Gayatri Highways Limited (GAYAHWS)
₹1.82 +2.82% last close, 16 Oct
Q2 FY27 results
📅 Next results: 05 Nov 2026 (board meeting)Gayatri Highways Limited's board meets on 5 Nov 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Gayatri Highways' revenue was ₹7.1 Cr, and net profit ₹-2.8 Cr (a bigger loss than a year earlier); the operating margin was 7.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹7.1 | — | -51.3% |
| Operating profit | ₹0.5 | from loss | -40.5% |
| Net profit | ₹-2.8 | loss widened | to loss |
| EPS (₹) | -0.12 | loss widened | to loss |
| Operating margin | 7.1% | — | — |
GAYAHWS delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 82.31% of the GAYAHWS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 72.88%. That is close to its usual level. Turnover was only ₹2 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 77.3% · 42.3% · 38.5% · 71.1% · 82.3%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Gayatri Highways Limited disclosed debt defaults under SEBI regulations for the quarter ended September 30, 2026. The total outstanding loan amount from financial institutions stood at ₹90.15 Cr, with ₹50.15 Cr in default beyond 30 days. The total financial indebtedness reported in the filing stands at ₹50.15 Cr. This default is substantial compared to the company's market cap of ₹41 Cr and TTM revenue of ₹22 Cr, in a context of negative net worth of ₹-172 Cr.
- Total outstanding loan amount from financial institutions was ₹90.15 Cr as of September 30, 2026
- Amount of default on loans from financial institutions stood at ₹50.15 Cr
- Total financial indebtedness disclosed in the filing is ₹50.15 Cr
- Default amount of ₹50.15 Cr exceeds the entire market capitalization of ₹41 Cr
Gayatri Highways Limited announced the voting results of its 20th AGM held on September 29, 2026, where all four resolutions were approved with requisite majorities. Crucially, shareholders approved a material related-party loan transaction for up to ₹150 Crore with Gayatri Projects Limited (GPL), with 99.59% of non-interested votes cast in favor. The company also confirmed the adoption of FY26 financial statements and the appointment of M/s. PPKG & Co. as statutory auditors. Given Gayatri Highways' market cap of ₹41 Crore and negative net worth of ₹-172 Crore, the ₹150 Crore loan authorization represents a substantial commitment.
- Shareholders approved material related-party loan transaction up to ₹150 Crores with Gayatri Projects Limited
- Approval for the ₹150 Cr loan passed with 99.5904% votes in favor (2,32,910 votes) and 0.4096% against (958 votes)
- Appointment of M/s. PPKG & Co. as Statutory Auditors approved to fill casual vacancy and regular term
- Total of 56 shareholders attended the AGM via video conferencing representing 38.65% of capital
Gayatri Highways Limited has announced the closure of its trading window effective October 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the declaration of unaudited financial results for the quarter and half-year ended September 30, 2026. The window will remain shut for designated persons and insiders until 48 hours post the result announcement. The date of the upcoming board meeting to approve results will be intimated separately.
- Trading window closes on 1st October, 2026
- Applies to unaudited financial results for the second quarter and half-year ended 30th September, 2026
- Window to reopen 48 hours after financial results are declared to stock exchanges
- Board meeting date to approve Q2/H1 FY27 results to be communicated in due course
Gayatri Highways Limited has issued the notice for its 20th Annual General Meeting (AGM) scheduled for September 29, 2026, along with its FY25-26 Annual Report. The filing details auditor qualifications regarding unprovided impairment of ₹4,483.60 lakhs in Cyberabad Expressways Limited (CEL) and ₹462.82 lakhs in Hyderabad Expressways Limited (HEL), totaling ₹4,946.42 lakhs. Factoring in these qualifications, the reported FY26 standalone net profit of ₹2,057.60 lakhs adjusts to a net loss of ₹(2,888.82) lakhs, expanding negative net worth to ₹(22,118.40) lakhs. Additionally, shareholders will vote on appointing M/s PPKG & Co. as statutory auditors to fill the casual vacancy created by the resignation of M/s PRSV & Co. LLP.
- 20th Annual General Meeting scheduled for Tuesday, September 29, 2026, via Video Conferencing.
- Auditor qualification quantifies unprovided impairments of ₹4,483.60 lakhs in CEL and ₹462.82 lakhs in HEL (total ₹4,946.42 lakhs).
- Post-qualification adjusted FY26 net loss stands at ₹(2,888.82) lakhs against reported net profit of ₹2,057.60 lakhs.
- Adjusted net worth deteriorates to ₹(22,118.40) lakhs compared to reported net worth of ₹(17,171.98) lakhs.
- Management noted CEL is pursuing recovery of over ₹400 Crores in arbitration/court awards against the Government of Telangana/HGCL/HMDA.
Gayatri Highways Limited has successfully completed the sale of its 49% equity stake in associate company HKR Roadways Limited on September 2, 2026. The transaction was executed with Cube Highways and Infrastructure V PTE. Limited for a total consideration of ₹57.32 Crores. This cash inflow is significant compared to the company's market capitalization of ~₹46 Crores and TTM revenue of ₹22 Crores. The transaction is non-related party and fully completes the agreement initially signed on February 12, 2026.
- Completed sale of 49% total paid-up equity share capital held in associate HKR Roadways Limited
- Total consideration received is ₹57.32 Crores from buyer Cube Highways and Infrastructure V PTE. Limited
- Consideration of ₹57.32 Cr exceeds the company's current market capitalization of ₹46 Cr
- HKR Roadways contributed ₹711.65 Lakhs (0.63%) to net profit during FY 2024-25
Gayatri Highways has finalized the sale of its 49% equity stake in associate HKR Roadways Limited to Cube Highways and Infrastructure V PTE. Limited on September 2, 2026. The company estimates receiving around ₹200 crore from the transaction, along with an additional ₹48 crore contingent upon Wholesale Price Index (WPI) events. This is highly material for the company, where the base consideration represents over 4x its market cap of ₹46 crore and can aid in addressing its ₹404 crore debt load. In FY25, HKR Roadways had contributed ₹7.12 crore (0.63%) to net profit.
- Completed sale of 49% equity stake in associate HKR Roadways Limited on September 2, 2026
- Estimated base consideration of around ₹200 crore from the divestment
- Additional estimated consideration of ₹48 crore subject to contingent events linked to WPI
- Buyer is Cube Highways and Infrastructure V PTE. Limited (arm's length transaction)
- HKR Roadways contributed ₹711.65 lakhs to net profit during FY 2024-25
Gayatri Highways Limited announced the appointment of M/s. PPKG & Co., Chartered Accountants (FRN: 009655S), as Statutory Auditors effective August 29, 2026. The appointment fills a casual vacancy caused by the resignation of the erstwhile auditor, M/s. PRSV & Co. LLP (FRN: S200016). The Board has also recommended their regular appointment for a 5-year term from the conclusion of the 20th AGM until the 25th AGM, subject to shareholder approval.
- Appointment of M/s. PPKG & Co. (FRN: 009655S) effective from August 29, 2026
- Casual vacancy created due to resignation of previous auditor M/s. PRSV & Co. LLP (FRN: S200016)
- Proposed for a 5-year term spanning from the 20th AGM to the conclusion of the 25th AGM
- Auditor profile: Hyderabad-based firm established in 2002 comprising 5 partners
Gayatri Highways Limited approved the appointment of M/s. PPKG & Co., Chartered Accountants, as Statutory Auditors effective August 29, 2026, to fill the casual vacancy created by the resignation of PRSV & Co. LLP. The board has also recommended PPKG & Co.'s appointment for a 5-year term from the 20th AGM to the 25th AGM, subject to shareholder approval. Additionally, the company scheduled its 20th Annual General Meeting for September 29, 2026.
- Appointed M/s. PPKG & Co., Chartered Accountants (FRN: 009655S), as Statutory Auditors effective August 29, 2026
- Casual vacancy arose following the resignation of previous Statutory Auditors, PRSV & Co. LLP
- Recommended auditor appointment for a 5-year term spanning from the 20th AGM through the 25th AGM
- Scheduled the 20th Annual General Meeting on September 29, 2026, at 3:30 PM via VC/OAVM
Gayatri Highways Limited has successfully completed the acquisition of a 23.00% equity stake (10,67,729 shares) in HKR Roadways Limited from Kotak Special Situations Fund on August 27, 2026. The target entity operates a four-laning BOT toll road project on the Hyderabad-Karimnagar-Ramagundam stretch and reported a total revenue of Rs 264.03 Cr (Rs 26,402.61 Lakhs) in FY25. The transaction expands Gayatri Highways' road asset footprint, which is material given the company's standalone TTM revenue of Rs 22 Cr and market capitalization of Rs 44 Cr.
- Completed acquisition of 23.00% equity share capital (10,67,729 shares of Rs 10 face value) in HKR Roadways Limited
- Target company generated total revenue of Rs 26,402.61 Lakhs in FY25 (up from Rs 24,578.30 Lakhs in FY24 and Rs 22,539.75 Lakhs in FY23)
- Transaction consummated on August 27, 2026 after obtaining approval from the Roads & Buildings Department, Government of Telangana
- Stake purchased from existing shareholder Kotak Special Situations Fund for cash consideration
Gayatri Highways Limited announced the immediate resignation of its statutory auditor, PRSV & Co. LLP, on August 13, 2026. The auditor was originally appointed on September 28, 2022, for a 5-year term ending at the 21st AGM in FY2027-28. The resignation comes right after the completion of the limited review report for the quarter ended June 30, 2026. The auditor cited increased professional pre-occupations and manpower constraints, confirming there were no issues obtaining audit evidence.
- PRSV & Co. LLP resigned as statutory auditor with immediate effect on August 13, 2026.
- The resignation cuts short a 5-year mandate running from September 28, 2022, through the 21st AGM in FY2027-28.
- The auditor completed the FY26 audit on May 25, 2026, and the Q1 June 2026 review on August 13, 2026, before resigning.
- Cited reasons include professional pre-occupation in other assignments and manpower constraints with no material concerns flagged.
Gayatri Highways Limited has announced the immediate resignation of its statutory auditor, M/s PRSV & Co. LLP, as of August 13, 2026. The auditor cited manpower constraints and professional pre-occupation as reasons for exiting before their 5-year term, which was scheduled to end in 2027-28. This resignation coincides with the auditor's issuance of the Q1 FY27 limited review report. Given the company's negative net worth of ₹172 Cr and high debt of ₹404 Cr, the transition to a new auditor is a key governance event.
- Auditor resigned mid-term, having been appointed for a 5-year period ending in the 2027-28 AGM
- Resignation is effective immediately from August 13, 2026, the same day the Q1 FY27 review was issued
- Company carries a significant debt of ₹404 Cr against a negative net worth of ₹172 Cr
- Auditor explicitly stated the resignation is not due to inability to obtain audit evidence
- TTM revenue stands at ₹15 Cr, representing only 3.7% of the total debt load
Gayatri Highways reported a standalone net loss of Rs 2.75 Cr for Q1 FY27, a significant decline from the Rs 31.52 Cr profit in the year-ago quarter which was inflated by high other income. The company continues to struggle with severe financial distress, reporting total defaults on term loans and interest amounting to Rs 50.16 Cr. Critically, the statutory auditor, M/s. PRSV & Co. LLP, resigned effective August 13, 2026, after issuing a qualified report highlighting unconfirmed balances with the promoter group and potential impairments of over Rs 50 Cr in joint ventures. The company is banking on the sale of its HKR Roadways stake to Cube Highways, expected by September 30, 2026, to improve liquidity.
- Revenue from operations stood at Rs 7.09 Cr for Q1 FY27, compared to zero operational revenue in Q1 FY26.
- Total defaults in repayment of term loans and interest reached Rs 50.16 Cr as of June 30, 2026.
- Auditors flagged a potential impairment of Rs 45.36 Cr in Cyberabad Expressways Limited due to its negative net worth of Rs 131.86 Cr.
- Statutory Auditor M/s. PRSV & Co. LLP resigned effective August 13, 2026, immediately following the board meeting.
- Net worth remains deeply negative at Rs -172 Cr against a total debt of Rs 404 Cr.
Gayatri Highways Limited (GAYAHWS) has amended its Securities Purchase Agreement (SPA) for the sale of its entire stake in HKR Roadways Limited to Cube Highways. The amendments simplify the transaction by removing the escrow mechanism and trustee requirements, allowing for direct payment to sellers. Significantly, the 'Long Stop Date' for closing the deal has been extended to August 31, 2026. The company also plans to waive a redemption premium just before closing, though the financial impact of this waiver is currently unquantified.
- Sale of the entire stake in HKR Roadways Limited to Cube Highways and Infrastructure V PTE. Limited.
- Extension of the transaction's Long Stop Date to August 31, 2026, to facilitate completion.
- Deletion of the escrow mechanism and trustee appointment, enabling direct payment of Escrow Amounts 1 and 2.
- Company carries a high debt of ₹404 Cr against a market capitalization of only ₹40 Cr.
- Proposed waiver of redemption premium prior to the consummation of the agreement.
Gayatri Highways Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the period ended June 30, 2026. The certificate, issued by KFin Technologies Limited (the Registrar and Share Transfer Agent), confirms that securities received for dematerialization have been processed and details furnished to the stock exchanges. This is a routine administrative filing required by SEBI to ensure the integrity of electronic shareholding records. There are no financial or operational updates contained in this disclosure.
- Compliance certificate issued for the quarter ended June 30, 2026
- Confirmation provided by Registrar and Share Transfer Agent, KFin Technologies Limited
- Filing submitted to both NSE and BSE on July 3, 2026
- Confirms adherence to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
Gayatri Highways Limited has disclosed a total default of ₹50.15 crore on loans from financial institutions as of June 30, 2026. This default represents the entirety of the company's reported financial indebtedness in this filing (₹50.15 crore). The magnitude of the default is severe, representing approximately 334% of the company's TTM revenue of ₹15 crore. With a negative net worth of ₹172 crore and persistent losses, the company's ability to service its debt remains under critical pressure.
- Total amount of default on loans from financial institutions reached ₹50.15 crore as of June 30, 2026.
- The default amount represents 100% of the total financial indebtedness reported in the quarterly disclosure.
- Default value of ₹50.15 crore is more than 3x the company's TTM revenue of ₹15 crore.
- Company reports a deeply negative net worth of -₹172 crore, indicating severe insolvency risks.
Financial Performance
Revenue Growth by Segment
Standalone revenue from operations grew by 230.8% YoY, rising from INR 172.00 Lakhs in FY 2023-24 to INR 569.02 Lakhs in FY 2024-25. However, consolidated revenue for H1 FY26 was reported at Nil compared to INR 233.02 Lakhs in H1 FY25, indicating a significant temporary cessation of operational billings at the group level.
Geographic Revenue Split
Not disclosed in available documents; however, operations are primarily centered in India with the registered office in Hyderabad, Telangana.
Profitability Margins
Standalone net profit margin improved significantly from -2.62% in FY 2023-24 to 1.19% in FY 2024-25. Operating profit margin remained robust but slightly declined from 60.83% to 59.54% during the same period.
EBITDA Margin
Operating profit margin was 59.54% for FY 2024-25, a slight decrease of 2.14% from the previous year's 60.83%, reflecting stable core profitability despite shifting revenue scales.
Capital Expenditure
The company recorded a minor purchase/development of fixed assets amounting to INR 0.42 Lakhs in H1 FY26. Historical depreciation for FY 2024-25 was INR 6.69 Lakhs.
Credit Rating & Borrowing
Standalone non-current borrowings stood at INR 30,353.75 Lakhs as of September 30, 2025. Finance costs for H1 FY26 were INR 754.65 Lakhs, which includes finance costs on preference shares.
Operational Drivers
Raw Materials
As an infrastructure management and O&M company, specific raw materials like steel or cement are managed via EPC contractors; direct costs are primarily 'Operating & Maintenance Expenses' which totaled INR 161.61 Lakhs in H1 FY26.
Import Sources
Not disclosed in available documents; procurement is likely domestic given the nature of highway maintenance in India.
Key Suppliers
Not disclosed in available documents; however, the company has significant material related party transactions with Gayatri Jhansi Roadways Limited.
Capacity Expansion
The company operates as an investment vehicle for highway projects; current capacity is defined by its portfolio of BOT (Build-Operate-Transfer) assets. Expansion is driven by new work orders, such as the approved INR 150 Crore contract for EPC/O&M services.
Raw Material Costs
Operating and Maintenance expenses accounted for INR 535.98 Lakhs in FY 2024-25. For H1 FY26, O&M expenses were INR 161.61 Lakhs, representing a significant portion of operational outflow.
Manufacturing Efficiency
Not applicable as the company is in the infrastructure service sector; efficiency is measured by the Debtor Turnover Ratio which worsened from 8.59 days to 19.24 days in FY 2024-25.
Logistics & Distribution
Not disclosed in available documents; distribution costs are not a primary factor for highway asset management.
Strategic Growth
Growth Strategy
Growth is targeted through material related party transactions, specifically a newly approved mandate with Gayatri Jhansi Roadways Limited for work orders and EPC/O&M services not exceeding INR 150 Crores. The strategy involves leveraging existing infrastructure portfolios to secure steady service-linked revenue.
Products & Services
The company provides Engineering, Procurement, and Construction (EPC) services, and Operation and Maintenance (O&M) services for highway projects.
Brand Portfolio
Gayatri Highways Limited (GAYAHWS).
New Products/Services
Expansion into material EPC work orders for existing road assets, with a specific focus on the INR 150 Crore contract with Gayatri Jhansi Roadways.
Market Expansion
Targeting increased service penetration within its existing portfolio of road assets in India.
Strategic Alliances
The company operates through several Joint Ventures and Jointly Controlled Entities; share of losses from these entities was INR 3,179.28 Lakhs in H1 FY26.
External Factors
Industry Trends
The industry is shifting toward more robust O&M requirements and integrated EPC models. GAYAHWS is positioning itself as a specialized service provider for its subsidiary road assets to capture these margins.
Competitive Landscape
Competes with other infrastructure developers and O&M specialists in the Indian highway sector.
Competitive Moat
Moat is based on long-term BOT contracts and established relationships with parent/group entities for O&M services. Sustainability depends on maintaining technical expertise and managing high leverage.
Macro Economic Sensitivity
Highly sensitive to government infrastructure spending and interest rate fluctuations due to high debt levels (INR 30,353.75 Lakhs).
Consumer Behavior
Traffic volume on managed highways directly affects the financial health of the underlying SPVs (Special Purpose Vehicles) which GAYAHWS manages.
Geopolitical Risks
Low direct impact, but indirect impact through national infrastructure policy shifts.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013 and NHAI (National Highways Authority of India) standards for road maintenance and safety.
Taxation Policy Impact
Current tax expense for H1 FY26 was INR 30.20 Lakhs compared to INR 3.88 Lakhs in H1 FY25.
Legal Contingencies
The Secretarial Audit Report for FY 2024-25 provided an unmodified opinion, indicating compliance with statutory provisions, though specific values for pending litigation were not detailed in the provided extracts.
Risk Analysis
Key Uncertainties
The primary uncertainty is the high Debt-Equity Ratio of -2.25, which indicates negative equity and high financial risk. A 5% increase in finance costs could wipe out the current slim standalone net profit (INR 29.53 Lakhs).
Geographic Concentration Risk
100% of operations and assets are located within India.
Third Party Dependencies
High dependency on the performance of Joint Ventures; share of losses from JVs reached INR 3,179.28 Lakhs in H1 FY26.
Technology Obsolescence Risk
Low risk in physical road assets, but digital transformation in tolling (FASTag) and asset monitoring is required to maintain efficiency.
Credit & Counterparty Risk
Trade receivables increased in FY 2024-25, leading to a higher Debtor Turnover of 19.24 days, indicating potential slowing in payment cycles from counterparties.
