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Gayatri Projects Limited (GAYAPROJ)

₹21.36 +4.96% last close, 16 Oct

📊 NSE: GAYAPROJ 🏢 Construction 📢 Latest filing: 29 Sep 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Gayatri Projects' revenue was ₹229 Cr (+197.1% year on year, +19.6% on the previous quarter), and net profit ₹37.1 Cr (against a loss a year earlier); the operating margin was 17.6%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹229	+197.1%	+19.6%
Operating profit	₹40.2	+346.6%	+113.7%
Net profit	₹37.1	from loss	from loss
EPS (₹)	2.36	from loss	from loss
Operating margin	17.6%	—	—

Full quarterly financials → Results calendar →

GAYAPROJ delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 60.06% of the GAYAPROJ shares traded on NSE were taken to delivery, against the stock's own 20-session average of 60.99%. That is close to its usual level. Turnover was only ₹88 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal. It closed at its upper price band (circuit) on 16 Oct, one of 6 band closes in about the last 20 sessions.

60.06%Delivery, 16 Oct

60.99%Own 20-session average

0.3×Volume vs its average

₹21.36NSE close · +4.96%

Delivery in the last 5 sessions: 55.9% · 64.9% · 55.2% · 76.1% · 60.1%

Delivery across the market →Circuit stocks →

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 Projects Shareholders Approve All AGM Resolutions Including Related Party Transactions

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Sep 2026, 04:43 PM

Gayatri Projects has submitted the voting results and scrutinizer's report for its 37th Annual General Meeting held on September 28, 2026. All seven ordinary resolutions were passed with over 99.9% majority votes cast in favor. Key approvals include the adoption of FY26 financial statements, the re-appointment of Director T. Sarita Reddy, and multiple material related-party transactions (RPTs). Notable RPT approvals encompass taking an unsecured loan from Gayatri Highways Limited, sale of investments, and transactions with joint ventures.

All 7 ordinary resolutions passed with over 99.94% approval of valid votes cast.
Approved material related-party transaction to avail an unsecured loan from Gayatri Highways Limited (18.90 Cr votes in favor; 99.95%).
Passed resolution for sale of investment and existing/prospective material related-party transactions with Joint Ventures.
A total of 93 shareholders attended the meeting via video conferencing (6 promoter group, 87 public).

💡 Track disclosures regarding the specific financial terms and amounts of the unsecured loan from Gayatri Highways Limited and any subsequent asset sales.

Gayatri Projects Concludes 37th AGM; Votes on Related Party Loans and Asset Sales

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Sep 2026, 05:43 PM

Gayatri Projects Limited held its 37th Annual General Meeting on September 28, 2026. Key business items placed for shareholder approval included ordinary resolutions for material related-party transactions, notably an unsecured loan from Gayatri Highways Limited and the sale of investments. The company also reviewed its financial performance for FY26 and post-CIRP operational recovery. Official voting results will be declared within two days by the appointed scrutinizer.

37th Annual General Meeting held on September 28, 2026, starting at 3:15 PM and concluding at 4:10 PM.
Shareholders voted on 7 resolutions, including the adoption of FY26 audited accounts and related party transactions.
Resolutions included an unsecured loan from Gayatri Highways Limited and the approval for the sale of investments.
Scrutinizer's consolidated voting report is scheduled to be submitted within 2 days.

💡 Track the upcoming voting results disclosure to confirm shareholder approval of the material related-party transactions and asset sale resolutions.

Gayatri Projects Reports Zero Deviation in Preferential Issue Proceeds for Q1 FY27

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 13 Aug 2026, 04:56 PM

Gayatri Projects Limited has officially confirmed that there was no deviation or variation in the utilization of funds raised through its preferential issue for the quarter ended June 30, 2026. This statement was reviewed by the Audit Committee and noted by the Board of Directors during their meetings on August 12, 2026. The filing is a mandatory compliance requirement under Regulation 32(1) of SEBI (LODR) Regulations, 2015. It confirms that the capital raised is being deployed according to the objectives previously stated to shareholders.

Zero deviation reported in the utilization of proceeds from the preferential issue
Audit Committee and Board reviewed the utilization status on August 12, 2026
Reporting period covers the quarter ended June 30, 2026
Compliance confirmed under Regulation 32(1) of SEBI LODR Regulations

💡 Investors should treat this as a routine governance update; no immediate action is required. Future quarterly filings should be monitored to ensure continued alignment between fund utilization and stated business objectives.

₹36.78 Cr Net Profit in Q1 FY27; Gayatri Projects Completes ₹277 Cr Fundraise

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 12 Aug 2026, 05:25 PM

Gayatri Projects reported a sharp turnaround in Q1 FY27 with a standalone net profit of ₹36.78 Cr, compared to a loss of ₹2.83 Cr in the same period last year. Revenue from operations surged 198% YoY to ₹228.77 Cr, reflecting improved execution momentum. The company successfully completed a massive preferential allotment of ₹277.10 Cr, which is approximately 76% of its current market capitalization. Additionally, the company is working to settle a ₹135.06 Cr One-Time Settlement (OTS) with Punjab National Bank, contingent on the sale of mortgaged properties within three months.

Revenue from operations grew to ₹228.77 Cr from ₹76.58 Cr in the year-ago quarter.
Net profit reached ₹36.78 Cr, reversing a loss of ₹2.83 Cr in Q1 FY26.
Completed a preferential allotment of 27.71 Cr equity shares at ₹10 each, totaling ₹277.10 Cr.
Exceptional item of ₹21.84 Cr was recorded for payments made to lenders regarding arbitration claims.
One-Time Settlement (OTS) with PNB requires a payment of ₹135.06 Cr within a 3-month window.

💡 Investors should monitor the company's progress in selling mortgaged properties to meet the ₹135.06 Cr OTS deadline with PNB. It is also critical to track how the massive equity dilution (share capital increased from ₹37.44 Cr to ₹92.86 Cr) impacts future EPS sustainability.

Gayatri Projects Submits Quarterly SEBI Reg 74(5) Compliance Certificate for June 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jul 2026, 03:12 PM

Gayatri Projects Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the period ended June 30, 2026. The certificate, issued by KFin Technologies Limited, confirms that the details of securities dematerialized or rematerialized have been furnished to the stock exchanges. This is a standard administrative filing required for all listed entities to confirm the integrity of the share register. It does not address the company's significant financial stress, including a TTM revenue of Rs 911 Cr against consolidated current liabilities that exceed total assets.

Compliance certificate issued for the quarter ended June 30, 2026
Certificate provided by Registrar and Transfer Agent (RTA) KFin Technologies Limited
Confirms adherence to SEBI (Depositories and Participants) Regulations, 2018
Covers both Central Depository Services (India) Limited and National Securities Depository Limited

💡 Investors should focus on the company's upcoming financial results and any updates regarding its liquidity tightness and debt restructuring, rather than this routine administrative filing.

Gayatri Projects FY26 Net Profit at ₹2,047 Cr Post-Debt Settlement; Q4 Loss at ₹110 Cr

🔵 WATCH ⭐ 8/10

EARNINGS 📅 14 May 2026, 06:43 PM

Gayatri Projects reported a massive standalone net profit of ₹2,046.95 crore for FY26, primarily driven by a non-recurring exceptional gain of ₹1,985.68 crore following the successful withdrawal of insolvency proceedings (CIRP) and a One-Time Settlement (OTS). However, the company posted a net loss of ₹110.27 crore in Q4 FY26, weighed down by impairments of ₹133.43 crore in Gayatri Hi-tech Hotels and a ₹134.11 crore write-off of debt from Gayatri Highways. While the company has paid the ₹750 crore fund-based OTS amount, a ₹143.91 crore loan with Punjab National Bank remains in default.

FY26 Standalone Net Profit of ₹2,046.95 Cr vs Loss of ₹68.80 Cr in FY25, driven by debt haircut gains.
CIRP successfully withdrawn on Sept 10, 2025, after lenders holding 97.21% voting share approved the OTS.
Q4 FY26 Revenue grew to ₹191.34 Cr from ₹137.14 Cr YoY, but the quarter ended in a loss due to asset impairments.
Recognized an impairment of ₹133.43 Cr on preference shares of Gayatri Hi-tech Hotels and wrote off ₹134.11 Cr due from Gayatri Highways.
Secured term loan of ₹143.91 Cr from PNB remains in default, with promoters seeking NOC to sell assets for settlement.

💡 Investors should treat the FY26 profit as a one-time accounting gain from debt restructuring rather than operational performance. Focus on the company's ability to secure new orders and resolve the remaining PNB default to ensure long-term sustainability post-insolvency.

Gayatri Projects Allots 16.81 Cr Shares via Preferential Issue, Raising Rs 168.1 Cr

🟢 POSITIVE ⭐ 8/10

FUNDRAISE 📅 22 Apr 2026, 06:45 PM

Gayatri Projects Limited has successfully allotted 16,81,00,315 equity shares on a preferential basis at an issue price of Rs 10 per share (including a premium of Rs 8). This second and final tranche has raised approximately Rs 168.10 crore for the company. A significant portion of the allotment (10 crore shares) was taken up by the promoter, T.V. Sandeep Kumar Reddy, indicating strong internal backing. The total paid-up equity share capital of the company has increased from 29.62 crore shares to 46.43 crore shares following this allotment.

Allotted 16,81,00,315 equity shares at an issue price of Rs 10 per share
Total capital raised in this tranche amounts to Rs 168.10 crore
Promoter T.V. Sandeep Kumar Reddy subscribed to 10,00,00,000 shares
Post-issue paid-up capital increased to Rs 92.86 crore from Rs 59.24 crore
Other key investors include Varanium India Opportunity Ltd and RRS Family Trust

💡 Investors should view the high promoter participation as a sign of confidence in the company's future prospects. However, be mindful of the significant equity dilution which may impact earnings per share (EPS) in the near term.

Gayatri Projects Allots 10.9 Crore Shares via Preferential Issue to Raise ₹109 Crore

🟢 POSITIVE ⭐ 8/10

FUNDRAISE 📅 21 Apr 2026, 05:50 PM

Gayatri Projects Limited has completed the allotment of 10.9 crore equity shares on a preferential basis, raising a total of ₹109 crore. The shares were issued at a price of ₹10 each (including a ₹8 premium) to seven specific investors, including institutional funds like Antara India Evergreen Fund and Zeal Global Opportunities Fund. This move significantly expands the company's equity base, with the total number of shares increasing from approximately 18.72 crore to 29.62 crore. The capital infusion is expected to support the company's financial structure and operational needs.

Allotted 10,90,00,000 fully paid-up equity shares at an issue price of ₹10 per share.
Total capital raised through this first tranche of preferential allotment amounts to ₹109 crore.
Post-issue paid-up equity share capital increased from ₹37.44 crore to ₹59.24 crore.
Major allottees include Antara India Evergreen Fund (3.5 crore shares) and Vishwa Infrastructures (1.5 crore shares).
The allotment results in an equity dilution of approximately 36.8% of the post-issue capital.

💡 Investors should track the company's utilization of these funds for debt reduction or project execution, while noting the significant equity dilution. The participation of institutional funds suggests a level of external confidence in the company's recovery path.

Gayatri Projects Submits SEBI Reg 74(5) Compliance Certificate for Q4 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Apr 2026, 04:33 PM

Gayatri Projects has submitted the compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026. The document, provided by KFin Technologies Limited, confirms that all dematerialization and rematerialization requests have been processed and reported to the stock exchanges. This is a mandatory quarterly administrative filing required by all listed companies in India to ensure the integrity of shareholding records between the company's RTA and the depositories (NSDL/CDSL).

Quarterly compliance for the period ending March 31, 2026
Certificate issued by KFin Technologies Limited, the company's RTA
Confirms adherence to SEBI (Depositories and Participants) Regulations, 2018

💡 This is a routine administrative update with no impact on company fundamentals. Investors should continue to monitor the company's debt situation and project execution status.

Gayatri Projects Shareholders Approve FY25 Financials and Executive Remuneration at 36th AGM

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 06 Mar 2026, 01:28 PM

Gayatri Projects Limited successfully conducted its 36th Annual General Meeting on March 5, 2026, passing all seven resolutions with over 99.99% majority. Shareholders approved the audited financial statements for the year ended March 31, 2025, and the re-appointment of Mr. T.V. Sandeep Kumar Reddy as Director. Crucially, special resolutions were passed to fix remuneration for the CMD and Executive Director, including a one-time compensation for the CMD. The voting saw a 23.8% total turnout, with 100% promoter participation and 57.16% institutional participation.

All 7 resolutions, including financial adoption and auditor appointments, passed with >99.99% approval.
Special resolutions approved remuneration and one-time compensation for CMD T.V. Sandeep Kumar Reddy.
Total votes polled reached 44.57 million, representing 23.81% of the total 187.2 million shares.
Institutional holders showed a 57.16% polling rate, with 100% of those votes in favor of all resolutions.

💡 Investors should view the high approval rates as a sign of management stability and shareholder alignment. No immediate portfolio changes are suggested based on these routine governance results.

Gayatri Projects Holds 36th AGM; Discusses Post-CIRP Growth and Capital Infusion Plans

🔵 WATCH ⭐ 6/10

ROUTINE 📅 05 Mar 2026, 06:51 PM

Gayatri Projects Limited conducted its 36th Annual General Meeting on March 5, 2026, to approve financial statements for the fiscal year ended March 31, 2025. The Chairman briefed shareholders on the company's operations in the post-CIRP (Corporate Insolvency Resolution Process) phase and outlined strategic plans for capital infusion. Key resolutions included the re-appointment and remuneration of Chairman T.V. Sandeep Kumar Reddy, including a proposed one-time compensation. The meeting also addressed the remuneration of Executive Director T. Sarita Reddy and the appointment of auditors for the upcoming period.

36th AGM held on March 5, 2026, to adopt audited financial statements for FY 2024-25.
Management discussed post-CIRP scenario and proposed plans for capital infusion to fuel future growth.
Special resolutions proposed for fixation of remuneration and one-time compensation for the Chairman & Managing Director.
Ratification of Cost Auditors' remuneration for FY 2025-26 and appointment of Secretarial Auditors.
Final voting results to be declared and submitted to exchanges by March 7, 2026.

💡 Investors should monitor the upcoming voting results for the special resolutions regarding executive compensation and stay alert for specific details on the mentioned capital infusion plans. The company's ability to execute growth strategies post-CIRP is a key metric for recovery.

Gayatri Projects Shareholders Approve FY24 Financials and Director Re-appointment at 35th AGM

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Feb 2026, 04:53 PM

Gayatri Projects Limited successfully concluded its 35th Annual General Meeting on February 27, 2026, with all proposed resolutions passed by a requisite majority. Shareholders approved the audited standalone and consolidated financial statements for the fiscal year ended March 31, 2024. Key approvals included the re-appointment of Mrs. T. Sarita Reddy as Director and the ratification of Cost Auditors' remuneration for FY 2024-25. Voting participation represented approximately 21.33% of the total outstanding shares, with over 99.99% of cast votes in favor of all items.

All three resolutions passed with over 99.99% majority of the votes polled.
Total of 39,929,096 votes were polled, representing 21.33% of the total 187,198,685 shares.
Shareholders approved the Audited Financial Statements for FY 2023-24 and the Board's reports.
Mrs. T. Sarita Reddy was re-appointed as a Director following her retirement by rotation.
Remuneration for M/s. N.S.V. Krishna Rao & Co as Cost Auditors for FY 2024-25 was ratified.

💡 This is a routine regulatory filing confirming the successful passage of standard AGM resolutions. Investors should focus on the company's upcoming quarterly results and operational updates for more significant price catalysts.

Gayatri Projects 35th AGM: Focus on Post-CIRP Recovery and Capital Infusion Plans

🔵 WATCH ⭐ 6/10

ROUTINE 📅 27 Feb 2026, 06:27 PM

Gayatri Projects Limited held its 35th Annual General Meeting on February 27, 2026, to approve financial statements for the year ended March 31, 2024. The Chairman provided updates on the company's post-CIRP recovery and mentioned upcoming plans for capital infusion to fuel growth. Key resolutions included the re-appointment of Mrs. T. Sarita Reddy and the ratification of Cost Auditor remuneration for FY 2024-25. Voting results will be finalized and reported to the exchanges within 48 hours, by March 2, 2026.

35th AGM conducted on February 27, 2026, to adopt Standalone and Consolidated Financial Statements for FY24.
Chairman highlighted post-CIRP operational status and proposed capital infusion for future expansion.
Proposed re-appointment of Mrs. T. Sarita Reddy (DIN: 00017122) as Director retiring by rotation.
Ratification of remuneration for M/s. N.S.V. Krishna Rao & Co. as Cost Auditors for FY 2024-25.
Consolidated voting results to be declared on or before March 2, 2026.

💡 Investors should monitor the specific details and timelines of the proposed capital infusion mentioned by the Chairman. The company's successful transition out of the CIRP phase is critical for long-term value restoration.

Gayatri Projects Q3 Net Profit Surges to ₹2,157 Cr on Debt Settlement and CIRP Withdrawal

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 14 Feb 2026, 05:08 PM

Gayatri Projects reported a massive turnaround in Q3 FY26 with a net profit of ₹2,157.08 crore, compared to a loss of ₹1.97 crore in the previous year. This surge is primarily attributed to an exceptional gain of ₹2,128.45 crore following the successful withdrawal of the Corporate Insolvency Resolution Process (CIRP) and a one-time debt settlement (OTS). Revenue from operations also grew significantly to ₹505.84 crore from ₹90.83 crore YoY. While the accounting profit is exceptionally high due to debt write-backs, the company continues to address legacy issues, including a ₹134.11 crore write-off related to associate company debt.

Net Profit reached ₹2,157.08 crore in Q3 FY26, driven by a ₹2,128.45 crore exceptional gain from debt restructuring.
Revenue from operations increased by over 450% YoY to ₹505.84 crore compared to ₹90.83 crore in Q3 FY25.
Successfully exited CIRP following NCLT approval of a ₹750 crore promoter-funded settlement proposal.
Wrote off ₹134.11 crore in subordinate debt related to terminated road projects under liquidation.
Quarterly Earnings Per Share (EPS) jumped to ₹115.23 from a negative ₹0.28 in the same quarter last year.

💡 Investors should recognize that the massive net profit is a non-recurring accounting gain from debt settlement rather than operational cash flow. The focus should now shift to the company's ability to secure new contracts and maintain operational revenue growth in the post-insolvency phase.

Gayatri Projects Schedules AGM for Feb 27, 2026; FY24 Net Loss Narrows to ₹53 Crore

🔵 WATCH ⭐ 6/10

ROUTINE 📅 05 Feb 2026, 04:11 PM

Gayatri Projects has released its FY 2023-24 Annual Report and scheduled its 35th AGM for February 27, 2026. The company reported a 33.2% decline in turnover to ₹67,955 lakhs compared to the previous year. While the net loss narrowed significantly to ₹5,302 lakhs from a massive ₹1,42,610 lakhs in FY23, the company's financial health remains critical with a negative net worth of ₹1,39,930 lakhs. EBITDA turned positive at ₹4,654 lakhs, indicating some operational stabilization despite the revenue drop.

Turnover fell to ₹67,955 lakhs in FY24 from ₹1,01,721 lakhs in FY23.
Net loss narrowed to ₹5,302 lakhs from a loss of ₹1,42,610 lakhs in the previous fiscal year.
EBITDA improved to a positive ₹4,654 lakhs against a negative ₹65,634 lakhs in FY23.
Net worth remains deeply negative at ₹1,39,930 lakhs with a book value of -₹74.75 per share.
35th Annual General Meeting is scheduled for February 27, 2026, via video conferencing.

💡 Investors should remain highly cautious as the company's net worth is completely eroded despite the reduction in annual losses. Closely monitor the AGM proceedings for updates on debt resolution and potential turnaround strategies.

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💰 Financial Performance

Revenue Growth by Segment

Standalone revenue for the fiscal year ended March 31, 2023, was INR 1,017.21 Cr, representing a significant decline of 67.21% compared to INR 3,102.34 Cr in FY22. Revenue from operations in Q2FY22 was INR 865.5 Cr, which was an 8% YoY growth from INR 798.2 Cr in Q2FY21.

Geographic Revenue Split

The company operates primarily in India, with 100% of disclosed revenue originating from domestic infrastructure projects such as the Purvanchal Expressway in Eastern Uttar Pradesh.

Profitability Margins

The company reported a massive standalone loss before tax of INR 977.26 Cr in FY23, compared to a loss of INR 788.37 Cr in FY22. Profitability is severely impacted by high finance costs and exceptional items, including a provision for bad debts/expected credit loss of INR 338.00 Cr in FY23.

EBITDA Margin

EBITDA margin was -10.75% in Q2FY22, a sharp decline from 13.07% in Q2FY21. Core profitability has been eroded by project terminations and liquidity constraints.

Capital Expenditure

Depreciation and amortization expenses were INR 57.07 Cr in FY23, down 25.17% from INR 76.27 Cr in FY22, indicating a reduction in active asset utilization or potential asset disposals.

Credit Rating & Borrowing

Borrowing costs are extremely high, with standalone finance costs of INR 326.51 Cr in FY23, representing approximately 32.1% of total revenue. The company is facing 'liquidity tightness' and requires capital infusion to sustain operations.

⚙️ Operational Drivers

Raw Materials

Specific raw materials include steel, cement, and bitumen, which are essential for road and expressway construction. Exact percentage of total cost for each is not disclosed in available documents.

Capacity Expansion

The company is focused on executing its existing order book, such as the Purvanchal Expressway Package 1, which had a contract value of INR 1,483 Cr with a balance work of INR 203 Cr as of November 2021.

📈 Strategic Growth

Growth Strategy

The company aims to mitigate liquidity tightness through capital infusion. Growth is contingent on resolving financial stress to resume execution of large-scale EPC projects and managing its investment in Gayatri Highways Limited, which has a total exposure of approximately INR 438.43 Cr.

Products & Services

Engineering, Procurement, and Construction (EPC) services for infrastructure projects including roads, expressways, highways, and irrigation works.

Brand Portfolio

Gayatri Projects Limited (GPL).

Strategic Alliances

The company operates through various Joint Ventures and has a significant associate company, Gayatri Highways Limited.

🌍 External Factors

Industry Trends

The Indian infrastructure sector is shifting toward large-scale expressway and highway projects, but the industry is capital-intensive and sensitive to credit availability.

Competitive Landscape

Competes with other major Indian EPC and infrastructure firms for government tenders.

Competitive Moat

The company's moat lies in its track record of executing large-scale, complex EPC projects like the Purvanchal Expressway, though this is currently threatened by financial instability.

Macro Economic Sensitivity

Highly sensitive to government infrastructure spending and interest rate fluctuations due to high debt levels.

Consumer Behavior

Not applicable as the business is primarily Business-to-Government (B2G).

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to construction standards, pollution norms, and labor laws applicable to the infrastructure sector.

Taxation Policy Impact

The company reported a tax benefit/expense of INR -0.7 Cr in H1FY22.

Legal Contingencies

The company stated there were no cases filed by stakeholders regarding unfair trade practices or anti-competitive behavior pending as of the end of the financial year. However, auditors highlighted revenue recognition and contract asset measurement as a Key Audit Matter.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the company's ability to continue as a going concern, given that consolidated current liabilities (INR 4,930.46 Cr) significantly exceed total assets (INR 3,578.50 Cr).