AJR Infra and Tolling Limited Reports Q3 FY26 Results with Quarterly Loss
AJR Infra and Tolling Limited announced Q3 FY26 results showing quarterly net loss of ₹117.52 lacs despite other income of ₹198.81 lacs. The nine-month FY26 performance remained strong with profit of ₹1,10,397.21 lacs, primarily driven by exceptional items worth ₹1,11,098.39 lacs from settlement agreements with MORTH and MPRDC through subsidiary SSRPL. The company continues to face severe liquidity challenges with current liabilities exceeding current assets by ₹95,242.23 lacs, raising material uncertainty about going concern.
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AJR Infra and Tolling Limited (formerly Gammon Infrastructure Projects Limited) has announced its unaudited consolidated financial results for the quarter ended December 31, 2025, showing a quarterly loss despite strong nine-month performance driven by exceptional settlement gains.
Q3 FY26 Financial Performance
The company reported a net loss for the third quarter, contrasting with the exceptional gains recorded in the first quarter from major settlement agreements.
| Metric | Q3 FY26 | Q2 FY26 | Q3 FY25 |
|---|---|---|---|
| Revenue from Operations | - | - | - |
| Other Income | ₹198.81 lacs | ₹685.19 lacs | (₹799.22 lacs) |
| Total Income | ₹198.81 lacs | ₹685.19 lacs | (₹799.22 lacs) |
| Net Profit/(Loss) | (₹117.52 lacs) | ₹258.39 lacs | (₹3,583.71 lacs) |
| Earnings per Share | (₹0.01) | ₹0.03 | (₹0.38) |
Nine-Month FY26 Performance
Despite the quarterly loss, the company's nine-month performance remained strong due to exceptional items recorded in Q1 FY26.
| Parameter | Nine Months FY26 | Nine Months FY25 | Change |
|---|---|---|---|
| Total Income | ₹1,018.26 lacs | ₹4,251.16 lacs | -76.1% |
| Net Profit | ₹1,10,397.21 lacs | ₹62,162.81 lacs | +77.6% |
| Exceptional Items | ₹1,11,098.39 lacs | ₹80,134.51 lacs | +38.7% |
| EPS (after exceptional items) | ₹11.72 | ₹6.60 | +77.6% |
Operational Expenses and Challenges
The company's Q3 FY26 total expenditure stood at ₹387.94 lacs, including employee benefit expenses of ₹46.55 lacs and finance costs of ₹88.61 lacs. Other expenses amounted to ₹252.64 lacs during the quarter.
Continuing Liquidity Concerns
The company continues to face severe liquidity challenges with current liabilities exceeding current assets by ₹95,242.23 lacs as of December 31, 2025. This represents a material uncertainty about the company's ability to continue as a going concern, with the liquidity crunch affecting operations with increasing severity.
Settlement Agreement Impact
The exceptional items of ₹1,11,098.39 lacs recorded in the nine-month period relate to the settlement agreement executed by subsidiary Sidhi Singrauli Road Project Limited (SSRPL) with the Ministry of Road Transport and Highways (MORTH) and Madhya Pradesh Road Development Corporation Limited (MPRDC). The settlement included a write-back of loan liability of ₹82,962.42 lacs and reversal of impairment provision of ₹77,351.34 lacs.
Auditor's Qualified Opinion
The statutory auditors have issued a qualified conclusion on the financial results, primarily due to the inclusion of share of profit from Vizag Seaport Private Limited based on unaudited management-prepared financial results. The auditors have also highlighted material uncertainty related to going concern due to the company's liquidity position and ongoing legal challenges across multiple Special Purpose Vehicles (SPVs).
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