Board Meeting Details

The Board of Directors meeting was held on Thursday, November 05, 2026, commencing at 4:00 PM and ending at 5:15 PM.

Key Decisions and Approvals

Financial Results Approval

The Board considered and approved the Un-Audited Financial Results for the quarter ended September 30, 2026, prepared in accordance with Indian Accounting Standards (Ind AS).

Internal Auditor Resignation

The Board took note of and accepted the resignation of M/s. Kailash Jain and Associates, Chartered Accountants, from the position of Internal Auditor of the Company with effect from November 05, 2026 due to personal reasons.

Consolidated Financial Performance (Rs. in Lakhs)

Quarterly Performance (Q2 FY27 vs Q1 FY27 vs Q2 FY26)

  • Total Revenue: ₹1,554.27 (Q2 FY27) vs ₹843.58 (Q1 FY27) vs ₹1,774.33 (Q2 FY26)
  • Revenue from Operations: ₹1,538.10 vs ₹830.19 vs ₹1,755.40
  • Other Revenue: ₹16.17 vs ₹13.39 vs ₹18.93
  • Total Expenses: ₹1,156.17 vs ₹664.09 vs ₹1,321.17
  • Profit Before Tax: ₹398.10 vs ₹179.49 vs ₹453.16
  • Total Tax Expense: ₹95.51 vs (₹31.12) vs (₹4.55)
  • Profit After Minority Interest: ₹307.35 vs ₹199.38 vs ₹474.36
  • EPS (Basic): ₹0.19 vs ₹0.12 vs ₹0.37

Half-Yearly Performance (H1 FY27 vs H1 FY26)

  • Total Revenue: ₹2,397.85 (H1 FY27) vs ₹2,929.48 (H1 FY26)
  • Profit Before Tax: ₹577.59 vs ₹705.04
  • Profit After Minority Interest: ₹506.73 vs ₹703.81
  • EPS (Basic): ₹0.32 vs ₹0.55

Standalone Financial Performance (Rs. in Lakhs)

Quarterly Performance (Q2 FY27)

  • Total Revenue: ₹1,299.79
  • Profit Before Tax: ₹398.27
  • Profit for Period: ₹302.76
  • EPS (Basic): ₹0.19

Half-Yearly Performance (H1 FY27)

  • Total Revenue: ₹1,994.84
  • Profit Before Tax: ₹564.36
  • Profit for Period: ₹459.32
  • EPS (Basic): ₹0.29

Capital Structure

  • Paid-up Equity Share Capital: ₹16,100.22 lakhs (Face Value of ₹10 each)
  • Number of Shares: 161,002,200 shares (consistent across periods presented)

Operational Highlights and Challenges

Suzlon O&M Issues

The company disclosed that Suzlon Energy Limited, the O&M operator for their 18MW project, did not ensure machine availability during the period. The company is pursuing compensation through discussion and legal recourse. Had the machines operated normally, revenue and profits would have been higher by approximately ₹5 crores. Suzlon has promised normalization soon.

Solar Project Development

A 4MW solar project under completion is expected to enhance future profits once operational.

Non-Recurring Expense

Other expenses include ₹80 lakhs fee paid for increase in authorized capital, which is non-recurring in nature.

Financial Position as at September 30, 2026

Consolidated Balance Sheet (Rs. in Lakhs)

  • Total Assets: ₹35,890.33
  • Non-Current Assets: ₹31,258.47
  • Property, plant and equipment: ₹15,792.31
  • Goodwill: ₹7,454.69
  • Capital work in progress: ₹2,073.05
  • Current Assets: ₹4,631.86
  • Cash and cash equivalents: ₹161.64
  • Bank balances: ₹176.58
  • Total Equity: ₹31,247.61
  • Non-Current Liabilities: ₹3,863.05
  • Current Liabilities: ₹701.74

Standalone Balance Sheet (Rs. in Lakhs)

  • Total Assets: ₹35,815.17
  • Total Equity: ₹31,284.55
  • Liabilities: ₹4,530.61

Cash Flow Statements

Consolidated Cash Flows (H1 FY27, Rs. in Lakhs)

  • Net Cash from Operating Activities: (₹1,475.07)
  • Net Cash from Investing Activities: ₹273.33
  • Net Cash from Financing Activities: ₹412.01
  • Net Decrease in Cash: (₹789.73)

Standalone Cash Flows (H1 FY27, Rs. in Lakhs)

  • Net Cash from Operating Activities: (₹1,498.77)
  • Net Cash from Investing Activities: ₹292.64
  • Net Cash from Financing Activities: ₹484.27
  • Net Decrease in Cash: (₹721.86)

Auditor's Limited Review Report - Qualified Opinion

Statutory Auditors Venkatesh & Co issued a qualified opinion on both consolidated and standalone financial results citing:

Arbitration Claim Accounting Issues

The company has filed an arbitration claim of ₹9,083.39 lakhs against Suzlon Group. The auditors noted:

  • ₹1,494.36 lakhs paid to Suzlon Energy Ltd. is accounted as advance without adequate audit evidence and not expensed
  • During H1 FY27, O&M charges of ₹173.93 lakhs (₹86.96 lakhs in Q2) invoiced by Suzlon were transferred to advance account instead of being expensed
  • ₹845.59 lakhs recognized as compensation receivable without counterparty confirmation or proper measurement under Ind AS 109
  • Remaining balance of claim not recognized
  • Impact: Had advances and O&M charges been expensed, profit for Q2 would be lower by ₹86.96 lakhs and H1 by ₹173.93 lakhs

Goodwill Impairment Testing

Goodwill of ₹7,454.69 lakhs arising from merger with Ind Eco Ventures Limited has not been impairment tested as required under Ind AS, potentially requiring impairment recognition.

Subsidiary Information

The consolidated results include Indowind Power Private Limited (subsidiary) which contributed revenue of ₹422.32 lakhs and net profit of ₹13.23 lakhs for Q2 FY27.

Publication Requirements

As per Regulation 47, an extract of the Financial Results will be published in one English daily newspaper and one Tamil daily newspaper within stipulated timelines.

Notes to Financial Statements

  • Prepared in accordance with Ind AS and SEBI Listing Regulations
  • Previous period figures regrouped/reclassified for comparability
  • Segment details not applicable as only one segment exists
  • Results reviewed by Audit Committee and approved by Board