Key Quantitative Figures

Standalone Financial Results (Half-Year ended September 30, 2026):

  • Revenue from Operations: ₹13,228.78 lakhs (vs. ₹4,096.51 lakhs in H1 FY26)
  • Other Income: ₹32.37 lakhs
  • Total Income: ₹13,261.15 lakhs
  • Profit Before Tax: ₹1,254.98 lakhs (vs. ₹523.69 lakhs in H1 FY26)
  • Tax Expense: ₹311.96 lakhs (Current Tax: ₹143.55 lakhs, Deferred Tax: ₹168.72 lakhs, Prior Year Tax: -₹1.31 lakhs)
  • Net Profit: ₹944.02 lakhs (vs. ₹394.10 lakhs in H1 FY26)
  • Paid-up Equity Capital: ₹1,428.80 lakhs (14,288,000 shares of ₹10 each)
  • Basic & Diluted EPS: ₹6.61 (not annualized)

Consolidated Financial Results (Half-Year ended September 30, 2026):

  • Revenue from Operations: ₹13,868.81 lakhs
  • Other Income: ₹34.62 lakhs
  • Total Income: ₹13,903.43 lakhs
  • Profit Before Tax: ₹1,191.93 lakhs
  • Tax Expense: ₹285.65 lakhs (Current Tax: ₹143.72 lakhs, Deferred Tax: -₹143.24 lakhs, Prior Year Tax: -₹1.31 lakhs)
  • Net Profit: ₹906.28 lakhs
  • Basic & Diluted EPS: ₹6.34 (not annualized)

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

  • Total Assets/Liabilities: ₹17,047.14 lakhs
  • Shareholders' Funds: ₹7,816.00 lakhs (Share Capital: ₹1,428.80 lakhs, Reserves & Surplus: ₹6,387.20 lakhs)
  • Non-Current Liabilities: ₹955.44 lakhs
  • Current Liabilities: ₹8,275.70 lakhs
  • Non-Current Assets: ₹5,497.26 lakhs
  • Current Assets: ₹11,549.88 lakhs (including Inventories: ₹1,010.54 lakhs, Trade Receivables: ₹8,018.87 lakhs, Cash & Bank: ₹447.19 lakhs)

Consolidated Balance Sheet (as of September 30, 2026):

  • Total Assets/Liabilities: ₹18,767.03 lakhs
  • Shareholders' Funds: ₹8,870.91 lakhs (Share Capital: ₹1,428.80 lakhs, Reserves & Surplus: ₹7,442.11 lakhs)
  • Non-Current Liabilities: ₹1,493.87 lakhs
  • Current Liabilities: ₹8,402.25 lakhs
  • Non-Current Assets: ₹6,088.16 lakhs
  • Current Assets: ₹12,678.87 lakhs (including Inventories: ₹1,072.30 lakhs, Trade Receivables: ₹8,019.39 lakhs, Cash & Bank: ₹759.68 lakhs)

Dates of Action

  • Board Meeting: November 6, 2026 (6:30 PM to 8:30 PM)
  • Financial Period: Half-Year ended September 30, 2026
  • CFO Appointment: Effective November 6, 2026
  • IPO Allotment: January 19, 2026
  • IPO Listing: January 21, 2026

Parties or Entities Involved

  • Subsidiaries: GRE Green Energy Private Limited, GRE Foundation, Solarcatch Energy Private Limited, Solarsource Energy Private Limited, D K USA Inc
  • Auditor: Manubhai & Shah LLP (Chartered Accountants, Firm Reg. No.: 106041W/W100136)
  • Regulator: BSE Limited (SME Platform)
  • Key Personnel: Mr. Alpeshkumar Laxmanji Agrawal (new CFO), Mr. Kamleshkumar D Patel (Managing Director), Mr. Devansh Gandhi (Partner, Manubhai & Shah LLP)

Purpose or Stated Rationale

The Board meeting was held to review and approve the half-yearly financial performance and appoint a new CFO to strengthen the financial management team.

Financial or Operational Impact

The company has shown significant growth in revenue and profitability compared to the previous year. The complete utilization of IPO proceeds indicates successful deployment of capital for intended purposes.

Capital Structure Impact

No change in paid-up equity share capital during the period. The share capital remains at ₹1,428.80 lakhs (14,288,000 equity shares of ₹10 each).

Cash Flow Implications

Standalone Cash Flows (H1 FY27):

  • Operating Activities: Net cash used ₹834.37 lakhs
  • Investing Activities: Net cash used ₹2,510.39 lakhs
  • Financing Activities: Net cash generated ₹1,041.81 lakhs
  • Net decrease in cash: ₹2,302.95 lakhs
  • Closing cash balance: ₹446.65 lakhs

Consolidated Cash Flows (H1 FY27):

  • Operating Activities: Net cash used ₹759.30 lakhs
  • Investing Activities: Net cash used ₹3,155.04 lakhs
  • Financing Activities: Net cash generated ₹1,594.92 lakhs
  • Net decrease in cash: ₹2,319.42 lakhs
  • Closing cash balance: ₹759.15 lakhs

IPO Proceeds Utilization

The company's Initial Public Offering (IPO) of 37,68,000 equity shares at ₹105 per share (including ₹95 premium) raised ₹3,956.40 lakhs. The proceeds were fully utilized as follows:

  • Setting up of 7.20 MW (AC)/9.99 MW (DC) Solar Power Plant: ₹2,985.41 lakhs
  • General Corporate Purposes: ₹570.63 lakhs
  • Issue Expenses: ₹400.36 lakhs

*After considering variation approved by Board on May 23, 2026, and members on June 24, 2026. ₹50.91 lakhs was utilized from company's own funds before IPO.

Segment Information

The company operates in three reportable segments:

1. Solar EPC: Revenue ₹12,891.93 lakhs, Profit before tax ₹1,401.57 lakhs

2. Sale of Power: Revenue ₹299.85 lakhs (Standalone)/₹333.32 lakhs (Consolidated), Profit before tax ₹230.63 lakhs (Standalone)/₹150.43 lakhs (Consolidated)

3. Others: Revenue ₹37.00 lakhs (Standalone)/₹643.56 lakhs (Consolidated), Loss before tax ₹12.34 lakhs

CFO Appointment Details

The Board approved the appointment of Mr. Alpeshkumar Laxmanji Agrawal as Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) with immediate effect. He is a qualified Chartered Accountant with over 15 years of experience in finance, accounting, taxation, financial management and strategic planning.

Auditor's Review

Manubhai & Shah LLP conducted a limited review of both standalone and consolidated financial results and issued an unmodified conclusion. They also certified the complete utilization of IPO proceeds as of September 30, 2026.