Financial Performance Highlights

Quarter Ended September 30, 2026 (Unaudited):

  • Revenue from operations: ₹650.12 lakh
  • Other income: ₹68.48 lakh
  • Total revenue: ₹718.60 lakh
  • Total expenses: ₹973.52 lakh
  • Loss before tax and exceptional items: ₹(254.92) lakh
  • Loss before tax: ₹(254.92) lakh
  • Tax credit: ₹(3.25) lakh
  • Net loss for the quarter: ₹(251.67) lakh
  • Total comprehensive loss for the quarter: ₹(247.89) lakh
  • Basic & diluted earnings per share: ₹(1.34)

Half Year Ended September 30, 2026 (Unaudited):

  • Revenue from operations: ₹1,238.17 lakh
  • Other income: ₹140.06 lakh
  • Total revenue: ₹1,378.23 lakh
  • Total expenses: ₹2,134.07 lakh
  • Loss before tax and exceptional items: ₹(755.84) lakh
  • Loss before tax: ₹(755.84) lakh
  • Tax credit: ₹(1.19) lakh
  • Net loss for half year: ₹(754.65) lakh
  • Total comprehensive loss for half year: ₹(747.14) lakh
  • Basic & diluted earnings per share: ₹(4.01)

Segment-wise Performance (Quarter Ended September 30, 2026)

Wind Mills Segment:

  • Segment revenue: ₹718.54 lakh
  • Segment profit before tax and interest: ₹196.50 lakh
  • Segment assets: ₹5,422.78 lakh
  • Segment liabilities: ₹3,556.85 lakh
  • Capital employed: ₹1,865.93 lakh

Infrastructure Segment:

  • Segment revenue: ₹0.00 lakh
  • Segment loss before tax and interest: ₹(418.70) lakh
  • Segment assets: ₹14,074.10 lakh
  • Segment liabilities: ₹0.00 lakh
  • Capital employed: ₹14,074.10 lakh

Balance Sheet Position (As at September 30, 2026)

  • Total assets: ₹19,606.18 lakh
  • Non-current assets: ₹15,705.12 lakh
  • Current assets: ₹3,901.06 lakh
  • Shareholders' funds: ₹15,910.59 lakh
  • Non-current liabilities: ₹2,105.11 lakh
  • Current liabilities: ₹1,590.48 lakh
  • Paid-up equity share capital: ₹1,883.38 lakh (Face value ₹5 each)
  • Other equity: ₹14,027.21 lakh

Cash Flow Statement (Half Year Ended September 30, 2026)

  • Net cash used in operating activities: ₹(695.07) lakh
  • Net cash from investing activities: ₹724.09 lakh
  • Net cash used in financing activities: ₹(1.99) lakh
  • Net increase in cash and cash equivalents: ₹27.03 lakh
  • Cash and cash equivalents at period end: ₹49.98 lakh

Key Notes and Disclosures

Arbitration Proceedings:

One of the investors (AIRRO Mauritius Holdings V) of Nandi Economic Corridor Enterprises Ltd. (NECE), a step-down subsidiary, and Soinfra Enterprises Private Limited have filed arbitration before Singapore International Arbitration Centre (SIAC) against sponsors and promoters including BF Utilities. The company received the notice on March 27, 2025, and is named as the 4th respondent.

Claimants allege failure to provide exit options and claim damages of ₹500 crore plus 18% IRR from investment date, plus ₹70.90 crore for shares acquired under separate transaction, plus pre-award and post-award interest at 18% p.a.

Case timeline:

  • Statement of claim filed: September 26, 2025
  • Statement of defense filed: December 24, 2025
  • Discovery period: January 21, 2026 to April 8, 2026
  • Claimants' reply filed: May 13, 2026
  • Respondents' rejoinder filed: July 17, 2026

Management believes the claim lacks merit and has strong defenses. No provision recognized in books as of September 30, 2026.

Subsidiary Matters:

  • Nandi Highway Developers Limited (NHDL) toll operations concluded effective September 7, 2024, due to end of concession term
  • Investment in NHDL of ₹26.07 crore considered good with no impairment
  • Advance of ₹3,700 lakh to NECE for land acquisition considered recoverable
  • Subsidiaries NICE, NECE, and NHDL have not submitted unaudited financial results for recent quarters
  • Company will publish consolidated results once all subsidiary results are available

Labour Code Implementation:

New Labour Codes effective from November 21, 2025, with rules notified on May 8, 2026. Company accounted for incremental impact of ₹218.12 lakh on gratuity and long-term compensated absences in Q3 December 2025, with ₹129.13 lakh reversed in Q4 March 2026, resulting in net additional provision of ₹88.99 lakh for FY 2025-26 (disclosed under exceptional items).

Business Seasonality:

Power generation business subject to seasonal variations in winds; quarterly results may not indicate full-year trend.

Auditor's Qualified Review Report

Statutory auditors G. D. Apte & Co. issued a qualified conclusion citing:

1. Material uncertainty regarding arbitration claims that could require provisions if awarded

2. Going concern uncertainty for NHDL subsidiary and potential impairment of ₹26.07 crore investment

3. Interest-free advance of ₹37 crore to NECE outstanding for over 15 years with uncertainty about utilization and potential impairment

The auditors' qualified conclusion states that except for these matters, nothing has come to their attention suggesting material misstatement.

Emphasis of Matter

Auditors emphasized:

  • Management's view that litigation does not warrant provision recognition
  • Subsidiaries NICE, NECE, and NHDL have not submitted unaudited financial results for recent quarters
  • Company will publish consolidated results once all subsidiary results are available