹1,12,907.20 lacs as of March 31, 2026.
Financial Performance
The company's standalone financial results for FY26 show a total income of ₹24.01 crore against ₹51.52 crore in the previous year. Total expenses for the year reduced to ₹23.05 crore from ₹61.18 crore in FY25. The exceptional items for the year included a reversal of provision towards receivable from SSRPL amounting to ₹30.89 crore and the recognition of unamortized guarantee commission of ₹4.27 crore.
| Metric | FY26 (₹ in lacs) | FY25 (₹ in lacs) |
|---|---|---|
| Revenue from Operations | 2,401.30 | 5,151.70 |
| Total Income | 2,401.30 | 5,151.70 |
| Total Expenses | 2,305.50 | 6,117.87 |
| Profit for the Period | 31.42 | (96.78) |
| Exceptional Items | 313.19 | (56.86) |
Key Developments and Disclosures
The exceptional income arose following the one-time settlement (OTS) agreement between SSRPL, its lenders, and the Ministry of Road Transport and Highways (MORTH). The lenders issued a no-dues certificate releasing AJR Infra & Tolling Limited from all corporate guarantee liabilities. Consequently, the company reversed the liability and the provision made against the receivable from the SPV.
The auditors also drew attention to ongoing litigations involving subsidiaries such as Patna Highway Projects Limited (PHPL) and Pravara Renewable Energy Limited. In PHPL, the company has impaired its entire funded exposure of ₹21.29 crore and non-funded exposure of ₹1,190.24 crore, pending the outcome of appeals in the Supreme Court and NCLAT. The company continues to face liquidity challenges, with the management asserting that the going concern assumption remains appropriate despite the material uncertainties highlighted by the auditors.
What specific capital infusion or restructuring strategies does management plan to undertake to bridge the ₹1,12,907.20 lac deficit in current assets?
How will the company sustain profitability in FY27 given that the recent turnaround was driven by one-time exceptional items rather than operational revenue?
What are the potential timelines and financial impacts expected from the pending Supreme Court and NCLAT appeals regarding Patna Highway Projects Limited?
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