AJR Infra and Tolling financials and balance sheet

BSE: 532959Construction

Formerly Gammon Infrastructure Projects

Trading suspended since 4 Oct 2023

Last traded ₹0.70 on 3 Oct 2023

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.AJR Infra and Tolling annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹663 Cr, year to Mar 2017A loss in 7 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 28.4% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue0.0
Employee costs−1.8
Other expenses−18
Operating profit−20
Depreciation0.0
Other income+21
One-off items+1,111
Finance costs−3.7
Profit before tax1,108
Tax+0.4
Joint ventures+2.3
Net profit1,111

What the company owns

Plant, investments and other assets₹148 Cr
Receivables₹18 Cr
Cash and bank₹7 Cr

What pays for it: net worth and liabilities

Other liabilities₹156 Cr
Owed to suppliers₹9 Cr
Borrowings₹8 Cr

AJR Infra and Tolling business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.AJR Infra and Tolling segment results by quarter

Revenue by segment

–Total

Segment results by year

Consolidated, ₹ crore, years to March.

Infrastructure
Revenue, ₹ crore
53
76
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−1,212
−19
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Real Estate
Revenue, ₹ crore
57
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	–	–	–	–	91	133	–	–
Company revenue, as in its results	497	368	242	178	91	61	35	0
Revenue	–	–	–	–	53	76	–	0
Profit	–	–	–	–	−1,212	−19	–	0
Margin	–	–	–	–	−2,282.3%	−24.9%	–	–
Revenue	–	–	–	–	–	57	–	0
Profit	–	–	–	–	–	2	–	0
Margin	–	–	–	–	–	4.3%	–	–
Revenue	–	–	–	–	38	–	–	–
Profit	–	–	–	–	−109	–	–	–
Margin	–	–	–	–	−285.9%	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.AJR Infra and Tolling quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 10 Jun	Mar 2020Filed 8 Aug	Mar 2021Filed 12 Jul	Mar 2022Filed 13 Sep	Mar 2023Filed 2 Nov	Mar 2024Filed 24 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 30 May
Revenue from operations	663	625	497	368	242	178	91	61	35	0
	395	380	298	179	155	120	101	55	68	20
Materials and goods bought	–	1	24	7	9	10	61	1	0	0
Employee costs	–	–	23	21	16	11	4	4	3	2
Other expenses	–	–	250	151	130	99	36	50	65	18
Operating profit before depreciation	268	244	199	189	87	59	−10	6	−33	−20
Operating margin	40.4%	39.1%	40.1%	51.4%	35.8%	32.9%	−10.9%	10.5%	−96.4%	–
Materials, % of revenue	–	–	4.9%	2.0%	3.8%	5.5%	67.0%	1.9%	0.0%	–
Employee costs, % of revenue	–	–	4.7%	5.7%	6.5%	6.0%	4.3%	6.3%	7.9%	–
Other expenses, % of revenue	–	–	50.4%	41.0%	53.8%	55.7%	39.6%	81.3%	188.5%	–
Depreciation and amortisation	50	87	109	126	89	71	51	38	18	0
Operating profit after depreciation	219	157	90	63	−2	−13	−61	−32	−52	−20
Other income	22	18	30	27	12	24	42	15	9	21
Finance costs	312	340	361	383	255	261	281	279	211	4
Profit before one-off items and tax	−71	−164	−241	−292	−246	−250	−300	−295	−254	−3
One-off items	2	−5	−24	320	0	−704	−1,342	59	801	1,111
Profit before tax	−69	−170	−265	27	−246	−954	−1,642	−236	548	1,108
	27	16	−55	13	31	6	4	1	17	0
Current tax	–	–	8	6	0	1	1	0	21	0
Deferred tax	–	–	−62	6	32	5	3	1	−5	0
Share of profit of joint ventures and associates	−26	–	0	0	0	3	41	7	10	2
	−104	−186	−210	15	−277	−957	−1,605	−231	541	1,111
Belonging to the company's shareholders	−104	−186	−155	67	−233	−923	−1,565	–	–	1,111
Belonging to outside owners of subsidiaries	–	–	−54	−53	−43	−34	−40	–	–	0
Other comprehensive income	–	–	0	0	0	0	0	0	0	0
Total comprehensive income	–	–	−210	15	−277	−957	−1,605	−231	541	1,111
Net margin	−15.7%	−29.7%	−42.3%	4.0%	−114.3%	−537.1%	−1,761.3%	−376.5%	1,558.9%	–
Net margin without joint ventures and associates	−11.8%	–	−42.3%	4.0%	−114.5%	−538.6%	−1,806.2%	−387.2%	1,531.1%	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the years to Mar 2024 and Mar 2025: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the company's periods around it state no share for other owners for the gap to belong to.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 10 Jun	Mar 2020Filed 8 Aug	Mar 2021Filed 12 Jul	Mar 2022Filed 13 Sep	Mar 2023Filed 2 Nov	Mar 2024Filed 24 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 30 May
	314	380	103	−877	−2,520	−2,751	−1,967	−856
	354	421	188	−735	−2,339	−2,527	−1,966	−855
Share capital	189	189	189	189	189	189	189	189
Reserves	165	232	−1	−924	−2,528	−2,716	−2,155	−1,044
Belonging to outside owners of subsidiaries	−40	−42	−85	−142	−182	−224	−1	−1
	1,532	474	443	110	171	207	6	8
Repayable after a year	1,458	404	375	0	62	77	0	0
Repayable within a year	74	70	68	110	109	130	6	8
	2,525	2,602	2,798	3,261	3,680	3,649	2,128	1,021
Trade payables	189	145	159	161	159	0	25	9
Other financial liabilities	2,198	2,326	2,506	2,943	3,363	149	2,008	939
Other liabilities	36	38	43	26	27	3,348	43	20
Provisions	5	23	22	22	22	22	45	45
Tax owed	22	0	0	0	1	0	2	0
	2,011	902	871	99	145	139	54	8
Other financial liabilities	52	159	155	55	40	37	38	1
Other liabilities	451	301	294	28	25	20	16	7
Provisions	43	29	34	1	1	0	0	0
Deferred tax	7	9	13	15	18	4	0	0
	4,850	3,884	3,772	2,483	1,305	1,037	215	173
Held for sale or for a demerger	0	–	–	–	–	–	–	–
	4,250	3,671	3,566	2,305	1,080	827	173	135
Plant in use, after depreciation	223	206	192	174	54	20	19	19
Plant being built	89	89	89	90	0	0	0	0
Intangible assets	1,832	790	854	548	509	469	0	0
Goodwill	21	21	21	1	1	1	1	1
Intangible assets being developed	936	987	985	69	67	67	0	0
Investments	2	440	440	551	265	0	45	86
Stakes in joint ventures and associates	0	–	0	0	0	56	0	0
Loans given	4	3	3	0	89	114	78	0
Other financial assets	986	884	885	808	28	32	1	1
Deferred tax	44	31	3	0	0	–	0	0
Trade receivables	0	0	0	0	0	68	0	0
Other assets	113	220	94	66	67	–	28	27
	600	213	206	179	225	210	42	39
Inventories	7	5	5	0	60	61	0	0
Trade receivables	261	62	54	47	45	37	21	18
Cash and cash equivalents	11	7	18	2	4	2	0	2
Other bank balances	38	34	26	27	35	40	6	5
Current investments	44	51	51	52	54	58	0	0
Loans given	5	5	5	20	0	3	3	1
Other financial assets	211	40	38	26	21	9	0	0
Other assets	23	9	10	5	5	–	12	12
Net debt	1,439	382	349	29	78	108	0	2

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 12 Jul	Mar 2022Filed 13 Sep	Mar 2023Filed 2 Nov	Mar 2024Filed 24 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 30 May
	100	53	79	200	−78	−34
	103	64	−1,259	−77	−75	1,085
	26	693	92	59	148	−27
Receivables	4	−19	12	5	−6	0
Inventories	0	1	56	1	211	0
Payables	10	4	18	13	−57	−28
Other working capital	11	707	6	40	0	0
Tax paid	−3	−1	−2	2	0	−1
Interest paid	0	−9	0	279	0	0
Capital spending	4	5	0	0	0	0
Free cash flow	95	48	79	200	−78	−34
	8	28	−26	−24	116	33
Plant and property sold	0	5	0	−1	–	0
Companies bought	0	0	−3	0	0	0
Interest received	1	2	1	2	2	1
Dividends received	0	0	0	7	3	0
	−97	−87	−51	−6	−39	1
Borrowings raised	−5	−17	0	38	35	4
Borrowings repaid	−11	−11	−8	−4	−56	−2
Interest paid	−56	−45	−43	−40	−17	−1
Lease payments	−25	−14	0	0	0	0
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	11	−6	2	170	−1	0

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020. Plant and property sold is left blank for the year to Mar 2025: the line is filed below nought and is smaller than the rounding of its section's total, so the statement does not show which way it moved cash.

Consolidated, ₹ per share, years to March.

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 10 Jun	Mar 2020Filed 8 Aug	Mar 2021Filed 12 Jul	Mar 2022Filed 13 Sep	Mar 2023Filed 2 Nov	Mar 2024Filed 24 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 30 May
Earnings per share	−₹1.10	−₹1.55	−₹1.65	₹0.71	−₹2.48	−₹9.80	−₹16.62	−₹2.00	−₹2.55	–
Diluted earnings per share	−₹1.10	−₹1.55	−₹1.65	₹0.71	−₹2.48	−₹9.80	−₹16.62	−₹2.00	–	–
Book value per share	–	–	₹3.75	₹4.45	₹1.99	−₹7.77	−₹24.73	−₹26.83	−₹20.87	−₹9.08
Shareholder yield	–	–	–	–	0.0%	0.0%	0.0%	–	–	–
Market cap at the year end (₹ crore)	–	–	57	24	66	174	94	–	–	–

Earnings per share is left blank for the year to Mar 2026: the earnings per share is stated as 0 while the period's profit or loss comes to at least half a paisa a share, so the 0 stands in for a figure the filing does not give.

Ratios

Consolidated, years to March.

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 10 Jun	Mar 2020Filed 8 Aug	Mar 2021Filed 12 Jul	Mar 2022Filed 13 Sep	Mar 2023Filed 2 Nov	Mar 2024Filed 24 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 30 May
Revenue growth	–	−5.8%	−20.5%	−26.0%	−34.2%	−26.3%	−48.9%	−32.8%	−43.3%	−100.0%
Operating profit growth	–	−8.8%	−18.5%	−5.2%	−54.1%	−32.5%	–	–	–	–
Net profit growth	–	–	–	–	–	–	–	–	–	105.4%
	–	–	−43.9%	17.3%	−76.6%	337.6%	101.9%	–	–	–
	–	–	–	61.2 pts	−93.9 pts	414.1 pts	−235.7 pts	–	–	–
From the net margin	–	–	–	69.5 pts	−108.7 pts	−334.7 pts	782.0 pts	–	–	–
From asset turnover	–	–	–	−4.6 pts	22.8 pts	40.4 pts	−174.5 pts	–	–	–
From borrowing	–	–	–	−3.7 pts	−7.9 pts	708.4 pts	−843.2 pts	–	–	–
Return on capital employed	–	–	4.9%	7.4%	−0.4%	–	–	–	–	–
Cash conversion	–	–	–	–	–	–	–	–	−14.5%	−3.0%
Interest cover	0.7	0.5	0.3	0.2	–	–	–	–	–	–
Debt to equity	–	–	4.88	1.25	4.30	–	–	–	–	–
Receivable days	–	–	192	62	81	97	182	220	217	–
Inventory days	–	–	110	234	200	0	359	19,132	–	–
Payable days	–	–	2,856	7,160	6,276	6,009	951	0	–	–
Cash conversion cycle, days	–	–	−2,555	−6,864	−5,994	−5,912	−410	19,351	–	–
Working capital days	–	–	−1,429	−2,393	−3,949	−6,252	−13,775	−20,320	−21,943	–
Asset turnover	–	–	0.10	0.08	0.06	0.06	0.05	0.05	0.06	0.00
Assets per rupee of net worth	–	–	13.69	11.26	12.56	−11.44	−1.23	−0.48	−0.28	−0.14
Sales per rupee of plant	–	–	2.23	1.79	1.26	1.03	1.67	3.10	1.84	0.00
Capital spending to depreciation	–	–	–	–	0.05	0.07	0.00	0.00	0.00	0.00
Plant being built, % of plant in use	–	–	40.1%	43.5%	46.5%	51.8%	0.0%	0.0%	0.0%	0.0%

Interest cover is left blank for the years to Mar 2021, Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. Debt to equity is left blank for the years to Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: net worth is below zero, so there is no shareholders' money to set the borrowings against. Return on capital employed is left blank for the years to Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: net worth and borrowings together come to nought or less, so there is no money employed to set the operating profit against. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 571.8%

Measure	10 years	5 years	3 years
Operating margin, average	15.9%	−16.0%	−43.0%
Net margin, average	−146.0%	−279.0%	591.2%
Asset turnover, average	–	0.04	0.04

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	221	88	−34
Cash from investing	127	125	33
Cash from financing	−182	−43	1
Capital spending	5	0	0
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	–	77	4
Borrowings repaid	80	62	2

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	4	4	4	6	5	–
Altman Z-scorePublished threshold 1.81	–	–	−2.83	–	–	–	–
Beneish M-scorePublished threshold −1.78	–	−3.00	−4.69	−7.73	−5.06	9.51	–
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	−10.03	−33.21	−87.54	−34.73	80.38	572.36
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.06
Receivables growth less revenue growthOur threshold 0 percentage points	−50.27	21.02	14.43	44.78	13.85	−0.74	89.56
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	34.45	−18.13	−105.37	–	99.95	0.00	–
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	−50.17	−0.48	−9.40	−4.94	−28.74	10.46	–
Assets under construction, years of additionsOur threshold 2 years of additions	0.83	1.18	1.70	–	0.00	0.00	–
Effective tax ratePublished threshold 17.16 per cent	46.55	–	–	–	–	3.02	−0.03
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	2.97	−0.09

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
24 Jul 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash CreditLong-term scale	CARE D; ISSUER NOT COOPERATING*Review, Re-affirm		25
24 Jul 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-Bank GuaranteeShort-term scale	CARE D; ISSUER NOT COOPERATING*Review, Re-affirm		35

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.