Gayatri Projects Ltd(GAYAPROJ)

NSE: GAYAPROJBSE: 532767

₹ 18.75-2.75%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 871 crWebsite: www.gayatri.co.inUpdated: 24 Oct 2026

About

Gayatri Projects Ltd is a construction and EPC contractor that reports a single business segment, construction and contract work. Its revenue was 846.89 in FY26. The company was in the corporate insolvency process from 15 November 2022. That process was withdrawn after the NCLT approved a one-time settlement on 10 September 2025.^[1][2]

Business segment

The company reports one segment, construction and contract work. Under Ind AS 108 it has no separate reportable segments (FY25).^[1]
Construction and contract revenue was ₹44,992.45 Lakhs in FY25, down from ₹67,955.03 Lakhs in FY24 and ₹1,01,720.97 Lakhs in FY23.^[1][3]
The company says FY25 revenue fell because contract works were assigned to sub-contractors, it could not raise bills, and working capital was tight during the insolvency process.^[1]

Order book

The order book was ₹5,500 crore as of the FY25 annual report. The company expects further orders during the current financial year.^[1]
Management says its focus is on executing and completing the current order book to improve cash flows (FY25 annual report).^[1]
The company says it can bid for large-scale bulk orders again now that it is free of consortium loans, apart from bank guarantees (FY25 annual report).^[1]

Arbitration claims and receivables

Claims receivable of ₹37,282.23 Lakhs were recorded under other current assets in FY25. These relate to the 75% interim payment on challenged arbitral awards under the CCEA policy.^[1]
The company has filed several arbitration claims against government entities and says it is working to recover pending receivables (FY25).^[1]
NHAI invoked a ₹7,275.94 Lakhs performance bank guarantee on the Delhi Sarangpur Road Project. The company had recovered the entire amount by the date of the FY24 report.^[3]

Debt settlement and insolvency exit

The company paid a one-time settlement of ₹750 crore on its outstanding debts. 97.20% of the lenders' committee accepted it under IBC Section 12A.^[1][3]
The NCLT approved the settlement on 10 September 2025 and the insolvency process was withdrawn. Control of the company returned to the promoters from 16 September 2025.^[1]
Under the settlement, ₹1,229.00 crore of non-fund-based amounts is to be recovered from lenders. 15% of any future arbitration awards is payable until all bank guarantees close or 31 March 2033.^[1]
CMD T.V. Sandeep Kumar Reddy lent the company ₹157 crore, unsecured, to support the settlement payment.^[1]
At FY25, current liabilities exceeded current assets by ₹2,21,215.18 Lakhs. Management calls the liquidity risk temporary and prepared the accounts on a going-concern basis.^[1]

Recent developments

On 23 October 2025, shareholders approved a ₹314 crore preferential share issue to promoter and non-promoter groups. The money is to settle other dues and add working capital, and the issue was in progress.^[1]
A one-time payment of ₹22.50 crore to the CMD for the insolvency period was proposed, plus a salary of ₹44 lakh a month from April 2026. Both need shareholder approval.^[1]
The company does not plan to go ahead with the Bhandara Thermal Power plant project. IDBI sold the project land under SARFAESI in FY26.^[1]
Some lenders declared the company and its directors wilful defaulters. The company obtained relief from the courts and is asking lenders to withdraw the proceedings under the settlement (FY25).^[1]
Lenders sold 6,98,76,622 promoter shares held as security, which cut the promoters' stake sharply. ₹5,600.24 Lakhs from the sale was set against loans (FY24 report).^[3]

Employees

The company had 454 employees as of 31 March 2025.^[1]

Market Cap

₹871 Cr

High / Low

₹27 / 11

Stock P/E

0.2

Price / Book

0.6

Book Value

₹32

EPS

₹109.1

No. of Shares

18.72 Cr

ROCE

5.6%

OPM

11.0%

Debt / Equity

0.51

Sales

₹847 Cr

Net Profit

₹2,042 Cr

Promoter holding

23.6%

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