Financial Results Overview
Consolidated Performance (Rs. in crore)
- Revenue from Operations: Q2: ₹6,953.57, H1: ₹13,297.84
- Total Income: Q2: ₹7,043.30, H1: ₹13,451.73
- Net Profit/(Loss) attributable to owners: Q2: ₹233.93, H1: ₹605.70
- EPS (Basic): Q2: ₹5.72, H1: ₹14.82
- Paid-up Equity Share Capital: ₹408.67 crore (face value ₹10 each)
Standalone Performance (Rs. in crore)
- Revenue from Operations: Q2: ₹50.91, H1: ₹98.26
- Net Profit/(Loss): Q2: ₹20.15, H1: (₹31.65)
- EPS (Basic): Q2: ₹0.48, H1: (₹0.77)
Board Meeting Details
- Meeting Date: November 13, 2026
- Timing: 4:55 PM to 6:15 PM
- Key Approval: Seek renewal of enabling authorization from members for issuance of Foreign Currency Convertible Bonds (FCCB) up to US$600 million to replace previous FCCB proposal approved by shareholders
- Issue Structure: International offering on private placement basis, subject to requisite permissions and approvals
Auditor's Review Report - Critical Qualifications
Paresh Rakesh & Associates LLP issued disclaimer of conclusion on both consolidated and standalone financial results due to:
Material Uncertainties Affecting Financials
1. Recoverability of Economic Rights: Unable to assess recoverability of ₹4,705.74 crore exposure to economic rights of shareholding in Odisha Discoms and certain unlisted entities
2. Ongoing Regulatory Proceedings:
- Enforcement Directorate (ED) investigations under PMLA and FEMA
- Central Bureau of Investigation (CBI) chargesheets filed
- SEBI Show Cause Notices dated September 30, 2025 and April 10, 2026
- Serious Fraud Investigation Office (SFIO) notice
- Former statutory auditor filing ADT-4 under Section 143(12) of Companies Act
3. Mumbai Metro One Private Limited (MMOPL) Crisis:
- Accumulated losses: ₹5,877.40 crore till date
- Negative net worth: ₹4,657.87 crore
- Current liabilities exceed current assets by ₹6,534.28 crore
- Debt defaults: Principal ₹1,348.84 crore + Interest ₹3,856.77 crore = Total ₹5,205.61 crore
- Master Restructuring Agreement with NARCL revoked after IIFC(UK) denied approval
- IIFC(UK) filed application before NCLT on September 25, 2026 (next hearing December 3, 2026)
- Provided ₹291.63 crore as exceptional item for potential liability
- Material uncertainty exists on going concern assumption
Subsidiary Deconsolidation
Four toll road subsidiaries deconsolidated during H1 FY27:
- TD Toll Road Private Limited (from April 1, 2026)
- SU Toll Road Private Limited (from April 1, 2026)
- HK Toll Road Private Limited (from June 11, 2026)
- KM Toll Road Private Limited (from July 22, 2026)
- Net gain on deconsolidation: ₹270.99 crore recognized as exceptional item
Exceptional Items (Consolidated)
- Q2 FY27: ₹124.07 crore (net income)
- H1 FY27: ₹150.46 crore (net income)
- Includes reversal of ECL provisions, gain on deconsolidation, and write-off of investments
Segment Performance (Consolidated)
- Power Business: Revenue Q2: ₹7,811.96 crore, H1: ₹15,145.99 crore
- Engineering & Construction: Revenue Q2: ₹50.91 crore, H1: ₹98.26 crore
- Infrastructure Business: Revenue Q2: ₹254.17 crore, H1: ₹533.10 crore
Critical Subsidiary Issues
Delhi Discoms (BSES Companies)
- Late Payment Surcharge (LPSC) dispute: Difference of ₹16,202.90 crore between recognized and claimed amounts
- Multiple proceedings before Supreme Court, APTEL, and DERC
- Regulatory asset liquidation pending due to ongoing litigation
PS Toll Road Private Limited
- NHAI suspension notice dated May 25, 2023 suspending right to collect user fee
- Cross-litigation before Delhi High Court (next hearing January 13, 2027)
- Arbitration proceedings ongoing
Airport SPVs
- MIDC resumed possession of lands leased to five airport subsidiaries in April 2025
- Airport SPVs invoked arbitration against MIDC for wrongful termination
- Impairment recognized against airport assets
Corporate Insolvency Resolution Process
- NCLT admitted company into CIRP vide order dated May 30, 2025
- NCLAT stayed the order and CIRP vide orders dated June 4, 2025 and July 18, 2025
- Matter currently pending
Capital Structure Changes
- 11.31 crore unexercised warrants lapsed in April 2026
- Warrant subscription amount of ₹678.60 crore forfeited and transferred to capital reserve
- 8.43 crore share warrants of Reliance Power Limited lapsed, ₹89.02 crore forfeited
Financial Impact Assessment
- Multiple material uncertainties may cast significant doubt on going concern assumption
- Financial impact of ongoing proceedings cannot be determined at this stage
- Company prepared financials on going concern basis based on expected debt resolution, asset monetization, and favorable outcomes of arbitral awards