Gayatri Projects Limited has provided clarification to BSE Limited regarding the delayed submission of financial results covering four quarters, following the company's recent exit from Corporate Insolvency Resolution Process (CIRP). The explanation comes in response to exchange queries dated December 29, 2025, concerning compliance delays.

CIRP Background and Timeline

The company was admitted to CIRP on November 15, 2022, and remained under the process until September 10, 2025. During this period, Gayatri Projects experienced lapses in compliances with various regulations due to the insolvency proceedings. Following the withdrawal from CIRP in September 2025, a new board of directors was constituted to oversee the company's operations and regulatory compliance.

Board Meeting and Financial Results Approval

On December 24, 2025, the newly constituted board conducted a comprehensive meeting to address pending compliance requirements. The meeting commenced at 10:00 AM and concluded at 12:00 noon, during which directors approved four quarters of unaudited and audited standalone and consolidated financial results in a single session.

Compliance Submission Process

The company submitted the consolidated outcome of the board meeting within seven minutes of the meeting's conclusion. Subsequently, quarter-wise financial results were filed in phases throughout the afternoon. The submissions covered the complete financial year 2023-24, including quarterly, half-yearly, and annual results that had been pending during the CIRP period.

Reasons for Delay

Gayatri Projects attributed the submission delays to technical challenges encountered while filing results simultaneously with both BSE and NSE. The company specifically cited slow internet connectivity on December 24, 2025, as a contributing factor to the delayed filings. Company Secretary and Compliance Officer Shashank Jain emphasized that the delays were purely unintentional and resulted from the simultaneous submission of four quarters' worth of financial data.

Post-CIRP Compliance Strategy

The company is now implementing a phased approach to address all pending compliances that accumulated during the CIRP period. This systematic method allows the newly constituted board to ensure comprehensive regulatory adherence while managing the substantial backlog of required submissions. The December 24 board meeting represents a significant step in the company's efforts to restore full compliance with listing regulations.

Gayatri Projects Limited announced its unaudited financial results for the quarter ended June 30, 2025, showing mixed performance amid ongoing business restructuring following its exit from Corporate Insolvency Resolution Process (CIRP).

Financial Performance Overview

The company's financial metrics for Q1FY26 reflected the challenging operating environment:

Revenue from operations declined significantly by 35.86% to ₹7,658.34 crores compared to ₹11,940.77 crores in Q1FY24. However, other income increased substantially by 189.45% to ₹319.75 crores from ₹110.45 crores in the previous year.

Expense Management and Cost Structure

Total expenses decreased to ₹8,260.76 crores from ₹13,691.42 crores in Q1FY24, representing a 39.66% reduction. The major expense components showed varying trends:

Finance costs increased dramatically by 194.27% to ₹636.47 crores, reflecting the company's debt restructuring challenges during the CIRP period.

CIRP Exit and Debt Settlement

The company achieved a significant milestone by successfully exiting CIRP after the National Company Law Tribunal (NCLT) approved the One-Time Settlement (OTS) proposal on September 10, 2025. The settlement details included:

The OTS proposal was accepted by 97.20% of Committee of Creditors (COC) members. Management control returned to promoters on September 16, 2025, following the handover from the Resolution Professional.

Investment Portfolio and Recovery Efforts

The company maintains significant investments requiring careful monitoring. Key investments include ₹19,571.95 lakhs in Gayatri Hi-tech Hotels Limited through Compulsorily Convertible Cumulative Preferential Shares, convertible during FY2027-28. The company also holds investments totaling ₹43,843.41 lakhs in associate company Gayatri Highways Limited across various instruments.

Management is actively pursuing recovery of inter-corporate loans totaling ₹8,849.39 lakhs with accumulated interest of ₹25,555.00 lakhs. During FY2023-24 and FY2024-25, the company recovered ₹9,826.75 lakhs against these dues.

Operational Challenges and Outlook

The company's operations were significantly impacted by the CIRP process, leading to contract work assignments to sub-contractors and reduced billing capabilities. The COVID-19 pandemic's lingering effects, including delayed receivables recovery from government entities and increased material costs, continued to affect business operations.

With the successful CIRP exit and debt settlement completion, the company is positioned to focus on operational recovery and business restructuring under restored management control.