Key Financial Figures - Standalone (Amounts in INR Lakhs)

Quarter Ended September 30, 2026 (Q2 FY27):

  • Revenue from Operations: 188
  • Other Income: 3
  • Total Income: 191
  • Total Expenses: 658
  • Cost of materials consumed: 61
  • Employee benefit expense: 173
  • Finance cost: 234
  • Depreciation and amortization: 7
  • Other expenses: 183
  • Profit/(Loss) before exceptional items and tax: (467)
  • Exceptional items: 553 (Write back of liabilities, gain on sale of trademark, gain on sale of stake in subsidiary)
  • Profit/(Loss) before tax: 86
  • Tax Expense: (2) (Deferred Tax)
  • Profit/(Loss) after tax: 88
  • Other comprehensive income net of tax: 6
  • Total comprehensive income for the period: 94
  • Earnings per share (Basic): ₹1.95
  • Earnings per share (Diluted): ₹1.83

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

  • Revenue from Operations: 389
  • Other Income: 71
  • Total Income: 460
  • Total Expenses: 1,268
  • Profit/(Loss) before exceptional items and tax: (808)
  • Exceptional items: 553
  • Profit/(Loss) before tax: (255)
  • Tax Expense: (2)
  • Profit/(Loss) after tax: (253)
  • Total comprehensive income for the period: (248)
  • Earnings per share (Basic): (₹5.63)
  • Earnings per share (Diluted): (₹5.63)

Standalone Balance Sheet as at September 30, 2026:

  • Total Assets: 1,537
  • Total Equity: (6,705) (Equity Share Capital: 450; Other Equity: (7,155))
  • Non-current liabilities: 7,249 (Borrowings: 7,190)
  • Current liabilities: 993

Key Financial Figures - Consolidated (Amounts in INR Lakhs)

Quarter Ended September 30, 2026 (Q2 FY27):

  • Revenue from Operations: 1,673
  • Other Income: 1,349 (Includes gain on disposal of subsidiaries of ₹1,267 lakhs)
  • Total Income: 3,022
  • Total Expenses: 2,837
  • Profit/(Loss) before exceptional items and tax: 185
  • Exceptional items: 2,378 (Write back of liabilities, gain on sale of trademark and investments)
  • Profit/(Loss) before tax: 2,563
  • Tax Expense: 189 (Current Tax: 7; Deferred Tax: 182)
  • Profit/(Loss) after tax: 2,373
  • Total comprehensive income for the period: 2,378
  • Profit attributable to owners of the company: 2,385
  • Earnings per share (Basic): ₹52.76
  • Earnings per share (Diluted): ₹49.57

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

  • Revenue from Operations: 3,893
  • Other Income: 1,698
  • Total Income: 5,591
  • Total Expenses: 5,534
  • Profit/(Loss) before exceptional items and tax: 57
  • Exceptional items: 2,378
  • Profit/(Loss) before tax: 2,435
  • Tax Expense: 375 (Current Tax: 25; Deferred Tax: 350)
  • Profit/(Loss) after tax: 2,059
  • Total comprehensive income for the period: 2,063
  • Profit attributable to owners of the company: 2,075
  • Earnings per share (Basic): ₹45.87
  • Earnings per share (Diluted): ₹45.87

Consolidated Balance Sheet as at September 30, 2026:

  • Total Assets: 54,100
  • Total Equity: (5,669) (Equity Share Capital: 450; Other Equity: (5,996); Non-Controlling Interest: (123))
  • Non-current liabilities: 54,452 (Borrowings: 47,468)
  • Current liabilities: 5,317

Material Uncertainty Related to Going Concern

The standalone and consolidated financial results were prepared on a going concern basis despite the net worth being fully eroded as of September 30, 2026. The rationale includes evaluating new business opportunities, securing two 80 MW wind power projects, a plan to raise ₹16.20 crore via a preferential issue, and a letter of support from a promoter shareholder for financial backing.

Significant Events and Transactions

1. Subsidiary Restructuring: The Company completed the transfer of its entire shareholding in its wholly-owned subsidiary, Ishaan Solar Power Private Limited (which held SEI Tejas Private Limited), to SILRES Energy Solutions Private Limited for a consideration of ₹3,92,58,420. This transaction was effective August 14, 2026. The Company also transferred 100,000 equity shares (0.064%) in SILRES to Avyan Pashupathy Capital Advisors Private Limited for ₹10,00,000.

2. Exceptional Items: Standalone exceptional gain of ₹553 lakhs and consolidated exceptional gain of ₹2,378 lakhs were recorded, primarily from the write-back of liabilities and gains on the sale of a trademark and investments related to the restructuring agreement.

3. Loan Write-off: A loan of ₹27,414,078 taken from SEI Tejas was written off by the lender and recognized as an exceptional gain.

4. Trademark Sale: The "SUNEDISON" trademarks were transferred to SILRES for ₹1,00,00,000, resulting in a gain of ₹61,33,216.

5. Legal Settlement: Sherisha Solar LLP (a subsidiary) settled a loan dispute with SILRES by paying ₹16,51,26,975 against a liability of ₹33,39,39,339. All related petitions under the Insolvency and Bankruptcy Code, 2016, and the Companies Act, 2013, were withdrawn.

6. Dispute with Warana Sugar: A dispute exists between Warana Sugar Limited and Refex CBG Kolhapur Limited (a step-down subsidiary) over alleged dues of ₹18,48,34,643, leading to restricted access to a CBG plant. The financial impact is not quantifiable; legal proceedings are ongoing.

7. Change in Holding Structure: Refex Holding Private Limited acquired an additional 30.94% stake in the Company on August 14, 2026, making it the holding company with a 74.87% total shareholding.

Subsidiaries and Associates

The consolidated results include numerous subsidiaries and associates, primarily in the solar power and compressed bio-gas sectors, such as Refex Green Power Limited, Refex Sustainability Solutions Limited, and their respective step-down entities.

Segment Information (Consolidated)

Revenue for Q2 FY27:

  • Commercial and Industrial: 1,389
  • Compressed Bio Gas: 278
  • Others: 6

Segment Results for Q2 FY27:

  • Commercial and Industrial: (304)
  • Compressed Bio Gas: (226)
  • Others: 11