Key Financial Figures - Standalone (Continuing Operations)

Income Statement (₹ in millions)

  • Revenue from operations: ₹3,086.9 (Q1 FY26) vs ₹2,867.3 (Q1 FY25)
  • Other income: ₹318.8 (Q1 FY26) vs ₹531.0 (Q1 FY25)
  • Total income: ₹3,405.7 (Q1 FY26) vs ₹3,398.3 (Q1 FY25)
  • Cost of materials and services: ₹1,873.7 (Q1 FY26) vs ₹1,949.7 (Q1 FY25)
  • Employee benefits expense: ₹406.1 (Q1 FY26) vs ₹443.5 (Q1 FY25)
  • Finance costs: ₹45.1 (Q1 FY26) vs ₹55.8 (Q1 FY25)
  • Depreciation and amortization: ₹32.7 (Q1 FY26) vs ₹34.3 (Q1 FY25)
  • Other expenses: ₹391.7 (Q1 FY26) vs ₹383.7 (Q1 FY25)
  • Total expenses: ₹2,717.5 (Q1 FY26) vs ₹2,958.1 (Q1 FY25)
  • Profit before tax and exceptional items: ₹688.2 (Q1 FY26) vs ₹440.2 (Q1 FY25)
  • Current tax expense: ₹28.3 (Q1 FY26) vs ₹0.0 (Q1 FY25)
  • Net profit from continuing operations: ₹659.9 (Q1 FY26) vs ₹440.2 (Q1 FY25)

Discontinued Operations (Durgapur Facility)

  • Total income: ₹48.2 (Q1 FY26) vs ₹49.7 (Q1 FY25)
  • Total expenses: ₹134.4 (Q1 FY26) vs ₹124.1 (Q1 FY25)
  • Loss before tax: ₹(134.4) (Q1 FY26) vs ₹(124.1) (Q1 FY25)

Comprehensive Results

  • Net profit for the period: ₹525.5 (Q1 FY26) vs ₹316.1 (Q1 FY25)
  • Other comprehensive income: ₹4.0 (Q1 FY26) vs ₹(4.0) (Q1 FY25)
  • Total comprehensive income: ₹529.5 (Q1 FY26) vs ₹312.1 (Q1 FY25)

Per Share Data (₹)

  • Basic and diluted EPS from continuing operations: ₹9.82 (Q1 FY26) vs ₹6.55 (Q1 FY25)
  • Basic and diluted EPS from discontinued operations: ₹(2.00) (Q1 FY26) vs ₹(1.85) (Q1 FY25)
  • Total basic and diluted EPS: ₹7.82 (Q1 FY26) vs ₹4.70 (Q1 FY25)

Key Financial Figures - Consolidated

  • Revenue from operations: ₹3,086.9 (Q1 FY26) vs ₹2,868.5 (Q1 FY25)
  • Share of profit from joint venture: ₹11.8 (Q1 FY26) vs ₹30.0 (Q1 FY25)
  • Net profit for the period: ₹537.3 (Q1 FY26) vs ₹347.2 (Q1 FY25)
  • Total comprehensive income: ₹541.3 (Q1 FY26) vs ₹343.2 (Q1 FY25)
  • Basic and diluted EPS: ₹9.99 (Q1 FY26) vs ₹7.01 (Q1 FY25)

Capital Structure

  • Paid-up equity share capital: ₹672.3 million (unchanged)
  • Other equity (audited as of 31 March 2026): ₹4,765.4 million (standalone), ₹5,153.1 million (consolidated)

Significant Events and Disclosures

Durgapur Facility Demerger

On 18 September 2025, the Board approved the Scheme of Arrangement and Demerger Co-operation Agreement with JSW Energy Limited for the demerger and transfer of the Company's Durgapur facility on a going concern basis to JSW, with an appointed date of 1 July 2025. The transaction is expected to be completed within twelve months from the end of the reporting period (by 30 June 2027). The Demerged business has been classified as held for sale and as a discontinued operation.

Labour Code Implementation Impact

On 21 November 2025, the Government of India notified four Labour Codes consolidating 29 existing Labour Laws. The Company estimated financial implications and made an additional provision of ₹425.7 million (includes ₹150.0 million for discontinued operations) in the year ended 31 March 2026. This was presented as an exceptional item.

BHEL Settlement Agreement

During the previous year, the Company executed a settlement agreement with Bharat Heavy Electricals Limited (BHEL) on 9 September 2025. BHEL agreed to make payments totaling ₹3,400 million to the Company in a phased manner till 31 March 2026. The Company received ₹3,430.6 million in FY 2025-26, including foreign exchange translation impact. Expected Credit Loss reversals of ₹235 million (Q2 FY26), ₹371.8 million (Q3 FY26), and ₹443.7 million (Q4 FY26) were classified under Other Expenses.

Operating Segment

The Company operates in a single segment: Power Generation equipment and related services.

Regulatory and Approval Information

  • Board meeting date: 13 August 2026 (commenced at 02:54 PM, concluded at 04:25 PM)
  • Results reviewed by Audit Committee and approved by Board of Directors
  • Limited review conducted by Deloitte Haskins & Sells, Chartered Accountants (Firm's Registration No. 015125N)
  • Unmodified review reports issued for both standalone and consolidated results
  • Results filed with BSE Limited and National Stock Exchange of India Limited

Additional Information

  • Figures for quarter ended 31 March 2026 are balancing figures between audited annual figures and published YTD figures
  • Order backlog: ₹15,454 million as of 30 June 2026, down 41.4% YoY due to termination of two FGD EP contracts (Jaypee Bina and Nigrie amounting to ₹7,749 million)
  • Management commentary highlighted operational excellence driving margin improvements in higher-margin, shorter-cycle projects