1. At a Glance
Once a titan of infrastructure with its name glowing at airports and toll gates, GVK Power & Infrastructure Ltd (GVKPIL) now trades at ₹3.37 — roughly the price of a cutting chai outside an NCLT hearing. With a market cap of ₹532 crore and a debt of ₹701 crore, the company that once powered cities and ran expressways now finds itself powered only by court orders.
In the past one year, the stock has been on a reverse rally — down 33.9%, making it less of an investment and more of a test of investor patience. The return over 3 months stands at a modest 4.98%, perhaps reflecting some sympathy trades by nostalgic investors.
Operationally, the company is under Corporate Insolvency Resolution Process (CIRP). Its sales have fallen from ₹1,080 crore in FY24 to just ₹268 crore (TTM) — that’s a 67% crash, while its profit after tax stands at a depressing -₹332 crore. The Operating Profit Margin (OPM)? A cool -61.8%, proving that they can now generate losses even more efficiently than they once generated electricity.
With a book value of -₹9.20 and EPS of -₹6.21, the company’s valuation metrics make for tragic comedy. ROCE stands at 10.6%, but don’t get excited — that’s mostly accounting smoke from the dying embers of what used to be the Jaipur Expressway and Gautami Power Plant.
So here’s your opening paradox: a company once known for powering India’s infrastructure now powers insolvency lawyers’ careers.
2. Introduction
Let’s rewind. There was a time when GVK Power & Infrastructure Ltd was the poster child of India’s infrastructure boom. If GMR had the Delhi Airport, GVK had Mumbai and Bengaluru. The dream was grand — airports, highways, hydel projects, and thermal plants under one mighty empire.
Fast forward to FY26, and the scene resembles a tragic Bollywood sequel: the assets have left, the lenders have arrived, and the once-mighty empire is now under the Corporate Insolvency Resolution Process (CIRP). Even the most loyal shareholders have moved from “Hold” to “Har Har Mahadev.”
GVK’s transformation from “Power and Infrastructure” to “Petitions and Insolvency” didn’t happen overnight. It’s been a slow, poetic descent powered by three things — bad capital allocation, debt overdrive, and legal hangovers.
As of H1FY26, the NCLT has officially taken charge, resolution professionals are holding meetings more frequently than board members ever did, and the Committee of Creditors (CoC) has become the de facto management.
The once-iconic Jaipur-Kishangarh Expressway — a 20-year showpiece of India’s PPP dreams — has gone back to NHAI, marking the end of the company’s transportation business. The energy arm is either under shutdown, liquidation, or just drawing grid power for “preservation mode.”
How the mighty have fallen!
3. Business Model – WTF Do They Even Do?
In theory, GVK Power & Infrastructure Ltd does everything — power generation, operation and maintenance, consultancy, and infrastructure development. In practice, it currently does nothing profitable.
The business once operated across three verticals:
- Energy – including gas-based (GVK Gautami Power), hydro (Alaknanda Hydro Power), and coal-based (GVK Goindwal Sahib) projects.
- Transportation – the iconic 542.4 km Jaipur-Kishangarh Expressway.
- Airports – once a shining star via GVK Airport Holdings, which controlled Mumbai and Bengaluru airports before being sold off to Adani.
As of FY23, only two words describe its operational footprint: “was operating.”
- The Jaipur-Kishangarh Expressway concession ended in April 2023.
- The Gautami Power Plant is shut, drawing 500 kW from the grid just to keep its turbines dust-free.
- The Goindwal Sahib plant is under insolvency.
- The Alaknanda Hydro Power Project, despite producing some power, barely lights up the GVK balance sheet.
Revenue mix FY23:
- Toll Operations – 21%
- Sale of Power – 79%
But in FY25–26, both have flatlined. If business lines were heartbeats, this chart would be on life support.
In essence, GVK now “manages” the aftermath of its own decline — attending CIRP
