Financial Results Overview

Standalone Performance (₹ in lakhs):

  • Q2 FY27: Total Income: ₹1,57,927; Net Profit: ₹3,331; EPS: ₹0.04
  • Q2 FY26: Total Income: ₹1,75,476; Net Profit: ₹46,895; EPS: ₹0.52
  • H1 FY27: Total Income: ₹3,33,403; Net Profit: ₹50,226; EPS: ₹0.56
  • H1 FY26: Total Income: ₹3,10,874; Net Profit: ₹45,998; EPS: ₹0.51

Consolidated Performance (₹ in lakhs):

  • Q2 FY27: Total Income: ₹1,57,934; Net Profit: ₹3,334; EPS: ₹0.04
  • Q2 FY26: Total Income: ₹1,75,482; Net Profit: ₹46,884; EPS: ₹0.52
  • H1 FY27: Total Income: ₹3,33,416; Net Profit: ₹50,218; EPS: ₹0.56
  • H1 FY26: Total Income: ₹3,10,937; Net Profit: ₹46,023; EPS: ₹0.51

Key Financial Metrics

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

  • Total Assets: ₹18,35,215 lakhs
  • Total Equity: ₹13,22,321 lakhs
  • Paid-up Equity Share Capital: ₹6,85,346 lakhs (face value ₹10 per share)
  • Borrowings: Non-current ₹2,63,586 lakhs; Current ₹40,114 lakhs

Cash Flow (H1 FY27 Standalone):

  • Cash from operations: ₹87,957 lakhs
  • Cash used in investing: ₹(31,937) lakhs
  • Cash used in financing: ₹(53,016) lakhs
  • Net increase in cash: ₹3,004 lakhs

Exceptional Items

The Company provided for two significant exceptional items:

1. ₹511.00 crores (₹51,100 lakhs) for settlement with NARCL regarding corporate guarantee dispute

2. ₹193.63 crores (₹19,363 lakhs) for surrender of Amelia (North) and Bandha North Coal Mines

Management Appointments

The Board approved:

1. Mr. Ravi Kapoor (DIN: 00003847) as Independent Director for a 3-year term effective 19th October 2026, subject to shareholder approval

2. Mr. Jigar Dalal as Chief Financial Officer effective 1st November 2026

3. Mr. Paresh Patel as Company Secretary and Compliance Officer effective 1st December 2026

Revised Key Managerial Personnel

With effect from 1st December 2026:

  • Mr. Savan Patel - Whole-time Director
  • Mr. Jigar Dalal - Chief Financial Officer
  • Mr. Paresh Patel - Company Secretary & Compliance Officer

Auditor's Qualified Review Report

Lodha & Co LLP issued a qualified review report highlighting:

Basis for Qualified Conclusion:

  • Non-provisioning against recompense claim of ₹5,69,651 lakhs claimed by lenders (ICICI Bank as lead)
  • Management believes nothing is payable based on current free cash flow situation and RBI guidelines
  • Impact, if any, is considered recoverable under PPAs and not material

Emphasis of Matters:

  • 322 show cause notices (₹8,57,342 lakhs) and 74 demand notices (₹3,47,887 lakhs) from District Mining Offices for alleged illegal sand extraction
  • Hon'ble High Court of Andhra Pradesh granted stay on demand notices
  • Company contends subcontractor was responsible, No-Dues certificates issued, bank guarantees released
  • Management believes no provision needed and expects no material impact

Significant Contingencies and Legal Matters

1. Corporate Guarantee Settlement with NARCL:

  • Company provided corporate guarantee of USD 1,500 lakhs to SBI for Jaiprakash Associates Limited (JAL)
  • NARCL (as assignee from SBI) filed recovery proceedings and CIRP application
  • Company agreed to settle for ₹511.00 crores as full and final payment
  • Proceedings to be withdrawn upon fulfillment of conditions

2. Sand Mining Notices:

  • 322 show cause notices (₹8,57,342 lakhs) and 74 demand notices (₹3,47,887 lakhs) from DMG, Andhra Pradesh
  • FIRs filed in Police Station Kowthalam, Kurnool and ACB, Vijayawada
  • Hon'ble High Court granted interim stay on demands and protection against coercive action
  • Company contends subcontractor responsible, back-to-back contracts, no dues certificates issued

3. UPPCL Recovery:

  • UPPCL recovered ₹47,587 lakhs (including ₹18,726 lakhs carrying cost) for income tax and secondary energy charges
  • Matter under appeal with APTEL, subject to reconciliation
  • Management confident of recovery

4. Coal Mine Surrender:

  • Initiated surrender of Amelia (North) and Bandha North Coal Mines due to financial unviability
  • Request submitted with Nominated Authority, Ministry of Coal on 20th May 2026
  • Regulatory evaluation and compensation assessment in initial stages

5. Tax Regime Change:

  • Company opted for new tax regime under Section 200 of Income-tax Act, 2025 from FY 2026-27
  • MAT credit entitlement of ₹140.78 crores reinstated
  • Deferred tax liability of ₹248.87 crores recognized at new tax rates (net impact ₹108.09 crores)

Segment Performance (Consolidated)

Revenue Breakdown (H1 FY27):

  • Power: ₹3,23,631 lakhs
  • Coal: ₹27,989 lakhs
  • Inter-segment eliminations: ₹28,005 lakhs

Segment Results (H1 FY27):

  • Power: Profit of ₹1,47,118 lakhs before finance costs, depreciation, and exceptional items
  • Coal: Profit of ₹1,020 lakhs before finance costs, depreciation, and exceptional items
  • Others: Profit of ₹3,219 lakhs before finance costs, depreciation, and exceptional items

Subsidiaries Included in Consolidation

1. Jaypee Arunachal Power Limited

2. Jaypee Meghalaya Power Limited

3. Sangam Power Generation Company Limited

4. Bina Mines and Supply Limited

Additional Information

  • Revenue accounted based on Multi Year Tariff for JBTPP and JNTPP (subject to true-up)
  • Revenue for VHEP accounted based on provisional tariff (subject to true-up)
  • Previous period figures regrouped/reclassified for comparability