Gammon India financials and balance sheet

BSE: 509550Construction

Trading suspended since 3 May 2024

Last traded ₹1.65 on 10 Sep 2018

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Gammon India annual reports

Revenue, net profit and borrowings, ₹ crore

  • Revenue
  • Net profit
  • Borrowings
  • Loss
Peak revenue ₹1,668 Cr, year to Mar 2017A loss in 10 of the 10 years shown

Operating and net margin, per cent

  • Operating margin
  • Net margin

Results for the year to Mar 2026

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

From revenue to net profit

  1. Revenue94
  2. Materials and goods−11
  3. Employee costs−5.9
  4. Other expenses−13
  5. Operating profit65
  6. Depreciation−1.7
  7. Other income+109
  8. One-off items0.0
  9. Finance costs−1,332
  10. Profit before tax−1,159
  11. Tax−11
  12. Joint ventures−0.2
  13. Net profit−1,170

What the company owns

  • Plant, investments and other assets₹1,086 Cr
  • Receivables₹30 Cr
  • Cash and bank₹15 Cr
  • Inventory₹9 Cr

What pays for it: net worth and liabilities

  • Other liabilities₹999 Cr
  • Owed to suppliers₹73 Cr
  • Borrowings₹68 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Gammon India quarterly results

₹ croreMar 2017Mar 2018Filed 8 FebMar 2019Filed 11 NovMar 2020Filed 18 AugMar 2021Filed 29 JunMar 2022Filed 23 JunMar 2023Filed 22 NovMar 2024Filed 12 DecMar 2025Filed 23 FebMar 2026Filed 30 May
Revenue from operations1,668704984865528115726894
1,6425851,13014617434721865713029
Materials and goods bought45024477121141152415511
Employee costs–392998910976
Other expenses–3023311151513271566076713
Operating profit before depreciation26120−146−59−119−319−103−585−6265
Operating margin1.5%17.0%−14.8%−68.6%−218.5%−1,145.6%−89.2%−815.2%−91.2%68.8%
Materials, % of revenue–34.6%78.3%24.8%26.3%41.0%45.0%57.2%81.6%11.4%
Employee costs, % of revenue–5.5%2.9%10.1%14.8%31.2%8.3%12.2%10.8%6.3%
Other expenses, % of revenue–42.9%33.6%133.7%277.3%1,173.5%135.9%845.8%98.9%13.5%
Depreciation and amortisation90461311942222
Operating profit after depreciation−6573−159−70−128−323−105−587−6463
Other income121330781361211412314732109
Finance costs8757836846947528719651,1291,1941,332
Profit before one-off items and tax−819−380−765−628−759−1,180−947−1,569−1,226−1,159
One-off items−292−1,226−4430−36040−1520
Profit before tax−1,110−1,606−1,208−628−795−1,180−907−1,584−1,224−1,159
17−690−11−10386−3111
Share of profit of joint ventures and associates−26−22−79−3000100
−1,154−1,621−1,296−631−795−1,181−897−1,969−1,192−1,170
Other comprehensive income–−21814−306−70−155−745−148−67−388
Total comprehensive income–−1,839−1,282−937−865−1,335−1,642−2,117−1,260−1,559
Net margin−69.2%−230.3%−131.7%−730.3%−1,457.7%−4,238.8%−779.8%−2,744.0%−1,756.3%−1,238.7%
Net margin without joint ventures and associates−67.6%−227.2%−123.6%−727.0%−1,457.0%−4,240.4%−779.6%−2,745.2%−1,756.2%−1,238.6%
Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2017 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ croreMar 2018Filed 8 FebMar 2019Filed 11 NovMar 2020Filed 18 AugMar 2021Filed 29 JunMar 2022Filed 23 JunMar 2023Filed 22 NovMar 2024Filed 12 DecMar 2025Filed 23 FebMar 2026Filed 30 May
−2,276−3,492−4,429−5,293−6,643−8,285−10,394−11,654−13,213
−2,189−3,375−4,311−5,163−6,497−8,168−10,281−11,534−13,092
Share capital747474747474747474
Reserves−2,263−3,449−4,386−5,237−6,571−8,242−10,355−11,608−13,166
Belonging to outside owners of subsidiaries−87−117−118−129−146−117−113−120−121
8166716586075722561007668
7,5747,6778,4669,18510,06310,58011,47812,65414,233
489379383332317433150120120
Total assets5,7874,5644,4204,2243,7372,7271,2331,1191,140
3,5653,1933,0352,9832,5452,0571,0881,0151,062
2,2221,3711,3851,2411,19267014610479
Net debt774657646593556250956653
Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the year to Mar 2017, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ croreMar 2021Filed 29 JunMar 2022Filed 23 JunMar 2023Filed 22 NovMar 2024Filed 12 DecMar 2025Filed 23 FebMar 2026Filed 30 May
6−1−23−2230
30−25−22911
2014−8−332−56
Receivables193−55−23−16−59
Inventories607651−4
Payables−100−28−72
Other working capital61141655
Tax paid3−11−1−1−10
Capital spending000000
Free cash flow6−1−23−2230
92121220
−101120−25−17
Dividends paid000000
Shares bought back000000
Shares issued000000
Net change in cash421−203
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.

Per share

Consolidated, ₹ per share, years to March.Gammon India dividend history

₹ per shareMar 2017Mar 2018Filed 8 FebMar 2019Filed 11 NovMar 2020Filed 18 AugMar 2021Filed 29 JunMar 2022Filed 23 JunMar 2023Filed 22 NovMar 2024Filed 12 DecMar 2025Filed 23 FebMar 2026Filed 30 May
Earnings per share−₹29.52−₹42.67−₹32.80−₹17.08−₹21.19−₹31.66–−₹53.28−₹32.20−₹31.42
Diluted earnings per share−₹29.46−₹42.59−₹32.80−₹17.08−₹21.19−₹31.66–−₹53.28−₹32.20−₹31.42
Book value per share–−₹59.08–−₹116.35−₹139.34−₹175.32–−₹277.46−₹311.26−₹353.30
Market cap at the year end (₹ crore)358157––––––––
Earnings per share is left blank for the year to Mar 2023: the earnings per share stated has the opposite sign to the profit stated beside it, so it is not shown.

Ratios

Consolidated, years to March.

RatioMar 2018Filed 8 FebMar 2019Filed 11 NovMar 2020Filed 18 AugMar 2021Filed 29 JunMar 2022Filed 23 JunMar 2023Filed 22 NovMar 2024Filed 12 DecMar 2025Filed 23 FebMar 2026Filed 30 May
Revenue growth−57.8%39.8%−91.2%−36.9%−48.9%313.1%−37.6%−5.4%39.2%
Operating profit growth365.1%––––––––
71.9%43.5%16.4%16.5%20.0%12.6%21.3%10.9%9.4%
–−28.4 pts−27.1 pts0.1 pts3.5 pts−7.4 pts8.7 pts−10.4 pts−1.5 pts
From the net margin–−32.4 pts214.5 pts15.8 pts31.8 pts−16.2 pts30.4 pts−7.7 pts−3.2 pts
From asset turnover–22.3 pts−231.9 pts−11.1 pts−21.5 pts15.7 pts0.8 pts8.1 pts3.4 pts
From borrowing–−18.3 pts−9.7 pts−4.6 pts−6.7 pts−6.9 pts−22.4 pts−10.8 pts−1.7 pts
Interest cover0.1–––––––0.0
Receivable days1035862337072699166255117
Inventory days2,69843816,12623,04527,9383,54549533294
Payable days3741113,2144,6505,6421,0717154782,492
Cash conversion cycle, days2,42638513,53518,76423,0222,572−54−190−2,081
Working capital days−2,434−2,112−27,394−49,217−1,08,974−30,973−57,170−67,114−54,478
Asset turnover0.120.190.020.010.010.040.040.060.08
Assets per rupee of net worth−2.64−1.86−1.17−0.91−0.68−0.44−0.21−0.11−0.09
Sales per rupee of plant1.532.220.200.130.070.280.180.170.24
Capital spending to depreciation–––0.000.000.000.020.000.00
Plant being built, % of plant in use2.3%0.8%0.4%0.0%0.0%0.0%0.0%0.0%0.0%
Interest cover is left blank for the years to Mar 2017, Mar 2019, Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024 and Mar 2025: 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 2018, Mar 2019, Mar 2020, Mar 2021, 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 2018, Mar 2019, Mar 2020, Mar 2021, 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 year to Mar 2017, 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
−102.6%
Cash from operations against operating profit
0.6%
Measure10 years5 years3 years
Revenue growth, yearly rate–11.6%−6.4%
Return on equity, average24.7%14.9%13.9%
Operating margin, average−235.6%−414.5%−279.2%
Net margin, average−1,337.7%−2,151.5%−1,913.0%
Asset turnover, average0.060.040.06
Cash conversion cycle, days, average6,4874,654−775

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.

₹ crore5 years3 yearsLatest year
Cash from operations−3210
Cash from investing372220
Cash from financing−30−42−17
Capital spending000
Dividends paid000
Shares bought back000
Shares issued for cash000
Borrowings raised––0
Borrowings repaid1813510

Accounting checks

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

CheckMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9–––423345
Altman Z-scorePublished threshold 1.81−1.99––––––––
Beneish M-scorePublished threshold −1.78–––−4.25−3.84−1.68−10.81−6.36−7.68
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets–––−18.72−29.68−27.42−99.31−103.47−105.37
Receivables growth less revenue growthOur threshold 0 percentage points–−61.0585.29−25.6349.08−357.0142.7650.77−75.20
Inventory growth less cost-of-goods growthOur threshold 0 percentage points–−264.9199.7828.7116.89−395.98−68.12−126.01152.26
Other current assets growth less revenue growthOur threshold 5 per cent of revenue–9.731.98−19.04−52.60−54.42−109.47−8.84−16.73
Assets under construction, years of additionsOur threshold 2 years of additions––––––0.000.000.00
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.

DateAgencyBorrowing ratedRatingOutlookAmount, ₹ Cr
19 Oct 2026CARE Ratings Limited (opens in a new tab)Non-fund-based-LT/STLong and short-term scalesCARE D / CARE D; ISSUER NOT COOPERATING*Review, Re-affirm9,092.78
19 Oct 2026CARE Ratings Limited (opens in a new tab)Fund-based-Long TermLong-term scaleCARE D; ISSUER NOT COOPERATING*Review, Re-affirm949.05
19 Oct 2026CARE Ratings Limited (opens in a new tab)Debentures-Non Convertible DebenturesLong-term scaleCARE D; ISSUER NOT COOPERATING*Review, Re-affirm324
The latest rating on each borrowing. The agency's name opens its reasoning for the rating.