Gayatri Projects Limited held its 37th Annual General Meeting on September 28, 2026, through Video Conferencing. Shareholders voted to approve all seven ordinary resolutions, including the adoption of audited financial statements for the fiscal year ended March 31, 2026.

The meeting commenced at 3:15 pm and concluded at 4:10 pm. T.V. Sandee K Kumar Reddy, Chairman and Managing Director, chaired the session. The proceedings were conducted in compliance with Ministry of Corporate Affairs and SEBI circulars, with members participating remotely via e-voting.

Voting results for key resolutions

The voting results indicate overwhelming support for the adoption of financial statements and the re-appointment of the Executive Director. For the adoption of standalone and consolidated financial statements (Resolution 1), 99.96% of votes polled were in favour. Similarly, the re-appointment of T. Sarita Reddy (Resolution 2) received 99.96% support from those who voted.

Governance and attendance

The Board was represented by Executive Director T. Sarita Reddy, Independent Directors P.V. Narayana Rao, C.V. Rayudu, Srinivas Iduri, and Pamula Latha. Chief Financial Officer Seshagiri Rao and Company Secretary Shashank Jain also attended. The Statutory Auditors' representative and Scrutinizer N. Madhavi were present to oversee the voting process.

The Chairman addressed the members regarding the company's operations, specifically highlighting the post-CIRP scenario and outlining plans for future growth. The Notice convening the AGM and the Auditors' Report for FY26 were taken as read with member consent.

What the Numbers Show

A distinct pattern emerges in the voting behaviour across different resolution types. For non-related party items such as financial statement adoption and director re-appointment (Resolutions 1–3), the Promoter group participated fully, casting 109,381,735 votes in favour. However, for all four Related Party Transaction approvals (Resolutions 4–7), the Promoter group cast zero votes, effectively abstaining from the decision-making process on these specific matters. This resulted in a lower total vote count for RPTs (189,170,628) compared to other resolutions (298,552,363), reflecting standard governance protocols where interested parties refrain from voting.

Gayatri Projects Limited reported a standalone net profit of ₹3,677.53 lakh for the quarter ended June 30, 2026, reversing a net loss of ₹282.67 lakh recorded in the same period last year. Revenue from operations grew significantly to ₹22,877.35 lakh, up from ₹7,658.34 lakh in the corresponding period of FY25. EBITDA for the quarter stood at ₹402 million, reflecting a margin of 17.57%, compared to ₹95 million and 12.45% in the corresponding period of FY25. The Board of Directors approved the unaudited standalone and consolidated financial results on August 12, 2026, following a review by the Audit Committee and a limited review by independent auditors, Atmakuri & Co.

Financial performance

Revenue from operations stood at ₹22,877.35 lakh in Q1FY26, compared to ₹19,133.71 lakh in Q4FY26. Total income, including other income of ₹2,526.02 lakh, reached ₹25,403.37 lakh. Total expenses were ₹19,541.77 lakh, comprising cost of materials consumed and work expenditure of ₹13,405.29 lakh and changes in inventories of work in progress amounting to ₹3,433.03 lakh. The following table summarises key financial metrics across periods:

Profit before tax and exceptional items was ₹5,861.60 lakh. An exceptional item charge of ₹2,184.07 lakh, related to payments made to lenders under an approved one-time settlement scheme for arbitration claims, reduced the profit before tax to ₹3,677.53 lakh. No tax expense was reported for the current quarter.

Capital raise and debt settlement

During the quarter, Gayatri Projects completed a preferential allotment of 27,71,00,315 equity shares at ₹10 per share, raising ₹2,771.00 crore. This capital infusion supports the company's ongoing debt resolution strategy. Punjab National Bank approved a one-time settlement for the company's secured term loan, under which the company must pay ₹135.06 crore within three months. The lender issued a no-objection certificate allowing the sale of mortgaged immovable property to fund this payment. Management is actively negotiating with prospective buyers to complete the sale within the stipulated timeline.

What the numbers show

The transition from a loss to profit in Q1FY26 is influenced by both operational and non-operational factors. Operational profit before exceptional items improved to ₹5,861.60 lakh from a loss of ₹282.67 lakh year-on-year, while the previous quarter's loss of ₹11,027.19 lakh was driven by exceptional items totalling ₹14,277.51 lakh. The current quarter's profitability reflects improved operational margins alongside the absence of large exceptional charges that weighed on the prior period. The expansion in EBITDA margin from 12.45% to 17.57% indicates stronger operational leverage alongside the revenue growth.

Associate company exposure

Gayatri Projects maintains significant exposure to its associate, Gayatri Highways Limited (GHL), with investments totalling ₹16,770.03 lakh as of June 30, 2026. This includes non-convertible preference shares, equity capital, subordinate debt, and unsecured loans. GHL has been incurring operating losses, leading Gayatri Projects to fully provide for the subordinate debt of ₹4,556.01 lakh due to uncertainty over recoverability. No provision was made for the remaining NCPS and unsecured loan balances, as management believes these are fully recoverable based on expected claim awards and investment sales by GHL. During the quarter, GHL repaid ₹150.00 lakh against the unsecured loan.