Gammon India Ltd

Gammon India Limited trading window closure from 15 October 2026 until expiry of 48 hours after the declaration of financial results for the quarter ended September 30, 2026

agm details

• AGM held 29 August 2026 at 2:30 p.m. via video conferencing.
• Quorum confirmed; meeting chaired by the Chairman.
• Voting conducted electronically; no proxy allowed.

resolutions put to vote

• Adoption of standalone and consolidated financial statements (ordinary).
• Appointment of Ajay Bhatnagar as non-executive independent director (special).
• Appointment of Radhakrishnan Nair Bhaskaran Pillai as non-executive independent director (special).
• Approval of payment to cost auditor (ordinary).

dividend

• Dividend not declared as the company reported a loss.

director changes

• Two independent non-executive directors appointed.

auditor matters

• Statutory auditor is M/s NVC & Associates LLP.
• Cost auditor remuneration approved.

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.

Meeting Details

• Board meeting scheduled for 10 August 2026; time and venue not disclosed.

Key Agenda Items

• Approve unaudited standalone and consolidated financials for quarter ended 30 June 2026, with notes and Limited Review Report.

Other Notes

• Trading window for insiders remains closed for specified persons per Insider Trading Code.

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.