| Scrip Code | 541546 |
|---|---|
| NSE Symbol | GAYAHWS |
| MSEI Symbol | NOTLISTED |
| ISIN | INE287Z01012 |
| Name of company | GAYATRI HIGHWAYS LIMITED |
| Type of company | Main Board |
| Class of security | Equity |
| Date of start of financial year | 01-04-2025 |
| Date of end of financial year | 31-03-2026 |
| Date of board meeting when results were approved | 25-05-2026 |
| Date on which prior intimation of the meeting for considering financial results was informed to the exchange | 05-05-2026 |
| Description of presentation currency | INR |
| Level of rounding used in financial results | Lakhs |
| Reporting Type | Quarterly |
| Reporting Quarter | Fourth quarter |
| Nature of report standalone or consolidated | Consolidated |
| Whether results are audited or unaudited for the quarter ended | Audited |
| Whether results are audited or unaudited for the Year to date for current period ended/year ended | Audited |
| Segment Reporting | Single segment |
| Description of single segment | Construction, invest, operations and maintenance of roads, highways, vehicle bridges and tunnels and toll roads on BOT, BOOT, BOLT, EPC basis or in any manner |
| Start date and time of board meeting | 25-05-2026 12:13:00 |
| End date and time of board meeting | 25-05-2026 15:40:00 |
| Whether cash flow statement is applicable on company | Yes |
| Type of cash flow statement | Cash Flow Indirect |
| Declaration of unmodified opinion or statement on impact of audit qualification | Statement on impact of audit qualification |
| Particulars | 3 months/ 6 months ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
|---|---|---|---|
| A | Date of start of reporting period | 01-01-2026 | 01-04-2025 |
| B | Date of end of reporting period | 31-03-2026 | 31-03-2026 |
| C | Whether results are audited or unaudited | Audited | Audited |
| D | Nature of report standalone or consolidated | Consolidated | Consolidated |
| 1 | Income | ||
| Revenue from operations | 1,455.15 | 1,455.15 | |
| Other income | 57.20 | 3,750.68 | |
| Total income | 1,512.35 | 5,205.83 | |
| 2 | Expenses | ||
| (a) | Cost of materials consumed | 0.00 | 0.00 |
| (b) | Purchases of stock-in-trade | 0.00 | 0.00 |
| (c) | Changes in inventories of finished goods, work-in-progress and stock-in-trade | 0.00 | 0.00 |
| (d) | Employee benefit expense | 10.31 | 10.93 |
| (e) | Finance costs | 377.32 | 1,509.30 |
| (f) | Depreciation, depletion and amortisation expense | 1.04 | 5.09 |
| (f) | Other Expenses | ||
| 1 | Operating & Maintenance Expenses | 1,334.22 | 1,495.84 |
| 2 | Other Expenses | 26.95 | 100.13 |
| Total other expenses | 1,361.17 | 1,595.97 | |
| Total expenses | 1,749.84 | 3,121.29 | |
| 3 | Total profit before exceptional items and tax | (237.49) | 2,084.54 |
| 4 | Exceptional items | 0.00 | 0.00 |
| 5 | Total profit before tax | (237.49) | 2,084.54 |
| 6 | Tax expense | ||
| 7 | Current tax | 2.13 | 32.47 |
| 8 | Deferred tax | 0.00 | 0.00 |
| 9 | Total tax expenses | 2.13 | 32.47 |
| 10 | Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement | 0.00 | 0.00 |
| 11 | Net Profit Loss for the period from continuing operations | (239.62) | 2,052.07 |
| 12 | Profit (loss) from discontinued operations before tax | 0.00 | 0.00 |
| 13 | Tax expense of discontinued operations | 0.00 | 0.00 |
| 14 | Net profit (loss) from discontinued operation after tax | 0.00 | 0.00 |
| 15 | Share of profit (loss) of associates and joint ventures accounted for using equity method | 929.56 | (2,174.53) |
| 16 | Total profit (loss) for period | 689.94 | (122.46) |
| 17 | Other comprehensive income net of taxes | 4.44 | 4.44 |
| 18 | Total Comprehensive Income for the period | 694.38 | (118.02) |
| 19 | Total profit or loss, attributable to | ||
| Profit or loss, attributable to owners of parent | 689.94 | (122.46) | |
| Total profit or loss, attributable to non-controlling interests | 0.00 | 0.00 | |
| 20 | Total Comprehensive income for the period attributable to | ||
| Comprehensive income for the period attributable to owners of parent | 694.38 | (118.02) | |
| Total comprehensive income for the period attributable to owners of parent non-controlling interests | 0.00 | 0.00 | |
| 21 | Details of equity share capital | ||
| Paid-up equity share capital | 4,793.04 | 4,793.04 | |
| Face value of equity share capital | 2 | 2 | |
| 27 | Details of debt securities | ||
| 22 | Reserves excluding revaluation reserve | (67,505.06) | |
| 23 | Earnings per share | ||
| i | Earnings per equity share for continuing operations | ||
| Basic earnings (loss) per share from continuing operations | 0.29 | -0.05 | |
| Diluted earnings (loss) per share from continuing operations | 0.29 | -0.05 | |
| ii | Earnings per equity share for discontinued operations | ||
| Basic earnings (loss) per share from discontinued operations | 0 | 0 | |
| Diluted earnings (loss) per share from discontinued operations | 0 | 0 | |
| ii | Earnings per equity share | ||
| Basic earnings (loss) per share from continuing and discontinued operations | 0.29 | -0.05 | |
| Diluted earnings (loss) per share from continuing and discontinued operations | 0.29 | -0.05 | |
| 24 | Debt equity ratio | ||
| 25 | Debt service coverage ratio | ||
| 26 | Interest service coverage ratio | ||
| 27 | Disclosure of notes on financial results | Textual Information(1) | |
| Textual Information(1) | Please refer to the detailed notes submitted to stock exchanges BSE and NSE. |
|---|
| Debt equity ratio | |
|---|---|
| Debt service coverage ratio | |
| Interest service coverage ratio |
| Particulars | Year ended (dd-mm-yyyy) | |
|---|---|---|
| Date of start of reporting period | 01-04-2025 | |
| Date of end of reporting period | 31-03-2026 | |
| Whether results are audited or unaudited | Audited | |
| Nature of report standalone or consolidated | Consolidated | |
| Assets | ||
| 1 | Non-current assets | |
| Property, plant and equipment | 4.02 | |
| Capital work-in-progress | 0.00 | |
| Investment property | 3.09 | |
| Goodwill | 0.00 | |
| Other intangible assets | 0.00 | |
| Intangible assets under development | 0.00 | |
| Biological assets other than bearer plants | 0.00 | |
| Investments accounted for using equity method | 0.00 | |
| Non-current financial assets | ||
| Non-current investments | 6,968.83 | |
| Trade receivables, non-current | 0.00 | |
| Loans, non-current | 0.00 | |
| Other non-current financial assets | ||
| Total of other non-current financial assets | ||
| Total non-current financial assets | 6,968.83 | |
| Deferred tax assets (net) | 0.00 | |
| Other non-current assets | ||
| Total of other non-current assets | ||
| Total non-current assets | 6,975.94 | |
| 2 | Current assets | |
| Inventories | 0.00 | |
| Current financial asset | ||
| Current investments | 0.00 | |
| Trade receivables, current | 716.30 | |
| Cash and cash equivalents | 1,743.54 | |
| Bank balance other than cash and cash equivalents | 0.00 | |
| Loans, current | 2,853.28 | |
| Other current financial assets | ||
| Total of other current financial assets | 73,580.28 | |
| Total current financial assets | 78,893.40 | |
| Current tax assets (net) | 394.35 | |
| Other current assets | ||
| 1 | Other Current Assets | 702.38 |
| Total of other current assets | 702.38 | |
| Total current assets | 79,990.13 | |
| 3 | Non-current assets classified as held for sale | 12,077.61 |
| 4 | Regulatory deferral account debit balances and related deferred tax Assets | 0.00 |
| Total assets | 99,043.68 | |
| Equity and liabilities | ||
| 1 | Equity | |
| Equity attributable to owners of parent | ||
| Equity share capital | 4,793.04 | |
| Other equity | (67,505.06) | |
| Total equity attributable to owners of parent | (62,712.02) | |
| Non controlling interest | 0.00 | |
| Total equity | (62,712.02) | |
| 2 | Liabilities | |
| Non-current liabilities | ||
| Non-current financial liabilities | ||
| Borrowings, non-current | 31,863.06 | |
| Trade payables, non-current | ||
| (A) Total outstanding dues of micro enterprises and small enterprises | 0.00 | |
| (B) Total outstanding dues of creditors other than micro enterprises and small enterprises | 0.00 | |
| Total Trade payable | 0.00 | |
| Other non-current financial liabilities | ||
| Total of other non-current financial liabilities | ||
| Total non-current financial liabilities | 31,863.06 | |
| Provisions, non-current | 115.61 | |
| Deferred tax liabilities (net) | ||
| Deferred government grants, Non-current | ||
| Other non-current liabilities | ||
| 1 | Other Non-Current Liabilities | 56,607.52 |
| Total of other non-current liabilities | 56,607.52 | |
| Total non-current liabilities | 88,586.19 | |
| Current liabilities | ||
| Current financial liabilities | ||
| Borrowings, current | 8,528.46 | |
| Trade payables, current | ||
| (A) Total outstanding dues of micro enterprises and small enterprises | 0.00 | |
| (B) Total outstanding dues of creditors other than micro enterprises and small enterprises | 644.62 | |
| Total Trade payable | 644.62 | |
| Other current financial liabilities | ||
| 1 | Other financial liabilities | 63,278.52 |
| Total of other current financial liabilities | 63,278.52 | |
| Total current financial liabilities | 72,451.60 | |
| Other current liabilities | 715.38 | |
| 1 | Other current liabilities | 715.38 |
| Total of other current liabilities | 715.38 | |
| Provisions, current | 2.53 | |
| Current tax liabilities (Net) | ||
| Deferred government grants, Current | ||
| Total current liabilities | 73,169.51 | |
| 3 | Liabilities directly associated with assets in disposal group classified as held for sale | 0.00 |
| 4 | Regulatory deferral account credit balances and related deferred tax liability | 0.00 |
| Total liabilities | 1,61,755.70 | |
| Total equity and liabilites | 99,043.68 | |
| Disclosure of notes on assets and liabilities | ||
| Particulars | 3 months/ 6 month ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |||||
|---|---|---|---|---|---|---|---|
| Date of start of reporting period | 01-01-2026 | 01-04-2025 | |||||
| Date of end of reporting period | 31-03-2026 | 31-03-2026 | |||||
| Whether results are audited or unaudited | Audited | Audited | |||||
| Nature of report standalone or consolidated | Consolidated | Consolidated | |||||
| 1 | Segment Revenue (Income) | ||||||
| (net sale/income from each segment should be disclosed) | |||||||
| Total Segment Revenue | |||||||
| Less: Inter segment revenue | |||||||
| Revenue from operations | |||||||
| 2 | Segment Result | ||||||
| Profit (+) / Loss (-) before tax and interest from each segment | |||||||
| Total Profit before tax | |||||||
| i. Finance cost | |||||||
| ii. Other Unallocable Expenditure net off Unallocable income | |||||||
| Profit before tax | |||||||
| 3 | (Segment Asset - Segment Liabilities) | ||||||
| Segment Asset | |||||||
| Total Segment Asset | |||||||
| Un-allocable Assets | null | null | |||||
| Net Segment Asset | null | null | |||||
| 4 | Segment Liabilities | ||||||
| Segment Liabilities | |||||||
| Total Segment Liabilities | |||||||
| Un-allocable Liabilities | null | null | |||||
| Net Segment Liabilities | null | null | |||||
| Disclosure of notes on segments | |||||||
| Particulars | 3 months/ 6 months ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
|---|---|---|---|
| A | Date of start of reporting period | 01-01-2026 | 01-04-2025 |
| B | Date of end of reporting period | 31-03-2026 | 31-03-2026 |
| C | Whether results are audited or unaudited | Audited | Audited |
| D | Nature of report standalone or consolidated | Consolidated | Consolidated |
| Other comprehensive income [Abstract] | |||
| 1 | Amount of items that will not be reclassified to profit and loss | ||
| Total Amount of items that will not be reclassified to profit and loss | |||
| 2 | Income tax relating to items that will not be reclassified to profit or loss | 0.00 | 0.00 |
| 3 | Amount of items that will be reclassified to profit and loss | ||
| 1 | Remeasurements of the defined benefit plans | 4.44 | 4.44 |
| Total Amount of items that will be reclassified to profit and loss | 4.44 | 4.44 | |
| 4 | Income tax relating to items that will be reclassified to profit or loss | 0.00 | 0.00 |
| 5 | Total Other comprehensive income | 4.44 | 4.44 |
| Particulars | Year ended (dd-mm-yyyy) | |||||
|---|---|---|---|---|---|---|
| A | Date of start of reporting period | 01-04-2025 | ||||
| B | Date of end of reporting period | 31-03-2026 | ||||
| C | Whether results are audited or unaudited | Audited | ||||
| D | Nature of report standalone or consolidated | Consolidated | ||||
| Statement of cash flows | ||||||
| Cash flows from used in operating activities | ||||||
| Profit before tax | 2,084.54 | |||||
| Adjustments for reconcile profit (loss) | ||||||
| Adjustments for finance costs | 1,509.31 | |||||
| Adjustments for decrease (increase) in inventories | 0.00 | |||||
| Adjustments for decrease (increase) in trade receivables, current | (485.02) | |||||
| Adjustments for decrease (increase) in trade receivables, non-current | 0.00 | |||||
| Adjustments for decrease (increase) in other current assets | (518.57) | |||||
| Adjustments for decrease (increase) in other non-current assets | 0.00 | |||||
| Adjustments for other financial assets, non-current | 0.00 | |||||
| Adjustments for other financial assets, current | 0.00 | |||||
| Adjustments for other bank balances | 0.00 | |||||
| Adjustments for increase (decrease) in trade payables, current | 316.72 | |||||
| Adjustments for increase (decrease) in trade payables, non-current | 0.00 | |||||
| Adjustments for increase (decrease) in other current liabilities | 531.05 | |||||
| Adjustments for increase (decrease) in other non-current liabilities | 0.00 | |||||
| Adjustments for depreciation and amortisation expense | 5.09 | |||||
| Adjustments for impairment loss reversal of impairment loss recognised in profit or loss | 0.00 | |||||
| Adjustments for provisions, current | 6.49 | |||||
| Adjustments for provisions, non-current | 0.00 | |||||
| Adjustments for other financial liabilities, current | 0.00 | |||||
| Adjustments for other financial liabilities, non-current | 0.00 | |||||
| Adjustments for unrealised foreign exchange losses gains | 0.00 | |||||
| Adjustments for dividend income | 3,459.50 | |||||
| Adjustments for interest income | 211.11 | |||||
| Adjustments for share-based payments | 0.00 | |||||
| Adjustments for fair value losses (gains) | 0.00 | |||||
| Adjustments for undistributed profits of associates | 2,174.53 | |||||
| Other adjustments for which cash effects are investing or financing cash flow | 0.00 | |||||
| Other adjustments to reconcile profit (loss) | 0.00 | |||||
| Other adjustments for non-cash items | (28.03) | |||||
| Share of profit and loss from partnership firm or association of persons or limited liability partnerships | 0.00 | |||||
| Total adjustments for reconcile profit (loss) | (4,508.10) | |||||
| Net cash flows from (used in) operations | (2,423.56) | |||||
| Dividends received | 0.00 | |||||
| Interest paid | 0.00 | |||||
| Interest received | 0.00 | |||||
| Income taxes paid (refund) | 285.64 | |||||
| Other inflows (outflows) of cash | 0.00 | |||||
| Net cash flows from (used in) operating activities | (2,709.20) | |||||
| Cash flows from used in investing activities | ||||||
| Cash flows from losing control of subsidiaries or other businesses | 0.00 | |||||
| Cash flows used in obtaining control of subsidiaries or other businesses | 0.00 | |||||
| Other cash receipts from sales of equity or debt instruments of other entities | 0.00 | |||||
| Other cash payments to acquire equity or debt instruments of other entities | 0.00 | |||||
| Other cash receipts from sales of interests in joint ventures | 0.00 | |||||
| Other cash payments to acquire interests in joint ventures | 0.00 | |||||
| Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships | 0.00 | |||||
| Cash payment for investment in partnership firm or association of persons or limited liability partnerships | 0.00 | |||||
| Proceeds from sales of property, plant and equipment | 0.00 | |||||
| Purchase of property, plant and equipment | 0.42 | |||||
| Proceeds from sales of investment property | 0.00 | |||||
| Purchase of investment property | 0.00 | |||||
| Proceeds from sales of intangible assets | 0.00 | |||||
| Purchase of intangible assets | 0.00 | |||||
| Proceeds from sales of intangible assets under development | 0.00 | |||||
| Purchase of intangible assets under development | 0.00 | |||||
| Proceeds from sales of goodwill | 0.00 | |||||
| Purchase of goodwill | 0.00 | |||||
| Proceeds from biological assets other than bearer plants | 0.00 | |||||
| Purchase of biological assets other than bearer plants | 0.00 | |||||
| Proceeds from government grants | 0.00 | |||||
| Proceeds from sales of other long-term assets | 0.00 | |||||
| Purchase of other long-term assets | 0.00 | |||||
| Cash advances and loans made to other parties | 0.00 | |||||
| Cash receipts from repayment of advances and loans made to other parties | 0.00 | |||||
| Cash payments for future contracts, forward contracts, option contracts and swap contracts | 0.00 | |||||
| Cash receipts from future contracts, forward contracts, option contracts and swap contracts | 0.00 | |||||
| Dividends received | 3,459.50 | |||||
| Interest received | 0.00 | |||||
| Income taxes paid (refund) | 0.00 | |||||
| Other inflows (outflows) of cash | 2,174.53 | |||||
| Net cash flows from (used in) investing activities | 5,633.61 | |||||
| Cash flows from used in financing activities | ||||||
| Proceeds from changes in ownership interests in subsidiaries | 0.00 | |||||
| Payments from changes in ownership interests in subsidiaries | 0.00 | |||||
| Proceeds from issuing shares | 0.00 | |||||
| Proceeds from issuing other equity instruments | 0.00 | |||||
| Payments to acquire or redeem entity's shares | 0.00 | |||||
| Payments of other equity instruments | 0.00 | |||||
| Proceeds from exercise of stock options | 0.00 | |||||
| Proceeds from issuing debentures notes bonds etc | 0.00 | |||||
| Proceeds from borrowings | 0.00 | |||||
| Repayments of borrowings | 3,218.17 | |||||
| Payments of lease liabilities | 0.00 | |||||
| Dividends paid | 0.00 | |||||
| Interest paid | 0.00 | |||||
| Income taxes paid (refund) | 0.00 | |||||
| Other inflows (outflows) of cash | 0.00 | |||||
| Net cash flows from (used in) financing activities | (3,218.17) | |||||
| Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes | (293.76) | |||||
| Effect of exchange rate changes on cash and cash equivalents | ||||||
| Effect of exchange rate changes on cash and cash equivalents | 0.00 | |||||
| Net increase (decrease) in cash and cash equivalents | (293.76) | |||||
| Cash and cash equivalents cash flow statement at beginning of period | 2,037.30 | |||||
| Cash and cash equivalents cash flow statement at end of period | 1,743.54 | |||||
| Whether results are audited or unaudited | Audited |
|---|---|
| Declaration of unmodified opinion or statement on impact of audit qualification | Statement on impact of audit qualification |
| Auditor's opinion | Qualified opinion |
| Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results |
| Sr No. | Audit firm's name | Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI | Certificate valid upto | ||
| 1 | M/s. PRSV & Co LLP | Yes | 30-09-2027 | ||
|---|---|---|---|---|---|
| Sr. | Particulars | Audited Figures (as reported before adjusting for qualifications) | Adjusted Figures (audited figures after adjusting for qualifications) |
|---|---|---|---|
| 1 | Turnover / Total income | 5,205.83 | 5,205.83 |
| 2 | Total Expenditure | 3,121.29 | 3,694.69 |
| 3 | Net Profit/(Loss) | (118.02) | (5,086.56) |
| 4 | Earnings Per Share | -0.05 | -2.12 |
| 5 | Total Assets | 99,043.68 | 94,648.54 |
| 6 | Total Liabilities | 1,61,755.70 | 1,68,292.02 |
| 7 | Net Worth | (62,712.02) | (73,643.48) |
| Sr. | Details of Audit Qualification | Type of Audit Qualification | Frequency of qualification | For Audit Qualification(s) where the impact is quantified by the auditor | For Audit Qualification(s) where the impact is not quantified by the auditor | ||
|---|---|---|---|---|---|---|---|
| Management's Views | (i) Management's estimation on the impact of audit qualification | (ii) If management is unable to estimate the impact, reasons for the same | Auditors' Comments on (i) or (ii) above | ||||
| 1 | Textual Information(1) | Qualified opinion | Repetitive | Textual Information(2) | Textual Information(3) | Textual Information(4) | Textual Information(5) |
| 2 | Textual Information(6) | Qualified opinion | Repetitive | Textual Information(7) | Textual Information(8) | Textual Information(9) | Textual Information(10) |
| 3 | Textual Information(11) | Qualified opinion | Repetitive | Textual Information(12) | Textual Information(13) | Textual Information(14) | Textual Information(15) |
| 4 | Textual Information(16) | Qualified opinion | Repetitive | Textual Information(17) | Textual Information(18) | Textual Information(19) | Textual Information(20) |
| 5 | Textual Information(21) | Qualified opinion | Repetitive | Textual Information(22) | Textual Information(23) | Textual Information(24) | Textual Information(25) |
| Textual Information(1) | The holding company has written back Zero Interest Subordinate Loan (ZISL) payable to Gayatri Projects Limited (GPL) of Rs.17,887.51 Lakhs during the financial year 2022-23, out of which GPL has confirmed the write off of Rs.13,411.00 Lakhs and the balance of Rs.4,476.51 Lakhs is yet to be written off in GPL books. As a result, the other equity of the Company is overstated by Rs.4,476.51 Lakhs and the liabilities are understated by Rs.4,476.51 Lakhs. Further, an amount of Rs. 4,556.60 Lakhs is due to GPL towards the non-interest-bearing loan as per the books of the Company. But as per the confirmation from GPL, the amount due to them is Rs. 4,896.21 Lakhs. As a result, the other equity of the Company is overstated by Rs.339.61 Lakhs and the liabilities of the Company are understated by Rs.339.61 Lakhs. |
|---|---|
| Textual Information(2) | The management is in disagreement with the quantified value as GPL is yet to pass necessary entries as per various agreements. |
| Textual Information(3) | Not Applicable |
| Textual Information(4) | Not Applicable |
| Textual Information(5) | No further comments |
| Textual Information(6) | The holding company has defaulted in repayment of outstanding term loan of Rs. 3,822.65 Lakhs and outstanding accumulated interest of Rs. 1,193.21 Lakhs (Interest was recognized in the financial statements till 31 March 2023) payable to IL&FS Financial Services Limited. The company has been calculating and recognizing interest only on the defaulted principle of Rs. 3,822.65 Lakhs as per the existing loan agreement since the Company has not received balance confirmation from the said lender. In the absence of balance confirmation, we are unable to comment on the carrying value of term loan principle and outstanding interest as at 31 March 2026 or any adjustment required to and the consequent impact if any on the financial statements had the confirmations been received from the lender. |
| Textual Information(7) | Not Applicable |
| Textual Information(8) | The Management is not in a position to quantify the impact of audit qualification at this point of time. |
| Textual Information(9) | Management is unable to estimate the impact due to the Company has requested for confirmation of balances and is yet to be received. |
| Textual Information(10) | No further comments |
| Textual Information(11) | The holding company did not provide interest on the outstanding term loan of Rs. 3,822. 65 Lakhs due to IL&FS Financial Services Limited for the period 01 April 2023 to 31 March 2026. The Companys records indicate that, had management provided interest for the period 01 April 2023 to 31 March 2026, the cumulative loss and the corresponding liability would have been increased by Rs. 1,720.20 Lakhs and total equity would have been reduced by Rs. 1,720.20 Lakhs calculated on interest of 15% p.a. |
| Textual Information(12) | The management is in negotiations to settle the debt amicably, hence it cannot quantify the actual liability at this point of time. |
| Textual Information(13) | Not Applicable |
| Textual Information(14) | Not Applicable |
| Textual Information(15) | No further comments |
| Textual Information(16) | a. The holding Company has advanced loans including interest till 31 March 2026 of Rs. 2,853.28 Lakhs. Further it has to receive an amount of Rs.83.52 Lakhs towards receivable for deputation. All these amounts aggregate to Rs. 2,936.80 Lakhs in Cyberabad Expressways Limited (CEL), a jointly controlled entity. As per the audited financial statements of the CEL as on 31 March 2026, the negative net worth stood at Rs. 12,864.50 Lakhs. Consequent to the erosion in the net worth of CEL, the exposure of the Company to the extent of Rs. 2,936.80 Lakhs is required to be impaired fully. IndAS 36 requires the company to provide for impairment in the value of investments and other financial assets by providing for the amount of impairment in the Profit & Loss Account. b. The holding Company has invested Rs. 2,576.88 Lakhs (including accumulated share of profit as per equity method Rs. 995.52 Lakhs) as equity (50% share in equity) and Rs. 20.88 Lakhs towards receivable for deputation aggregating to Rs. 2,597.76 Lakhs in Hyderabad Expressways Limited (HEL), a jointly controlled entity. As per the audited financial statements of the HEL as on 31 March 2026, the positive net worth stood at Rs. 8,040.29 Lakhs including a loan of Rs. 5,761.46 Lakhs advanced to CEL. As per the above paragraph, CEL has a negative net-worth of Rs. 12,864.50 Lakhs as on 31 March 2026. Continuing for the reasons stated in the above paragraph, the loan advanced by HEL is in our opinion, doubtful of recovery resulting in reduction of net-worth of HEL to Rs. 2,278.83 Lakhs. The Company owns 50% of the equity share capital of HEL and hence the Company share of net-worth in HEL works out to Rs. 1,139.42 Lakhs vis--vis the exposure of Rs. 2,597.76 Lakhs. This result in impairment to an extent of Rs. 1,458.34 Lakhs from out of the investments made in HEL and Receivables due. Ind AS 36 requires the company to provide for this impairment in the value of investments and other financial assets by providing for the amount of impairment in the Profit & Loss Account. Since the holding company has not impaired the cost of investments, debentures, loans granted to jointly controlled entities and trade receivables to an extent of Rs. 2,936.80 Lakhs to CEL and Rs.1,458.34 Lakhs to HEL in its books, the Loss for the year and other Comprehensive Income are understated by the said amount. The Other Equity in the balance sheet is overstated by Rs. 4,395.14 Lakhs. Our conclusion on the statement is qualified in respect of the above matters. |
| Textual Information(17) | There is an income receivable by Cyberabad Expressways Limited (CEL) due from the Government of Telangana/HGCL/HMDA. The company has won the case in Arbitration, Commercial court and two additional cases in Honble High Court of Telangana. Eventhough Section 37 petition is pending in the Honble High Court of Telangana, the company is insisting the payment of dues through an Executive Petition in Commercial Court which is pending. The Company further informed that it is confident of winning the case and receive the amount of more than Rs. 400 Crores (approx.) from the Government of Telangana/HGCL/HMDA. But as there is still an opportunity to the government to further escalate the case in higher legal forums like High Court or Supreme Court, CEL, a Jointly controlled Entity, has not recognized the income as the receipt of funds is contingent in nature. Accordingly, the management has not impaired its cost of investments, loans and receivables from CEL and also from HEL. |
| Textual Information(18) | Not Applicable |
| Textual Information(19) | Not Applicable |
| Textual Information(20) | No further comments |
| Textual Information(21) | We were informed that the Holding Company did not receive the audited financial statements of Indore Dewas Tollways Limited (IDTL), which is a material subsidiary of the Holding Company for the quarter and year ended 31 March 2026 for the reasons stated there under. We were informed that the honble NCLT bench at Hyderabad had admitted IDTL into Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 (as amended) and appointed Interim Resolution Professional (IRP). Further, a liquidator has been appointed for liquidation of IDTL. In this regard, we were informed that the Holding Company has compiled the financials results of IDTL for the year ended 31 March 2026 that were included in the statement by adopting the following procedure. For the period 01st April 2023 to 30th October 2023, based on books of accounts and for the period 31st October 2023 to 31st March 2026, as nil transactions. In the absence of the consolidation of subsidiary for the full year, we are unable to determine the effects on the consolidated financial statements of the failure to consolidate the subsidiary for the full year. |
| Textual Information(22) | Not Applicable |
| Textual Information(23) | Not Applicable |
| Textual Information(24) | The honble NCLT bench at Hyderabad had admitted IDTL into Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 (as amended) and appointed Interim Resolution Professional (IRP) with effect from 31st October, 2023. We have pursued the IRP of IDTL to provide the annual accounts for the financial year 2023-24, but we have not received any information or response from him. Hence we have prepared the consolidated accounts based on the available information from 1st April 2023 to 30th October 2023. Further a liquidator has been appointed for liquidation of IDTL and no further information is provided to the company. |
| Textual Information(25) | No further comments |
| Name of CEO / Managing director | K.G.NAIDU |
|---|---|
| Name of CFO | P.K.SAHOO |
| Name of audit committee chairman | M.V.NARASIMHA RAO |
| Name of statutory auditor | Y.VENKATESWARLU |
| Name of other signatory, if any, with designation | |
| Place | HYDERABAD |
| Date | 25-05-2026 |