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AJR Infra & Tolling Ltd

AJRINFRA

NSE

₹0.700.00%3 Oct 2023

Reports

Engineering Turnkey Services

AJR Infra & Tolling Ltd

AJRINFRA

NSE

₹0.70

0.00%

3 Oct 2023

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Engineering Turnkey Services

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.

AJR Infra & Tolling Ltd is a specialist in building and operating public infrastructure - roads, ports, and power plants - under long-term government concessions, using a separate company for each project to ring-fence risk and attract partners. Born as Gammon Infrastructure Projects Limited, a spin-off from the engineering group Gammon India, it has spent over two decades assembling a portfolio of assets where the right to collect a toll, a cargo fee, or a power tariff is locked in for decades. The recurring approach is to develop a project inside its own Special Purpose Vehicle (SPV), get it operational, and then sell down the stake to unlock cash for the next one - a cycle of build, de-risk, and monetise that has already seen six SPVs divested.

Business segments

Three engines at different stages - a port terminal that generates steady cargo-handling fees, a road-and-bridge portfolio built around toll and annuity concessions, and a collection of power projects where hydro and co-generation assets are being restructured or sold - each housed in its own SPV and shaped by the same build-operate-monetise playbook.

1. Ports & terminals: the cargo-handling concession that throws off cash

A multi-purpose berth at India’s largest major port collects a fee on every tonne of bulk cargo moved, with a revenue-share paid to the port authority - infrastructure economics, not trading.

Paid per tonne handled - the terminal at Visakhapatnam Port operates two mechanised berths with a combined capacity of 9 million tonnes per annum, handling 6.90 million tonnes of cargo in the year to March 2025, and pays 17.11% of its revenue to the port trust.
The concession is the moat - a 30-year BOT agreement signed in 2001 gives it the right to be the only multi-bulk-cargo operator at the port, with commercial operations running since July 2004.
Infrastructure that lowers its own cost - the terminal has its own electrified railway sidings and a digital challan system to control road movement, so cargo logistics are faster and cheaper than relying on third-party rail.
Bigger ships, more cargo - dredging to a depth of -16.10 metres means fully laden Panamax vessels can berth, and a fifth crane - a higher-capacity Leibherr mobile harbour crane - was added to handle the extra volume.
Stake sold down, not walked away from - the company has reduced its holding from 73.76% to 23.56% through two sales to Shripriya Ports Private Limited, turning a controlled subsidiary into an associate that still contributes earnings.

2. Roads & highways: toll and annuity concessions on national corridors

The company bids for road projects where it either collects a toll from every vehicle or receives a fixed annuity from the government, then builds and maintains the highway inside a dedicated SPV.

Two ways to get paid - in a toll project, the SPV keeps the toll revenue for the entire operation period; in an annuity project, the government pays a fixed sum, removing traffic-volume risk.
Qualified to bid on OMT and tolling contracts - the company meets NHAI norms to compete for Operate-Maintain-Transfer and hybrid annuity projects, which are shorter in duration and tie up less capital than full greenfield builds.
An EPC joint venture that delivers cash - the Duburi-Chandikhole project in Odisha is a 39.4 km road-widening contract with NHAI, executed through a JV with Gammon Engineers and Contractors, where the company receives its profit share regularly.
Asset-light services as the next layer - the company is building a fee-based Operation and Maintenance (O&M) practice for roads, creating a steady revenue stream that does not require the heavy upfront capital of a concession bid.

3. Power generation: hydro and co-generation assets under restructuring

A portfolio of BOOT power projects - two hydroelectric plants in the Himalayas and a bagasse-fired co-generation unit in Maharashtra - where the company sells electricity to state grids and industrial clients under long-term purchase agreements.

A co-generation plant with a captive fuel risk - the 30 MW Pravara project in Maharashtra sells power to a cooperative sugar factory and surplus to the state distribution company, but its viability hinges on securing bagasse at a workable price, and a court order has restrained the factory from entering the premises of the plant.
A near-complete hydro asset looking for a buyer - the 66 MW Rangit II project in Sikkim has its dam, head race tunnel, and surge shaft partially excavated, all clearances in hand, and financial closure achieved; the board has approved the divestment of the Company's stake in the SPV to Ajanma Holdings for ₹20 Crores.
Early-stage hydro shelved by local opposition - the 60 MW Tidong-II project in Himachal Pradesh has a prefeasibility approval but the detailed project report was delayed by village disputes and poor site access, while the larger 261 MW Youngthang project was stalled entirely by farmer protests and the SPV has since ceased to be a subsidiary after its shares were transferred by a lender.
Insolvency used as a reset tool - Pravara entered the corporate insolvency process in January 2023, while Sikkim Hydro’s insolvency was admitted in 2020 and then terminated in June 2022 after a settlement cleared all dues, allowing the company to regain control and restart sale talks.

Group structure and partners

Every project lives in its own SPV, and the group’s history is one of continuous divestment - six SPVs sold, multiple subsidiaries transferred to lenders, and a parent entity that retains influence through Gammon India and Gammon Power.

SPVs as the operating DNA - each infrastructure concession is held in a separate subsidiary, joint venture, or associate, isolating project-level debt and performance from the parent company.
Government as the primary customer - the SPVs’ revenue ultimately comes from government organisations, whether through NHAI toll concessions, port authority agreements, or state electricity distribution companies.
Lenders taking equity in stressed assets - Indira Container Terminal and Youngthang Power ceased to be subsidiaries in September 2024 when their shares were appropriated by Yuvyze Consulting LLP against outstanding loans.
Insolvency as a boundary, not a contagion - Patna Highway Projects, Rajahmundry Godavari Bridge, and Pravara Renewable Energy entered CIRP at different times, but each sits in its own SPV, so the parent’s exposure is limited to its equity and corporate guarantees.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹66Cr

Close Price

₹0.70

Industry

Engineering Turnkey Services

Price To Earnings

10.00

Price To Sales

—

Revenue

₹0Cr

Rev Gr TTM

Revenue Growth TTM

-100.00%

PAT Gr TTM

PAT Growth TTM

-100.61%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	13	17	18	15	20	0	0	0	0	0	0	0
Growth YoY Revenue Growth YoY%	10.8	6.6	-64.2	21.6	46.5	-100.0	-100.0	-100.0	-100.0
Expenses ExpensesCr	8	26	15	12	25	-8	38	10	4	3	4	2
Operating Profit Operating ProfitCr	5	-9	3	4	-5	8	-38	-10	-4	-3	-4	-2
OPM OPM%	40.0	-52.1	16.1	23.5	-26.2
Other Income Other IncomeCr	5	7	65	10	815	-7	3	1,113	7	3	11	-16
Interest Expense Interest ExpenseCr	79	81	44	77	74	36	24	1	1	1	1	1
Depreciation DepreciationCr	13	13	0	10	9	0	0	0	0	0	0	0
PBT PBTCr	-81	-96	23	-72	727	-36	-59	1,102	3	-1	7	-19
Tax TaxCr	1	1	-1	-5	20	0	2	0	0	0	0	0
PAT PATCr	-82	-96	25	-68	707	-36	-61	1,103	3	-1	7	-19
Growth YoY PAT Growth YoY%	-6.9	-26.1	123.7	11.8	962.8	62.8	-346.1	1,727.6	-99.6	96.7	111.5	-101.7
NPM NPM%	-611.6	-560.4	134.9	-449.5	3,602.0
EPS EPS₹	-0.8	-0.9	-0.6	-0.6	-1.0	-0.4	-0.6	11.7	0.0	0.0	0.1	0.0

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	13	17	18	15	20	0	0	0	0	0	0	0
Growth YoY Revenue Growth YoY%	10.8	6.6	-64.2	21.6	46.5	-100.0	-100.0	-100.0	-100.0
Expenses ExpensesCr	8	26	15	12	25	-8	38	10	4	3	4	2
Operating Profit Operating ProfitCr	5	-9	3	4	-5	8	-38	-10	-4	-3	-4	-2
OPM OPM%	40.0	-52.1	16.1	23.5	-26.2
Other Income Other IncomeCr	5	7	65	10	815	-7	3	1,113	7	3	11	-16
Interest Expense Interest ExpenseCr	79	81	44	77	74	36	24	1	1	1	1	1
Depreciation DepreciationCr	13	13	0	10	9	0	0	0	0	0	0	0
PBT PBTCr	-81	-96	23	-72	727	-36	-59	1,102	3	-1	7	-19
Tax TaxCr	1	1	-1	-5	20	0	2	0	0	0	0	0
PAT PATCr	-82	-96	25	-68	707	-36	-61	1,103	3	-1	7	-19
Growth YoY PAT Growth YoY%	-6.9	-26.1	123.7	11.8	962.8	62.8	-346.1	1,727.6	-99.6	96.7	111.5	-101.7
NPM NPM%	-611.6	-560.4	134.9	-449.5	3,602.0
EPS EPS₹	-0.8	-0.9	-0.6	-0.6	-1.0	-0.4	-0.6	11.7	0.0	0.0	0.1	0.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,577	663	625	497	368	242	178	91	61	35	0	0
Growth Revenue Growth%		-58.0	-5.8	-20.5	-26.0	-34.2	-26.3	-48.9	-32.8	-43.3	-100.0	-100.0
Expenses ExpensesCr	987	398	380	298	179	155	120	101	55	68	20	12
Operating Profit Operating ProfitCr	590	265	244	199	189	87	59	-10	6	-33	-20	-12
OPM OPM%	37.4	40.0	39.1	40.1	51.4	35.8	32.9	-10.9	10.5	-96.4
Other Income Other IncomeCr	-16	-1	13	6	347	12	-677	-1,260	81	820	1,135	6
Interest Expense Interest ExpenseCr	643	309	340	361	383	255	261	281	279	211	4	4
Depreciation DepreciationCr	100	50	87	109	126	89	71	51	38	18	0	0
PBT PBTCr	-170	-94	-170	-265	27	-245	-951	-1,601	-229	557	1,111	-10
Tax TaxCr	41	27	16	-55	13	31	6	4	1	17	0	0
PAT PATCr	-211	-122	-186	-210	15	-277	-957	-1,605	-231	541	1,111	-11
Growth PAT Growth%		42.4	-52.7	-13.2	107.0	-1,988.4	-246.1	-67.6	85.6	334.6	105.4	-100.6
NPM NPM%	-13.4	-18.3	-29.7	-42.3	4.0	-114.3	-537.1	-1,761.3	-376.6	1,558.9
EPS EPS₹	-2.2	-1.3	-2.0	-1.6	0.7	-2.5	-9.8	-16.6	-2.0	6.0	11.8	0.1

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,577	663	625	497	368	242	178	91	61	35	0	0
Growth Revenue Growth%		-58.0	-5.8	-20.5	-26.0	-34.2	-26.3	-48.9	-32.8	-43.3	-100.0	-100.0
Expenses ExpensesCr	987	398	380	298	179	155	120	101	55	68	20	12
Operating Profit Operating ProfitCr	590	265	244	199	189	87	59	-10	6	-33	-20	-12
OPM OPM%	37.4	40.0	39.1	40.1	51.4	35.8	32.9	-10.9	10.5	-96.4
Other Income Other IncomeCr	-16	-1	13	6	347	12	-677	-1,260	81	820	1,135	6
Interest Expense Interest ExpenseCr	643	309	340	361	383	255	261	281	279	211	4	4
Depreciation DepreciationCr	100	50	87	109	126	89	71	51	38	18	0	0
PBT PBTCr	-170	-94	-170	-265	27	-245	-951	-1,601	-229	557	1,111	-10
Tax TaxCr	41	27	16	-55	13	31	6	4	1	17	0	0
PAT PATCr	-211	-122	-186	-210	15	-277	-957	-1,605	-231	541	1,111	-11
Growth PAT Growth%		42.4	-52.7	-13.2	107.0	-1,988.4	-246.1	-67.6	85.6	334.6	105.4	-100.6
NPM NPM%	-13.4	-18.3	-29.7	-42.3	4.0	-114.3	-537.1	-1,761.3	-376.6	1,558.9
EPS EPS₹	-2.2	-1.3	-2.0	-1.6	0.7	-2.5	-9.8	-16.6	-2.0	6.0	11.8	0.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	189	189	189	189	189	189	189	189	189	189	189
Reserves ReservesCr	568	464	319	165	232	-1	-924	-2,528	-2,716	-2,155	-1,044
Current Liabilities Current LiabilitiesCr	544	438	1,371	2,525	2,602	2,802	3,261	3,680	3,690	2,128	1,021
Non Current Liabilities Non Current LiabilitiesCr	3,379	3,770	3,758	2,011	902	870	99	145	97	54	8
Total Liabilities Total LiabilitiesCr	4,748	4,911	5,652	4,850	3,884	3,775	2,483	1,305	1,037	215	173
Current Assets Current AssetsCr	591	674	587	600	213	209	179	225	210	43	39
Non Current Assets Non Current AssetsCr	4,157	4,237	5,065	4,250	3,671	3,566	2,305	1,080	827	173	135
Total Assets Total AssetsCr	4,748	4,911	5,652	4,850	3,884	3,775	2,483	1,305	1,037	215	173

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	189	189	189	189	189	189	189	189	189	189	189
Reserves ReservesCr	568	464	319	165	232	-1	-924	-2,528	-2,716	-2,155	-1,044
Current Liabilities Current LiabilitiesCr	544	438	1,371	2,525	2,602	2,802	3,261	3,680	3,690	2,128	1,021
Non Current Liabilities Non Current LiabilitiesCr	3,379	3,770	3,758	2,011	902	870	99	145	97	54	8
Total Liabilities Total LiabilitiesCr	4,748	4,911	5,652	4,850	3,884	3,775	2,483	1,305	1,037	215	173
Current Assets Current AssetsCr	591	674	587	600	213	209	179	225	210	43	39
Non Current Assets Non Current AssetsCr	4,157	4,237	5,065	4,250	3,671	3,566	2,305	1,080	827	173	135
Total Assets Total AssetsCr	4,748	4,911	5,652	4,850	3,884	3,775	2,483	1,305	1,037	215	173

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	256	416	374	278	363	100	53	79	28	-78	-34
Investing Cash Flow Investing Cash FlowCr	118	-441	-64	-60	-18	8	28	-26	-24	116	33
Financing Cash Flow Financing Cash FlowCr	-349	-21	-306	-257	-347	-97	-87	-51	-6	-39	1
Net Cash Flow Net Cash FlowCr	25	-46	4	-39	-3	11	-6	2	-2	-1	0
Free Cash Flow Free Cash FlowCr	19	133	212	252	359	95	54	80	27	-78	-34
CFO To PAT CFO To PAT%	-121.4	-342.4	-201.6	-132.5	2,474.5	-36.0	-5.6	-5.0	-12.2	-14.5	-3.0
CFO To EBITDA CFO To EBITDA%	43.4	157.1	153.0	139.7	192.0	114.9	91.0	-798.7	435.6	234.4	166.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	256	416	374	278	363	100	53	79	28	-78	-34
Investing Cash Flow Investing Cash FlowCr	118	-441	-64	-60	-18	8	28	-26	-24	116	33
Financing Cash Flow Financing Cash FlowCr	-349	-21	-306	-257	-347	-97	-87	-51	-6	-39	1
Net Cash Flow Net Cash FlowCr	25	-46	4	-39	-3	11	-6	2	-2	-1	0
Free Cash Flow Free Cash FlowCr	19	133	212	252	359	95	54	80	27	-78	-34
CFO To PAT CFO To PAT%	-121.4	-342.4	-201.6	-132.5	2,474.5	-36.0	-5.6	-5.0	-12.2	-14.5	-3.0
CFO To EBITDA CFO To EBITDA%	43.4	157.1	153.0	139.7	192.0	114.9	91.0	-798.7	435.6	234.4	166.3

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	462	383	233	57	23	64	173	91				66
Price To Earnings Price To Earnings					0.3							10.0
Price To Sales Price To Sales	0.3	0.6	0.4	0.1	0.1	0.3	1.0	1.0
Price To Book Price To Book	0.6	0.6	0.5	0.2	0.1	0.3	-0.2	0.0				-0.1
EV To EBITDA EV To EBITDA	4.3	11.2	11.0	7.7	2.4	7.3	2.8	-22.8
Profitability Ratios Profitability Ratios
GPM GPM%	42.6	47.9	50.8	59.6	68.1	51.0	61.2	30.4	97.9	99.8
OPM OPM%	37.4	40.0	39.1	40.1	51.4	35.8	32.9	-10.9	10.5	-96.4
NPM NPM%	-13.4	-18.3	-29.7	-42.3	4.0	-114.3	-537.1	-1,761.3	-376.6	1,558.9
ROCE ROCE%	14.7	6.6	5.7	5.1	45.8	1.3	96.5	61.0	-2.1	-39.2	-131.6	-131.6
ROE ROE%	-27.8	-18.6	-36.5	-59.2	3.5	-147.1	130.2	68.6	9.1	-27.5	-130.0	-130.0
ROA ROA%	-4.4	-2.5	-3.3	-4.3	0.4	-7.3	-38.6	-123.0	-22.2	251.4	640.8	640.8
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	462	383	233	57	23	64	173	91				66
Price To Earnings Price To Earnings					0.3							10.0
Price To Sales Price To Sales	0.3	0.6	0.4	0.1	0.1	0.3	1.0	1.0
Price To Book Price To Book	0.6	0.6	0.5	0.2	0.1	0.3	-0.2	0.0				-0.1
EV To EBITDA EV To EBITDA	4.3	11.2	11.0	7.7	2.4	7.3	2.8	-22.8
Profitability Ratios Profitability Ratios
GPM GPM%	42.6	47.9	50.8	59.6	68.1	51.0	61.2	30.4	97.9	99.8
OPM OPM%	37.4	40.0	39.1	40.1	51.4	35.8	32.9	-10.9	10.5	-96.4
NPM NPM%	-13.4	-18.3	-29.7	-42.3	4.0	-114.3	-537.1	-1,761.3	-376.6	1,558.9
ROCE ROCE%	14.7	6.6	5.7	5.1	45.8	1.3	96.5	61.0	-2.1	-39.2	-131.6	-131.6
ROE ROE%	-27.8	-18.6	-36.5	-59.2	3.5	-147.1	130.2	68.6	9.1	-27.5	-130.0	-130.0
ROA ROA%	-4.4	-2.5	-3.3	-4.3	0.4	-7.3	-38.6	-123.0	-22.2	251.4	640.8	640.8
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	KONSTELEC	HMEML	SEMAC	AJRINFRA	IL&FSTRANS	TROM	RULKA
Market CapitalizationMkt CapCr	72	69	68	66	63	55	52
Close PriceClose₹	48.00	50.00	217.95	0.70	1.90	60.00	106.65
IndustryIndustry	Engineering Turnkey Services	Engineering Turnkey Services	Engineering Turnkey Services	Engineering Turnkey Services	Engineering Turnkey Services	Engineering Turnkey Services	Engineering Turnkey Services
Price To EarningsPE	9.94	5.75	10.30	10.00		7.97	13.81
Price To SalesPS	0.34	0.52	0.31		0.63	0.45	0.48
RevenueRevenueCr	210	132	222	0	100	123	110
Revenue Growth TTMRev Gr TTM%	8.6%	8.7%	8.9%	-100.0%	-97.1%	32.2%	32.0%
PAT Growth TTMPAT Gr TTM%	53.4%	16.6%	375.0%	-100.6%	-499.9%	50.1%	45.5%

	KONSTELEC	HMEML	SEMAC	AJRINFRA	IL&FSTRANS	TROM	RULKA
Market CapitalizationMkt CapCr	72	69	68	66	63	55	52
Close PriceClose₹	48.00	50.00	217.95	0.70	1.90	60.00	106.65
IndustryIndustry	Engineering Turnkey Services	Engineering Turnkey Services	Engineering Turnkey Services	Engineering Turnkey Services	Engineering Turnkey Services	Engineering Turnkey Services	Engineering Turnkey Services
Price To EarningsPE	9.94	5.75	10.30	10.00		7.97	13.81
Price To SalesPS	0.34	0.52	0.31		0.63	0.45	0.48
RevenueRevenueCr	210	132	222	0	100	123	110
Revenue Growth TTMRev Gr TTM%	8.6%	8.7%	8.9%	-100.0%	-97.1%	32.2%	32.0%
PAT Growth TTMPAT Gr TTM%	53.4%	16.6%	375.0%	-100.6%	-499.9%	50.1%	45.5%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26