Key Financial Figures (Standalone)

For the Quarter Ended September 30, 2026 (Q2 FY27):

  • Total Income: ₹113.67 Crore
  • Revenue from Operations: ₹110.19 Crore (comprising Interest Income: ₹88.38 Cr, Fee & Commission: ₹7.00 Cr, Net Gain on Fair Value Changes: ₹13.22 Cr, Sale of Power: ₹1.59 Cr)
  • Other Income: ₹3.48 Crore
  • Finance Costs: ₹34.10 Crore
  • Impairment on Financial Instruments: ₹51.17 Crore (Charge)
  • Profit Before Tax: ₹17.02 Crore
  • Total Tax Expense: (₹27.02) Crore (includes Current Tax credit of ₹12.09 Cr, Deferred Tax charge of ₹1.06 Cr, and Income Tax (Earlier Year) credit of ₹15.99 Cr)
  • Profit for the Period (Net Profit): ₹44.04 Crore
  • Earnings Per Share (Basic & Diluted): ₹0.69

For the Half Year Ended September 30, 2026 (H1 FY27):

  • Total Income: ₹216.98 Crore
  • Profit Before Tax: ₹71.27 Crore
  • Total Tax Expense: (₹13.01) Crore
  • Profit for the Period (Net Profit): ₹84.28 Crore
  • Earnings Per Share (Basic & Diluted): ₹1.31

Key Financial Figures (Consolidated)

The consolidated figures are identical to the standalone figures for the current period, as the Company's share of net profit/(loss) from its two associates was Nil.

Balance Sheet Highlights (Standalone, as of Sept 30, 2026)

  • Total Assets: ₹4,698.83 Crore (Mar 31, 2026: ₹4,956.25 Cr)
  • Financial Assets: ₹4,625.33 Crore (primarily Loans: ₹3,579.17 Cr, Investments: ₹645.38 Cr)
  • Borrowings (other than debt securities): ₹1,404.08 Crore
  • Total Equity: ₹3,164.17 Crore
  • Paid-up Equity Share Capital: ₹642.28 Crore (Face Value ₹10 each)

Material Updates and Compliance

1. NBFC-Infrastructure Finance Company (NBFC-IFC) Status:

  • The Company had received an extension from the Reserve Bank of India (RBI) until September 30, 2026, to comply with the requirement of maintaining a minimum infrastructure finance exposure of 75% of its total assets.
  • The Company had not met this prescribed threshold as of September 30, 2026.
  • However, the Company achieved the 75% threshold on the date of the declaration of these results (October 27, 2026).
  • The independent auditor, based on a broad-based review of the Trial Balance as of October 27, 2026, observed that the Company meets the prescribed threshold for NBFC-IFC classification.
  • A certificate from an independent accountant firm dated October 23, 2026, was obtained in this regard.

2. Associates and Write-offs:

  • The Company has two associates: R.S. India Wind Energy Private Limited (RSIWEPL) and Varam Bioenergy Private Limited (VBPL).
  • During Q2 FY27, the Company technically wrote off its entire equity investment of ₹61.12 Crore in RSIWEPL. This investment was already fully provided for in the books as of June 30, 2026.
  • The investment of ₹4.39 Crore in VBPL was written off in earlier years (FY 2025-26). VBPL is presently under liquidation.
  • Consequently, the Company's share of net profit/loss from associates is Nil for the quarter and half year, and there is no further obligation over the investment cost.

3. Impairment and Provisioning (Expected Credit Loss - ECL):

  • For Stage I and II loans, security value is based on the latest audited financials of borrowers.
  • For Stage III loans, security value is based on latest valuation reports and best estimates of realization.
  • ECL is provided as per Ind AS 109 based on a report from an independent agency.
  • During Q2 FY27, the Company technically wrote off one loan account amounting to ₹187.91 Crore (was classified as Stage-III with 75% impairment allowance).
  • During the quarter, the RBI approved the reversal of an impairment reserve amounting to ₹191.20 Crore (out of a total of ₹273.71 Cr), which has been accounted for.

4. Tax Matters:

  • The impact of all tax assessments concluded in H1 FY26 has been accounted for under 'Earlier Year Taxes' and 'Interest Income' in the results.
  • This includes a tax benefit of ₹15.99 Crore recognized in the current quarter relating to a prior period claim.

5. Security Cover Certificate (Annexure-II):

  • A certificate from the statutory auditor, Ravi Rajan & Co. LLP, confirms that the Security Coverage Ratio for the Long-Term Infrastructure Non-Convertible Bonds (NCBs) with ISIN INE560K07102 is 2.35 times (based on book value) as of September 30, 2026, against a required minimum of 1.00 times.
  • The outstanding amount of these NCBs, including accrued interest, is ₹25.40 Crore.
  • The auditor relied on management representation regarding compliance with non-financial covenants.

Other Disclosures

  • The Board meeting was held on October 27, 2026, from 2:30 PM to 4:30 PM.
  • The Company does not have any subsidiaries.
  • The Company does not fall under the criteria of a 'Large Corporate' as per SEBI circulars.
  • Previous figures have been regrouped/reclassified for comparability.