Energy Development Q2 Results with Adverse Audit

Date: 14th November, 2026

Board Meeting Outcomes

The adjourned Board meeting was held on 14th November, 2026 (commenced on 12th November, 2026). The Board inter-alia approved:

The Un-audited Standalone and Consolidated Financial Results for the quarter and half year ended on 30th September, 2026.
The Statement of Assets and Liabilities and Statement of Cash Flow including Related Party Transactions for the half year ended on 30th September, 2026.

The results were signed by Mr. Satyendra Pal Singh, Whole-time Director (DIN : 01055370).

Financial Results (Standalone)

Quarterly Performance (Rs. in lakhs)

| Revenue from operations | 714.62 | 58.88 | 1,128.43 |

| Total Income | 717.62 | 62.18 | 1,134.41 |

| Total Expenses | 371.74 | 298.52 | 447.55 |

| Profit/ (loss) before tax | 345.88 | (236.34) | 686.86 |

| Profit/ (loss) for the period | 351.17 | (238.08) | 610.04 |

| Basic EPS (Rs.) | 0.74 | (0.50) | 1.28 |

Half-Yearly Performance (Rs. in lakhs)

| Revenue from operations | 773.50 | 1,427.07 | 1,892.83 |

| Total Income | 779.80 | 1,438.42 | 1,922.13 |

| Total Expenses | 670.26 | 804.16 | 1,528.10 |

| Profit/ (loss) before tax | 109.54 | 511.67 | (294.29) |

| Profit/ (loss) for the period | 113.09 | 437.43 | (701.44) |

| Basic EPS (Rs.) | 0.24 | 0.92 | (1.48) |

Segment-wise Revenue (Standalone) - Generating Division Only (Rs. in lakhs)

| Period | 30-Sep-2026 | 30-Jun-2026 | 30-Sep-2025 |

| Quarter | 714.62 | 58.88 | 1,128.43 |

| Half Year | 773.50 | - | 1,427.07 |

Key Balance Sheet Items (Standalone) as of 30-Sep-2026 (Rs. in lakhs)

Total Assets: 12,421.59
Total Equity: 8,544.45 (Paid-up capital: 4,750.00; Other equity: 3,794.45)
Total Liabilities: 3,877.14
Current Assets: 4,383.66 (includes Loans: 3,307.58; Trade receivables: 502.87)
Current Liabilities: 3,840.43 (includes Borrowings: 1,635.01)

Cash Flow (Standalone) for H1 FY2027 (Rs. in lakhs)

Net cash from Operating Activities: 14.95
Net cash from Investing Activities: 16.46
Net cash from Financing Activities: (208.86)
Net decrease in cash: (177.45)
Cash and cash equivalents at period end: 4.04

Financial Results (Consolidated)

Quarterly Performance (Rs. in lakhs)

| Revenue from operations | 1,253.71 | 633.53 | 2,066.49 |

| Total Income | 1,295.92 | 683.86 | 2,098.51 |

| Total Expenses | 1,057.02 | 861.94 | 981.07 |

| Profit/ (loss) before tax | 238.90 | (178.08) | 1,117.44 |

| Profit for the period attributable to owners | 302.69 | (181.17) | 1,056.70 |

| Basic EPS (Rs.) | 0.64 | (0.38) | 2.22 |

Half-Yearly Performance (Rs. in lakhs)

| Revenue from operations | 1,887.24 | 3,095.04 | 4,625.41 |

| Total Income | 1,979.78 | 3,153.80 | 4,771.22 |

| Total Expenses | 1,918.96 | 1,884.14 | 3,819.32 |

| Profit/ (loss) before tax | 60.82 | 1,269.66 | 386.17 |

| Profit for the period attributable to owners | 121.52 | 1,221.38 | (24.24) |

| Basic EPS (Rs.) | 0.26 | 2.57 | (0.05) |

Key Balance Sheet Items (Consolidated) as of 30-Sep-2026 (Rs. in lakhs)

Total Assets: 17,321.16
Total Equity: (661.16) (Paid-up capital: 4,750.00; Other equity: (4,237.78); Non-controlling interest: 512.22)
Total Liabilities: 17,470.10

Cash Flow (Consolidated) for H1 FY2027 (Rs. in lakhs)

Net cash from Operating Activities: 729.24
Net cash from Investing Activities: (63.01)
Net cash from Financing Activities: (1,224.94)
Net decrease in cash: (558.71)
Cash and cash equivalents at period end: 76.06

Operational Highlights

Electricity Generation and Sales (Standalone)

| Period | Generation (Million Units) | Sale Value (Rs. in lakhs) |

| Q2 FY2027 | 18.22 | 725.20 |

| Q1 FY2027 | 1.86 | 61.00 |

| H1 FY2027 | 20.08 | 786.20 |

| Q2 FY2026 | 29.02 | 1,144.37 |

| H1 FY2026 | 36.65 | 1,446.68 |

| FY2026 | 48.31 | 1,918.89 |

Electricity Generation and Sales (Consolidated)

| Period | Generation (Million Units) | Sale Value (Rs. in lakhs) |

| Q2 FY2027 | 32.40 | 1,274.42 |

| Q1 FY2027 | 18.40 | 649.73 |

| H1 FY2027 | 50.80 | 1,924.15 |

| Q2 FY2026 | 55.00 | 2,101.57 |

| H1 FY2026 | 82.89 | 3,150.03 |

| FY2026 | 124.95 | 4,704.47 |

Auditor’s Report

Standalone Financials (Key Qualifications)

The auditors, Alps & Co., issued an adverse review report. The Statement is not prepared fairly in all material respects due to:

1. Note 8(a): Non-determination of terms and conditions of repayment and recoverable amount for outstanding loans of Rs. 2,994.08 lakhs to two wholly-owned subsidiaries. Impact is not ascertained.

2. Note 8(b): Impairment in the value of investments aggregating Rs. 5,600.00 lakhs in two wholly-owned subsidiaries (net worth eroded). Impact is not ascertained.

3. Note 9(a), 9(b), 9(c): Outstanding trade receivables (Rs. 198.24 lakhs), a loan (Rs. 313.50 lakhs + interest Rs. 2.28 lakhs), and security deposits (Rs. 32.00 lakhs) are doubtful of recovery. Lack of provision overstates profit.

4. Note 10: Remuneration of Rs. 40.20 lakhs paid to a director is shown as recoverable.

5. Note 11: Non-reconciliation of certain debit and credit balances.

6. Note 12: Income tax demands of Rs. 18,939.44 lakhs (excluding interest and penalties of Rs. 24,047.65 lakhs) for AYs 2011-12 and 2013-14 to 2020-21. A favourable ITAT order was received on 23-Sep-2026, but the final outcome is pending.

The overall impact of these matters is likely material but not ascertainable.

Consolidated Financials (Key Qualifications)

The auditors also issued an adverse review report for the consolidated results, citing all the issues from the standalone report plus additional group-specific matters:

1. Note 3: Non-consolidation of two subsidiaries (Eastern Ramganga Valley Hydel Projects Co. Pvt. Ltd. and Sarju Valley Hydel Projects Co. Pvt. Ltd.) and one associate (Arunachal Hydro Power Ltd.) due to unavailability of financial information.

2. Note 8(a), 8(b), 8(c): Consolidated doubtful amounts: Trade receivables (Rs. 198.24 lakhs), Loan (Rs. 586.50 lakhs + interest Rs. 3.05 lakhs), Security deposits (Rs. 56.00 lakhs). Lack of provision overstates profit.

3. Note 10: A subsidiary has not provided interest of Rs. 858.76 lakhs on a loan of Rs. 2,000.00 lakhs (Rs. 1,615.00 lakhs outstanding) taken from a body corporate, pending finalization of terms.

4. Note 12(b): Two subsidiaries received income tax demand notices (excluding interest/penalty): EDCL Power Projects Ltd. (Rs. 4,285.09 lakhs) and Ayyappa Hydro Power Ltd. (Rs. 59.10 lakhs). Appeals are pending.

The overall impact of these matters is likely material but not ascertainable.

Other Operational / Legal / Strategic Disclosures

Subsidiary Update: The financial results of two subsidiaries and one associate have not been consolidated due to the unavailability of their books, records, and quarterly information required under SEBI LODR.
Exceptional Items (FY2026): A provision of Rs. 688.32 lakhs (Standalone) and Rs. 565.73 lakhs (Consolidated) was made in FY2026 against investments in and amounts due from a subsidiary (EDCL Arunachal) and other doubtful trade receivables and security deposits.
Asset Sale: A subsidiary sold its windmill in Karnataka for Rs. 285.71 lakhs (effective 14-Aug-2026), resulting in a loss of Rs. 137.86 lakhs recognized in the current period's consolidated results.
Labour Codes: The impact of new Labour Codes on employee benefit expenses (gratuity and leave encashment) was recognized as a past service cost of Rs. 22.97 lakhs (Standalone) and Rs. 44.26 lakhs (Consolidated) in FY2026. Provisions in the current period are based on the new Codes.

KMP / Board / Auditor Changes

Not Specified

Dividend Declaration or Non-Declaration

Not Specified

Disinvestment / Strategic Actions

Not Specified