Gammon India Limited reported a standalone net loss of ₹1,189.02 crore for the financial year ended March 31, 2026, narrowing from the previous year's loss of ₹3,087.20 crore. Total income for the year stood at ₹98.98 crore, while total expenses were ₹1,287.59 crore. The Board of Directors approved the audited standalone and consolidated financial statements at a meeting held on May 30, 2026, and the results were published in newspapers on June 1, 2026.

Financial Performance

The company’s standalone financial results for FY26 show continued operational strain. Revenue from operations for the year was ₹80.23 crore, while finance costs surged to ₹1,230.61 crore. The basic and diluted earnings per share (EPS) after exceptional items was reported as a loss of ₹32.24. For the quarter ended March 31, 2026, the company posted a net loss of ₹267.68 crore on a total income of ₹85.52 crore.

Audit Qualifications and Going Concern

Statutory auditors N V C & Associates LLP issued a modified opinion on the annual standalone financial results. The report highlights material uncertainty relating to the company's status as a going concern. The auditors noted that current liabilities exceed current assets by ₹12,701.41 crore as at March 31, 2026. The company’s facilities with secured lenders have been marked as non-performing assets since June 2017, and lenders have initiated recovery suits and winding up petitions.

The auditors also qualified their opinion regarding penal interest levied by lenders. The management is disputing penal interest and charges amounting to ₹107.90 crore for the current year and a cumulative amount of ₹911.54 crore up to March 31, 2026. This includes ₹519.78 crore levied by CFM Assets Reconstruction Company Private Limited. The company has not accounted for these amounts, anticipating a waiver or reversal as part of a resolution plan.

Board Appointments

During the board meeting, the company appointed Mr. Ajay Bhatnagar as an Additional Director designated as Non-Executive, Independent Director, effective May 30, 2026. Additionally, the board appointed CMA Pradeep Damania as the Cost Auditor to conduct the cost audit for FY 2026-27, effective April 1, 2026.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE259B01020/d6ba195f80ca49ed.pdf

Gammon India Limited has appointed Ajay Bhatnagar as an Additional Director designated as Non-Executive Independent Director, effective May 30, 2026. The Board approved the appointment based on the recommendation of the Nomination and Remuneration Committee. Bhatnagar brings extensive experience in infrastructure and construction to the company, which is expected to benefit its operations.

The appointment was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015. The disclosure was submitted to the National Stock Exchange of India Limited and BSE Limited. The company stated that Bhatnagar is not related to any Director or Key Managerial Personnel of Gammon India Limited.

Director Profile

Ajay Bhatnagar holds a B.E. in Civil Engineering from Pune University and a certificate from the Independent Director Program conducted by IICA under the Ministry of Corporate Affairs, Government of India. His professional background includes significant roles in the infrastructure and construction sectors.

Key Details of Appointment

Bhatnagar's previous roles include serving as Project Manager and General Manager, Head of Construction at Gulf Star Contracting LLC in Dubai, UAE, and as an Independent Consultant for Infrastructure Projects.