Consolidated Financial Performance (Unaudited)
Quarter Ended September 30, 2026:
- Revenue from Operations: ₹19,635.94 crore
- Other Income: ₹328.36 crore
- Total Income: ₹19,964.30 crore
- Total Expenses: ₹18,640.57 crore
- Profit Before Tax: ₹2,179.85 crore
- Tax Expense: ₹527.81 crore
- Net Profit for the Period: ₹1,652.04 crore
- Earnings Per Share (Basic): ₹4.27
- Earnings Per Share (Diluted): ₹4.27
Half-Year Ended September 30, 2026:
- Revenue from Operations: ₹38,687.20 crore
- Other Income: ₹716.75 crore
- Total Income: ₹39,403.95 crore
- Total Expenses: ₹36,345.18 crore
- Profit Before Tax: ₹4,003.19 crore
- Tax Expense: ₹950.29 crore
- Net Profit for the Period: ₹3,052.90 crore
- Earnings Per Share (Basic): ₹7.95
- Earnings Per Share (Diluted): ₹7.94
Standalone Financial Performance (Audited)
Quarter Ended September 30, 2026:
- Revenue from Operations: ₹6,107.20 crore
- Other Income: ₹1,006.21 crore
- Total Income: ₹7,113.41 crore
- Total Expenses: ₹6,265.06 crore
- Profit Before Tax: ₹930.19 crore
- Tax Expense: ₹226.24 crore
- Net Profit for the Period: ₹703.95 crore
- Earnings Per Share (Basic): ₹2.20
- Earnings Per Share (Diluted): ₹2.20
Half-Year Ended September 30, 2026:
- Revenue from Operations: ₹11,796.00 crore
- Other Income: ₹1,197.45 crore
- Total Income: ₹12,993.45 crore
- Total Expenses: ₹11,634.35 crore
- Profit Before Tax: ₹1,304.42 crore
- Tax Expense: ₹323.10 crore
- Net Profit for the Period: ₹981.32 crore
- Earnings Per Share (Basic): ₹3.07
- Earnings Per Share (Diluted): ₹3.07
Significant Legal Matter - Arbitration Case
The company received an unfavorable arbitration award from the Singapore International Arbitration Centre (SIAC) seeking payment of USD 490.32 million and related costs and interest during the year ended March 31, 2026.
During the quarter ended September 30, 2026, the Singapore International Commercial Court (SICC) dismissed the company's appeal to set aside the award. Subsequently, an enforcement order has been issued by the SICC, and on November 6, 2026, notices were served intimating attachment of the company's shareholding in certain Singapore subsidiaries by the Court-appointed Sheriff.
The company has filed notices of appeal before the Singapore Court of Appeal (Apex Court) and is required to file its written submissions by November 23, 2026. The company is also in the process of filing objections to the Enforcement Order and seeking a deferment of sale of shares from the Sheriff.
Based on legal advice, the company believes it has a high probability of succeeding on its grounds of appeal and has concluded that no provision is required to be recognized in the financial results pending the final outcome.
Exceptional Items
Consolidated:
- Gain on derecognition of an associate: ₹317.36 crore (Refer Note 4)
- Impairment of Investment Property: ₹(102.28) crore (Refer Note 5)
- Impairment of Investment in Joint Venture: ₹(95.90) crore (Refer Note 6)
- Total Exceptional Items: ₹119.18 crore
Standalone:
- Gain on Derecognition of Investment in Associate: ₹99.63 crore (Refer Note 4)
- Impairment of Investment Property: ₹(102.28) crore (Refer Note 5)
- Total Exceptional Items: ₹(2.65) crore
Segment Performance (Consolidated)
Quarter Ended September 30, 2026:
- Thermal & Hydro: Revenue ₹5,883.14 crore, Segment Result ₹1,066.66 crore
- Renewables: Revenue ₹3,745.48 crore, Segment Result ₹1,230.14 crore
- Transmission and Distribution: Revenue ₹11,937.26 crore, Segment Result ₹986.64 crore
- Others: Revenue ₹107.31 crore, Segment Result ₹(21.05) crore
Key Subsidiaries and Associates
The document includes detailed annexures listing all subsidiaries, joint ventures, and associates included in the consolidated financial results.