GCCL Infrastructure & Projects Limited has announced its unaudited financial results for the quarter and nine months ended December 31, 2025, revealing continued operational challenges with widening quarterly losses. The company reported a net loss of ₹9.95 lacs for Q3 FY26, representing a significant increase from the ₹5.47 lacs loss recorded in the corresponding quarter of the previous year.

Financial Performance Overview

The company's financial performance for the quarter reflects minimal revenue generation and elevated expense levels. Total income for Q3 FY26 remained negligible at ₹0.14 lacs, consisting entirely of other income, with no revenue from operations reported.

Expense Analysis

The company's expense structure showed significant variations across different categories during Q3 FY26. Other expenses constituted the largest component at ₹4.91 lacs, followed by depreciation and amortisation expense at ₹3.61 lacs, and finance costs at ₹2.44 lacs. Employee benefits expense was recorded at ₹0.60 lacs for the quarter.

Nine-Month Performance

For the nine months ended December 31, 2025, GCCL Infrastructure reported improved performance compared to the previous year, with net loss reducing to ₹35.32 lacs from ₹90.79 lacs in the corresponding period of the previous year. Total expenses for the nine-month period stood at ₹35.68 lacs, while total income remained at ₹0.62 lacs.

Corporate Developments

The Board of Directors meeting held on February 10, 2026, addressed several key matters beyond the financial results approval. The board discussed the continuation of Mr. Dhirendra Ansukhlal Avashia as a Non-Executive Independent Director post attaining the age of 75 years, but concluded that more time and discussion are required for thorough evaluation. This matter will be tabled in the upcoming board meeting for further discussion.

Resolution Plan Status

The company continues to operate under the resolution plan approved by the National Company Law Tribunal, Ahmedabad on September 05, 2023. Under this plan, the company's share capital has been reduced from ₹600.55 lacs to ₹38.24 lacs, resulting in a reduction of ₹562.31 lacs which has been credited to Capital Reserve. The requisite intimations and filings regarding this capital reduction with the Stock Exchange are currently in process.

The company's paid-up equity share capital stands at ₹38.24 lacs with a par value of ₹10 each. The statutory auditors have expressed an unqualified opinion on the unaudited financial results, which were reviewed by the Audit Committee and approved by the Board of Directors.

ARSS Infrastructure Projects Limited announced its unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, following approval by the Board of Directors at their meeting held on February 10, 2026.

Financial Performance Overview

The company reported mixed financial performance for the third quarter of FY26. Standalone revenue from operations increased significantly to ₹3,825.10 lakhs in Q3 FY26 from ₹1,955.30 lakhs in the corresponding quarter of the previous year, representing a substantial growth in operational activities.

Resolution Plan Implementation

The company successfully completed the implementation of its approved resolution plan following the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016. The National Company Law Tribunal (NCLT) approved the Resolution Plan submitted by Ocean Capital Market Limited on August 29, 2025.

Key developments under the resolution plan include:

• Settlement of unsustainable debt of ₹4,675.45 crores through issuance of 7.5 crore equity shares
• Assignment of entire admitted claim of Financial Creditors amounting to ₹4,940.14 crores to the Successful Resolution Applicant
• Cash payment of ₹217.69 crores by the Resolution Applicant for debt settlement
• Reconstitution of the Board of Directors on September 29, 2025

Exceptional Items Impact

The company recorded exceptional items totaling ₹3,223.19 crores during the nine-month period, significantly impacting the financial results. These exceptional items comprised:

Capital Structure Changes

The company's paid-up equity share capital increased substantially to ₹9,011.85 lakhs as of December 31, 2025, from ₹2,273.80 lakhs in the previous year. This increase resulted from the equity share issuance as part of the debt settlement under the approved resolution plan.

Consolidated Results

On a consolidated basis, the company reported similar performance trends with revenue from operations of ₹3,825.10 lakhs for Q3 FY26. The consolidated net loss after tax was ₹12.08 lakhs for the quarter, compared to ₹18.37 lakhs loss in Q3 FY25.

Auditor's Review

The statutory auditors, M A R S & Associates, Chartered Accountants, provided a qualified conclusion on both standalone and consolidated results, noting the absence of contract-wise surplus/loss recognition in compliance with Ind AS-115 'Revenue from contract with customers'. The auditors emphasized the debt settlement through equity share issuance as part of the approved resolution plan implementation.