Key Quantitative Figures - Standalone Results (Amount in ₹ millions)
Quarter Ended 30 September 2026:
- Total Income: ₹17,384.58
- Revenue from Operations: ₹16,968.17
- Other Income: ₹416.41
- Total Expenses: ₹15,024.00
- Profit Before Tax: ₹2,360.58
- Total Tax Expense: ₹373.19 (Current Tax: ₹373.19, Deferred Tax: ₹0.00)
- Profit After Tax from Continuing Operations: ₹1,360.58
- Profit/(Loss) from Discontinued Operations: ₹0.00
- Total Profit After Tax: ₹1,360.58
- Basic & Diluted EPS: ₹11.70
Half Year Ended 30 September 2026:
- Total Income: ₹29,523.13
- Revenue from Operations: ₹28,523.29
- Other Income: ₹999.84
- Total Expenses: ₹26,853.58
- Profit Before Tax: ₹2,669.55
- Total Tax Expense: ₹453.35 (Current Tax: ₹515.56, Deferred Tax Credit: ₹(61.45))
- Profit After Tax from Continuing Operations: ₹2,215.53
- Profit from Discontinued Operations: ₹251.67
- Total Profit After Tax: ₹2,467.20
- Basic & Diluted EPS: ₹21.21
Key Quantitative Figures - Consolidated Results (Amount in ₹ millions)
Quarter Ended 30 September 2026:
- Total Income: ₹17,957.75
- Revenue from Operations: ₹17,382.09
- Other Income: ₹575.66
- Total Expenses: ₹14,794.60
- Profit Before Tax: ₹3,163.14
- Total Tax Expense: ₹645.77
- Profit After Tax from Continuing Operations: ₹2,517.37
- Profit from Discontinued Operations: ₹0.00
- Total Profit After Tax: ₹2,517.39
- Basic & Diluted EPS: ₹21.65
Half Year Ended 30 September 2026:
- Total Income: ₹30,509.88
- Revenue from Operations: ₹29,076.24
- Other Income: ₹1,433.64
- Total Expenses: ₹27,752.86
- Profit Before Tax: ₹2,757.02
- Total Tax Expense: ₹607.66
- Profit After Tax from Continuing Operations: ₹2,149.36
- Profit from Discontinued Operations: ₹251.67
- Total Profit After Tax: ₹2,401.03
- Basic & Diluted EPS: ₹20.64
Subsidiary Information
The consolidated results include 14 subsidiaries. Of these:
- 11 subsidiaries were reviewed by other auditors, representing total assets of ₹15,791.86 million as at 30 September 2026
- 3 subsidiaries were not reviewed by their auditors but were deemed immaterial by management, representing total assets of ₹2,352.63 million as at 30 September 2026
Auditor's Emphasis of Matter
The auditors drew attention to Notes 4, 5, and 6 regarding trade receivables and other financial assets aggregating to ₹896.35 million which are pending settlement/realization and substantially overdue as of 30 September 2026. The management, based on internal assessment, external legal opinions, and interim favorable regulatory orders, believes these balances are fully recoverable and no impairment provision is required.
Specific Receivable Details
1. Bengal Energy Limited (BEL) Project: ₹1,182.6 million receivable under arbitration. New arbitrator appointed by Hon'ble High Court in October 2022. Arguments completed, next hearing scheduled for 14 November 2026. Arbitration tenure expires 10 December 2026, with expected extension sought.
2. Afghanistan Project (DABS): ₹589.82 million receivable (including retention). Project terminated 15 August 2021 due to political changes. Asian Development Bank (ADB) and UNOPS processing payments. Company received ₹72.68 million during the year, with management confident of recovering balance.
3. Renewable Energy Certificates (RECs): ₹177.20 million receivable for differential rate of RECs. Matter before Hon'ble Supreme Court. Differential amount of ₹500 per unit deposited with CERC by buyers.
Cash Flow Highlights (Six Months Ended 30 September 2026)
Standalone:
- Net cash from operating activities: ₹1,923.17
- Net cash used in investing activities: ₹(1,085.43)
- Net cash used in financing activities: ₹(1,074.66)
- Net increase in cash: ₹(1.05)
Consolidated:
- Net cash from operating activities: ₹476.87
- Net cash used in investing activities: ₹(1,278.69)
- Net cash used in financing activities: ₹(1,084.51)
- Net decrease in cash: ₹(1,886.33)
Capital Structure
Paid-up equity share capital remains unchanged at ₹232.60 million (face value ₹2 each) as of 30 September 2026.