Standalone Financial Performance (₹ in crore)

Income Statement Highlights:

  • Q2 FY26 (Unaudited): Revenue from operations stood at ₹1,456.33 crore, with other income of ₹19.23 crore, resulting in total income of ₹1,475.56 crore. Total expenses were ₹1,446.16 crore. Profit before exceptional items and tax was ₹29.40 crore. There were no exceptional items in the current quarter (compared to a charge of ₹2,638.42 crore in Q2 FY25). Profit before tax was ₹29.40 crore. After a tax expense of ₹1.52 crore (Current tax: ₹2.68 crore, Deferred tax credit: ₹1.16 crore), profit for the period was ₹27.88 crore.
  • H1 FY26 (Unaudited): Revenue from operations was ₹2,943.44 crore, with other income of ₹33.96 crore, resulting in total income of ₹2,977.40 crore. Total expenses were ₹2,877.18 crore. Profit before exceptional items and tax was ₹100.22 crore. With no exceptional items, profit before tax was ₹100.22 crore. After a tax expense of ₹4.54 crore (Current tax: ₹8.52 crore, Deferred tax credit: ₹3.98 crore), profit for the period was ₹95.68 crore.
  • Earnings Per Share (EPS): Basic EPS for Q2 FY26 was ₹1.19, and for H1 FY26, it was ₹4.10.
  • Prior Period Comparison: Q2 FY25 had reported a significant loss of ₹2,583.54 crore, primarily due to an exceptional item of ₹2,638.42 crore.

Balance Sheet Highlights (as of September 30, 2026):

  • Total Assets: ₹4,790.71 crore (Previous FY end, March 31, 2026: ₹4,769.83 crore).
  • Non-current assets: ₹1,283.27 crore (including Investments: ₹559.87 crore, Loans: ₹146.41 crore, Other financial assets: ₹312.23 crore).
  • Current assets: ₹3,507.44 crore (including Trade receivables: ₹1,849.70 crore, Cash and cash equivalents: ₹39.57 crore).
  • Total Equity: ₹554.97 crore (Equity share capital: ₹23.35 crore, Other Equity: ₹531.62 crore).
  • Total Liabilities: ₹4,235.74 crore (Non-current: ₹398.93 crore, Current: ₹3,836.81 crore).

Cash Flow Highlights (H1 FY26):

  • Net cash from operating activities: ₹166.26 crore.
  • Net cash from investing activities: ₹3.57 crore.
  • Net cash used in financing activities: ₹335.42 crore (primarily from repayment of borrowings).
  • Net decrease in cash and cash equivalents: ₹165.59 crore.

Segment-Wise Performance (Standalone):

  • EPC Business: Q2 FY26 revenue: ₹1,382.94 crore; Segment result: ₹110.60 crore. H1 FY26 revenue: ₹2,800.84 crore; Segment result: ₹250.49 crore.
  • Operation and Maintenance Service: Q2 FY26 revenue: ₹72.90 crore; Segment result: ₹15.13 crore. H1 FY26 revenue: ₹140.73 crore; Segment result: ₹29.64 crore.

Consolidated Financial Performance (₹ in crore)

Income Statement Highlights:

  • Q2 FY26 (Unaudited): Revenue from operations stood at ₹1,527.50 crore. Profit before tax was ₹16.83 crore. Profit for the period attributable to owners of the company was ₹19.23 crore.
  • H1 FY26 (Unaudited): Revenue from operations was ₹3,117.63 crore. Profit for the period attributable to owners of the company was ₹73.45 crore.
  • Earnings Per Share (EPS): Basic EPS for Q2 FY26 was ₹0.82, and for H1 FY26, it was ₹3.15.

Emphasis of Matter by Auditors

The review report draws attention to two key notes in the financial statements:

1. Note 4 - Indemnity Agreement: An agreement dated December 29, 2021, with Shapoorji Pallonji and Company Private Limited, Khurshed Yazdi Daruvala (Promoter Selling Shareholders), and Reliance New Energy Limited. The promoters will indemnify and reimburse the company for a net amount if claims (net of receivables) related to liquidated damages, old receivables, tax litigations, and legal matters exceed ₹300.00 crore. Subsequent to September 30, 2026, the company has raised a claim of ₹156.20 crore for crystallized items from October 1, 2025, to September 30, 2026.

2. Note 6 - Investment in Subsidiary: The company's net exposure in a wholly owned subsidiary (investment, loans, accrued interest, receivables) is ₹712.79 crore as of September 30, 2026. Management is confident of recoverability based on projected cash flows. An impairment provision of ₹2,433.42 crore was created in the previous year.

Other Key Disclosures from Notes

  • Legal Matters and Receivables: The company is engaged in multiple legal proceedings to recover significant amounts, including ₹92.45 crore from a customer/developer and ₹64.10 crore from a customer's bank related to dishonored Letters of Credit. These claims are covered under the indemnity agreement.
  • Employee Stock Option Plan (ESOP): The company allotted 9,671 equity shares during the quarter under its ESOP.
  • Geographical Operations: The company and its subsidiaries have branches and operations in numerous countries, including Australia, Argentina, Chile, Dubai, Egypt, and others. The financial information of 19 branches and 19 subsidiaries was reviewed by other auditors.