Key Quantitative Figures (Standalone - Rs. in Lakhs)

Quarter Ended September 30, 2026 (Q2 FY27):

  • Revenue from Operations: ₹2,222.23
  • Other Income: ₹115.19
  • Total Income: ₹2,337.42
  • Total Expenses: ₹2,263.74
  • Profit before Exceptional Items: ₹73.68
  • Exceptional Items Income: ₹0.00 (Note: ₹110.60 lakh was recorded in Q1)
  • Profit before Tax: ₹73.68
  • Tax Expense: ₹0.00
  • Net Profit for the period: ₹73.68
  • Basic and diluted EPS: ₹1.13

Half Year Ended September 30, 2026 (H1 FY27):

  • Revenue from Operations: ₹4,653.59
  • Other Income: ₹220.36
  • Total Income: ₹4,873.95
  • Total Expenses: ₹5,312.18
  • Loss before Exceptional Items: (₹438.23)
  • Exceptional Items Income: ₹110.60
  • Loss before Tax: (₹327.63)
  • Tax Expense: ₹0.00
  • Net Loss for the period: (₹327.63)
  • Basic and diluted EPS: (₹5.04)

Comparative Figures (Q2 FY26):

  • Net Loss: (₹1,457.89)
  • Basic and diluted EPS: (₹22.43)

Comparative Figures (H1 FY26):

  • Net Loss: (₹2,603.53)
  • Basic and diluted EPS: (₹40.06)

Year Ended March 31, 2026 (FY26):

  • Net Loss: (₹3,688.37)
  • Basic and diluted EPS: (₹56.75)

Key Quantitative Figures (Consolidated - Rs. in Lakhs)

Quarter Ended September 30, 2026 (Q2 FY27):

  • Revenue from Operations: ₹2,555.22
  • Other Income: ₹62.57
  • Total Income: ₹2,617.79
  • Profit before Tax: ₹251.19
  • Net Profit for the period: ₹251.19
  • Basic and diluted EPS: ₹2.53
  • Profit attributable to Owners: ₹164.21
  • Profit attributable to Non-Controlling Interest: ₹86.98

Half Year Ended September 30, 2026 (H1 FY27):

  • Revenue from Operations: ₹5,094.39
  • Other Income: ₹111.66
  • Total Income: ₹5,206.05
  • Loss before Tax: (₹188.84)
  • Net Loss for the period: (₹188.84)
  • Basic and diluted EPS: (₹3.95)
  • Loss attributable to Owners: (₹256.84)
  • Profit attributable to Non-Controlling Interest: ₹68.00

Balance Sheet Highlights (Standalone as of September 30, 2026)

  • Total Assets: ₹30,895.81 Lakhs
  • Paid-up equity share capital: ₹649.93 Lakhs
  • Instruments entirely equity in nature: ₹18,183.89 Lakhs
  • Other Equity: (₹20,401.06) Lakhs (Negative)
  • Total Equity: (₹1,567.24) Lakhs (Negative)
  • Total Liabilities: ₹32,463.05 Lakhs
  • Current Liabilities exceeded Current Assets by ₹4,151.14 Lakhs
  • Accumulated Losses: ₹26,805.37 Lakhs

Management Re-appointment

The Board re-appointed Mr. Gautam Kumtakar as Managing Director & Chief Executive Officer of the Company effective from January 08, 2027, for a period of five years. His re-appointment is also effective for Gokak Power & Energy Limited, a material subsidiary. Mr. Kumtakar has over 23 years of professional experience in engineering, construction, project development, and textiles. He is not related to any other board member and is not debarred from holding the office of director.

Operational and Financial Context (Going Concern)

The Company has incurred a net loss of ₹327.63 lakhs for H1 FY27 and its current liabilities exceed current assets by ₹4,151.14 lakhs as of September 30, 2026. Accumulated losses stand at ₹26,805.37 lakhs with a negative net worth. The textile division faces a slowdown and working capital difficulties, with overdue payments to certain trade creditors. The continuity of operations is dependent on the operational and financial support of Shapoorji Pallonji And Company Private Limited (SPCPL).

During H1 FY27, the Company received additional financial support from SPCPL and its group companies in the form of perpetual loans (instruments entirely equity in nature) aggregating ₹840.92 lakhs and conversion of borrowings of ₹350.00 lakhs to perpetual loans. Management believes the situation will improve, and the financial statements have been prepared on a going concern basis based on this support.

Exceptional Items and One-Time Events

Finance Cost Reversal: Finance costs for the quarter and half-year are net of a reversal of ₹870.43 lakhs. This pertains to aggregate penal charges previously levied by Indian Renewable Energy Development Agency Limited (IREDA) between February 2025 and August 2026 due to a shortfall in maintaining the Debt Service Reserve Account (DSRA). IREDA granted a waiver, leading to the reversal. The Company is fulfilling the remaining DSRA requirements.

Insurance Claim: In Q1 FY27 (quarter ended June 30, 2026), the Company received a remaining insurance claim of ₹110.60 lakhs as a full and final settlement for damages and business interruption losses from fire and lightning incidents that occurred between January 2025 and August 2025. In the previous year, an aggregate claim of ₹670.88 lakhs was received in partial settlements, with ₹549.55 lakhs (net of expenses) disclosed as an exceptional item.

Knitwear Unit Closure: The Company had an agreement dated September 9, 2025, to sell its Knitwear Unit in Belagavi for ₹1,950 lakhs (₹950 lakhs advance received). The Board approved its permanent closure on August 11, 2026. A application under the Industrial Disputes Act resulted in a deemed approval and effective closure on October 6, 2026. While statutory dues were paid, employees have disputed the settlement, leading to legal measures (petition for injunction) in the Additional Sessions Court, Belagavi. Operations were not material and will be carried out from the Mills division.

Segment Performance (Standalone)

The Company operates in Textiles and Power segments.

For Q2 FY27:

  • Textiles Revenue: ₹1,251.95 Lakhs; Segment Loss: (₹723.40) Lakhs
  • Power Revenue: ₹1,122.52 Lakhs; Segment Profit: ₹797.08 Lakhs (including exceptional income)

For H1 FY27:

  • Textiles Revenue: ₹2,543.26 Lakhs; Segment Loss: (₹1,377.51) Lakhs
  • Power Revenue: ₹2,587.36 Lakhs; Segment Profit: ₹1,049.88 Lakhs (including exceptional income)

Auditor's Review

The statutory auditors, Batliboi & Purohit, issued an unmodified review report on both the standalone and consolidated results. They drew attention to the material uncertainty related to going concern but did not modify their conclusion based on management's plans and support from SPCPL.

Cash Flow (Standalone H1 FY27)

  • Net cash from Operating Activities: ₹1,165.79 Lakhs
  • Net cash used in Investing Activities: (₹16.71) Lakhs
  • Net cash used in Financing Activities: (₹1,202.73) Lakhs
  • Net decrease in Cash: (₹53.64) Lakhs
  • Cash and Equivalents at period end: ₹390.65 Lakhs