Key Financial Figures (Standalone - Rs. in Lakhs)
Quarterly Performance (Q1 FY27 vs Q4 FY26 vs Q1 FY26)
- Revenue from Operations: ₹177,570 (Q1 FY27); ₹138,643 (Q4 FY26); ₹158,316 (Q1 FY26)
- Total Income: ₹180,643 (Q1 FY27); ₹147,071 (Q4 FY26); ₹163,031 (Q1 FY26)
- Profit/(Loss) before Exceptional Items & Tax: ₹57,049 Profit (Q1 FY27); ₹(806) Loss (Q4 FY26); ₹43,459 Profit (Q1 FY26)
- Exceptional Items (Net Gain): ₹(19,363) (Q1 FY27); Nil (Q4 FY26); Nil (Q1 FY26)
- Profit/(Loss) before Tax: ₹37,686 (Q1 FY27); ₹(806) (Q4 FY26); ₹43,459 (Q1 FY26)
- Net Profit/(Loss) after Tax: ₹46,895 (Q1 FY27); ₹(2,335) (Q4 FY26); ₹27,795 (Q1 FY26)
- Earnings Per Share (Basic/Diluted): ₹0.52 (Q1 FY27); ₹(0.0262) (Q4 FY26); ₹0.31 (Q1 FY26)
Annual Performance (FY26)
- Revenue from Operations: ₹556,346
- Net Profit after Tax: ₹44,152
- Earnings Per Share (Basic/Diluted): ₹0.48
Key Financial Figures (Consolidated - Rs. in Lakhs)
Quarterly Performance (Q1 FY27 vs Q4 FY26 vs Q1 FY26)
- Revenue from Operations: ₹177,570 (Q1 FY27); ₹138,643 (Q4 FY26); ₹158,316 (Q1 FY26)
- Profit/(Loss) before Exceptional Items & Tax: ₹57,043 Profit (Q1 FY27); ₹198 Profit (Q4 FY26); ₹43,481 Profit (Q1 FY26)
- Exceptional Items (Net Gain): ₹(19,363) (Q1 FY27); Nil (Q4 FY26); Nil (Q1 FY26)
- Net Profit/(Loss) after Tax attributable to owners: ₹46,884 (Q1 FY27); ₹(1,337) (Q4 FY26); ₹27,813 (Q1 FY26)
- Earnings Per Share (Basic/Diluted): ₹0.52 (Q1 FY27); ₹(0.0153) (Q4 FY26); ₹0.31 (Q1 FY26)
Annual Performance (FY26)
- Net Profit after Tax attributable to owners: ₹45,063
- Earnings Per Share (Basic/Diluted): ₹0.49
Segment-Wise Performance (Standalone - Q1 FY27)
- Power Segment Revenue: ₹177,570
- Coal Segment Revenue: ₹23,973
- Segment Results (PBIT): Power: ₹78,613; Coal: ₹694; Others: ₹(320)
- Segment Assets: Power: ₹16,60,497; Coal: ₹24,331; Others: ₹1,22,909
Exceptional Item
An exceptional gain of ₹193.63 Crores (₹19,363 Lakhs) was recorded during the quarter. This relates to the initiation of steps for the surrender of the Amelia (North) and Bandha North Coal Mines due to sustained financial and operational unviability. The matter is subject to approval from lenders and the Nominated Authority, Ministry of Coal. The regulatory evaluation and compensation receivable are in initial stages.
Tax Impact
The Company has opted for the new tax regime under Section 115BAA of the Income Tax Act, 1961, effective from FY 2025-26. Consequently, the impact of the revised tax rate for the previous year (FY 2025-26) has been accounted for in Q1 FY27. This included the reversal of MAT Credit entitlement of ₹140.78 Crores recognized in Q4 FY26 and the reversal of Deferred Tax Liability of ₹248.87 Crores due to remeasurement at new rates, resulting in a net impact of ₹108.09 Crores.
Contingencies and Legal Matters
1. Corporate Guarantee to Jaiprakash Associates Ltd. (JAL)
The Company had provided a corporate guarantee to State Bank of India (SBI) for USD 1,500 lakhs (₹123,915 lakhs at Rs. 82.61/USD) against loans to JAL. JAL was admitted into CIRP by NCLT Allahabad on 3rd June 2024 (Resolution Plan by Adani Enterprises Ltd. accepted on 17th March 2026). SBI had filed a recovery case in DRT-III, Delhi, naming the Company as a corporate guarantor. The Company filed a claim of ₹123,915 lakhs with JAL's RP, which was provisionally admitted for ₹51,173 lakhs. SBI has since assigned its dues to National Asset Reconstruction Company Limited (NARCL). The Company contends that the guarantee was to be released per a Framework Agreement dated 18th April 2019. Financial impact is unascertainable and not provided for.
2. Insolvency Application by NARCL
NARCL Trust has filed an application under Section 7 of the IBC before NCLT Allahabad against the Company, alleging default on the corporate guarantee provided to JAL. The matter is pending adjudication.
3. UPPCL Recovery Notice
Uttar Pradesh Power Corporation Ltd. (UPPCL) has issued a notice/recovery plan for ₹47,316 lakhs (as of 30.06.2026) against Vishnuprayag HEP, alleging excess payment of income tax and secondary energy charges from FY 2007-08 to 2019-20. UPPCL is holding back ₹40,347 lakhs from trade receivables. The matter is under appeal with APTEL. Since FY 2020-21, revenue from UPPCL is accounted for net of this recovery component. Management believes the case is credible and has made no provision; the held-back amount is considered fully recoverable.
4. Andhra Pradesh Sand Mining Notices
The Director Mines & Geology (DMG), Govt. of Andhra Pradesh, has issued show cause/demand notices aggregating to ₹857,342 lakhs (including ₹509,455 lakhs based on estimates) for alleged illegal sand extraction. Demand notices alone aggregate ₹347,887 lakhs. The Hon'ble AP High Court has stayed these demand notices. The Company contends the mining contracts were subcontracted, 'No Due Certificates' were issued by DMG, and bank guarantees were released. FIRs have been filed by DMG against company officials. Management believes it has a credible case and has made no provision.
5. Lender Recompense Claim
Lenders (lead bank ICICI) have claimed ₹569,651 lakhs as a recompense amount per the Framework Agreement signed for debt restructuring in 2019-20. The Company has challenged this demand. Management believes nothing is payable based on current free cash flow and RBI guidelines, and any potential cost is recoverable under PPAs. No provision has been made.
Auditor's Review Report
Lodha & Co LLP issued a qualified conclusion on their limited review, citing:
- Non-provisioning against the corporate guarantee to JAL (Note 3a) and non-compliance with Ind AS 113 (fair value).
- Non-provisioning against the lender recompense claim of ₹569,651 lakhs (Note 7).
The report also includes Emphasis of Matters regarding the UPPCL recovery notice and the AP Sand Mining notices, aligning with the disclosures in Notes 4 and 6. The auditors' conclusion is not modified for these emphasis matters.
For the consolidated results, an additional emphasis matter highlights a material uncertainty regarding the going concern of subsidiary Sangam Power Generation Company Limited (SPGCL), whose accumulated losses have eroded more than 50% of its net worth.
Other Notes
- Revenue for Jaypee Bina TPP and Jaypee Nigrie STPP is accounted based on Multi Year Tariff (MYT) for 2024-25 to 2028-29, subject to true-up.
- Revenue for Vishnuprayag HEP is accounted based on a provisional tariff, subject to true-up.
- The figures for the quarter ended 31st March 2026 are balancing figures between audited annual figures and unaudited year-to-date figures up to 31st December 2025.