Integrated Filing — IndAS



General information about company

Scrip Code 532767
NSE Symbol GAYAPROJ
MSEI Symbol NOTLISTED
ISIN INE336H01023
Name of company GAYATRI PROJECTS LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2026
Date of end of financial year 31-03-2027
Date of board meeting when results were approved 04-11-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 27-10-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Second 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 Unaudited
Segment Reporting Single segment
Description of single segment Construction activity
Start date and time of board meeting 04-11-2026   13:45:00
End date and time of board meeting 04-11-2026   14:45:00
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 Not applicable



Financial Results Ind-AS

Amount in (Lakhs)

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 01-07-2026 01-04-2026
B Date of end of reporting period 30-09-2026 30-09-2026
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 11,563.31 34,440.66
Other income 599.28 3,125.30
Total income 12,162.59 37,565.96
2 Expenses
(a) Cost of materials consumed 10,714.02 24,119.31
(b) Purchases of stock-in-trade 0.00 0.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (2,806.20) 626.83
(d) Employee benefit expense 1,054.15 2,126.94
(e) Finance costs 378.66 596.80
(f) Depreciation, depletion and amortisation expense 464.92 930.81
(f) Other Expenses
1 Other Expenses 1,079.70 2,026.60
Total other expenses 1,079.70 2,026.60
Total expenses 10,885.25 30,427.29
3 Total profit before exceptional items and tax 1,277.34 7,138.67
4 Exceptional items 3,687.22 1,503.15
5 Total profit before tax 4,964.56 8,641.82
6 Tax expense
7 Current tax 304.24 304.24
8 Deferred tax 0.00 0.00
9 Total tax expenses 304.24 304.24
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 4,660.32 8,337.58
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 132.97 167.45
16 Total profit (loss) for period 4,793.29 8,505.03
17 Other comprehensive income net of taxes (15.58) (31.84)
18 Total Comprehensive Income for the period 4,777.71 8,473.19
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent
Total profit or loss, attributable to non-controlling interests
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent 0.00 0.00
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 9,285.98 9,285.98
Face value of equity share capital 2 2
27 Details of debt securities
22 Reserves excluding revaluation reserve
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 3.09 5.45
Diluted earnings (loss) per share from continuing operations 3.09 5.45
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 3.09 5.45
Diluted earnings (loss) per share from continuing and discontinued operations 3.09 5.45
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) 1. The above published un-audited consolidated financial results for the quarter and half year ended 30th September 2026 have been prepared in accordance with the principles and procedures as set out in Ind AS on financial statements and such other applicable standards as notified under section 133 of the Companies Act, 2013 and Companies (Indian Accounting Standard) Rules 2015, as amended. 2. The above un-audited consolidated financial results for the quarter and half year ended 30th September 2026 have been reviewed by the Audit Committee and approved by the Board of Directors of the Company in their respective meetings held on 4th November 2026. 3. The Company's Operations primarily consist of Construction activities and there are no other reportable segments. 4. As on date of these un-audited consolidated financial results, the company has paid its lenders the entire amount as per the approved one time debt settlement u/s 12A of the IBC code 2016 including depositing the DSRA amount. 5. Exceptional Items a. During the current quarter, the company has received an arbitration claim of Rs. 2,005.48 Lakhs and the company has paid its lenders an amount of Rs. 421.15 Lakhs being the lenders share of arbitration payable as per the “Framework Agreement” entered with the lenders. The excess provision of lenders share of the corresponding arbitration payable amounting to Rs. 557.60 Lakhs has been written off and recognized as an exceptional item for the quarter and half year ended 30th September 2026. b. During the previous financial years the company had made a provision of Rs. 4,556.02 Lakhs with respect to the sub-ordinate debt given to its associate company i.e. Gayatri Highways Limited (“GHL”) as the same was written off by GHL unilaterally citing various reasons. During the current quarter and half year ended 30th September 2026, GHL had reinstated/recognized the said amount as a payable to the company and has paid the company the said amount. Accordingly, the reversal of the provision has been recognized as an exceptional item for the quarter and half year ended 30th September 2026. c. During the previous financial year, the company had paid an amount of Rs. 1,401.60 Lakhs to a corporate guarantee holder on behalf of its associate company i.e. GHL and the same was previously treated as an exceptional expenditure. During the current quarter, GHL agreed to reimburse the aforesaid amount and the company had received the reimbursement and the same was recognized an exceptional item for the current quarter and half year ended 30th September 2026. d. During the current quarter the company has recognized a further provision for impairment of Rs. 2,828.00 Lakhs on the investment made in 4% Compulsorily Convertible Cumulative Preferential Shares (CCCPS) in Gayatri Hi-tech Hotels Ltd, based on the valuation report of an independent registered valuer. 6. During the previous financial year, the company had recognized an amount of Rs. 15,455.00 Lakhs as “Collateral Security Enforcement under SARFARESI” under the head “Other Current Assets,” representing the reserve price of certain immovable properties assigned by a subcontractor in respect of their dues to the company. The immovable properties assigned to the company had been taken over by the Company’s lender, Punjab National Bank, under the SARFAESI Act, as the Company defaulted its dues to the bank . As stated in Note. 4 above, as on date of these un-audited consolidated Financial results, the company has paid the lender i.e. Punjab National Bank the entire term loan amount as per the approved one time settlement by way of sale of certain part of the immovable property amounting to Rs. 5,205.00 Lakhs and internal accruals. The management of the company in in active negotiations with prospective buyers to sell the balance immovable property and the impact of the above shall be recognized in the due course. 7. Gayatri Highways Limited, an associate company in which the company made investments during the previous financial years and the balance of these investments as at 30th September 2026 are Rs. 16,770.03 Lakhs in the form of Non-Convertible Preference Shares (‘NCPS’), Equity Share Capital investment Rs. 1,248.00 Lakhs. During the current quarter and half year ended 30th September 2026, GHL had repaid the entire subordinate debt/unsecured loan to the company from the sale of one of its road assets. As stated in the audited financial statements of the Associate Company, it has been incurring operating losses during the past few years. However, the financial statements of the said associate company have been prepared on a going concern basis as the promoters of the associate company have guaranteed support to the company and its management believes that its investments in several road projects will generate sufficient cash flows to support the company in near future. As per the information made available to the company, the associate company may receive the claims awards in its favor and substantial amounts from sale of investments held by them and the same shall be utilized to repay amounts due to the company and accordingly, the management of the company is of the view that, no provision is required to be made in the un-audited consolidated financial results for the carrying value of the preference shares for the quarter and half year ended 30th September 2026. 8. An amount of Rs. 2,802.15 Lakhs is receivable from a subcontractor against their agreed settlement amount. The management of the company is in active correspondence with the subcontractor to realize the settlement amount and considering the track record of the subcontractor is of the view that no provision is required to be made in the un- audited consolidated financial results for the balance receivable as at 30th September 2026. 9. The recovery of work and other advances and receivables from one subcontractor amounting to Rs. 7,483.05 Lakhs as at 30th September 2026 got delayed due to mis-match in cash flows of the sub-contractor and non-extension of adequate financial facilities. During the previous financial years, the said sub-contractor had arranged a payment of Rs. 2,452.80 Lakhs, to the lenders of the company however as there has been a significant delay in recovery of the amounts due the company has made a provision for expected credit loss of Rs. 4,823.50 Lakhs in the un-audited consolidated financial results for the quarter and half year ended 30th September 2026. 10. Previous period / year figures have been regrouped to facilitate comparison wherever necessary.



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2026
Date of end of reporting period 30-09-2026
Whether results are audited or unaudited Unaudited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 7,621.32
Capital work-in-progress 0.00
Investment property 0.00
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 20,172.66
Trade receivables, non-current 608.14
Loans, non-current 0.00
Other non-current financial assets
1 Other non-current financial assets 5,028.30
Total of other non-current financial assets 5,028.30
Total non-current financial assets 25,809.10
Deferred tax assets (net) 1,279.84
Other non-current assets
Total of other non-current assets
Total non-current assets 34,710.26
2 Current assets
Inventories 12,271.40
Current financial asset
Current investments 0.00
Trade receivables, current 40,132.01
Cash and cash equivalents 7,083.81
Bank balance other than cash and cash equivalents 10,100.00
Loans, current 3,250.69
Other current financial assets
Total of other current financial assets
Total current financial assets 60,566.51
Current tax assets (net) 23,822.40
Other current assets
1 Other current assets 81,179.91
Total of other current assets 81,179.91
Total current assets 1,77,840.22
3 Non-current assets classified as held for sale
4 Regulatory deferral account debit balances and related deferred tax Assets
Total assets 2,12,550.48
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 9,285.98
Other equity 87,585.14
Total equity attributable to owners of parent 96,871.12
Non controlling interest
Total equity 96,871.12
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 0.00
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
1 Other non-current financial liabilities 56,872.18
Total of other non-current financial liabilities 56,872.18
Total non-current financial liabilities 56,872.18
Provisions, non-current 88.23
Deferred tax liabilities (net) 0.00
Deferred government grants, Non-current 0.00
Other non-current liabilities
Total of other non-current liabilities
Total non-current liabilities 56,960.41
Current liabilities
Current financial liabilities
Borrowings, current 10,301.53
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 531.14
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 24,525.33
Total Trade payable 25,056.47
Other current financial liabilities
1 Other current financial liabilities 19,483.17
Total of other current financial liabilities 19,483.17
Total current financial liabilities 54,841.17
Other current liabilities 3,827.83
1 Other current liabilities 3,827.83
Total of other current liabilities 3,827.83
Provisions, current 49.95
Current tax liabilities (Net) 0.00
Deferred government grants, Current 0.00
Total current liabilities 58,718.95
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 1,15,679.36
Total equity and liabilites 2,12,550.48
Disclosure of notes on assets and liabilities



Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

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 01-07-2026 01-04-2026
Date of end of reporting period 30-09-2026 30-09-2026
Whether results are audited or unaudited Unaudited Unaudited
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



Other Comprehensive Income

Amount in (Lakhs)

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 01-07-2026 01-04-2026
B Date of end of reporting period 30-09-2026 30-09-2026
C Whether results are audited or unaudited Unaudited Unaudited
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
1 Re-measurement gains / (Losses) on actuarial valuation of Post employment defined benefits (25.00) (50.00)
Total Amount of items that will not be reclassified to profit and loss (25.00) (50.00)
2 Income tax relating to items that will not be reclassified to profit or loss (9.42) (18.16)
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 (15.58) (31.84)



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2026
B Date of end of reporting period 30-09-2026
C Whether results are audited or unaudited Unaudited
D Nature of report standalone or consolidated Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 8,641.82
Adjustments for reconcile profit (loss)
Adjustments for finance costs 592.96
Adjustments for decrease (increase) in inventories 600.90
Adjustments for decrease (increase) in trade receivables, current 0.00
Adjustments for decrease (increase) in trade receivables, non-current 8,331.50
Adjustments for decrease (increase) in other current assets 1,337.22
Adjustments for decrease (increase) in other non-current assets 0.00
Adjustments for other financial assets, non-current (5,000.00)
Adjustments for other financial assets, current 4,786.37
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current (5,876.00)
Adjustments for increase (decrease) in trade payables, non-current 0.00
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 930.81
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current 0.00
Adjustments for provisions, non-current 0.00
Adjustments for other financial liabilities, current (4,337.55)
Adjustments for other financial liabilities, non-current (1,918.80)
Adjustments for unrealised foreign exchange losses gains 0.00
Adjustments for dividend income 0.00
Adjustments for interest income 212.15
Adjustments for share-based payments 0.00
Adjustments for fair value losses (gains) 2,828.05
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow 270.33
Other adjustments to reconcile profit (loss) 0.00
Other adjustments for non-cash items 0.00
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) 2,333.64
Net cash flows from (used in) operations 10,975.46
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash (725.19)
Net cash flows from (used in) operating activities 10,250.27
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 1,117.16
Purchase of property, plant and equipment 634.96
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 0.00
Interest received 212.15
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) investing activities 694.35
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 27,710.04
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 20,943.91
Payments of lease liabilities 0.00
Dividends paid 0.00
Interest paid 2,796.71
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) financing activities 3,969.42
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 14,914.04
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 14,914.04
Cash and cash equivalents cash flow statement at beginning of period 2,269.77
Cash and cash equivalents cash flow statement at end of period 17,183.81