Punj Lloyd FY25 Loss Widens to ₹499 Crore; Adani Infra Acquisition Approved

# Punj Lloyd Limited: FY25 Loss Widens Amidst Liquidation

**Consolidated Loss FY25: ₹499.31 crore**
**Standalone Loss FY25: ₹147.58 crore**

Reader Takeaway: Significant FY25 loss and qualified audit raise concerns, while Adani Infra's acquisition signals a new ownership structure.

## What just happened

Punj Lloyd Limited has reported its audited financial results for the fiscal year 2025. The company, currently under liquidation as a going concern as per an NCLT order, posted a consolidated loss of ₹499.31 crore. This is an increase from the ₹445.43 crore loss reported in FY24. Standalone loss for FY25 was ₹147.58 crore, a substantial rise from ₹26.73 crore in FY24.

Revenue from operations also saw a decline. Standalone revenue from operations for FY25 was ₹164.43 crore, down from ₹321.52 crore in FY24. Consolidated revenue was also ₹164.43 crore, a decrease from ₹347.86 crore in the previous fiscal year.

## Why this matters

These results underscore the severe financial distress of Punj Lloyd. The widening losses and declining revenues highlight the challenges the company faces even as it operates under liquidation. The significant liabilities, standing at ₹18,236.38 crore standalone and ₹18,723.81 crore consolidated as of March 31, 2025, indicate a deep financial hole.

More importantly, the company is transitioning under new ownership. Adani Infra (India) Limited (AIIL) has been declared the successful bidder, with the NCLT approving the acquisition plan on February 12, 2026. This marks a pivotal moment, with AIIL-nominated directors appointed and the previous board discharged.

## The backstory

Punj Lloyd Limited has been facing significant financial and operational challenges for several years. The company's stock has been suspended from trading since October 7, 2022. It was declared a willful defaulter by Central Bank of India and IDBI Bank, with IDBI Bank also classifying its account as fraud.

## What changes now

With Adani Infra (India) Limited declared the successful bidder and the NCLT approving the acquisition, the ownership and management of Punj Lloyd are set for a complete overhaul. The appointment of AIIL-nominated directors signifies the transition of control. However, the company's stock remains suspended, offering no immediate exit for public shareholders.

## Risks to watch

Auditors have issued a qualified opinion on the financial statements, raising concerns over inventory valuation, lack of impairment assessment for assets, discrepancies in statutory liabilities and employee benefits, and significant operational risks including missing bank statements and expired registrations in overseas branches. The company also faces ongoing investigations from the Serious Fraud Investigation Office (SFIO) and the Enforcement Directorate (ED).

## Peer comparison

As Punj Lloyd is in liquidation and its shares are suspended, direct peer comparison on current financial performance is difficult and not meaningful for investors. The company's situation is unique due to its NCLT-supervised liquidation and acquisition process.

## Context metrics (time-bound)

- **FY 2025 Consolidated Loss:** ₹499.31 crore
- **FY 2024 Consolidated Loss:** ₹445.43 crore
- **FY 2025 Standalone Loss:** ₹147.58 crore
- **FY 2024 Standalone Loss:** ₹26.73 crore
- **Total Liabilities as of March 31, 2025:** ₹18,723.81 crore (Consolidated)
- **Trading Suspension Date:** October 07, 2022
- **NCLT Acquisition Approval Date:** February 12, 2026

## What to track next

Investors should monitor the progress of the acquisition by Adani Infra (India) Limited and any further developments related to the ongoing investigations by regulatory authorities. The eventual delisting or resolution for existing shareholders will be a key point to watch.