Gammon India Limited (GAMMONIND)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Gammon India's revenue was ₹2.2 Cr (+119.0% year on year, -97.3% on the previous quarter), and net profit ₹-373 Cr (a bigger loss than a year earlier); the operating margin was -1053.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹2.2 | +119.0% | -97.3% |
| Operating profit | ₹-23.1 | loss widened | to loss |
| Net profit | ₹-373 | loss widened | loss widened |
| EPS (₹) | -10.04 | loss widened | loss widened |
| Operating margin | -1053.4% | — | — |
📢 Recent Corporate Announcements
Gammon India Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30th September 2026. The certificate was issued by its Registrar & Transfer Agent, MUFG Intime India Private Limited, on 03-10-2026. It confirms that security certificates received for dematerialisation were duly verified, mutilated, cancelled, and substituted in the register of members within stipulated timelines.
- Regulation 74(5) compliance certificate submitted for the quarter ended 30th September 2026
- Confirmation certificate issued by Registrar MUFG Intime India Private Limited dated 03-10-2026
- Company filing submitted to stock exchanges on 13th October 2026
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.
- 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.
Gammon India Limited submitted revised unaudited consolidated financial results for the quarter and nine months ended December 31, 2024, to correct a clerical error in the OCI line item. The net gain/loss on fair value of equity instruments through OCI for Q3 FY25 was corrected from Rs Nil to Rs 17.99 crore, while the net loss after tax remained unchanged at Rs 531.65 crore on revenue of Rs 4.98 crore. Total expenses for the quarter were Rs 245.26 crore, heavily driven by finance costs of Rs 303.59 crore. Statutory auditors issued a modified conclusion citing significant going concern uncertainties, with current liabilities exceeding current assets by Rs 12,246.48 crore.
- Clerical rectification in OCI line item adjusted Q3 FY25 equity instrument fair value gain to Rs 17.99 crore from Rs Nil
- Consolidated net loss after tax for Q3 ended Dec 31, 2024 stood at Rs 531.65 crore against revenue of Rs 4.98 crore
- Finance costs remained elevated at Rs 303.59 crore for the quarter and Rs 874.45 crore for the nine-month period
- Current liabilities exceeded current assets by Rs 12,246.48 crore as at December 31, 2024, leading to going concern qualifications
- Cumulative unaccepted penal interest and lender charges amounted to Rs 774.02 crore as of December 31, 2024
Gammon India Limited submitted revised unaudited consolidated financial results for the quarter and nine months ended December 31, 2024, to correct a clerical error in the OCI line item. The net gain/loss on fair value of equity instruments through OCI for Q3 FY25 was corrected from Rs Nil to Rs 17.99 crore, while the net loss after tax remained unchanged at Rs 531.65 crore on revenue of Rs 4.98 crore. Total expenses for the quarter were Rs 245.26 crore, heavily driven by finance costs of Rs 303.59 crore. Statutory auditors issued a modified conclusion citing significant going concern uncertainties, with current liabilities exceeding current assets by Rs 12,246.48 crore.
- Clerical rectification in OCI line item adjusted Q3 FY25 equity instrument fair value gain to Rs 17.99 crore from Rs Nil
- Consolidated net loss after tax for Q3 ended Dec 31, 2024 stood at Rs 531.65 crore against revenue of Rs 4.98 crore
- Finance costs remained elevated at Rs 303.59 crore for the quarter and Rs 874.45 crore for the nine-month period
- Current liabilities exceeded current assets by Rs 12,246.48 crore as at December 31, 2024, leading to going concern qualifications
- Cumulative unaccepted penal interest and lender charges amounted to Rs 774.02 crore as of December 31, 2024
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.
- 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
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.
- 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
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.
- 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
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.
- 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
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.
- 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
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.
- 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
Gammon India submitted revised unaudited consolidated financial results for the quarter and half-year ended September 30, 2024. For Q2 FY25, the company posted a net loss of ₹173.65 crore on revenue from operations of ₹7.04 crore, weighed down by finance costs of ₹296.27 crore. The revision was executed to correct a clerical error in other comprehensive income where fair value loss on equity instruments was rectified from ₹(17.99) crore to Nil. Net worth remains deeply negative at ₹-11,001.09 crore as of September 30, 2024.
- Consolidated revenue from operations for Q2 FY25 reported at ₹7.04 crore vs ₹17.00 crore in Q2 FY24
- Net loss after tax stood at ₹173.65 crore for Q2 FY25 compared to a loss of ₹342.80 crore in Q2 FY24
- Finance costs remained massive at ₹296.27 crore in Q2 FY25, exceeding quarterly operating revenues by over 40x
- Total equity (net worth) eroded further to ₹-11,001.09 crore as of September 30, 2024
- Auditors highlighted ₹286.20 crore under trade receivables tied to arbitration awards challenged by clients
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.
- 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
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.
- 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
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.
- 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
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.
- 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
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