Standalone Financial Results (₹ crore)

Quarterly Performance (Q2 FY27 vs Q2 FY26):

  • Revenue from operations: ₹2,854 (vs ₹2,676 in Q2 FY25) - +6.7% YoY
  • Total income: ₹2,914 (vs ₹2,729 in Q2 FY25)
  • Profit before tax: ₹346 (vs ₹314 in Q2 FY25)
  • Net profit: ₹256 (vs ₹242 in Q2 FY25) - +5.8% YoY
  • EPS (basic & diluted): ₹1.93 (vs ₹1.83 in Q2 FY25)

Half-Yearly Performance (H1 FY27 vs H1 FY26):

  • Revenue from operations: ₹5,837 (vs ₹5,538 in H1 FY25)
  • Total income: ₹5,938 (vs ₹5,635 in H1 FY25)
  • Profit before tax: ₹643 (vs ₹587 in H1 FY25)
  • Net profit: ₹476 (vs ₹453 in H1 FY25)
  • EPS (basic & diluted): ₹3.59 (vs ₹3.41 in H1 FY25)

Key Expense Items (Q2 FY27):

  • Cost of energy purchased: ₹1,180 crore
  • Cost of fuel: ₹456 crore
  • Employee benefits expense: ₹297 crore
  • Finance costs: ₹199 crore
  • Depreciation and amortization: ₹143 crore

Regulatory Income:

  • Q2 FY27: ₹29 crore (net)
  • H1 FY27: ₹51 crore (net)

Tax Expenses:

  • Current tax: ₹101 crore (Q2 FY27), ₹191 crore (H1 FY27)
  • Deferred tax credit: ₹(11) crore (Q2 FY27), ₹(24) crore (H1 FY27)

Consolidated Financial Results (₹ crore)

Quarterly Performance (Q2 FY27):

  • Revenue from operations: ₹5,607
  • Total income: ₹5,686
  • Profit before tax: ₹586
  • Net profit: ₹438
  • EPS (basic & diluted): ₹3.20
  • Profit attributable to owners: ₹423

Half-Yearly Performance (H1 FY27):

  • Revenue from operations: ₹11,092
  • Total income: ₹11,245
  • Profit before tax: ₹1,132
  • Net profit: ₹857
  • EPS (basic & diluted): ₹6.23
  • Profit attributable to owners: ₹825

Key Financial Ratios (Standalone)

As of September 30, 2026:

  • Debt Equity Ratio: 1.2
  • Debt Service Coverage Ratio: 2.9 (net of refinancing)
  • Interest Service Coverage Ratio: 3.0
  • Current Ratio: 0.4
  • Operating Profit Margin: 17.0%
  • Net Profit Margin: 8.8%
  • Net worth: ₹9,300 crore

Commercial Paper Outstanding

As of September 30, 2026, the company had ₹1,550 crore outstanding listed commercial papers across six ISINs:

  • INE486A14GLO: ₹150 crore
  • INE486A14GGO: ₹200 crore
  • INE486A14GH8: ₹400 crore
  • INE486A14Gl6: ₹300 crore
  • INE486A14GJ4: ₹300 crore
  • INE486A14GK2: ₹200 crore

Dividend Declaration

An interim dividend of ₹6 per equity share was declared on August 13, 2026 and paid during the current quarter.

Regulatory Matters

West Bengal Electricity Regulatory Commission (WBERC):

  • Revenue recognition based on WBERC orders and FPPAS levy from June 2024
  • Regulatory income/expense includes estimates that may require adjustment upon final orders
  • APR orders for 2019-20 & 2020-21 and MYT order for 2023-24 to 2025-26 received in previous years
  • APR orders for 2021-22 and 2022-23 received during current period
  • Company has filed/is process of filing appeals against certain deviations from past practices
  • Provision of ₹80 crore (net) made for certain old regulatory asset balances

Subsidiary Matters:

  • Haldia Energy Limited has filed appeals with APTEL regarding tariff orders for 2018-19 to 2025-26
  • One subsidiary in Uttar Pradesh received UPERC tariff order dated July 2, 2026 for FY 2026-27 with truing-up for FY 2024-25
  • Subsidiary has filed appeal against this order
  • Certain issues for FY 2019-20 to FY 2023-24 continue pending before APTEL

Subsidiary Updates

New Subsidiaries:

  • Purvah Green Power Private Limited incorporated five new subsidiaries during current quarter
  • CESC Limited incorporated two new subsidiaries during current quarter
  • Company is in process of subscribing to share capital of these entities

Corporate Actions:

  • Scheme of Amalgamation approved for RPSG Energy Services Limited with Purvah Green Power Private Limited
  • Appointed date: October 1, 2026
  • Subject to NCLT, shareholder and other approvals

Acquisition:

  • Purvah Green Power Private Limited entered Share Purchase Agreement on August 10, 2026
  • Acquisition of 100% share capital of six ReNew energy companies
  • Subject to completion of conditions precedent

Balance Sheet Highlights (Standalone)

As of September 30, 2026:

  • Total assets: ₹32,028 crore
  • Property, plant and equipment: ₹12,338 crore
  • Capital work-in-progress: ₹390 crore
  • Investments: ₹6,573 crore
  • Cash and cash equivalents: ₹291 crore
  • Total equity: ₹9,300 crore
  • Borrowings: ₹11,225 crore (₹7,491 crore non-current + ₹3,734 crore current)
  • Regulatory deferral account balances: ₹6,630 crore

Cash Flow (Standalone)

H1 FY27:

  • Cash from operating activities: ₹1,081 crore
  • Cash used in investing activities: ₹(751) crore
  • Cash used in financing activities: ₹(1,010) crore
  • Net decrease in cash: ₹(680) crore

Audit Review

Statutory Auditors S.R. Batliboi & Co. LLP conducted limited review and concluded that nothing came to their attention causing belief that the financial results contain material misstatement.