Key Financial Results - Quarter Ended September 30, 2026 (Unaudited Standalone)
The Board of Directors considered and approved the unaudited standalone financial results for the quarter and half year ended September 30, 2026. The results were reviewed by the statutory auditors, M/s. Krutesh Patel & Associates, Chartered Accountants, who issued an unqualified limited review report.
Quarterly Performance (Q2 FY27):
- Revenue from Operations: ₹99.36 crore
- Other Income: -₹0.22 crore (negative)
- Total Income: ₹99.14 crore
- Total Expenses: ₹87.06 crore
- Profit Before Tax: ₹12.08 crore
- Tax Expense: ₹2.30 crore (Current Tax: ₹2.25 crore, Deferred Tax: ₹0.05 crore)
- Net Profit for the quarter: ₹9.78 crore
- Earnings Per Share (Basic and Diluted): ₹6.97
Half-Yearly Performance (H1 FY27):
- Revenue from Operations: ₹176.13 crore
- Other Income: -₹0.08 crore (negative)
- Total Income: ₹176.05 crore
- Total Expenses: ₹156.89 crore
- Profit Before Tax: ₹19.15 crore
- Tax Expense: ₹3.60 crore (Current Tax: ₹3.50 crore, Deferred Tax: ₹0.10 crore)
- Net Profit for the half-year: ₹15.55 crore
- Earnings Per Share (Basic and Diluted): ₹11.08
Comparative Performance
Quarter Comparison (Q2 FY27 vs Q2 FY26):
- Revenue increased significantly from ₹49.26 crore to ₹99.36 crore
- Net Profit improved from a loss of ₹0.30 crore to a profit of ₹9.78 crore
- EPS improved from negative ₹12.92 to positive ₹6.97
Half-Year Comparison (H1 FY27 vs H1 FY26):
- Revenue increased from ₹157.97 crore to ₹176.13 crore
- Net Profit increased from ₹14.85 crore to ₹15.55 crore
- EPS increased from ₹10.82 to ₹11.08
Balance Sheet Position as at September 30, 2026
Assets:
- Total Assets: ₹219.92 crore (vs ₹177.45 crore as at March 31, 2026)
- Non-current Assets: ₹155.65 crore (including Property, Plant and Equipment: ₹41.89 crore, Capital Work-in-progress: ₹112.58 crore)
- Current Assets: ₹64.27 crore (including Inventories: ₹32.89 crore, Trade Receivables: ₹6.91 crore)
Equity and Liabilities:
- Total Equity: ₹57.43 crore (Equity Share Capital: ₹14.04 crore, Other Equity: ₹43.39 crore)
- Non-current Liabilities: ₹101.51 crore (Borrowings: ₹99.67 crore)
- Current Liabilities: ₹60.98 crore (Borrowings: ₹28.61 crore, Trade Payables: ₹10.52 crore)
Cash Flow Statement for Half Year Ended September 30, 2026
- Cash Generated from Operations: ₹15.93 crore
- Income Taxes Paid: ₹2.61 crore
- Net Cash from Operating Activities: ₹13.32 crore
- Net Cash Used in Investing Activities: ₹33.90 crore (primarily Capital Work-in-progress: ₹33.25 crore)
- Net Cash from Financing Activities: ₹20.56 crore (primarily Proceeds from Long-term Borrowings: ₹25.77 crore)
Significant Accounting Matter - Scheme of Amalgamation
The financial results reflect the Scheme of Amalgamation of Citizen Solar Private Limited (Transferor Company) with Citizen Solar Limited (Transferee Company), pursuant to the order of the Hon'ble National Company Law Tribunal (NCLT) dated March 19, 2026. The amalgamation is effective from April 1, 2023 (Appointed Date) and has been accounted for in accordance with Ind AS 103 - Business Combinations.
Consequent to the amalgamation, the comparative financial results for the quarter and half year ended September 30, 2025 have been restated to provide comparability. The financial results for the year ended March 31, 2026 had already incorporated the effect of this amalgamation.
Additional Information
- The company operates in only one business segment: Manufacturing of Solar Panels
- Paid-up Equity Share Capital: ₹14.04 crore (Face Value ₹10 each)
- The meeting of the Board of Directors commenced at 04:00 PM and concluded at 05:30 PM on November 02, 2026