Key Financial Figures (Standalone)

Income Statement (Amount in ₹ lakhs):

  • Q2 FY2026 (Quarter Ended September 30, 2026):
  • Revenue from operations: ₹832.84
  • Other income: ₹348.56
  • Total income: ₹1,181.40
  • Total expenses: ₹1,789.49
  • Loss before tax: ₹(588.30)
  • Tax expense: ₹(19.79) [Deferred tax credit]
  • Net loss for the period: ₹(588.30)
  • Basic EPS: ₹(2.12)
  • Diluted EPS: ₹(2.12)
  • Q2 FY2025 (Quarter Ended September 30, 2025):
  • Revenue from operations: ₹3,435.42
  • Other income: ₹399.36
  • Total income: ₹3,834.78
  • Total expenses: ₹3,606.72
  • Profit before tax: ₹228.06
  • Tax expense: ₹229.81
  • Net profit for the period: ₹(1.75)
  • Basic EPS: ₹(0.01)
  • Diluted EPS: ₹(0.01)
  • H1 FY2026 (Half Year Ended September 30, 2026):
  • Revenue from operations: ₹1,720.94
  • Other income: ₹789.39
  • Total income: ₹2,510.33
  • Total expenses: ₹4,766.74
  • Loss before tax: ₹(2,256.41)
  • Tax expense: ₹(136.63) [Deferred tax credit]
  • Net loss for the period: ₹(2,119.78)
  • Basic EPS: ₹(7.66)
  • Diluted EPS: ₹(7.66)
  • H1 FY2025 (Half Year Ended September 30, 2025):
  • Revenue from operations: ₹4,908.47
  • Other income: ₹1,040.10
  • Total income: ₹5,948.57
  • Total expenses: ₹5,821.23
  • Profit before tax: ₹127.34
  • Tax expense: ₹125.15
  • Net profit for the period: ₹2.19
  • Basic EPS: ₹0.01
  • Diluted EPS: ₹0.01

Balance Sheet (Standalone as at September 30, 2026):

  • Paid-up equity share capital: ₹2,768.68 lakh
  • Other equity: ₹36,924.36 lakh
  • Total equity: ₹39,693.04 lakh
  • Non-current assets: ₹21,897.20 lakh
  • Current assets: ₹34,749.02 lakh
  • Total assets: ₹56,646.22 lakh
  • Non-current liabilities: ₹14,414.00 lakh
  • Current liabilities: ₹2,160.18 lakh
  • Total liabilities: ₹16,574.18 lakh

Cash Flow Statement (Standalone H1 FY2026):

  • Net cash used in operating activities: ₹(1,723.60) lakh
  • Net cash used in investing activities: ₹(7,861.82) lakh
  • Net cash from financing activities: ₹(506.55) lakh
  • Net decrease in cash and cash equivalents: ₹(10,091.97) lakh
  • Cash and cash equivalents at beginning: ₹10,802.10 lakh
  • Cash and cash equivalents at end: ₹711.13 lakh

Segment Reporting (Standalone)

The company operates in two reportable segments:

1. Trading Segment: Purchasing and selling carbon credits

2. Generation Segment: Implementing, developing, and owning carbon credit projects

Segment Results for H1 FY2026:

  • Trading Segment Revenue: ₹1,688.02 lakh
  • Generation Segment Revenue: ₹32.92 lakh
  • Trading Segment Loss: ₹(2,128.86) lakh
  • Generation Segment Loss: ₹(1,833.51) lakh
  • Unallocated Loss: ₹(1,209.48) lakh

Key Financial Figures (Consolidated)

Income Statement (Amount in ₹ lakhs):

  • Q2 FY2026:
  • Revenue from operations: ₹830.72
  • Other income: ₹327.28
  • Total income: ₹1,158.00
  • Loss before tax: ₹(714.58)
  • Share of loss from associates: ₹(6.09)
  • Net loss for the period: ₹(694.79)
  • Basic EPS: ₹(2.51)
  • Diluted EPS: ₹(2.51)
  • H1 FY2026:
  • Revenue from operations: ₹1,876.69
  • Other income: ₹754.32
  • Total income: ₹2,631.01
  • Loss before tax: ₹(2,424.24)
  • Share of loss from associates: ₹(10.82)
  • Net loss for the period: ₹(2,287.61)
  • Basic EPS: ₹(8.26)
  • Diluted EPS: ₹(8.26)

Material Post-Reporting Period Events

1. SEBI Order (October 30, 2026):

  • SEBI passed order no. QJA/MN/CFID/CFID-SEC6/32818/2026-27
  • Imposed monetary penalty of ₹12 lakh on the company
  • Restrained the company from accessing securities market for 2 months from order date
  • Prohibited from buying, selling, or dealing in securities directly or indirectly
  • Also imposed penalties and restrictions on Directors/KMP/certain individuals
  • Directed to recoup allegedly diverted funds from the company
  • Company is evaluating legal remedies, including filing appeal with Securities Appellate Tribunal (SAT)

2. Vitol Asia Bank Guarantee Invocation (November 4, 2026):

  • Bank guarantee of USD 10 million invoked by Vitol Asia Pte Ltd
  • Following notice of termination alleging Event of Default under Voluntary Emission Reduction Purchase Agreement dated April 8, 2022
  • Company disputes the alleged default and invocation
  • Intends to pursue legal remedies, including arbitration
  • Financial impact: Amount will be adjusted against corresponding contract liability
  • Foreign currency fluctuation impact of approximately ₹15 crores to be accounted in subsequent quarter

3. Demerger Scheme Status:

  • Board approved demerger scheme on February 10, 2025
  • Demerger of Generation Business Segment to EKI One Community Projects Limited
  • Effective from January 1, 2025, or other date fixed by regulatory authority
  • NCLT Indore Bench directed meetings of shareholders and creditors (Order dated September 11, 2025)
  • Received 'no adverse observations' from BSE Limited
  • Shareholder and creditor approvals obtained
  • NCLT order reserved for pronouncement on September 24, 2026, but not pronounced as of date
  • Financial results prepared without giving effect to the proposed demerger

Inventory Valuation Emphasis

  • Inventory valuation involves significant judgment, particularly for carbon credits
  • Includes Certified Emission Reductions (CERs) under CDM registry
  • CDM being phased down per CMP 20 decision (November 2025)
  • CER issuance requests discontinued from June 30, 2026
  • All CDM registry transactions will cease on December 31, 2026
  • Pending accounts without payment will be administratively canceled on July 1, 2027
  • Management conducting batch-wise assessment of CER eligibility and realisability
  • No adjustment made to carrying value pending assessment completion
  • Any write-down will be recognized in period when assessments are concluded

Subsidiaries and Associates

Consolidated results include:

  • 8 subsidiaries: Amrut Nature Solutions, GHG Reduction Technologies, Enking International Foundation, Enking International PTE. Limited, EKI Sustainability Services, EKI One Community Projects, EKI Community Development Foundation, EKI Green Gas Solutions
  • 1 associate: WOCE Solutions Private Limited
  • Subsidiaries contributed total assets of ₹3,149.76 lakh, revenue of ₹519.27 lakh (H1 FY2026), net loss of ₹351.41 lakh (H1 FY2026)
  • Associate contributed net loss of ₹10.82 lakh (H1 FY2026)

Auditor's Review

  • Limited review conducted by Dassani & Associates LLP
  • Review report includes emphasis of matter regarding SEBI order, Vitol bank guarantee invocation, and demerger scheme
  • Conclusion not modified in respect of these matters