| Scrip Code | 532708 |
|---|---|
| NSE Symbol | GVKPIL |
| MSEI Symbol | NOTLISTED |
| ISIN | INE251H01024 |
| Name of company | GVK POWER & INFRASTRUCTURE 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 | 29-05-2026 |
| Date on which prior intimation of the meeting for considering financial results was informed to the exchange | 13-05-2026 |
| 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 | Unaudited |
| Whether results are audited or unaudited for the Year to date for current period ended/year ended | Audited |
| Segment Reporting | Multi segment |
| Description of single segment | |
| Start date and time of board meeting | 29-05-2026 14:00:00 |
| End date and time of board meeting | 29-05-2026 16:30:00 |
| 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 | Unaudited | Audited |
| D | Nature of report standalone or consolidated | Consolidated | Consolidated |
| 1 | Income | ||
| Revenue from operations | 0.00 | 8,053.00 | |
| Other income | 143.00 | 665.00 | |
| Total income | 143.00 | 8,718.00 | |
| 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 | 14.00 | 224.00 |
| (e) | Finance costs | 0.00 | 3,115.00 |
| (f) | Depreciation, depletion and amortisation expense | 1.00 | 2,219.00 |
| (f) | Other Expenses | ||
| 1 | Other expenses | 391.00 | 37,134.00 |
| Total other expenses | 391.00 | 37,134.00 | |
| Total expenses | 406.00 | 42,692.00 | |
| 3 | Total profit before exceptional items and tax | (263.00) | (33,974.00) |
| 4 | Exceptional items | 0.00 | (1,04,256.00) |
| 5 | Total profit before tax | (263.00) | (1,38,230.00) |
| 6 | Tax expense | ||
| 7 | Current tax | 38.00 | 39.00 |
| 8 | Deferred tax | 0.00 | 0.00 |
| 9 | Total tax expenses | 38.00 | 39.00 |
| 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 | (301.00) | (1,38,269.00) |
| 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 | 0.00 | 0.00 |
| 16 | Total profit (loss) for period | (301.00) | (1,38,269.00) |
| 17 | Other comprehensive income net of taxes | 0.00 | 0.00 |
| 18 | Total Comprehensive Income for the period | (301.00) | (1,38,269.00) |
| 19 | Total profit or loss, attributable to | ||
| Profit or loss, attributable to owners of parent | (300.00) | (83,951.00) | |
| Total profit or loss, attributable to non-controlling interests | (1.00) | (54,318.00) | |
| 20 | Total Comprehensive income for the period attributable to | ||
| Comprehensive income for the period attributable to owners of parent | |||
| Total comprehensive income for the period attributable to owners of parent non-controlling interests | |||
| 21 | Details of equity share capital | ||
| Paid-up equity share capital | 15,792.00 | 15,792.00 | |
| Face value of equity share capital | 1 | 1 | |
| 27 | Details of debt securities | ||
| 22 | Reserves excluding revaluation reserve | 0.00 | |
| 23 | Earnings per share | ||
| i | Earnings per equity share for continuing operations | ||
| Basic earnings (loss) per share from continuing operations | -0.02 | -5.32 | |
| Diluted earnings (loss) per share from continuing operations | -0.02 | -5.32 | |
| 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 | -0.02 | -5.32 | |
| Diluted earnings (loss) per share from continuing and discontinued operations | -0.02 | -5.32 | |
| 24 | Debt equity ratio | ||
| 25 | Debt service coverage ratio | ||
| 26 | Interest service coverage ratio | ||
| 27 | Disclosure of notes on financial results | ||
| 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 | 12.00 | |
| Capital work-in-progress | ||
| Investment property | 11,655.00 | |
| Goodwill | 0.00 | |
| Other intangible assets | 0.00 | |
| Intangible assets under development | ||
| Biological assets other than bearer plants | ||
| Investments accounted for using equity method | 7,136.00 | |
| Non-current financial assets | ||
| Non-current investments | 0.00 | |
| Trade receivables, non-current | ||
| Loans, non-current | 0.00 | |
| Other non-current financial assets | ||
| 1 | Other non-current financial assets | 14.00 |
| Total of other non-current financial assets | 14.00 | |
| Total non-current financial assets | 14.00 | |
| Deferred tax assets (net) | 360.00 | |
| Other non-current assets | ||
| Total of other non-current assets | ||
| Total non-current assets | 19,177.00 | |
| 2 | Current assets | |
| Inventories | 0.00 | |
| Current financial asset | ||
| Current investments | 3,186.00 | |
| Trade receivables, current | 1.00 | |
| Cash and cash equivalents | 4,571.00 | |
| Bank balance other than cash and cash equivalents | 0.00 | |
| Loans, current | 0.00 | |
| Other current financial assets | ||
| Total of other current financial assets | 29,170.00 | |
| Total current financial assets | 36,928.00 | |
| Current tax assets (net) | 35.00 | |
| Other current assets | ||
| 1 | Other current assets | 835.00 |
| Total of other current assets | 835.00 | |
| Total current assets | 37,798.00 | |
| 3 | Non-current assets classified as held for sale | |
| 4 | Regulatory deferral account debit balances and related deferred tax Assets | |
| Total assets | 56,975.00 | |
| Equity and liabilities | ||
| 1 | Equity | |
| Equity attributable to owners of parent | ||
| Equity share capital | 15,792.00 | |
| Other equity | (1,61,480.00) | |
| Total equity attributable to owners of parent | (1,45,688.00) | |
| Non controlling interest | 1,23,899.00 | |
| Total equity | (21,789.00) | |
| 2 | Liabilities | |
| Non-current liabilities | ||
| Non-current financial liabilities | ||
| Borrowings, non-current | 29,045.00 | |
| Trade payables, non-current | ||
| (A) Total outstanding dues of micro enterprises and small enterprises | ||
| (B) Total outstanding dues of creditors other than micro enterprises and small enterprises | ||
| Total Trade payable | ||
| Other non-current financial liabilities | ||
| 1 | Others | 2,695.00 |
| Total of other non-current financial liabilities | 2,695.00 | |
| Total non-current financial liabilities | 31,740.00 | |
| Provisions, non-current | 0.00 | |
| Deferred tax liabilities (net) | ||
| Deferred government grants, Non-current | ||
| Other non-current liabilities | ||
| Total of other non-current liabilities | ||
| Total non-current liabilities | 31,740.00 | |
| Current liabilities | ||
| Current financial liabilities | ||
| Borrowings, current | 41,009.00 | |
| Trade payables, current | ||
| (A) Total outstanding dues of micro enterprises and small enterprises | 2.00 | |
| (B) Total outstanding dues of creditors other than micro enterprises and small enterprises | 86.00 | |
| Total Trade payable | 88.00 | |
| Other current financial liabilities | ||
| 1 | Other current financial liabilities | 1,655.00 |
| Total of other current financial liabilities | 1,655.00 | |
| Total current financial liabilities | 42,752.00 | |
| Other current liabilities | 4,236.00 | |
| 1 | Other current liabilities | 4,236.00 |
| Total of other current liabilities | 4,236.00 | |
| Provisions, current | 0.00 | |
| Current tax liabilities (Net) | 36.00 | |
| Deferred government grants, Current | ||
| Total current liabilities | 47,024.00 | |
| 3 | Liabilities directly associated with assets in disposal group classified as held for sale | |
| 4 | Regulatory deferral account credit balances and related deferred tax liability | |
| Total liabilities | 78,764.00 | |
| Total equity and liabilites | 56,975.00 | |
| 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 | Unaudited | Audited | |||||
| Nature of report standalone or consolidated | Consolidated | Consolidated | |||||
| 1 | Segment Revenue (Income) | ||||||
| (net sale/income from each segment should be disclosed) | |||||||
| 1 | Power | 0.00 | 8,260.00 | ||||
| 2 | others | 0.00 | 0.00 | ||||
| Total Segment Revenue | 0.00 | 8,260.00 | |||||
| Less: Inter segment revenue | 0.00 | 207.00 | |||||
| Revenue from operations | 0.00 | 8,053.00 | |||||
| 2 | Segment Result | ||||||
| Profit (+) / Loss (-) before tax and interest from each segment | |||||||
| 1 | Power | 0.00 | 4,998.00 | ||||
| 2 | others | 0.00 | (36,524.00) | ||||
| Total Profit before tax | 0.00 | (31,526.00) | |||||
| i. Finance cost | 0.00 | 3,115.00 | |||||
| ii. Other Unallocable Expenditure net off Unallocable income | 0.00 | 1,03,589.00 | |||||
| Profit before tax | 0.00 | (1,38,230.00) | |||||
| 3 | (Segment Asset - Segment Liabilities) | ||||||
| Segment Asset | |||||||
| 1 | Power | 0.00 | 0.00 | ||||
| 2 | others | 0.00 | 0.00 | ||||
| Total Segment Asset | 0.00 | 0.00 | |||||
| Un-allocable Assets | 0.00 | 0.00 | |||||
| Net Segment Asset | 0.00 | 0.00 | |||||
| 4 | Segment Liabilities | ||||||
| Segment Liabilities | |||||||
| 1 | Power | 0.00 | 0.00 | ||||
| 2 | others | 0.00 | 0.00 | ||||
| Total Segment Liabilities | 0.00 | 0.00 | |||||
| Un-allocable Liabilities | 0.00 | 0.00 | |||||
| Net Segment Liabilities | 0.00 | 0.00 | |||||
| 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 | Unaudited | 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 | ||
| 3 | Amount of items that will be reclassified to profit and loss | ||
| Total Amount of items that will be reclassified to profit and loss | |||
| 4 | Income tax relating to items that will be reclassified to profit or loss | ||
| 5 | Total Other comprehensive income | ||
| 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 | (1,38,230.00) | |||||
| Adjustments for reconcile profit (loss) | ||||||
| Adjustments for finance costs | (261.00) | |||||
| Adjustments for decrease (increase) in inventories | 0.00 | |||||
| Adjustments for decrease (increase) in trade receivables, current | (3,147.00) | |||||
| Adjustments for decrease (increase) in trade receivables, non-current | 0.00 | |||||
| Adjustments for decrease (increase) in other current assets | 0.00 | |||||
| Adjustments for decrease (increase) in other non-current assets | 919.00 | |||||
| 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 | 0.00 | |||||
| Adjustments for increase (decrease) in trade payables, non-current | (3,511.00) | |||||
| Adjustments for increase (decrease) in other current liabilities | 0.00 | |||||
| Adjustments for increase (decrease) in other non-current liabilities | 0.00 | |||||
| Adjustments for depreciation and amortisation expense | 2,219.00 | |||||
| Adjustments for impairment loss reversal of impairment loss recognised in profit or loss | 0.00 | |||||
| Adjustments for provisions, current | (3.00) | |||||
| 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 | 0.00 | |||||
| Adjustments for interest income | 231.00 | |||||
| Adjustments for share-based payments | 0.00 | |||||
| Adjustments for fair value losses (gains) | 0.00 | |||||
| Adjustments for undistributed profits of associates | 0.00 | |||||
| Other adjustments for which cash effects are investing or financing cash flow | 0.00 | |||||
| Other adjustments to reconcile profit (loss) | 1,04,256.00 | |||||
| Other adjustments for non-cash items | 35,548.00 | |||||
| Share of profit and loss from partnership firm or association of persons or limited liability partnerships | 0.00 | |||||
| Total adjustments for reconcile profit (loss) | 1,35,789.00 | |||||
| Net cash flows from (used in) operations | (2,441.00) | |||||
| Dividends received | 0.00 | |||||
| Interest paid | (3,070.00) | |||||
| Interest received | 0.00 | |||||
| Income taxes paid (refund) | 38.00 | |||||
| Other inflows (outflows) of cash | 0.00 | |||||
| Net cash flows from (used in) operating activities | 591.00 | |||||
| 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 | 1,252.00 | |||||
| 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 | (347.00) | |||||
| Purchase of property, plant and equipment | 0.00 | |||||
| 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 | 1,020.00 | |||||
| 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 | 0.00 | |||||
| Interest received | 913.00 | |||||
| Income taxes paid (refund) | 0.00 | |||||
| Other inflows (outflows) of cash | 31,186.00 | |||||
| Net cash flows from (used in) investing activities | 31,984.00 | |||||
| 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 | 44,884.00 | |||||
| Payments of lease liabilities | 0.00 | |||||
| Dividends paid | 0.00 | |||||
| Interest paid | 6,996.00 | |||||
| Income taxes paid (refund) | 0.00 | |||||
| Other inflows (outflows) of cash | 100.00 | |||||
| Net cash flows from (used in) financing activities | (51,780.00) | |||||
| Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes | (19,205.00) | |||||
| 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 | (19,205.00) | |||||
| Cash and cash equivalents cash flow statement at beginning of period | 23,776.00 | |||||
| Cash and cash equivalents cash flow statement at end of period | 4,571.00 | |||||
| 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 | T R CHADHA & CO | Yes | 30-09-2028 | ||
|---|---|---|---|---|---|
| Sr. | Particulars | Audited Figures (as reported before adjusting for qualifications) | Adjusted Figures (audited figures after adjusting for qualifications) |
|---|---|---|---|
| 1 | Turnover / Total income | 8,718.00 | 8,718.00 |
| 2 | Total Expenditure | 42,692.00 | 42,692.00 |
| 3 | Net Profit/(Loss) | (1,38,230.00) | (1,38,230.00) |
| 4 | Earnings Per Share | -5.32 | -5.32 |
| 5 | Total Assets | 56,975.00 | 56,975.00 |
| 6 | Total Liabilities | 78,764.00 | 78,764.00 |
| 7 | Net Worth | (21,789.00) | (21,789.00) |
| 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) | Disclaimer of opinion | Repetitive | Textual Information(2) | Textual Information(3) | Textual Information(4) | Textual Information(5) |
| 2 | Textual Information(6) | Disclaimer of opinion | Repetitive | Textual Information(7) | Textual Information(8) | Textual Information(9) | Textual Information(10) |
| 3 | Textual Information(11) | Disclaimer of opinion | Repetitive | Textual Information(12) | Textual Information(13) | Textual Information(14) | Textual Information(15) |
| 4 | Textual Information(16) | Disclaimer of opinion | Repetitive | Textual Information(17) | Textual Information(18) | Textual Information(19) | Textual Information(20) |
| 5 | Textual Information(21) | Disclaimer of opinion | Repetitive | Textual Information(22) | Textual Information(23) | Textual Information(24) | Textual Information(25) |
| 6 | Textual Information(26) | Disclaimer of opinion | Repetitive | Textual Information(27) | Textual Information(28) | Textual Information(29) | Textual Information(30) |
| Textual Information(1) | 1. We draw attention to note 6 to the consolidated financial results which states that as at March 31, 2026, GVKPIL Group had accumulated losses. The liabilities of the GVKPIL Group, considering the amounts not provided for are much higher than the assets of the group. One of the subsidiary Company where the project has been terminated are following liquidation basis of accounting. The GVKPIL group has delayed/defaulted in repayments of loans and interest thereon and various loan accounts have been classified as non-performing assets by banks/ lenders including recall of loans /filing of cases under the Insolvency and Bankruptcy Code in certain cases. The Resolution Professional (RP) have also been appointed in certain subsidiaries, step down subsidiaries and Joint controlled entity by NCLT. There are various litigations going on in the GVKPIL Group. The GVKPIL Group has also provided guarantees and commitments and/or has undertaken to provide financial assistance on behalf of various entities and as further detailed in notes 8 and 9 (referring to notes on GVK Coal Developers (Singapore) Pte Limited and GVK Energy Limited), uncertainties are being faced by various projects such as delays / non-development of coal mines in an overseas project where the parent Company has provided guarantees and commitments for the borrowings, losses incurred by gas based power plant in the absence of gas and litigations on rights to claim capacity charge, arbitration on delay of commencement of road projects, termination of various projects etc. Various guarantees given by GVKPIL and GVK Energy Limited (GVKEL) on behalf of their subsidiaries, associates and joint controlled entity have been invoked by the lenders. Further, the GVKPIL has been admitted into Corporate Insolvency Resolution Process (CIRP) process vide NCLT order dated July 12, 2024 and order uploaded on the portal on July 15, 2024 (Insolvency Commencement Date). These factors indicate significant doubt on going concern ability of the GVKPIL group. Notwithstanding the above, the financial results of the GVKPIL Group have been prepared by the management on going concern basis as management believes that the outcome of the CIRP shall keep the company as going concern Considering the various uncertainties involved as fully described in the Basis of Disclaimer section of our report, the probable impact could be material and pervasive on these consolidated financial results and that may cause significant doubt on companys ability to continue as a going concern. Accordingly, we are unable to comment that the management assumption of preparing these financial results on going concern is appropriate. |
|---|---|
| Textual Information(2) | Not applicable |
| Textual Information(3) | Not applicable |
| Textual Information(4) | Management believes that the GVKPIL Group would be able to ultimately meet its commitments, reduce debt by stake sale and the entities on whose behalf guarantees/ commitments have been extended would be able to meet their obligations. Further, the Management is confident that aforesaid entities would be able to win litigations, recover claims and will be able to reach an optimal solution with non-controlling shareholders and lenders etc. as required despite current challenges. |
| Textual Information(5) | Not applicable |
| Textual Information(6) | 2. We draw attention to Note No 8 to the Consolidated Financial Results regarding GVK Coal Developers (Singapore) Pte. Limited, (GVK Coal Developers) (an associate) in which the GVKPIL Group has investments and has receivables aggregating to Rs.79,048 Lakhs and to whom the holding company along with others jointly and severally had given irrevocable and unconditional guarantee and commitments (CG) for loans up to aggregating to USD 1132.45 Million (Rs. 10,71,913 lakhs as on March 31,2026) of principal amount (GVKPIL itself guaranteed towards the repayment of limits which shall be lower of either 53.9% (including in respect of the Hedging Agreements if any) of all principal amounts outstanding under the finance documents or USD 692.61 Million) taken by the aforesaid associate Company part of which is collateralized by pledge of 155,587,500 (March 31, 2025: 155,587,500), 130,287,382 (March 31, 2026: 130,287,382) and 48,000,000 (March 31, 2025: 48,000,000) shares of GVK Energy Limited, GVK Transportation Private Limited and GVK Airport Developers Limited respectively for securing loan obtained by GVK Coal Developers (Singapore) Pte. Limited and has also undertaken to provide financial assistance of USD 3.11million (Rs.2,944 Lakhs as on March 31,2026) with respect to which there are multiple significant uncertainties including outlook on the sector, non-achieving of financial closure and clearances for the project, concluding an appropriate solution with various stakeholders including lenders, and necessary environmental and regulatory clearances etc. The GVK Coal Developers current liabilities exceeded current assets by USD 3193 million (Rs.30,22,600 Lakhs) as of March, 2026 and accumulated losses as of March, 2026 is USD 1982.10 million (Rs. 18,76,143 Lakhs) based on audited special purpose consolidated financial statements of GVK Coal Developers (Singapore) Pte. Limited. The GVK Coal Developers lenders filed a claim in the High Court of Justice Business and Property Courts of England and Wales Commercial Courts (England Court) on November 09, 2020 and have sought to recover the amounts advanced to GVK Coal Developers. The England court vide its order dated October 19, 2023 has crystalized the amount payable by the defendants (GVKPIL and other guarantors / stakeholders in GVK Coal Developers) at USD 2.19 billion including the amount towards interest. As per legal opinion obtained by the Holding company, the order dated 19th October 2023 passed by the England court is not speaking order. It has also been opined that the Order dated 19.10.2023 cannot be enforced in India and is contrary to the substantive law of India and is also in violation of the principles of natural justice. As per the GVKPIL management, several attempts were made by the company to have a solution with the lenders including an agreement dated March 23, 2017, wherein a non-binding framework solution was agreed upon for a settlement. Subsequently also there were several efforts to engage with the lenders to arrive at a settlement. The GVK Coal Developers having failed to repay debt obligation, ICICI bank has invoked CG of GVKPIL on Nov 02, 2020 and demanding to pay the GVK Coal Developers dues. Further, one of the lenders has filed an application under section 7 of the Insolvency and Bankruptcy Code 2016 to initiate Corporate Insolvency Resolution Process (CIRP) against the holding company (being guarantor for loan taken by GVK Coal Developers) before National Company Law Tribunal (NCLT), Hyderabad on July 14, 2022 and NCLT has admitted the Company into CIRP vide Order dated July 12, 2024. Interim Resolution professional (IRP) appointed by the Honble NCLT and IRP has taken possession of all assets of GVKPIL.As approved by NCLT vide its order dated September 05, 2024, IRP has been confirmed as Resolution Professional (RP) of the Company. RP has received claims to the extent of Rs. 21,79,248 Lakhs from the Financial Creditors (Including claim of Rs. 18,83,145 Lakhs from Financial Creditors of GVK Coal Developers) and RP has admitted the claims to the extent of Rs.15,94,489 Lakhs (Including claim of Rs. 14,89,486 Lakhs from Financial Creditors of GVK Coal Developers) for CIRP purpose as per IBC rules and balance Rs.5,84,760 Lakhs (Including claim of Rs. 3,93,670 Lakhs from Financial Creditors of GVK Coal Developers) claims are not admitted. The Resolution professional has invited Resolution Plans and resolution plans were received from two Prospective Resolution Applicants (PRA). However, Committee of Creditors (CoC) has rejected the two resolution plans as non-compliant. Thereafter, the CoC resolved to re-initiate the CIRP process of the Corporate Debtor based on asset-wise sale approach under Regulations of the CIRP. which will be considered by CoC and actual liability ultimately payable by the Company shall be determined in accordance with the approved resolution plan and applicable orders under the IBC. Therefore, no accounting impact is given in the books of account and no provision has been made against admitted claims in the consolidated financial results. While the GVKPIL Group has made a provision for impairment in respect of the aforesaid investment and receivables aggregating to Rs.79,048 Lakhs, no provision has been made towards the Corporate Guarantee issued by GVKPIL in respect of which the above-mentioned claims are made by the financial creditors to the extent of Rs. 14,89,486 Lakhs admitted by the RP. Considering the various uncertainties and complexities involved as mentioned above, we are unable to comment on the viability of the GVK Coal project and the additional provision that may be required concerning the aforementioned guarantees and commitments made by the GVKPIL and the resultant impact of the same on these consolidated financial results.. |
| Textual Information(7) | Not applicable |
| Textual Information(8) | Not applicable |
| Textual Information(9) | The company has already made provision of the entire investment and receivables. It has also engaged with lenders and made several attempts to have an amicable solution. In this regard attention is being drawn to the agreement entered on 23rd March 2017, wherein a non-binding framework solution was arrived at between the lenders and the company. Subsequently the company has also corresponded and followed up with the lenders to arrive at the amicable settlement. The last communication with the lender was on 12th Jan,2021 wherein a revised offer was made. Any further provision cannot be estimated due to significant uncertainties including fluctuating coal prices, concluding an appropriate solution with various stakeholders by GVK Coal and of settlement with lenders which is typical to such negotiations. |
| Textual Information(10) | Not applicable |
| Textual Information(11) | 3. As discussed in detailed in Note 9(b) to the consolidated financial results regarding annulment of settlement by Edelweiss and ARCIL with respect to their loans / NCDs to GVKEL and Alaknanda Hydro Power Company Limited (AHPCL), |
| Textual Information(12) | Not applicable |
| Textual Information(13) | Not applicable |
| Textual Information(14) | Management confident that the settlement with the lender will be successfully completed. Hence, there is no impact. |
| Textual Information(15) | Not applicable |
| Textual Information(16) | We draw attention to the following matters disclosed in Note 9(a) to the consolidated financial results regarding GVK Energy Limited (GVKEL), a wholly owned subsidiary of the holding company. The GVKEL has provided Corporate Guarantee to the lenders of GVKPGSL (GVK Power Goindwal sahib ltd -erstwhile subsidiary of GVKEL) with respect to the amount lent by them. Lenders through its security trustee (IDBI Trusteeship services limited) have invoked the corporate Guarantee. Further, during the financial year 2023-24, one of the lenders (IDBI) has filed the case against the GVKEL demanding the amount of Rs.1,494 Crores in the Honble NCLT, Hyderabad and the company has been admitted into Corporate Insolvency Resolution Process (CIRP) process vide NCLT order dated May 06, 2025 and order uploaded on the portal on May 07, 2025 Vide the said Order, a moratorium has been declared under Section 14 of the IBC and IRP has been appointed to carry out functions envisaged under the Code including taking charge of management of GVKEL. |
| Textual Information(17) | Not applicable |
| Textual Information(18) | Not applicable |
| Textual Information(19) | The Holding Company lost control over GVKEL and its subsidiaries with effect from 06 May 2025 upon commencement of CIRP of GVKEL. Thereafter, the management and control of GVKEL vested with the IRP/RP under the Insolvency and Bankruptcy Code, 2016. The financial information of GVKEL and its subsidiaries for the period 01 April 2025 to 06 May 2025 has been considered based on management-certified information available with the Holding Company. Since audited/reviewed financial statements/results of GVKEL and its subsidiaries for the said period are not available, the management is unable to determine the impact, if any, of adjustments that may arise on completion of audit/review of such financial information. |
| Textual Information(20) | Not applicable |
| Textual Information(21) | 5. Note 13 to the consolidated financial results regarding investigation by various Government agencies on various alleged irregularities relating to conflict of interest, misuse of funds, money laundering and other matters, pending completion of which and non-provision of certain related information sought from the holding company by us including complete copy of the Enforcement Directorate complaint. CBI has filed a charge sheet before the Chief Metropolitan Court, Mumbai on February 09, 2023, laying as allegation under section 120B read with section 420 of IPC against Mumbai International Airport Limited (MIAL), Vice Chairman & erstwhile CFO of the Holding Company and four other GVKPIL group companies apart from others. The Court has granted bail to all the accused. The main issue alleged is siphoning of fund of MIAL eventually causing a loss to Airport Authority of India (AAI). Vide order dated 08.12.2023, fresh cognizance of offences in the chargesheet has been taken and accused persons have been summoned. However, the said order has been currently stayed by the Ld. Sessions Court, Mumbai in revision petitions preferred by various accused persons and therefore, the proceedings are currently stayed in the matter, and matter will resume only once the stay order gets vacated by the Revision Court. The company is of the view that the case will not stand the test of scrutiny of the court and will eventually be dismissed. The company is also of the view that the charges are unsubstantiated, and no offence u/s section 420 IPC is made out as there is no loss to AAI, Government, or any Tax Authorities as alleged. Next date before Sessions Court in the revision petitions is June15,2026. In addition to the above, the Enforcement Directorate (ED) had also taken up the investigation under the Prevention of Money Laundering Act (PMLA) on the basis of an FIR registered by the CBI. ED had filed a complaint in April 2021 on the same matters against the above-mentioned parties and some of the subsidiaries, joint ventures and step-down subsidiaries of the Company, their directors and officers. ED had filed a complaint before the City Court and Additional Session Judge, Greater Bombay under Section 45 of Prevention of Money Laundering Act, 2002 for commission of offence of Money laundering under section 3, read with section 70, Punishable u/s 4 of the Prevention of Money Laundering Act, 2002. The matter is currently at stage of adjudication of application on behalf of Accused-4 seeking supply of all the unrelied documents and unrelied statement u/s 50 PMLA and is fixed for filing reply of Enforcement Directorate on June 19, 2026. The Audit Committee of the Holding Company, based on the legal advice received by the Audit committee of Mumbai International Airport Limited (MIAL), have decided not to proceed with any independent investigation on the matters mentioned in the FIR or the complaint filed by ED. Considering the status of the proceedings with cases related to CBI and ED, the implications, if any, that may arise on the GVKPIL group can't be ascertained and the impact if any of the same on the consolidated financial results cannot be commented upon. |
| Textual Information(22) | Not applicable |
| Textual Information(23) | Not applicable |
| Textual Information(24) | Investigations by various agencies are completed and charge sheet filed. The ultimate outcome is subject to Judicial scrutiny and hence the impact of the same is not ascertainable. |
| Textual Information(25) | Not applicable |
| Textual Information(26) | We draw attention to Note 12 to the consolidated financial results regarding GVK Perambalur SEZ Private Limited (GVK SEZ), a wholly owned subsidiary company. GVK SEZ has Investment Property having book value of Rs.11,655 Lakh as on 31st March 2026. GVK SEZ stood as a Guarantor and mortgaged its land having book value as mentioned above (admeasuring 2,506.25 Acres) to Syndicate Bank (since merged with Canara Bank) on account of loans taken by the GVKPIL (the Holding Company). GVKPIL has since repaid the loan taken from Canara Bank and the bank has also acknowledged the same. However, Canara bank has not issued a no due certificate and has not returned the original title documents by exercising the right of general lien under section 171 of Indian Contract Act,1872 and has enforced general lien over the title deeds in the name of GVK SEZ for liabilities of GVK Coal (Singapore) PTE Ltd, an associate of GVKPIL. GVKPIL and GVK SEZ have jointly filed writ petition before High Court, Telangana on October 27, 2021, stating that Bank exercising of general lien under section 171 of the Indian Contract Act, 1872 is wholly misconceived and illegal and contrary to the terms of Guarantee extended by the GVK SEZ and the matter is yet to be listed. GVKPIL has obtained independent legal opinion based on which the outcome of the subject matter will be positive and the bank will be directed to release the documents given as security. Further, Enforcement Directorate (ED) had initiated provisional attachment proceedings in respect of the said land property under the Prevention of Money Laundering Act (PMLA). However, Honble High Court of Telangana vide its order dated April 22, 2021 has stayed the proceedings by issuing Show Cause Notice to ED. As on March 31, 2026, the status remains the same. The matter is under litigation. Pending these litigations, the recoverability of Investment Property having book value of Rs.11,655 Lakh (March 2025: Rs 11,655 Lakhs) is not determinable. |
| Textual Information(27) | Not applicable |
| Textual Information(28) | Not applicable |
| Textual Information(29) | At present the matter is subject to Judicial scrutiny and hence the impact of the same is not ascertainable. |
| Textual Information(30) | Not applicable |
| Name of CEO / Managing director | NOT APPLICABLE |
|---|---|
| Name of CFO | SANJEEV KUMAR SINGH |
| Name of audit committee chairman | NOT APPLICABLE |
| Name of statutory auditor | SESHU SAMUDRALA |
| Name of other signatory, if any, with designation | P V PRASANNA REDDY, WHOLE-TIME DIRECTOR |
| Place | HYDERABAD |
| Date | 29-05-2026 |