AJR Infra Reports Q3 FY26 Loss Despite Strong Nine-Month Performance
AJR Infra and Tolling Limited posted a quarterly loss of ₹138.62 lacs for Q3 FY26 despite reduced expenses, but delivered exceptional nine-month performance with profit of ₹30,636.42 lacs primarily due to ₹31,319.27 lacs in exceptional items from SSRPL settlement agreement reversals. The company continues facing significant liquidity challenges with current liabilities exceeding assets by ₹1,10,161.93 lacs.
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AJR Infra and Tolling Limited (formerly Gammon Infrastructure Projects Limited) has submitted its unaudited standalone financial results for the quarter ended December 31, 2025, showing a quarterly loss but exceptional nine-month gains driven by settlement-related benefits.
Q3 FY26 Financial Performance
The company reported a net loss of ₹138.62 lacs for Q3 FY26, compared to a profit of ₹278.92 lacs in Q2 FY26. The quarterly performance was impacted by reduced other income of ₹245.53 lacs versus ₹738.39 lacs in the previous quarter.
| Metric: | Q3 FY26 | Q2 FY26 | Q3 FY25 | 9M FY26 | 9M FY25 |
|---|---|---|---|---|---|
| Total Income: | ₹245.53 lacs | ₹738.39 lacs | (₹23.17 lacs) | ₹1,169.95 lacs | ₹962.13 lacs |
| Other Income: | ₹245.53 lacs | ₹738.39 lacs | (₹23.17 lacs) | ₹1,169.95 lacs | ₹962.13 lacs |
| Total Expenses: | ₹384.23 lacs | ₹458.10 lacs | ₹79.27 lacs | ₹1,891.70 lacs | ₹3,135.74 lacs |
| Net Profit/(Loss): | (₹138.62 lacs) | ₹278.92 lacs | (₹91.92 lacs) | ₹30,636.42 lacs | (₹9,352.66 lacs) |
| EPS (after exceptional): | (₹0.01) | ₹0.03 | (₹0.01) | ₹3.25 | (₹0.99) |
Nine-Month Exceptional Performance
Despite the quarterly loss, the nine-month period showed remarkable performance with net profit of ₹30,636.42 lacs, primarily driven by exceptional items worth ₹31,319.27 lacs. These exceptional gains comprised settlement-related reversals from the Sidhi Singrauli Road Project Limited (SSRPL) agreement.
| Component: | Amount |
|---|---|
| Reversal of SSRPL Receivable Provision: | ₹30,892.45 lacs |
| Unamortized Guarantee Commission Recognition: | ₹426.82 lacs |
| Total Exceptional Items (9M FY26): | ₹31,319.27 lacs |
Operational Expenses Analysis
Operational expenses for Q3 FY26 decreased to ₹384.23 lacs from ₹458.10 lacs in Q2 FY26, showing improved cost management across key categories.
| Expense Category: | Q3 FY26 | Q2 FY26 | Q3 FY25 |
|---|---|---|---|
| Employee Benefits: | ₹45.74 lacs | ₹36.27 lacs | ₹28.76 lacs |
| Finance Costs: | ₹88.61 lacs | ₹88.13 lacs | ₹463.57 lacs |
| Other Expenses: | ₹249.78 lacs | ₹332.94 lacs | (₹413.87 lacs) |
| Depreciation: | ₹0.10 lacs | ₹0.76 lacs | ₹0.81 lacs |
SSRPL Settlement Impact
The company's subsidiary Sidhi Singrauli Road Project Limited completed a significant settlement with MPRDC and MORTH during the nine-month period. The settlement involved payment of ₹27,500.00 lacs directly to lenders for one-time settlement of dues worth ₹1,10,462.42 lacs, resulting in the reversal of corporate guarantee provisions.
Going Concern Challenges
The company continues to face material uncertainty regarding its ability to continue as a going concern. Current liabilities exceeded current assets by ₹1,10,161.93 lacs as of December 31, 2025, representing ongoing liquidity challenges. Multiple legal proceedings remain active across various forums, including ongoing appeals in the Supreme Court regarding subsidiary projects.
Legal and Project Updates
The company provided extensive updates on its subsidiary projects, including ongoing litigation related to Patna Highway Projects Limited and Pravara Renewable Energy Limited. The statutory auditors have highlighted material uncertainties while maintaining an unmodified review opinion on the financial results, emphasizing the complex legal and operational challenges facing the organization.
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