Summary of Key Information:
Reporting Period (Quarter/Year): Quarter and Half Year ended September 30, 2026 (Q2 FY27)
Nature of Filing / Announcement: Outcome of Board Meeting - Unaudited Financial Results and CFO Appointment
Date of Board Meeting / Approval: November 12, 2026 (Meeting time: 04:35 PM to 05:40 PM)
Audit Opinion: Qualified Review Report with emphasis of matter
Auditor's Comment: Material uncertainties regarding going concern of subsidiaries; unable to obtain sufficient evidence for impairment assessment and receivables recoverability; multiple regulatory investigations ongoing
Key Financial Highlights [₹ lakhs]
Consolidated Results:
Revenue from Operations: Q2 FY27: ₹183,004 (Q2 FY25: ₹197,403; -7.3% YoY)
Total Income: Q2 FY27: ₹188,987 (Q2 FY25: ₹206,710; -8.6% YoY)
Net Profit: Q2 FY27: ₹3,010 (Q2 FY25: ₹8,732; -65.5% YoY)
EPS: Q2 FY27: ₹0.073 basic and diluted (Q2 FY25: ₹0.211 basic, ₹0.205 diluted)
Half Year FY27 Performance:
Revenue from Operations: ₹378,636 (H1 FY26: ₹385,961; -1.9% YoY)
Total Income: ₹399,362 (H1 FY26: ₹409,241; -2.4% YoY)
Net Profit: ₹9,481 (H1 FY26: ₹13,200; -28.2% YoY)
EPS: ₹0.229 basic and diluted (H1 FY26: ₹0.321 basic, ₹0.312 diluted)
Cash and Cash Equivalents: ₹53,809 lakhs as of September 30, 2026 (March 31, 2026: ₹122,446 lakhs)
Debt: Total Borrowings ₹13,80,207 lakhs (Non-current: ₹8,92,836 lakhs, Current: ₹4,87,371 lakhs)
Other Equity: ₹12,00,255 lakhs
Standalone Results:
Revenue from Operations: Q2 FY27: ₹71 lakhs (Q2 FY25: ₹103 lakhs)
Total Income: Q2 FY27: ₹2,181 lakhs (Q2 FY25: ₹2,531 lakhs)
Net Profit: Q2 FY27: ₹(6) lakhs (Q2 FY25: ₹473 lakhs)
EPS: Q2 FY27: ₹(0.000) basic and diluted (Q2 FY25: ₹0.011 basic and diluted)
Segment-wise Performance:
The Group is engaged in only one segment viz. 'Generation of Power' and operations are predominantly confined to India.
Corporate Actions:
- Appointment of Shri Rajendra Vishwanath Pawar as Chief Financial Officer effective November 12, 2026
- Resignation of Shri Neeraj Parakh as Interim Chief Financial Officer effective November 12, 2026 (continues as Executive Director and CEO)
- 34,32,00,000 outstanding warrants lapsed during previous quarter due to non-conversion within 18 months, resulting in forfeiture of ₹30,261 lakhs
Going Concern Uncertainties:
- Rajasthan Sun Technique Energy Private Limited (RSTEPL): Incurred net loss of ₹11,952 lakhs during H1 FY27, negative net worth of ₹2,72,954 lakhs, defaulted in repayment of borrowings aggregating ₹2,33,547 lakhs
- Samalkot Power Limited (SMPL): Incurred net loss of ₹6,231 lakhs during H1 FY27, negative net worth of ₹2,89,415 lakhs, defaulted in repayment of borrowings aggregating ₹1,89,239 lakhs. Lender invoked corporate guarantee against Parent Company and filed application under Section 7 of IBC 2016
Regulatory Investigations:
- Enforcement Directorate (ED) investigations under PMLA: Search operation in July 2025, provisional attachment of assets extended for 365 days. During H1 FY27, ED provisionally attached investment in Sasan Power Limited shares, bank balances, and receivables
- Central Bureau of Investigation (CBI) search and seizure operations at registered office in connection with transactions involving Reliance Commercial Finance Limited and Reliance Home Finance Limited
- Economic Offences Wing (EOW), Delhi filed chargesheet against Company, RPSCL, RNBL and certain individuals regarding fake bank guarantee submitted to SECI
- SEBI appointed forensic auditor for alleged violations of SEBI Act, SCRA, and Companies Act
Other Significant Disclosures:
- Rosa Power Supply Company Limited paid loan prepayment charges of ₹2,532 lakhs (treated as exceptional item)
- Uttar Pradesh Power Corporation Limited deducted ₹15,755 lakhs from energy bills raised by RPSCL, which is disputed by the company
- Dhursar Solar Power Private Limited has outstanding advances and receivables of ₹28,880 lakhs from Reliance Infrastructure Limited
Entities Included in Consolidation:
The consolidated results include 35 subsidiaries (including step-down subsidiaries) and 1 associate (Reliance Enterprises Private Limited - only incorporated, no investment made)
Auditor Qualifications:
- Qualified conclusion on RSTEPL and SMPL due to going concern uncertainties
- Unable to obtain sufficient evidence for DSPPL's impairment assessment of PPE carrying value ₹32,154 lakhs
- Unable to comment on recoverability of DSPPL's receivables from Reliance Infrastructure Limited totaling ₹28,880 lakhs