GVK Power & Infrastructure Ltd

Financial results approved

• Unaudited standalone and consolidated Q1 2026 results approved; Limited Review Reports submitted.

Going concern and CIRP status

• Group accumulated losses; going concern basis adopted.
• GVKPIL admitted into CIRP; Resolution Professional appointed; CoC to consider asset-wise sale.

Impairment and provisions

• Impairment of Rs 79,048 lakhs for GVK Coal Developers (Singapore).
• Impairment of investments/loans to GVKEL; no provision against admitted CIRP claims.

Key asset transactions

• Sale of GVK Airport Developers Limited stake to AAHL; OCDs partially redeemed.
• Balance OCDs disclosed as non-current investment.

Regulatory and legal developments

• England Court order against GVKPIL; not directly enforceable in India.
• CBI charge sheet; ED investigations; proceedings stayed pending revision.

Auditor remarks

• Auditors issue disclaimer of conclusion for consolidated results; uncertainties noted.
• Emphasis of Matter on GVKADL sale and OCDs.

Governance actions

• Resolution Professional confirmed; CIRP proceedings continue; liability to be determined per approved plan.

Dematerialisation status

• Certificate for the quarter received from the registrar.
• Details of dematerialised/rematerialised securities furnished to all stock exchanges.

Results

• 📊 Standalone revenue from operations was Rs 80 lakh in FY26 versus Rs 517 lakh in FY25.
• 📊 Standalone total income was Rs 80 lakh in FY26 versus Rs 517 lakh in FY25.
• 📊 Standalone loss before tax was Rs 103,893 lakh in FY26, versus Rs 103,931 lakh in FY25.
• 📊 Standalone loss after tax was Rs 103,893 lakh in FY26, versus Rs 103,931 lakh in FY25.
• 📊 Standalone EPS was Rs (6.58) in FY26, versus Rs (6.58) in FY25.
• 📊 Consolidated revenue from operations was Rs 8,260 lakh in FY26 versus Rs 83,180 lakh in FY25.
• 📊 Consolidated total income was Rs 8,718 lakh in FY26 versus Rs 84,120 lakh in FY25.
• 📊 Consolidated loss before tax was Rs 138,230 lakh in FY26, versus profit of Rs 65,227 lakh in FY25.
• 📊 Consolidated loss after tax was Rs 138,269 lakh in FY26, versus profit of Rs 59,761 lakh in FY25.
• 📊 Consolidated EPS was Rs (5.32) in FY26, versus Rs 1.58 in FY25.

Balance sheet

• 📊 Standalone total assets were Rs 24,501 lakh and total liabilities Rs 42,961 lakh as of March 31, 2026.
• 📊 Standalone net worth was negative Rs 18,460 lakh as of March 31, 2026.
• 📊 Consolidated total assets were Rs 56,975 lakh and total liabilities Rs 78,764 lakh as of March 31, 2026.
• 📊 Consolidated net worth was negative Rs 21,789 lakh as of March 31, 2026.
• 📊 Standalone cash and cash equivalents were Rs 4,432 lakh as of March 31, 2026.
• 📊 Consolidated cash and cash equivalents were Rs 4,571 lakh as of March 31, 2026.

Segment performance

• 📊 Consolidated power segment revenue was Rs 8,260 lakh in FY26.
• 📊 Consolidated roads segment revenue was nil in FY26.
• 📊 Consolidated power segment result was Rs 4,998 lakh in FY26.
• 📊 Consolidated roads segment result was a loss of Rs 656 lakh in FY26.
• 📊 Consolidated other segment result was a loss of Rs 36,524 lakh in FY26.

Exceptional items

• 📊 Consolidated FY26 exceptional loss included Rs 1,04,158 lakh from deconsolidation of GVK Energy and subsidiaries.
• 📊 Standalone FY26 impairment on GVK Energy investments and loans totaled Rs 103,810 lakh.
• 📊 Consolidated FY25 exceptional gain included Rs 59,956 lakh from deconsolidation of GVKTPL and subsidiaries.
• 📊 AHPCL prepayment fee of Rs 98 lakh was recognized as an exceptional item in consolidated results.

Going concern and CIRP

• ⚠️ The company and group remain under CIRP, with IRP/RP controlling assets.
• ⚠️ Auditors issued a disclaimer of opinion on standalone and consolidated financial results.
• ⚠️ Auditors highlighted accumulated losses, negative net worth, and liabilities exceeding assets.
• ⚠️ Management prepared the results on a going-concern basis despite these uncertainties.

Guarantees and litigation

• ⚠️ GVKPIL disclosed guarantees and commitments of USD 1,132.45 million to GVK Coal Developers.
• ⚠️ GVK Coal Developers' current liabilities exceeded current assets by USD 3,193 million.
• ⚠️ GVK Coal Developers' accumulated losses were USD 1,982.10 million as of March 2026.
• ⚠️ England court crystallized payable amount at USD 2.19 billion, including interest.
• ⚠️ RP admitted claims of Rs 15,94,489 lakh; Rs 5,84,760 lakh remained unadmitted.
• ⚠️ Phoenix ARC filed claims of Rs 116,399 lakh; RP admitted Rs 1,05,003 lakh.
• ⚠️ Canara Bank retained GVK SEZ title deeds under general lien; litigation continues.
• ⚠️ CBI and ED investigations over MIAL-related matters remain ongoing.

Operations and projects

• 🧱 GVK Ratle had spent Rs 101,552 lakh on the hydro project by March 31, 2021.
• 🗓️ GVK Ratle's next court hearing is scheduled for May 30, 2026.
• 🗓️ Sessions Court hearing in the MIAL-related revision petitions is scheduled for June 15, 2026.
• 🗓️ ED's reply filing date in the PMLA matter is June 19, 2026.

Business

• GVKPIL operates infrastructure businesses through subsidiaries and associates across power, roads, and related assets.
• The group includes project SPVs, with several assets deconsolidated after insolvency proceedings.
• GVK SEZ holds investment property, while GVK Ratle is a hydroelectric project under litigation.

🗓️ Meeting Details

• Board meeting scheduled for 13 February 2026.

📊 Financial Performance

• Consider and approve unaudited financial results for quarter and nine months ended 31 December 2025.