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 amarket cap of ₹532 croreand adebt 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. Thereturn over 3 monthsstands at a modest4.98%, perhaps reflecting some sympathy trades by nostalgic investors.
Operationally, the company is underCorporate Insolvency Resolution Process (CIRP). Itssales have fallen from ₹1,080 crore in FY24 to just ₹268 crore (TTM)— that’s a67% crash, while itsprofit after tax stands at a depressing -₹332 crore. TheOperating Profit Margin (OPM)? A cool-61.8%, proving that they can now generate losses even more efficiently than they once generated electricity.
With abook value of -₹9.20andEPS of -₹6.21, the company’s valuation metrics make for tragic comedy. ROCE stands at10.6%, 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 whenGVK Power & Infrastructure Ltdwas 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 theCorporate 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, theNCLT has officially taken charge, resolution professionals are holding meetings more frequently than board members ever did, and theCommittee of Creditors (CoC)has become the de facto management.
The once-iconicJaipur-Kishangarh Expressway— a 20-year showpiece of India’s PPP dreams — has gone back toNHAI, marking the end of the company’s transportation business. Theenergy armis 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 Ltddoes everything — power generation, operation and maintenance, consultancy, and infrastructure development. In practice, it currently doesnothing profitable.
The business once operated acrossthree verticals:
- Energy– including gas-based (GVK Gautami Power), hydro (Alaknanda Hydro Power), and coal-based (GVK Goindwal Sahib) projects.
- Transportation– the iconic542.4 km Jaipur-Kishangarh Expressway.
- Airports– once a shining star viaGVK 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.”
- TheJaipur-Kishangarh Expresswayconcession ended in April 2023.
- TheGautami Power Plantis shut, drawing 500 kW from the grid just to keep its turbines dust-free.
- TheGoindwal Sahib plantis under insolvency.
- TheAlaknanda 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
meetings, filing NCLT appeals, and occasionally declaring results with negative everything.
4. Financials Overview
Lock Type: Half-Yearly Results (H1FY26)
| Metric | Latest Quarter (Sep 2025) | YoY Quarter (Sep 2024) | Previous Quarter (Jun 2025) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | ₹0.00 Cr | ₹390.87 Cr | ₹80.53 Cr | -100% | -100% |
| EBITDA | ₹-283.13 Cr | ₹361.22 Cr | ₹-283.13 Cr | -178% | Flat |
| PAT | ₹-1.21 Cr | ₹811.19 Cr | ₹-1,377.36 Cr | -100.1% | 99.9% |
| EPS (₹) | -0.01 | 4.57 | -5.28 | -100.2% | 99.8% |
Commentary:The September 2025 quarter is a financial black hole —zero revenue, negligible PAT, and a massive swing from ₹811 crore profit last year to almost nothing this year. Clearly, there’s more action in the insolvency courtroom than in the power plants.
When a company postszero revenue but still manages to lose money, you know fixed costs are haunting like ghosts of past expansions.
5. Valuation Discussion – Fair Value Range Only
Let’s be honest — valuing a company under CIRP is like valuing a cricket bat after it’s been run over by a truck. But for education’s sake:
P/E Method:EPS = -₹6.21 → Negative → P/E not meaningful.
EV/EBITDA:EV = ₹1,199 CrEBITDA (FY25) = -₹166 CrEV/EBITDA = -7.2 → Not applicable for valuation since EBITDA is negative.
DCF Method (Educational):Assume hypothetical revival with ₹500 Cr free cash flow and 10% discount rate. Even then, fair value would hover between ₹2–₹5 per share.
🧾Disclaimer:This fair value range is for educational purposes only and not investment advice.
6. What’s Cooking – News, Triggers, Drama
The only “cooking” happening at GVK Power these days is in NCLT kitchens.
- CIRP Initiation (Jul 2024):NCLT admitted the company under insolvency. Interim Resolution Professional appointed.
- List of Creditors (Aug 2024):Everyone who ever lent GVK money has queued up — from IDBI to Axis Bank.
- Committee of Creditors (Aug–Nov 2024):1st to 7th CoC meetings held faster than board meetings ever were.
- Resolution Plans (Oct 2025):EOIs received; resolution plans under review.
- Subsidiary Insolvency:GVK Energy Ltd and GVK Transportation Ltd admitted to CIRP in mid-2025.
There’s also talk of asset-wise sale reinitiated post-AGM (Sep 2025).
