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Gammon India Revises Q1 FY26 Statements; Reclassifies ₹126.28 Cr Forex Gain, Net Loss at ₹193.63 Cr
Gammon India released revised unaudited consolidated financial statements for the quarter ended June 30, 2025 (Q1 FY26). The revision reclassified an inadvertent exchange gain of ₹126.28 crore out of Profit & Loss (Other Income) into the foreign currency translation reserve under Equity, resulting in no change to total other equity. For the quarter, revenue from operations stood at ₹1.46 crore while net loss after tax reached ₹193.63 crore, primarily burdened by ₹317.60 crore in finance costs. Statutory auditors issued a modified report highlighting material going concern uncertainties, including current liabilities exceeding current assets by ₹12,896.08 crore.
Confidence: HIGH
What changedGammon India revised its Q1 FY26 consolidated results to remove a ₹126.28 crore foreign exchange gain from the P&L and place it into other equity reserves.
Why it mattersThe reclassification corrects reported operating/other income but leaves the company under severe distress with negative net worth, heavy ongoing finance costs, and working capital insolvency.
Forex Gain Reclassified: ₹126.28 CroreRevenue from Operations (Q1 FY26): ₹1.46 CroreNet Loss (Q1 FY26): ₹193.63 CroreFinance Costs (Q1 FY26): ₹317.60 CroreCurrent Liabilities in excess of Current Assets: ₹12,896.08 Crore
📅 Short termNeutral to negative as the restatement clarifies accounting treatment but reiterates deep financial distress and modified auditor opinions.
📈 Long termSevere structural distress; the company's facilities have been marked as NPA since June 2017 with net worth deeply negative.
⚠ Risk flags
- Material uncertainty relating to going concern
- Current liabilities exceed current assets by ₹12,896.08 crore
- Banking facilities NPA since June 2017 with multiple winding-up petitions
- Auditor qualifications on ₹433.64 crore trade receivables tied up in challenged arbitration awards
Key Highlights
Reclassified ₹126.28 crore exchange gain from P&L other income to foreign currency translation reserve in Equity.
Reported Q1 FY26 revenue from operations of ₹1.46 crore and net loss after tax of ₹193.63 crore.
Quarterly finance costs remained elevated at ₹317.60 crore, driving deep operating deficits.
Current liabilities exceed current assets by ₹12,896.08 crore as of June 30, 2025.
Lenders levied ₹27.10 crore in penal interest in Q1, bringing cumulative disputed penal charges to ₹830.74 crore.
👀 What to Watch
Track the progress of the company's debt resolution plan with secured lenders and the outcome of the court challenges regarding ₹433.64 crore in disputed arbitration receivables.
Gammon India Reports Revised Q1 FY25 Net Loss of ₹315.82 Cr; Current Liabilities Exceed Assets
Gammon India submitted revised unaudited consolidated financial results for the quarter ended June 30, 2024, rectifying an OCI classification error. Total income for the quarter stood at ₹7.81 crore, down from ₹16.19 crore in Q1 FY24, while net loss remained severe at ₹315.82 crore, largely driven by finance costs of ₹287.58 crore. The company faces significant going-concern risks, with current liabilities exceeding current assets by ₹11,612.76 crore. Statutory auditors issued a modified conclusion highlighting NPA status since June 2017, unprovided penal interest of ₹713.50 crore, and disputed receivables.
Confidence: HIGH
What changedGammon India rectified a clerical error in OCI line items (revising net loss on fair value of equity instruments from ₹13.78 crore to -₹4.21 crore) for the quarter ended June 30, 2024.
Why it mattersThe business remains severely financially stressed with minimal operational revenue, negative net worth, and liabilities exceeding assets by over ₹11,600 crore.
Revenue from operations (Q1 FY25): 7.26Net Loss (Q1 FY25): -315.82Finance Costs (Q1 FY25): 287.58Negative working capital gap: 11612.76Cumulative disputed penal interest: 713.50
📅 Short termNegative; the delayed submission and deep recurring losses confirm continuing operational freeze and creditor pressure.
📈 Long termSevere insolvency and going concern risks persist with facilities classified as NPAs since 2017 and winding-up petitions active.
⚠ Risk flags
- Material uncertainty on Going Concern; liabilities exceed assets by ₹11,612.76 crore
- Bank accounts marked as NPA since June 2017; facing debt recovery suits and winding-up petitions
- Auditor qualifications regarding unprovided penal interest of ₹713.50 crore and disputed arbitration awards of ₹286.20 crore
Key Highlights
Revenue from operations plunged 51% YoY to ₹7.26 crore in Q1 FY25 from ₹14.83 crore in Q1 FY24
Net loss for the quarter stood at ₹315.82 crore, impacted by heavy finance costs of ₹287.58 crore
Current liabilities exceed current assets by ₹11,612.76 crore as at June 30, 2024
Lenders levied penal interest of ₹34.84 crore in Q1, taking cumulative disputed penal interest to ₹713.50 crore not recognized in books
Auditor issued a qualified conclusion citing going concern uncertainty and disputed trade receivables of ₹286.20 crore
👀 What to Watch
Track progress on debt resolution plans approved by lenders and outcomes of winding up petitions and DRT suits against the company.
Gammon India Reports FY25 Standalone Net Loss of ₹1,078.13 Cr; Negative Net Worth at ₹10,565.84 Cr
Gammon India reported its delayed audited standalone financial results for the quarter and year ended March 31, 2025. For FY25, standalone revenue from operations fell to ₹21.23 crore from ₹39.25 crore in FY24, with a massive net loss of ₹1,078.13 crore heavily driven by ₹1,005.42 crore in finance costs. Standalone total equity deteriorated further to negative ₹10,565.84 crore as of March 31, 2025. Statutory auditors issued qualified opinions, highlighting ₹803.64 crore in unprovided cumulative penal interest and disputed claims.
Confidence: HIGH
What changedGammon India submitted its audited financial statements for FY25 (quarter and year ended March 31, 2025) after extensive filing delays.
Why it mattersThe company remains in severe financial distress with operational revenue near zero, massive debt-servicing burdens (>₹1,000 crore annual finance cost), and completely eroded net worth.
FY25 Revenue from Operations: ₹21.23 croreFY25 Net Loss: ₹1,078.13 croreFY25 Finance Costs: ₹1,005.42 croreTotal Equity (Net Worth): ₹(10,565.84) croreCumulative Unprovided Penal Interest: ₹803.64 crore
📅 Short termPersistent delays in financial reporting and extensive auditor qualifications confirm ongoing distress; negative sentiment expected to prevail.
📈 Long termWith net worth at negative ₹10,565.84 crore and nominal revenues, viability hinges entirely on formal insolvency proceedings or comprehensive bank debt write-offs.
⚠ Risk flags
- Severely eroded negative net worth of ₹10,565.84 crore
- Auditor qualifications covering ₹803.64 crore in disputed penal interest
- Regulatory non-compliance including unaddressed RBI directive to refund ₹16.64 crore share application money
- Chronic reporting delays and minimal core business operations
Key Highlights
FY25 Standalone net loss stood at ₹1,078.13 crore compared to a net loss of ₹1,963.00 crore in FY24
FY25 Standalone revenue from operations dropped 45.9% to ₹21.23 crore vs ₹39.25 crore in FY24
Finance costs for FY25 surged to ₹1,005.42 crore, representing the vast majority of total expenses of ₹1,115.39 crore
Total standalone equity stood at negative ₹10,565.84 crore against current liabilities of ₹11,475.57 crore
Auditors qualified the report citing unprovided cumulative penal interest of ₹803.64 crore and ₹16.64 crore RBI share application refund directive
👀 What to Watch
Monitor lender negotiations regarding debt restructuring, resolution of cumulative penal interest of ₹803.64 crore, and compliance updates regarding pending subsequent financial results.
Gammon India Reports Q2 FY26 Net Loss of ₹314.36 Cr; Negative Net Worth at ₹11,160.22 Cr
Gammon India Limited reported standalone revenue from operations of ₹4.16 crore for the quarter ended September 30, 2025, compared to ₹6.56 crore in Q2 FY25. Standalone net loss widened to ₹314.36 crore for the quarter, largely driven by finance costs of ₹277.85 crore. Total standalone equity stood deeply negative at -₹11,160.22 crore as of September 30, 2025. Auditors highlighted material uncertainties concerning going concern, dispute over ₹862.22 crore in cumulative penal interest, and recoverability of ₹432.74 crore in arbitration awards.
Confidence: HIGH
What changedGammon India announced its standalone and consolidated financial results for the quarter and half-year ended September 30, 2025.
Why it mattersThe company remains under extreme financial distress with operating revenue insufficient to service ballooning finance costs, leading to deep negative equity.
Standalone Revenue (Q2 FY26): ₹4.16 crStandalone Net Loss (Q2 FY26): ₹314.36 crFinance Costs (Q2 FY26): ₹277.85 crTotal Standalone Equity: ₹(11,160.22) crCumulative Disputed Penal Charges: ₹862.22 cr
📅 Short termMarket sentiment remains under pressure given persistent massive quarterly losses and modified auditor conclusions highlighting significant going-concern risks.
📈 Long termLong-term viability is entirely contingent on the execution and lender acceptance of a debt resolution plan and realization of disputed arbitration awards.
⚠ Risk flags
- Significant going concern uncertainty flagged by statutory auditors
- Deeply negative net worth of -₹11,160.22 crore
- Disputed lender penal charges of ₹862.22 crore
- Client appeals against ₹432.74 crore of recognized arbitration awards
Key Highlights
Q2 FY26 standalone revenue from operations stood at ₹4.16 crore, down from ₹6.56 crore in Q2 FY25
Net loss for the quarter ended September 30, 2025 came in at ₹314.36 crore, burdened by ₹277.85 crore in finance costs
Standalone negative net worth expanded to -₹11,160.22 crore as of September 30, 2025
Auditors flagged unaccepted cumulative penal interest of ₹862.22 crore levied by lenders and ₹432.74 crore in challenged arbitration receivables
👀 What to Watch
Monitor any formal progress or regulatory approvals regarding the lender resolution plan, as well as high-court hearings concerning the ₹432.74 crore arbitration awards under appeal.
Gammon India Reports Q1 FY26 Net Loss of ₹288.82 Cr; Current Liabilities Exceed Assets by ₹11,736 Cr
Gammon India reported standalone revenue from operations of ₹0.68 crore for the quarter ended June 30, 2025, down sharply from ₹6.05 crore in Q1 FY25. The company posted a standalone net loss of ₹288.82 crore for the quarter, weighed down heavily by finance costs of ₹267.66 crore. Auditors issued a qualified review report citing material uncertainty regarding the company's going concern status, with current liabilities exceeding current assets by ₹11,735.67 crore. Additionally, lenders have demanded ₹1,136.71 crore under SARFAESI notices and taken symbolic possession of the Gammon House property.
Confidence: HIGH
What changedGammon India disclosed delayed un-audited financial results for the quarter ended June 30, 2025, alongside auditor qualifications on going concern.
Why it mattersThe company remains in severe financial distress with near-zero core revenues, negative equity, recalled debt facilities, and significant ongoing legal/insolvency challenges.
Revenue from operations (Q1 FY26): ₹0.68 CrNet Loss (Q1 FY26): ₹288.82 CrFinance Costs (Q1 FY26): ₹267.66 CrCurrent Liabilities excess over Current Assets: ₹11,735.67 CrLender Demand Notice (Gammon House): ₹1,136.71 Cr
📅 Short termNegative sentiment persists given continuing substantial losses, SARFAESI enforcement actions, and auditor-flagged uncertainties regarding going concern.
📈 Long termViability is deeply impaired and depends entirely on the approval and implementation of a comprehensive debt restructuring or resolution plan with all lenders.
⚠ Risk flags
- Material uncertainty relating to going concern with negative net worth and eroded capital
- Facilities classified as NPA since June 2017 with multiple recovery/insolvency suits pending at NCLT and DRT
- Auditor qualifications on claims of ₹30.00 crore and unbooked penal interest of ₹830.74 crore
Key Highlights
Revenue from operations plunged to ₹0.68 crore in Q1 FY26 compared to ₹6.05 crore in Q1 FY25
Net loss stood at ₹288.82 crore for the quarter, driven by ₹267.66 crore in finance costs
Current liabilities exceeded current assets by ₹11,735.67 crore as of June 30, 2025
SARFAESI demand notices of ₹1,136.71 crore received from lenders taking over possession of Gammon House
Disputed cumulative penal interest and charges levied by lenders stood at ₹830.74 crore
👀 What to Watch
Track the outcome of ongoing debt resolution discussions with joint lenders and proceedings before the NCLT and Debt Recovery Tribunals.
Gammon India Reports FY25 Standalone Net Loss of ₹1,078.13 Cr; Negative Net Worth at ₹10,565.84 Cr
Gammon India reported its delayed audited standalone financial results for the quarter and year ended March 31, 2025. For FY25, standalone revenue from operations fell to ₹21.23 crore from ₹39.25 crore in FY24, with a massive net loss of ₹1,078.13 crore heavily driven by ₹1,005.42 crore in finance costs. Standalone total equity deteriorated further to negative ₹10,565.84 crore as of March 31, 2025. Statutory auditors issued qualified opinions, highlighting ₹803.64 crore in unprovided cumulative penal interest and disputed claims.
Confidence: HIGH
What changedGammon India submitted its audited financial statements for FY25 (quarter and year ended March 31, 2025) after extensive filing delays.
Why it mattersThe company remains in severe financial distress with operational revenue near zero, massive debt-servicing burdens (>₹1,000 crore annual finance cost), and completely eroded net worth.
FY25 Revenue from Operations: ₹21.23 croreFY25 Net Loss: ₹1,078.13 croreFY25 Finance Costs: ₹1,005.42 croreTotal Equity (Net Worth): ₹(10,565.84) croreCumulative Unprovided Penal Interest: ₹803.64 crore
📅 Short termPersistent delays in financial reporting and extensive auditor qualifications confirm ongoing distress; negative sentiment expected to prevail.
📈 Long termWith net worth at negative ₹10,565.84 crore and nominal revenues, viability hinges entirely on formal insolvency proceedings or comprehensive bank debt write-offs.
⚠ Risk flags
- Severely eroded negative net worth of ₹10,565.84 crore
- Auditor qualifications covering ₹803.64 crore in disputed penal interest
- Regulatory non-compliance including unaddressed RBI directive to refund ₹16.64 crore share application money
- Chronic reporting delays and minimal core business operations
Key Highlights
FY25 Standalone net loss stood at ₹1,078.13 crore compared to a net loss of ₹1,963.00 crore in FY24
FY25 Standalone revenue from operations dropped 45.9% to ₹21.23 crore vs ₹39.25 crore in FY24
Finance costs for FY25 surged to ₹1,005.42 crore, representing the vast majority of total expenses of ₹1,115.39 crore
Total standalone equity stood at negative ₹10,565.84 crore against current liabilities of ₹11,475.57 crore
Auditors qualified the report citing unprovided cumulative penal interest of ₹803.64 crore and ₹16.64 crore RBI share application refund directive
👀 What to Watch
Monitor lender negotiations regarding debt restructuring, resolution of cumulative penal interest of ₹803.64 crore, and compliance updates regarding pending subsequent financial results.
Gammon India Reports Q3 FY25 Net Loss of Rs 316.29 Cr; Current Liabilities Exceed Assets by Rs 11,189 Cr
Gammon India Limited declared delayed standalone financial results for Q3 ended December 31, 2024, reporting a net loss of Rs 316.29 crore on revenue from operations of Rs 5.19 crore. Finance costs of Rs 254.09 crore and other expenses of Rs 63.37 crore severely impacted performance. The company faces severe going concern uncertainty, with current liabilities exceeding current assets by Rs 11,188.57 crore as of December 31, 2024. Secured lenders have classified facilities as NPA since June 2017, and SARFAESI notices have been issued demanding Rs 1,136.71 crore.
Confidence: HIGH
What changedGammon India released its delayed Q3 and 9M FY25 financial results, showing continued steep net losses driven primarily by unmanageable finance costs.
Why it mattersThe company's net worth remains heavily negative with severe liquidity stress, SARFAESI property takeovers, and debt restructuring talks failing to reach lender consensus.
Q3 FY25 Revenue from Operations: Rs 5.19 CrQ3 FY25 Net Loss: Rs 316.29 CrQ3 FY25 Finance Costs: Rs 254.09 CrExcess of Current Liabilities over Assets: Rs 11,188.57 CrDemand Under SARFAESI Notices: Rs 1,136.71 Cr
📅 Short termNegative sentiment persists given continuing deep operational losses and mounting litigation and asset recovery actions by lenders.
📈 Long termThe company's survival hinges entirely on reaching an elusive consensus on lender debt resolution, without which insolvency remains a high probability.
⚠ Risk flags
- Material uncertainty on going concern with current liabilities exceeding assets by Rs 11,188.57 crore
- NPA classification since June 2017 and recovery/winding-up petitions before NCLT and DRT
- Physical possession taken of Gammon House under SARFAESI demand of Rs 1,136.71 crore
- Auditor qualification regarding unaccepted penal interest of Rs 774.02 crore and disputed claim receivables
Key Highlights
Standalone net loss stood at Rs 316.29 crore for Q3 FY25 versus Rs 245.22 crore in Q3 FY24
Revenue from operations was Rs 5.19 crore in Q3 FY25 compared to Rs 4.14 crore in Q3 FY24
Finance costs remained elevated at Rs 254.09 crore for the quarter and Rs 745.31 crore for 9MFY25
Current liabilities exceed current assets by Rs 11,188.57 crore as of December 31, 2024
Lenders issued SARFAESI notices taking possession of Gammon House against demands of Rs 1,136.71 crore
👀 What to Watch
Track the joint lenders' meeting outcome regarding the proposed debt resolution plan and proceedings before the NCLT and DRT.
Gammon India Reports Q2 FY25 Standalone Net Loss of ₹261.68 Cr; Net Worth at Negative ₹10,026 Cr
Gammon India submitted delayed unaudited standalone results for the quarter ended September 30, 2024, reporting revenue from operations of ₹6.56 crore compared to ₹5.71 crore in Q2 FY24. The company recorded a heavy standalone net loss of ₹261.68 crore, primarily driven by finance costs of ₹247.97 crore. Standalone negative net worth widened to ₹(10,026.36) crore as of September 30, 2024, against total assets of ₹1,107.33 crore. Auditors issued a modified conclusion citing disputed penal interest of ₹743.28 crore and ongoing concern uncertainties.
Confidence: HIGH
What changedGammon India disclosed its delayed standalone and consolidated financial statements for the quarter and half-year ended September 30, 2024.
Why it mattersThe company remains in severe financial distress with operational revenue insufficient to cover crushing quarterly finance charges of over ₹240 crore.
Revenue from operations (Q2 FY25): ₹6.56 crNet Loss (Q2 FY25): ₹261.68 crFinance Costs (Q2 FY25): ₹247.97 crTotal Equity (Net Worth): ₹(10,026.36) crCumulative penal interest disputed: ₹743.28 cr
📅 Short termContinued negative sentiment given persistent substantial losses and delayed reporting of financial results.
📈 Long termViability remains contingent on comprehensive debt restructuring, lender approval of resolution plans, and successful recovery of litigated receivables.
⚠ Risk flags
- Severe net worth erosion (₹-10,026.36 Cr)
- Auditor modified conclusion and material going concern uncertainty
- Disputed lender penal interest of ₹743.28 Cr not accepted in books
- Significant litigation risk on ₹286.20 Cr arbitration receivables
Key Highlights
Q2 FY25 revenue from operations stood at ₹6.56 crore versus ₹5.71 crore in Q2 FY24
Net loss for the quarter ended Sep 30, 2024 reached ₹261.68 crore, burdened by ₹247.97 crore in finance costs
Total negative equity widened to ₹(10,026.36) crore against total assets of ₹1,107.33 crore as of September 30, 2024
Lenders levied cumulative disputed penal interest and charges of ₹743.28 crore up to September 30, 2024
Company recognized ₹286.20 crore under trade receivables from contested arbitration awards
👀 What to Watch
Track the progress of the lenders' resolution plan approval and the status of appeals concerning the ₹286.20 crore arbitration awards.
Gammon India Reports Revised Q1 FY25 Net Loss of ₹315.82 Cr; Current Liabilities Exceed Assets
Gammon India submitted revised unaudited consolidated financial results for the quarter ended June 30, 2024, rectifying an OCI classification error. Total income for the quarter stood at ₹7.81 crore, down from ₹16.19 crore in Q1 FY24, while net loss remained severe at ₹315.82 crore, largely driven by finance costs of ₹287.58 crore. The company faces significant going-concern risks, with current liabilities exceeding current assets by ₹11,612.76 crore. Statutory auditors issued a modified conclusion highlighting NPA status since June 2017, unprovided penal interest of ₹713.50 crore, and disputed receivables.
Confidence: HIGH
What changedGammon India rectified a clerical error in OCI line items (revising net loss on fair value of equity instruments from ₹13.78 crore to -₹4.21 crore) for the quarter ended June 30, 2024.
Why it mattersThe business remains severely financially stressed with minimal operational revenue, negative net worth, and liabilities exceeding assets by over ₹11,600 crore.
Revenue from operations (Q1 FY25): 7.26Net Loss (Q1 FY25): -315.82Finance Costs (Q1 FY25): 287.58Negative working capital gap: 11612.76Cumulative disputed penal interest: 713.50
📅 Short termNegative; the delayed submission and deep recurring losses confirm continuing operational freeze and creditor pressure.
📈 Long termSevere insolvency and going concern risks persist with facilities classified as NPAs since 2017 and winding-up petitions active.
⚠ Risk flags
- Material uncertainty on Going Concern; liabilities exceed assets by ₹11,612.76 crore
- Bank accounts marked as NPA since June 2017; facing debt recovery suits and winding-up petitions
- Auditor qualifications regarding unprovided penal interest of ₹713.50 crore and disputed arbitration awards of ₹286.20 crore
Key Highlights
Revenue from operations plunged 51% YoY to ₹7.26 crore in Q1 FY25 from ₹14.83 crore in Q1 FY24
Net loss for the quarter stood at ₹315.82 crore, impacted by heavy finance costs of ₹287.58 crore
Current liabilities exceed current assets by ₹11,612.76 crore as at June 30, 2024
Lenders levied penal interest of ₹34.84 crore in Q1, taking cumulative disputed penal interest to ₹713.50 crore not recognized in books
Auditor issued a qualified conclusion citing going concern uncertainty and disputed trade receivables of ₹286.20 crore
👀 What to Watch
Track progress on debt resolution plans approved by lenders and outcomes of winding up petitions and DRT suits against the company.
Gammon India Reports FY24 Standalone Net Loss of ₹1,963 Cr; Net Worth at Negative ₹9,496 Cr
Gammon India reported its overdue audited standalone financial results for FY24, posting a net loss of ₹1,963.00 crore compared to a loss of ₹1,540.08 crore in FY23. Revenue from operations dropped 61.3% to ₹39.25 crore in FY24 from ₹101.48 crore in FY23, while finance costs remained towering at ₹916.65 crore. The company's standalone net worth eroded further to negative ₹9,496.34 crore against total debt/other current financial liabilities of ₹9,929.03 crore. Statutory auditors issued multiple qualifications, citing non-consolidation of key overseas joint ventures and unresolved regulatory directives from the RBI.
Confidence: HIGH
What changedGammon India filed its overdue audited standalone and consolidated financial results for the quarter and year ended March 31, 2024.
Why it mattersThe company remains under severe financial distress with operational revenue drying up, massive accumulated losses, and current financial liabilities near ₹10,000 crore.
FY24 Revenue from Operations: ₹39.25 crFY24 Net Loss: ₹1,963.00 crFY24 Finance Costs: ₹916.65 crStandalone Total Equity: -₹9,496.34 crOther Current Financial Liabilities: ₹9,929.03 cr
📅 Short termSentiments remain heavily depressed given the widening losses, massive negative net worth, and multiple recurring auditor qualifications.
📈 Long termThe business faces severe going-concern uncertainty with negligible operational revenue and liabilities vastly exceeding total assets.
⚠ Risk flags
- Severe erosion of net worth (-₹9,496.34 crore)
- Extremely high finance costs (₹916.65 crore) relative to operational revenue (₹39.25 crore)
- Multiple recurring auditor qualifications including un-refunded RBI share application money of ₹16.64 crore
Key Highlights
FY24 standalone revenue from operations dropped to ₹39.25 crore from ₹101.48 crore in FY23
Net loss for FY24 expanded to ₹1,963.00 crore vs ₹1,540.08 crore in FY23, driven by ₹916.65 crore in finance costs and ₹605.64 crore in other expenses
Standalone total equity fell deeper into negative territory at -₹9,496.34 crore as of March 31, 2024
Auditors issued qualifications on overdue RBI directives to refund ₹16.64 crore share application money and non-consolidation of material JVs
👀 What to Watch
Track subsequent pending financial filings to see if delayed reporting catches up, along with any progress on debt restructuring or resolution under IBC given deep capital erosion.
Gammon India Replies on Q1 FY27 Results; Current Liabilities Exceed Assets by Rs 12,988.80 Cr
Gammon India submitted a clarification response regarding its unaudited financial results for the quarter ended June 30, 2026. The independent auditor highlighted a material uncertainty regarding the company's going concern status, as current liabilities exceeded current assets by Rs 12,988.80 crore. The auditor issued a qualified conclusion citing Rs 10.00 crore in unverified retained claims and Rs 923.28 crore in cumulative unprovided penal/incremental interest. Additionally, the company reported a massive net loss of Rs 372.75 crore against a nominal revenue of Rs 2.19 crore for the quarter.
Confidence: HIGH
What changedGammon India provided details on exchange queries concerning its June 30, 2026 financial statements and auditor qualifications.
Why it mattersThe company faces severe ongoing insolvency risks, high negative working capital, lender asset embargoes, and winding-up petitions, threatening operational survival.
Working Capital Deficit: Rs 12,988.80 CroreDisputed Penal Interest: Rs 923.28 CroresQ1 Revenue: Rs 2.19 crQ1 Net Loss: Rs -372.75 cr
📅 Short termShares remain suspended from trading; focus remains on regulatory compliance and lenders' responses to proposed debt haircuts.
📈 Long termUnless a comprehensive resolution plan and substantial debt write-off is agreed with ARCs and remaining lenders, going concern viability remains severely compromised.
⚠ Risk flags
- Material uncertainty on going concern with liabilities exceeding assets by Rs 12,988.80 crore
- Trading in equity shares is suspended
- Multiple winding-up petitions filed by stakeholders
- Non-consolidation of multiple foreign joint ventures due to unavailable accounts
Key Highlights
Current liabilities exceed current assets by Rs 12,988.80 crore as of June 30, 2026
Cumulative unprovided penal and incremental interest under dispute reached Rs 923.28 crore
Net loss of Rs 372.75 crore recorded for the quarter ended June 30, 2026, against revenue of Rs 2.19 crore
Claims amounting to Rs 10.00 crore retained as good despite prolonged elapse of time
More than 50% of debt assigned to two Asset Reconstruction Companies (ARCs), with resolution proposals pending
👀 What to Watch
Track the outcome of debt settlement discussions with CFM ARC and other lenders, as well as progress on the pending resolution plan. Equity trading remains suspended.
Gammon India Q1 FY27: Liabilities exceed assets by ₹12,988 Cr; Auditor flags going concern
Gammon India's Q1 FY27 results reveal severe financial distress, with current liabilities exceeding current assets by ₹12,988.80 crore as of June 30, 2026. The independent auditor has issued a qualified opinion, highlighting ₹923.28 crore in cumulative unprovided penal interest and ₹10 crore in doubtful claims. Trading in the company's equity shares remains suspended, and several creditors have filed winding-up petitions. While over 50% of debt has been assigned to ARCs, the resolution plan remains pending after a prolonged period.
Confidence: HIGH
What changedThe filing confirms a continued and massive ₹12,988 crore gap between current liabilities and assets, alongside persistent auditor qualifications regarding unprovided interest.
Why it mattersThe 'Material Uncertainty relating to Going Concern' indicates the company may not be able to sustain operations without a successful debt resolution, which has been delayed for years.
Current Liability Gap: ₹12,988.80 croreCumulative Penal Interest: ₹923.28 croreDisputed Claims: ₹10.00 croreDebt assigned to ARCs: >50%Quarterly Penal Interest: ₹11.74 crore
📅 Short termNegative. The suspension of trading and the severity of the auditor's remarks regarding liquidity and winding-up petitions offer no immediate relief.
📈 Long termHighly uncertain. The company's survival is entirely dependent on the acceptance of a resolution plan by lenders and the successful monetization of assets.
⚠ Risk flags
- Going concern uncertainty
- Suspended trading
- Massive debt overhang
- Winding-up petitions
- Auditor qualifications
Key Highlights
Current liabilities exceed current assets by ₹12,988.80 crore as of June 30, 2026
Cumulative unprovided penal interest and other charges amount to ₹923.28 crore
More than 50% of the company's debt has been assigned to two Asset Reconstruction Companies (ARCs)
Auditors flagged ₹10.00 crore in claims retained as 'good' despite prolonged non-crystallization
Penal interest charged by lenders for the quarter ended June 30, 2026, stood at ₹11.74 crore
👀 What to Watch
Monitor the progress of the debt resolution plan with ARCs and potential haircuts on principal. Investors should be aware that trading is suspended and the company faces severe liquidity and manpower issues.
₹12,988.80 Cr Liability Gap: Gammon India Reports Q1 FY27 Results Amid Going Concern Warning
Gammon India Limited faces severe financial distress as current liabilities exceeded current assets by ₹12,988.80 crore as of June 30, 2026. The auditors have issued a qualified opinion, highlighting ₹923.28 crore in cumulative penal interest not accounted for in the profit and loss statement. The company is currently operating under a 'Material Uncertainty relating to Going Concern' with its equity trading suspended and multiple winding-up petitions filed by creditors. While management is negotiating debt haircuts with Asset Reconstruction Companies (ARCs) that hold over 50% of the debt, the resolution plan remains pending for a prolonged period.
Confidence: HIGH
What changedThe filing confirms a continued and severe liquidity crunch, with the liability gap remaining at ₹12,988.80 crore and ongoing auditor qualifications regarding unprovided interest and doubtful receivables.
Why it mattersThe company is technically insolvent with liabilities far exceeding assets; its survival is entirely dependent on a successful debt resolution and potential investor entry, which have been pending for years.
Current Liability Gap (CL > CA): ₹12,988.80 croreCumulative Penal Interest (Unprovided): ₹923.28 croreQuarterly Penal Interest (Q1FY27): ₹11.74 croreDisputed Claims Receivable: ₹10.00 croreDebt assigned to ARCs: >50%
📅 Short termNegative. The company faces severe manpower issues, statutory defaults, and legal challenges from creditors, with no immediate signs of trading resumption.
📈 Long termHighly uncertain. The company's ability to continue as a 'going concern' depends on a massive debt restructuring and successful monetization of remaining stakes, which are currently exposed to material uncertainties.
⚠ Risk flags
- Going concern uncertainty
- Massive negative net working capital (₹12,988.80 cr)
- Auditor qualification on penal interest
- Suspended trading of equity shares
- Winding-up petitions from creditors
Key Highlights
Current liabilities exceed current assets by a massive ₹12,988.80 crore as of June 30, 2026.
Auditors flagged ₹923.28 crore in cumulative penal interest and charges not debited to the P&L account.
Company continues to recognize ₹10.00 crore in old claims as 'good and receivable' despite no recent crystallization.
More than 50% of the company's debt has been assigned to two Asset Reconstruction Companies (ARCs).
Trading in equity shares remains suspended due to defaults on statutory and regulatory obligations.
👀 What to Watch
Investors should monitor the progress of the resolution plan with lenders and ARCs, specifically looking for any formal approval of interest waivers or principal haircuts, and the status of winding-up petitions.
Gammon India FY26 Net Loss widens to ₹1,189 Cr; Net Worth eroded to ₹(11,755) Cr
Gammon India Limited continues to face severe financial distress, reporting a standalone net loss of ₹1,189.01 crore for FY26, compared to a loss of ₹1,078.14 crore in FY25. The company's balance sheet is in a critical state with a negative net worth of ₹11,755.05 crore and current liabilities of ₹12,722.02 crore vastly exceeding current assets of just ₹20.61 crore. Auditors have issued a qualified opinion, raising significant doubts about the company's ability to continue as a 'going concern' due to persistent defaults, NPA status since 2017, and ongoing recovery suits by lenders.
Key Highlights
Standalone annual net loss widened to ₹1,189.01 crore in FY26, driven by massive finance costs of ₹1,123.06 crore.
Net worth is deeply negative at ₹(11,755.05) crore, indicating total erosion of equity capital.
Working capital gap is severe, with current liabilities exceeding current assets by ₹12,701.41 crore.
Auditors highlighted ₹911.54 crore in unprovided penal interest and charges which the company is disputing.
The company is currently negotiating with Asset Reconstruction Companies (ARCs) for debt settlement and interest waivers.
👀 What to Watch
Investors should exercise extreme caution as the company is fundamentally distressed with severe liquidity issues and legal threats of insolvency. The 'going concern' qualification by auditors suggests a high risk of total capital loss.
Gammon India Reports FY26 Net Loss of ₹1,189 Cr; Negative Equity Deepens to ₹11,755 Cr
Gammon India Limited continues to face severe financial distress, reporting a standalone net loss of ₹1,189.01 crore for the year ended March 31, 2026. The company's balance sheet shows a massive deficit, with total equity standing at negative ₹11,755.05 crore and current liabilities of ₹12,722.02 crore far exceeding current assets of ₹20.61 crore. Auditors have highlighted material uncertainty regarding the company's ability to continue as a 'going concern' due to ongoing defaults, NPA status since 2017, and multiple winding-up petitions. Management is currently negotiating with Asset Reconstruction Companies (ARCs) for debt waivers and seeking new investors for a resolution plan.
Key Highlights
Standalone net loss widened to ₹1,189.01 crore in FY26 compared to a loss of ₹1,078.14 crore in FY25.
Current liabilities exceed current assets by a staggering ₹12,701.41 crore as of March 31, 2026.
Total equity has eroded to negative ₹11,755.05 crore, indicating deep insolvency.
The company has not accounted for penal interest and charges amounting to ₹911.54 crore, disputing the claims with lenders.
Auditors issued a modified opinion citing material uncertainty relating to 'Going Concern' and potential impairment of receivables.
👀 What to Watch
Investors should exercise extreme caution as the company is technically insolvent with a massive capital deficit and significant legal challenges from lenders. The stock remains highly speculative and subject to the outcome of complex debt resolution and ARC negotiations.
