1. At a Glance – The Comeback Nobody Saw Coming (Or Did We?)
₹12.7 stock price. ₹238 crore market cap. ₹2,157 crore quarterly profit. Yes, you read that right.
Gayatri Projects Ltd just posted a Q3 FY26 net profit of ₹2,157 crore on quarterly sales of ₹506 crore. That’s not a typo. That’s not inflation. That’s not jugaad math.
Market cap? ₹238 crore.
Debt? ₹3,612 crore.
Book value? ₹-77.
Promoter holding? 3.95% (with 72.4% pledged).
P/E? 1.14 (because EPS is flexing like a gym bro on leg day).
Return in 1 year: 102%.
Return in 3 months: 10.2%.
And before you start calling this the next infra multibagger miracle — remember: earnings include ₹2,431 crore of other income.
So the real question is:
Is this a resurrection story… or an accounting fireworks show after insolvency drama?
Let’s unpack.
2. Introduction – From NCLT Courtroom to Profit Party
Gayatri Projects is not your regular EPC company. It’s an infra veteran incorporated in 1963, once executing dams, highways, canals — the kind of stuff politicians cut ribbons for.
Then things went south.
- Continuous losses
- Net worth erosion
- Loan defaults
- NPAs
- CIRP initiated
- NCLT involved
On November 15, 2022, Corporate Insolvency Resolution Process (CIRP) began.
And then… plot twist.
In September 2025, CIRP was withdrawn after One-Time Settlement (OTS) approval.
₹750 crore fund-based and ₹1,229 crore non-fund-based OTS arrangement.
Exceptional income recognized.
And suddenly Q3 FY26 shows ₹2,157 crore profit.
Is this operating brilliance?
Or is this accounting impact of debt restructuring?
Let’s stay calm. Auditor brain on. Drama off.
3. Business Model – WTF Do They Even Do?
At its core, Gayatri Projects is an Engineering, Procurement and Construction (EPC) company.
They build:
- National highways
- Irrigation canals
- Concrete and masonry dams
- Bridges
- Aqueducts
- Ports
- Industrial civil works
They’ve executed:
- 6,842 lane km of roads
- 3,981 lane km in progress
- 425 km irrigation canals
Basically, if there’s mud, cement, and a government tender — they’re interested.
Revenue breakup FY22:
- 100% from Construction/Contract revenue
No fancy SaaS. No fintech dreams. Just pure infra grind.
But here’s the catch.
EPC business =
✔ High working capital
✔ Long receivable cycles
✔ Bank guarantees
✔ Debt heavy
✔ Margin volatility
And Gayatri? Debtor days = 712 days.
Seven. Hundred.
