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GAYAPROJ - Gayatri Projects

📊 NSE: GAYAPROJ 🏢 Construction 📅 Last Updated: 12/13/2025 22:18

📢 Recent Corporate Announcements

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.

Gayatri Projects Submits SEBI Reg 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 12 Jan 2026, 07:57 PM

Gayatri Projects Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The document, issued by KFin Technologies Limited, confirms that all dematerialization and rematerialization requests for the quarter ended December 31, 2025, have been processed and reported. This filing ensures that the company's shareholding records are accurately maintained between the depositories and the stock exchanges. As a routine administrative task, it does not impact the company's fundamental valuation or operations.

Quarterly compliance certificate submitted for the period ending December 31, 2025
Certificate issued by KFin Technologies Limited, the company's Registrar and Transfer Agent
Confirms adherence to SEBI (Depositories and Participants) Regulations for share processing
Filing submitted to both BSE Limited and National Stock Exchange of India Limited

💡 This is a standard regulatory update with no impact on stock price; continue to monitor core business developments and financial performance.

Gayatri Projects Q2 Revenue Falls to ₹102.55 Cr; CIRP Withdrawn Following OTS Approval

🔵 WATCH ⭐ 8/10

EARNINGS 📅 29 Dec 2025, 02:13 PM

Gayatri Projects reported a significant decline in revenue to ₹102.55 crore for the quarter ended September 2024, down from ₹199.21 crore in the previous year. The company recorded a net loss of ₹18.39 crore for the quarter, which includes an exceptional loss of ₹24.87 crore. Crucially, the Corporate Insolvency Resolution Process (CIRP) was withdrawn on September 10, 2025, following NCLT approval of a One-Time Settlement (OTS) proposal. Management control has been restored to the promoters, who have paid a fund-based settlement of ₹750 crore to lenders.

Revenue from operations decreased by 48.5% YoY to ₹102.55 crore for the quarter ended September 30, 2024.
Net loss for the quarter stood at ₹18.39 crore, impacted by exceptional items totaling ₹24.87 crore.
The NCLT approved the withdrawal of insolvency proceedings (CIRP) on September 10, 2025, after 97.2% of creditors accepted the OTS.
The OTS settlement involves a fund-based payment of ₹750 crore and non-fund-based recovery of ₹1,229 crore.
Total comprehensive loss for the half-year ended September 2024 amounted to ₹36.41 crore.

💡 Investors should closely monitor the company's operational recovery and order book execution now that it has exited the insolvency process. While the debt settlement is a major milestone, the sharp decline in revenue and continued losses suggest a high-risk turnaround situation.

Gayatri Projects Q2 FY25: Net Loss of ₹18.39 Cr; CIRP Withdrawn Following OTS Approval

🔵 WATCH ⭐ 8/10

EARNINGS 📅 29 Dec 2025, 02:10 PM

Gayatri Projects reported a sharp decline in performance for Q2 FY25, with revenue from operations falling 73% YoY to ₹102.55 crore. The company posted a net loss of ₹18.39 crore compared to a profit of ₹4.12 crore in the same quarter last year. A critical development is the formal withdrawal of the Corporate Insolvency Resolution Process (CIRP) on September 10, 2025, after the NCLT approved a One-Time Settlement (OTS) involving a ₹750 crore fund-based payment. Management control was restored to the promoters on September 16, 2025, marking a significant transition for the company.

Revenue from operations plummeted 73.3% YoY to ₹102.55 crore in Q2 FY25.
Reported a net loss of ₹18.39 crore for the quarter, impacted by an exceptional loss of ₹24.87 crore.
NCLT approved the withdrawal of insolvency proceedings (CIRP) following a 97.2% lender approval for the OTS.
Associate company Gayatri Highways has controversially written off ₹179.67 crore of subordinate debt owed to the company.
Cash and cash equivalents improved to ₹54.83 crore as of September 30, 2024, from ₹37.17 crore in March 2024.

💡 While the exit from insolvency is a major positive milestone, the massive revenue drop and ongoing disputes with associate companies regarding debt recovery are significant risks. Investors should wait for signs of operational stabilization and new project wins under the restored management before taking fresh positions.

Gayatri Projects Q2 Net Loss Widens to ₹18.39 Cr; CIRP Withdrawn Post OTS Approval

🔵 WATCH ⭐ 8/10

EARNINGS 📅 29 Dec 2025, 02:08 PM

Gayatri Projects Limited reported a standalone net loss of ₹18.39 crore for the quarter ended September 30, 2024, widening from a loss of ₹16.40 crore in the previous quarter. Revenue from operations declined to ₹102.55 crore compared to ₹119.31 crore in Q1 FY25. A major development is the successful withdrawal of the Corporate Insolvency Resolution Process (CIRP) following NCLT approval of a One-Time Settlement (OTS) proposal. The management has been handed back to the promoters as the company fulfilled the fund-based payment obligations under the OTS.

Revenue from operations for Q2 FY25 stood at ₹102.55 crore, down from ₹119.31 crore in the preceding quarter.
Net loss for the quarter widened to ₹18.39 crore, contributing to a total H1 FY25 loss of ₹34.79 crore.
CIRP withdrawn following NCLT order dated September 10, 2025, after 97.20% of lenders approved the OTS proposal.
The OTS involves a fund-based payment of ₹750 crore and non-fund-based recovery of ₹1,229 crore.
Company reported exceptional items totaling ₹24.87 crore for the half-year ended September 30, 2024.

💡 Investors should exercise caution as the company remains loss-making despite the positive step of exiting insolvency proceedings. Monitor the company's ability to restart stalled projects and the realization of pending arbitration awards which are crucial for long-term recovery.

Gayatri Projects Q2 FY25: Revenue Drops 73% YoY to ₹102.5 Cr; Reports Net Loss of ₹18.4 Cr

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 29 Dec 2025, 02:05 PM

Gayatri Projects Limited reported a sharp decline in operational performance for the quarter ended September 30, 2024, with revenue falling to ₹102.55 crore from ₹385 crore in the prior year. The company posted a net loss of ₹18.39 crore, significantly impacted by an exceptional loss of ₹24.87 crore. A major development is the company's exit from the Corporate Insolvency Resolution Process (CIRP) in September 2025 following a successful One-Time Settlement (OTS) with lenders. While management control has returned to the promoters, the balance sheet remains stressed with significant write-offs and recoverability issues in associate companies.

Revenue from operations fell 73.4% YoY to ₹102.55 crore in Q2 FY25 compared to ₹385 crore in Q2 FY24.
Reported a net loss of ₹18.39 crore for the quarter, down from a profit of ₹4.12 crore in the same period last year.
Exceptional items for the quarter resulted in a loss of ₹24.87 crore.
Successfully exited CIRP on September 10, 2025, after NCLT approved a ₹750 crore fund-based OTS proposal.
Associate company Gayatri Highways Limited wrote off ₹179.67 crore of subordinate debt due to the company, raising recovery concerns.

💡 Investors should exercise extreme caution as the company is in a fragile recovery phase following its exit from insolvency. While the return of management to promoters is a milestone, the severe decline in revenue and ongoing disputes over associate debt recovery suggest significant operational risks.

Gayatri Projects Q2 FY25: Net Loss of ₹18.39 Cr; CIRP Withdrawn After Successful OTS

🔵 WATCH ⭐ 8/10

EARNINGS 📅 29 Dec 2025, 02:03 PM

Gayatri Projects reported a standalone net loss of ₹18.39 crore for the quarter ended September 30, 2024, on revenue of ₹102.55 crore. A critical milestone was achieved as the National Company Law Tribunal (NCLT) approved the withdrawal of the Corporate Insolvency Resolution Process (CIRP) on September 10, 2025, following a One-Time Settlement (OTS) with lenders. Management control was handed back to the promoters on September 16, 2025, after 97.20% of the Committee of Creditors approved the settlement. The company has confirmed the payment of the total fund-based amount required under the OTS terms.

Revenue from operations for Q2 FY25 stood at ₹102.55 crore, a decline from ₹119.31 crore in Q1 FY25.
Net loss for the quarter widened to ₹18.39 crore compared to a loss of ₹16.40 crore in the preceding quarter.
Successful exit from CIRP following a ₹750 crore fund-based and ₹1,229 crore non-fund-based OTS proposal.
Exceptional items for the half-year ended September 30, 2024, amounted to ₹24.87 crore.
Ongoing concerns regarding associate Gayatri Highways Limited, which reportedly wrote off ₹179.67 crore in subordinate debt due to the company.

💡 While the exit from insolvency proceedings is a significant positive catalyst, investors should remain cautious due to continued operational losses and asset quality concerns. Monitor the company's ability to secure new orders and resolve disputes with associates like Gayatri Highways post-management handover.

Gayatri Projects Q3 FY24 Net Loss Narrows to ₹13.53 Cr; CIRP Withdrawn via OTS

🔵 WATCH ⭐ 8/10

EARNINGS 📅 24 Dec 2025, 12:52 PM

Gayatri Projects reported a narrowed standalone net loss of ₹13.53 crore for the quarter ended December 31, 2023, compared to a loss of ₹291.96 crore in the previous year's corresponding quarter. Revenue from operations saw a sharp decline of 44% YoY, falling to ₹130.10 crore. The company's net worth is completely eroded with accumulated losses standing at ₹1,933.79 crore. Notably, the Corporate Insolvency Resolution Process (CIRP) was withdrawn following an NCLT order in September 2025 after a 97.20% lender-approved One-Time Settlement (OTS) proposal.

Revenue from operations declined to ₹130.10 crore in Q3 FY24 from ₹232.89 crore in Q3 FY23.
Net loss narrowed significantly to ₹13.53 crore from a massive ₹291.96 crore loss YoY, aided by lower finance costs.
Accumulated losses reached ₹1,933.79 crore as of December 31, 2023, resulting in total net worth erosion.
The OTS proposal involves a fund-based offer of ₹750 crore and non-fund-based recovery of ₹1,229 crore.
Auditors issued a 'Material Uncertainty Related to Going Concern' warning due to defaults and financial instability.

💡 Investors should exercise extreme caution as the company remains in deep financial distress despite the exit from the insolvency process. The primary focus should be on the company's ability to resume normal operations and fulfill the terms of the high-value OTS agreement.

Gayatri Projects Q3 FY24 Net Loss Narrows to ₹13.53 Cr; NCLT Withdraws CIRP Post OTS Approval

🔵 WATCH ⭐ 8/10

EARNINGS 📅 24 Dec 2025, 12:32 PM

Gayatri Projects reported a standalone net loss of ₹13.53 crore for the quarter ended December 31, 2023, compared to a loss of ₹291.96 crore in the same period last year. Revenue from operations saw a sharp decline of 44% YoY to ₹130.10 crore. The company's net worth remains completely eroded with accumulated losses totaling ₹1,933.79 crore. A significant positive development is the NCLT's approval to withdraw Corporate Insolvency Resolution Process (CIRP) proceedings following a successful One-Time Settlement (OTS) accepted by 97.20% of lenders.

Revenue from operations decreased 44.1% YoY to ₹130.10 crore in Q3 FY24.
Net loss narrowed significantly to ₹13.53 crore from ₹291.96 crore in the previous year's corresponding quarter.
Accumulated losses reached ₹1,933.79 crore, leading to total erosion of the company's net worth.
NCLT Hyderabad allowed withdrawal of CIRP on September 10, 2025, after 97.2% of lenders approved an OTS proposal.
The OTS involves a fund-based payment of ₹750 crore and non-fund-based recovery of ₹1,229 crore.

💡 Investors should exercise extreme caution as the company's financial health remains fragile with total net worth erosion. While the exit from insolvency proceedings is a critical milestone for survival, the company's ability to resume normal operations and generate sustainable revenue is yet to be proven.

Gayatri Projects Q3 FY24 Results: Net Loss Narrows to ₹13.53 Cr; Net Worth Completely Eroded

🔵 WATCH ⭐ 8/10

EARNINGS 📅 24 Dec 2025, 12:29 PM

Gayatri Projects reported a standalone net loss of ₹13.53 crore for the quarter ended December 31, 2023, significantly lower than the ₹291.96 crore loss in the same period last year. Revenue from operations saw a sharp decline of 44% YoY to ₹130.10 crore. The company's financial position remains critical with accumulated losses of ₹1,933.79 crore and a total erosion of net worth. However, the company has successfully exited the Corporate Insolvency Resolution Process (CIRP) following a One-Time Settlement (OTS) approved by 97.20% of lenders.

Revenue from operations decreased 44.1% YoY to ₹13,009.68 lakhs in Q3 FY24.
Net loss for the quarter stood at ₹1,352.61 lakhs compared to a loss of ₹29,195.66 lakhs in Q3 FY23.
Accumulated losses reached ₹1,93,379.17 lakhs as of December 31, 2023, resulting in negative net worth.
NCLT allowed withdrawal of CIRP on September 10, 2025, after a ₹750 crore fund-based OTS proposal was accepted.
Auditors issued a 'Material Uncertainty Related to Going Concern' due to defaults and net worth erosion.

💡 Investors should exercise extreme caution as the company's net worth is fully eroded and auditors have raised doubts about its status as a going concern. While the exit from insolvency proceedings is a positive step, the company's ability to normalize operations and manage remaining debt requires close observation.

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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).