Gammon India Ltd

Unaudited results ad

• Publication of unaudited quarterly results for quarter ended 30 June 2026, approved by Board on 10 August 2026.
• Newspaper advertisement published on 13 August 2026 in The Free Press Journal and Navshakti.
• QR code provides access to complete results; results are also on the Gammon India website.
• Independent Auditor's Limited Review Report accompanies the results disclosure.
• Disclosures are made under SEBI LODR Regulations 2015 (Reg 30 and 47).
• Financial results are accessible via Gammon's investor page.

Board action & audit status

• Board approved unaudited standalone and consolidated results for quarter ended 30 June 2026.
• Audit Committee reviewed results; Limited Review Report by independent auditor was placed.

Liquidity & going concern

• Standalone current liabilities exceed current assets by Rs 12,988.80 crore.
• Holding company liabilities exceed assets by Rs 14,495.29 crore.

Debt resolution & ARC plan

• Over 50% of debt has been assigned to asset reconstruction companies.
• Resolution plan contemplates waivers of interest and penal charges; principal haircut.

Penal interest & contingent liabilities

• Cumulative penal interest/charges amount to Rs 923.28 crore.
• Quarterly penal interest charged Rs 11.74 crore; reversal discussed.
• ARC has levied Rs 519.78 crore penal charges; settlement under process.

DRB/arbitration income

• Rs 532.91 crore from DRB/arbitration awards recognized as non-current receivable.

Share application money

• Share application money of Rs 16.64 crore from Ansaldo Caldaie India.
• RBI directive to refund not complied; treated as current liability.

SPVs & consolidation

• Certain SPVs/JVs carry going concern uncertainties; not consolidated due to lack of post-2019 data.

Business focus

• Group is mainly Construction and Engineering; Real Estate Development is minor.

Financial results

• Standalone turnover Rs 85.18 cr; up from Rs 21.23 cr.
• Standalone net loss after tax Rs 1189.01 cr, prior year Rs 1078.14 cr.
• Consolidated turnover Rs 94.48 cr, up from Rs 67.89 cr.
• Consolidated net loss after tax Rs 1170.34 cr, prior year Rs 1192.34 cr.
• Finance costs: Standalone Rs 1123.06 cr; Consolidated Rs 1331.79 cr.
• Arbitration awards recognized as revenue Rs 80.91 cr.
• EPS (basic) Rs -32.24; no meaningful dilution.
• Consolidated equity negative at Rs 13,212.55 cr (net negative)

Debt and liquidity

• Material going-concern uncertainty; standalone current liabilities exceed assets by Rs 12,701 cr.
• Lenders have recalled facilities; NPAs since 2017; resolution plan under consideration.
• One-time settlement proposal under discussion; investor infusion and ARC involvement.
• CMRL arbitration award adjusted to Rs 408 cr; recoverability contested.
• Restructuring plans (SDR/CDR); remaining debt largely with ARCs; equity infusion contemplated.
• Arbitration awards and related receivables remain a key risk to recovery.

Dividend and capital allocation

• Dividend not recommended for FY2025-26.
• No amount transferred to reserves; no capital raised during the year.

Governance & audit

• Ajay Bhatnagar appointed Independent Director; 5-year term (2026-2031).
• Radhakrishnan Nair Bhaskaran Pillai appointed Independent Director; 5-year term (2026-2031).
• Directors disqualified under Section 164(2)(b) due to debenture default (Kashi Nath Chatterjee, Lily Bhushan, Mahendra Shah, Vishwas Joglekar).
• Statutory auditors M/s NVC & Associates LLP; issued qualified opinions on Standalone and Consolidated; Emphasis on going concern.
• Secretarial audit flagged ROC filing delays; extant compliance and SAT delisting-relisting matters.
• AGM notices re VC/OAVM; BSE/NSE delisting history and SAT-directed relisting status.

Ongoing operations and strategy

• Ongoing Kolkata Metro ANV2 package: contract value Rs 365.30 cr; balance Rs 9.49 cr.
• Kaleshwaram Project Package 19: value Rs 764 cr; balance Rs 681 cr.
• Overseas Sofinter Group facing losses; potential equity infusion and restructuring under discussion.
• Puma Oil Block in Ecuador: ownership and field status under review; JV arrangements in flux.

Subsidiaries and joint ventures

• 19 subsidiaries; 5 joint ventures; Metropolitan Infrahousing Private Limited is material subsidiary.
• Overseas group includes Sofinter, Campo Puma Oriente S.A., GEF/others; equity-method holdings in JV/associates.
• Group reports on consolidation using Ind AS; several overseas SPVs in stress and going-concern notes.

AGM and disclosures

• 104th AGM scheduled for 29 August 2026 via VC/OAVM; remote e-voting 26-28 Aug 2026; cut-off 22 Aug 2026.
• Notice and annual report available on Gammon’s site; LIIPL InstaVote/Instameet used for e-voting; helpdesk details provided.
• shares currently suspended/delisted; SAT order directed relisting upon compliance.

AGM Details

• Date and time: 29 August 2026, 2:30 PM IST; mode: VC/OAVM.
• Record date for voting: 22 August 2026.
• Remote e-voting window: 26–28 August 2026.

Key Resolutions

• Ordinary: adoption of standalone and consolidated financials and reports.
• Special: Appointment of Ajay Bhatnagar as Independent Director for five years.
• Special: Appointment of Radhakrishnan Nair Bhaskaran Pillai as Independent Director for five years.
• Ordinary: Ratification of cost auditor remuneration for FY 2026-27.

Dividend

• No dividend proposed or paid; none since FY2012-13.

Director Changes

• Ajay Bhatnagar appointed as Independent Director for five-year term from 30 May 2026 to 29 May 2031.
• Radhakrishnan Nair Bhaskaran Pillai appointed as Independent Director for five-year term from 3 August 2026 to 2 August 2031.

Auditor Appointments

• Cost Auditor remuneration ratified for FY2026-27.

RPT & Other Approvals

• Material RPT: none disclosed.
• Other material approvals: none disclosed.

AGM scheduling and voting

• Draft AGM notice approved for 29 August 2026 meeting via VC/OAVM.
• E-voting cut-off date fixed at 22 August 2026.

Dematerialisation status

• Dematerialisation requests processed in the quarter; securities listed on the exchanges where they are listed.
• Physical certificates for dematerialisation mutilated and cancelled after verification; depository registered owner updated.