Summary of Key Information:

Reporting Period (Quarter/Year): Quarter ended June 30, 2026 (Q1 FY27)

Nature of Filing / Announcement: Unaudited Financial Results (Standalone and Consolidated) and Board Meeting Outcome

Audit Opinion:

Limited Review - Unmodified Conclusion. The auditors (Ravi Rajan & Co. LLP) stated that nothing has come to their attention that causes them to believe the statements contain material misstatements.

Auditor’s Comment:

Auditors highlighted two key matters: 1) For loans under stage I and stage II, management considered value of secured portion based on best available information including book value of assets/projects as per latest available audited financial statements of borrowers. For stage III loans, management considered latest valuation reports for security valuation. 2) Balancing figures for quarter ended March 31, 2026 are the figures between audited previous full financial year and published unaudited year-to-date figures up to Q3 previous financial year.

Key Financial Highlights [₹ in crores]:

Standalone Results:

Revenue from Operations: ₹103.31 (Q1 FY27) vs ₹141.91 (Q1 FY26) -27% YoY

  • Interest income: ₹87.21 vs ₹131.52
  • Fee and commission income: ₹1.40 vs ₹2.59
  • Net gain on fair value changes: ₹13.89 vs ₹6.61
  • Sale of power: ₹0.81 vs ₹1.19

Total Income: ₹103.31 (Q1 FY27) vs ₹142.24 (Q1 FY26)

Expenses: ₹49.06 (Q1 FY27) vs ₹(4.07) (Q1 FY26)

  • Finance costs: ₹38.50 vs ₹65.34
  • Impairment on financial instruments: ₹(3.75) vs ₹(81.59)
  • Employee benefit expenses: ₹6.65 vs ₹5.33

Profit before tax: ₹54.25 (Q1 FY27) vs ₹146.31 (Q1 FY26) -63% YoY

Tax expense: ₹14.01 (Q1 FY27) vs ₹9.68 (Q1 FY26)

  • Current tax: ₹12.09 vs ₹17.76
  • Deferred tax: ₹1.92 vs ₹21.41
  • Income tax earlier year: ₹0 vs ₹(29.49)

Net Profit: ₹40.24 (Q1 FY27) vs ₹136.63 (Q1 FY26) -71% YoY

EPS: ₹0.63 (Q1 FY27) vs ₹2.13 (Q1 FY26)

Paid-up equity share capital: ₹642.28 crores (Face value ₹10 each)

Consolidated Results:

All consolidated financial results are identical to standalone results as the company's share of net profit/loss after tax of its associates is ₹Nil.

Segment-wise Performance:

The company's business is to primarily provide finance for infrastructure projects across the entire value chain. The company does not have any geographic segments and no separate reportable segments as per IND AS 108.

Corporate Actions:

No dividend declarations, share splits, bonus issues, buybacks, or capital raising activities were announced.

Management Change:

  • On March 30, 2026, the Managing Director & CEO tendered resignation effective June 30, 2026
  • On April 8, 2026, Mr. Rajiv Malhotra appointed as Additional Director (Nominee Director nominated by PTC India Limited)
  • On June 4, 2026, Mr. Rajiv Malhotra re-designated as MD&CEO (Addl. Charge) effective July 1, 2026 to November 30, 2026

Other Significant Information:

  • The company has two associates: R.S. India Wind Energy Private Limited and Varam Bioenergy Private Limited
  • Investments in associates fully impaired (₹61.12 crores in RSIWEPL and ₹4.39 crores in VBPL)
  • VBPL is presently under liquidation
  • Company continues to apply Expected Credit Loss (ECL) Policy effective April 1, 2025
  • Outstanding borrowing as on June 30, 2026: ₹1,530.43 crores
  • Credit ratings: ICRA A-/Stable and CRISIL A/Stable
  • Capital adequacy ratio: 68.91%
  • Gross stage 3 ratio: 6.45%
  • Net stage 3 ratio: 1.68%
  • Debt-equity ratio: 0.49
  • Net worth: ₹3,120.12 crores
  • Operating margin: 52.51%
  • Net profit margin: 38.95%

Security Cover Certificate Details:

  • Infrastructure Bonds outstanding: ₹24.84 crores (including accrued interest)
  • Available exclusive security cover: ₹64.74 crores
  • Security cover ratio: 2.61 times
  • Certifier: Ravi Rajan & Co. LLP
  • Debenture trustee: IDBI Trusteeship Services Limited