Key Decisions and Approvals

1. Financial Results Approval

The Board of Directors approved the un-audited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2026. The results were reviewed and recommended by the Audit Committee, and the Joint Statutory Auditors issued a Limited Review Report with an unmodified opinion.

2. Internal Auditor Appointment

Pursuant to Section 138 of the Companies Act, 2013 and based on Audit Committee recommendation, the Board approved the appointment of M/s Grant Thornton Bharat LLP as Internal Auditor for a period of 18 months, effective from October 1, 2026 to March 31, 2028, covering financial years 2026-27 and 2027-28.

Standalone Financial Performance (Rs. million)

Quarterly Comparison (Q2 FY27 vs Q2 FY26)

  • Revenue from operations: ₹33,131.08 (vs ₹3,324.31 in Q2 FY26) - 897% increase
  • Revenue breakdown:
  • EPC Contracts: ₹32,883.24 (vs ₹3,045.74)
  • O&M Services: ₹247.84 (vs ₹276.94)
  • Other Operating Revenue: ₹0.00 (vs ₹1.63)
  • Other income: ₹1,126.23 (vs ₹1,330.42)
  • Total income: ₹34,257.31 (vs ₹4,654.73)
  • Profit before tax: ₹3,226.89 (vs ₹409.76)
  • Profit for the period: ₹2,412.58 (vs ₹312.22)
  • EPS (Basic): ₹3.60 (vs ₹0.52)
  • EPS (Diluted): ₹3.37 (vs ₹0.51)

Half-Yearly Comparison (H1 FY27 vs H1 FY26)

  • Revenue from operations: ₹55,794.14 (vs ₹6,150.89) - 807% increase
  • Profit before tax: ₹4,857.45 (vs ₹420.65)
  • Profit for the period: ₹3,629.61 (vs ₹320.35)
  • EPS (Basic): ₹5.41 (vs ₹0.53)
  • EPS (Diluted): ₹5.34 (vs ₹0.52)

Consolidated Financial Performance (Rs. million)

Quarterly Comparison (Q2 FY27 vs Q2 FY26)

  • Revenue from operations: ₹8,870.11 (vs ₹4,677.48) - 90% increase
  • Sale of electricity: ₹8,870.11 (vs ₹4,675.85)
  • Other operating revenue: ₹0.00 (vs ₹1.63)
  • Other income: ₹1,200.70 (vs ₹1,336.18)
  • Total income: ₹10,070.81 (vs ₹6,013.66)
  • Profit before tax: ₹3,560.14 (vs ₹1,561.79)
  • Profit for the period: ₹2,686.61 (vs ₹1,150.65)
  • EPS (Basic): ₹4.00 (vs ₹1.90)
  • EPS (Diluted): ₹3.75 (vs ₹1.88)

Half-Yearly Comparison (H1 FY27 vs H1 FY26)

  • Revenue from operations: ₹17,445.11 (vs ₹9,787.32) - 78% increase
  • Profit before tax: ₹6,874.78 (vs ₹3,305.72)
  • Profit for the period: ₹5,039.91 (vs ₹2,458.89)
  • EPS (Basic): ₹7.51 (vs ₹4.06)
  • EPS (Diluted): ₹7.42 (vs ₹4.02)

Capital Structure and Shareholding

QIP Proceeds Utilization

The Company issued 100,178,890 equity shares (face value ₹2 each) at ₹279.50 per share through Qualified Institutional Placement (QIP), raising ₹27,629.04 million (net of issue expenses of ₹370.96 million). Utilization as of September 30, 2026:

  • Repayment of borrowings: ₹13,972.50 million utilized of ₹21,000.00 million allocated
  • General corporate purposes: ₹6,600.00 million utilized of ₹6,629.04 million allocated

ESOP Allotments

During the period ended September 30, 2026:

  • The Company allotted 723,642 equity shares (face value ₹2 each) to the Employee Welfare Trust under ESOP Scheme 2025
  • The Trust transferred 416,896 shares to eligible employees upon exercise of vested options
  • The Trust held 889,636 shares as at September 30, 2026

Paid-up Capital

  • As of September 30, 2026: ₹1,411.97 million (vs ₹1,210.78 million as of March 31, 2026)

Exceptional Items

  • Standalone: Contingent consideration received related to investments disposed in earlier years amounting to ₹24.17 million for Q2 and H1 FY26
  • Consolidated: Includes contingent consideration of ₹42.49 million for Q2 and H1 FY26 and ancillary cost of ₹159.11 million incurred on prepayment of borrowings by subsidiaries

Subsidiary Information

The consolidated results include 87 subsidiaries. The interim financial results of 54 subsidiaries (with total assets of ₹260,860.18 million as at September 30, 2026) were reviewed by other auditors.

Internal Auditor Appointment Details

  • Firm: Grant Thornton Bharat LLP (LLPIN: AAA-7677)
  • Term: 18 months (October 1, 2026 to March 31, 2028)
  • Scope: Integrated internal audit approach covering process, financial, IT and fraud risks
  • Experience: Deep business and industry experience in renewable energy and power sectors

Joint Statutory Auditors

  • BS R & Co. LLP (Firm Registration No.: 101248W/W-100022)
  • A Prasad & Associates (Firm Registration No.: 004250C)