AJR Infra & Tolling
AJR Infra & Tolling
IndustrialsTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Weaknesses
6- Promoter holding is low: 10.7%
- Contingent liabilities of Rs.1,461 Cr.
- Promoters have pledged 100% of their holding.
- Earnings include an other income of Rs.5.76 Cr.
- Company's cost of borrowing seems high
- Promoter holding has decreased over last 3 years: -9.88%
Growth Rate
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 12 | 13 | 17 | 18 | 15 | 20 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Expenses | 5 | 8 | 26 | 15 | 12 | 25 | -8 | 38 | 10 | 4 | 3 | 4 | 2 |
| Operating Profit | 7 | 5 | -9 | 3 | 4 | -5 | 8 | -38 | -10 | -4 | -3 | -4 | -2 |
| OPM % | 57% | 40% | -52% | 16% | 23% | -26% | — | — | — | — | — | — | — |
| Other Income | 5 | 5 | 7 | 65 | 10 | 815 | -7 | 3 | 1,113 | 7 | 3 | 11 | -16 |
| Interest | 75 | 79 | 81 | 44 | 77 | 74 | 36 | 24 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 13 | 13 | 13 | 0 | 10 | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | -76 | -81 | -96 | 23 | -72 | 727 | -36 | -59 | 1,102 | 3 | -1 | 7 | -19 |
| Tax % | 1% | 1% | 1% | -5% | -6% | 3% | 0% | 3% | 0% | 0% | 0% | 0% | 0% |
| Net Profit | -77 | -82 | -96 | 25 | -68 | 707 | -36 | -61 | 1,103 | 3 | -1 | 7 | -19 |
| EPS in Rs | -0.71 | -0.76 | -0.91 | 0.38 | -0.59 | 7.6 | -0.38 | -0.64 | 11.71 | 0.03 | -0.01 | 0.07 | -0.2 |
Profit & Loss
| Particulars | Sep 2014 9m | Mar 2016 18m | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 542 | 1,577 | 663 | 625 | 497 | 368 | 242 | 178 | 91 | 61 | 35 | 0 | 0 |
| Expenses | 199 | 996 | 423 | 380 | 298 | 179 | 155 | 102 | 101 | 55 | 51 | 20 | 12 |
| Operating Profit | 343 | 581 | 240 | 245 | 199 | 189 | 87 | 76 | -10 | 6 | -16 | -20 | -12 |
| OPM % | 63% | 37% | 36% | 39% | 40% | 51% | 36% | 43% | -11% | 11% | -46% | — | — |
| Other Income | -30 | -7 | 25 | 13 | 6 | 347 | 12 | -695 | -1,260 | 81 | 802 | 1,135 | 6 |
| Interest | 207 | 644 | 309 | 340 | 361 | 383 | 255 | 261 | 281 | 279 | 211 | 4 | 4 |
| Depreciation | 168 | 100 | 50 | 87 | 109 | 126 | 89 | 71 | 51 | 38 | 18 | 0 | 0 |
| PBT | -61 | -170 | -94 | -170 | -265 | 27 | -245 | -951 | -1,601 | -229 | 557 | 1,111 | -10 |
| Tax % | -35% | 24% | 29% | 9% | -21% | 46% | 13% | 1% | 0% | 1% | 3% | 0% | — |
| Net Profit | -40 | -204 | -122 | -186 | -210 | 15 | -277 | -957 | -1,605 | -231 | 541 | 1,111 | -11 |
| EPS in Rs | -0.43 | -2.18 | -1.1 | -1.55 | -1.65 | 0.71 | -2.48 | -9.8 | -16.62 | -2 | 5.96 | 11.8 | -0.11 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Sep 2014 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 188 | 189 | 189 | 189 | 189 | 189 | 189 | 189 | 189 | 189 | 189 | 189 |
| Reserves | 763 | 568 | 464 | 319 | 165 | 232 | -1 | -924 | -2,528 | -2,716 | -2,155 | -1,044 |
| Borrowings | 3,907 | 2,513 | 2,675 | 3,142 | 1,636 | 518 | 615 | 20 | 174 | 207 | 6 | 8 |
| Other Liabilities | 4,697 | 1,453 | 1,554 | 1,964 | 2,852 | 2,936 | 2,969 | 3,198 | 3,470 | 3,356 | 2,175 | 1,020 |
| Total Liabilities | 9,555 | 4,724 | 4,883 | 5,614 | 4,843 | 3,875 | 3,772 | 2,483 | 1,305 | 1,037 | 215 | 173 |
| Fixed Assets | 6,229 | 2,242 | 2,197 | 2,869 | 2,076 | 1,151 | 1,067 | 722 | 565 | 489 | 20 | 20 |
| CWIP | 2,653 | 585 | 809 | 1,009 | 1,025 | 1,077 | 1,075 | 159 | 67 | 67 | 0 | 0 |
| Investments | 34 | 86 | 184 | 45 | 45 | 490 | 490 | 602 | 319 | 114 | 45 | 86 |
| Other Assets | 639 | 1,811 | 1,693 | 1,690 | 1,697 | 1,157 | 1,140 | 1,000 | 354 | 366 | 151 | 68 |
| Total Assets | 9,555 | 4,724 | 4,883 | 5,614 | 4,843 | 3,875 | 3,772 | 2,483 | 1,305 | 1,037 | 215 | 173 |
Cash Flow
| Particulars | Sep 2014 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 416 | 256 | 416 | 374 | 278 | 363 | 100 | 53 | 79 | 28 | -78 | -34 |
| Investing | -382 | 118 | -441 | -48 | -60 | -20 | 8 | 18 | -26 | -25 | 116 | 33 |
| Financing | -71 | -349 | -21 | -306 | -257 | -347 | -97 | -87 | -51 | -6 | -39 | 1 |
| Net Cash Flow | -37 | 25 | -46 | 20 | -39 | -4 | 11 | -16 | 2 | -2 | -1 | 0 |
| Free Cash Flow | 416 | 19 | 133 | 212 | 251 | 359 | 95 | 54 | 80 | 27 | -78 | -34 |
| CFO/OP | 123 | 47 | 175 | 160 | 146 | 196 | 118 | 71 | -820 | 468 | 494 | 163 |
Ratios
| Particulars | Sep 2014 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 13 | 15 | 197 | 108 | 192 | 62 | 82 | 97 | 182 | 220 | 217 | — |
| Inventory Days | — | — | — | — | — | — | 112 | 7 | 360 | — | — | — |
| Days Payable | — | — | — | — | — | — | 4,095 | 6,010 | 951 | — | — | — |
| Cash Conversion Cycle | 13 | 15 | 197 | 108 | 192 | 62 | -3,901 | -5,905 | -409 | 220 | 217 | — |
| Working Capital Days | -479 | -87 | 32 | -514 | -1,483 | -2,463 | -4,054 | -6,477 | -14,211 | -21,341 | -22,007 | — |
| ROCE % | 4% | 13% | 6% | 5% | 4% | 6% | 1% | — | — | — | — | — |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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61 extracted metrics + investor summaries across FY08–FY26.
Documents
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Company Information
Incorporated in 2011, AJR Infra And Tolling Ltd develops infrastructure projects on a Public-Private Partnership basis[1]
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