Gayatri Highways Q3 FY26 Results: Significant Impairments and Qualified Audit Report
Gayatri Highways Limited reported Q3 FY26 results with a standalone net loss of ₹2,292.58 lakhs for nine months ended Dec 31, 2025. Consolidated net loss for the period was ₹812.40 lakhs. The company faces significant impairments in jointly controlled entities and defaults on term loans. Auditors issued a qualified report due to unconfirmed balances, non-provision of interest, and issues with subsidiary consolidation.
The qualified audit report, significant net losses, defaults on term loans, and potential impairments in investments point to severe financial distress and operational challenges for the company, which will have a high impact on its stakeholders.
The company reported significant net losses for the period and the auditors issued a qualified report highlighting multiple issues including defaults, potential impairments, and problems with subsidiary consolidation, indicating a negative financial and operational outlook.
Gayatri Highways Limited announced the outcome of its Board Meeting held on February 12, 2026, where the Un-audited Standalone and Consolidated Financial Results for the Third Quarter and Nine Months ended December 31, 2025, were approved. The company also reported a proposal to execute a Securities Purchase Agreement for the acquisition and sale of its stake in HKR Roadways Limited.
The financial results reveal significant challenges. For the nine months ended December 31, 2025, the standalone net loss after tax was ₹2,292.58 lakhs, compared to a profit of ₹536.51 lakhs in the same period last year. The consolidated net loss after tax for the nine months was ₹812.40 lakhs, a stark contrast to a loss of ₹21,834.40 lakhs in the prior year, although this includes significant adjustments related to discontinued operations and share of losses in jointly controlled entities.
The Limited Review Report by PRSV & Co. LLP, Chartered Accountants, highlighted several qualifications. These include the inability to confirm write-backs of Zero Interest Subordinate Loans, defaults in repayment of term loans to IL&FS Financial Services Limited, and the non-provision of interest on outstanding term loans. Furthermore, the auditors noted significant impairments required for investments and advances in jointly controlled entities, Cyberabad Expressways Limited (CEL) and Hyderabad Expressways Limited (HEL), due to their negative net worth. The auditors also qualified their report due to the non-consolidation of the material subsidiary, Indore Dewas Tollways Limited (IDTL), which is undergoing Corporate Insolvency Resolution Process (CIRP).
The company also disclosed a default in the repayment of term loans and interest amounting to ₹5,015.86 lakhs as of December 31, 2025. The Board Meeting commenced at 12:35 PM and concluded at 4:15 PM.
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