Board Meeting Details

The Board Meeting was held on August 03, 2026, commencing at 02:30 pm and concluding at 04:00 pm.

Key Approvals

1. Unaudited Financial Results (Standalone and Consolidated) for the quarter ended June 30, 2026 along with Limited Review Reports of the Statutory Auditor

2. Statement of utilization and deviation/variation of Non-Convertible Debentures of ₹3,800 Crore (Series-15) issued during the quarter ended June 30, 2026

Financial Results - Standalone (₹ in Crore except per share data)

For quarter ended June 30, 2026 (Un-Audited):

  • Revenue from operations: ₹6,048.71
  • Other income: ₹183.22
  • Total income: ₹6,231.93
  • Total expenses: ₹5,426.44
  • Profit before tax: ₹805.49
  • Tax expense: ₹218.34 (Current Tax: ₹196.45, Deferred tax: ₹21.89)
  • Profit for the period: ₹587.15
  • Other comprehensive income (net of tax): (₹20.65)
  • Total comprehensive income: ₹566.50
  • Earnings per share (Basic and Diluted): ₹11.65

Comparative Figures:

  • March 31, 2026 (Refer note 4): Profit ₹431.90 crore, EPS ₹8.57
  • June 30, 2025 (Un-Audited): Profit ₹684.89 crore, EPS ₹13.59
  • March 31, 2026 (Audited): Profit ₹2,575.11 crore, EPS ₹51.10

Financial Results - Consolidated (₹ in Crore except per share data)

For quarter ended June 30, 2026 (Un-Audited):

  • Revenue from operations: ₹8,124.15
  • Other income: ₹80.66
  • Total income: ₹8,204.81
  • Total expenses: ₹7,279.62
  • Profit before tax: ₹925.19
  • Tax expense: ₹263.34 (Current tax: ₹221.99, Deferred tax: ₹41.35)
  • Profit for the period: ₹661.85
  • Profit attributable to owners: ₹638.85
  • Other comprehensive income (net of tax): (₹23.04)
  • Total comprehensive income: ₹638.81
  • Total comprehensive income attributable to owners: ₹615.89
  • Earnings per share (Basic and Diluted): ₹12.68

Major Acquisition - Nabha Power Limited

On February 16, 2026, the Company entered into a Securities Purchase Agreement with L&T Power Development Limited (wholly owned subsidiary of Larsen & Toubro Limited) for acquisition of 100% equity shares and convertible instruments of Nabha Power Limited.

The transaction was completed on June 25, 2026, for a total consideration of ₹3,632.35 Crore. Consequently, NPL became a wholly owned subsidiary of the Company effective June 25, 2026 ("Acquisition date").

NPL is engaged in generation of electricity via its 2X700 MW coal based Supercritical Thermal Power Plant located in Punjab, having long term Power Purchase Agreements for 25 years effective from 2014 with Punjab State Power Corporation Limited.

The acquisition has been accounted for in accordance with Ind AS 103 "Business Combinations" with provisional fair values as purchase price allocation is in progress.

NPL contributed Revenue from operations of ₹68.64 Crore and Profit for the period of ₹7.62 Crore from acquisition date to quarter ended June 30, 2026.

Non-Convertible Debentures Utilization

Series 15 NCD Details:

  • Mode of fund raising: Private placement
  • Type of instrument: Secured, Rated, Listed, Taxable, Non-Cumulative, Redeemable, Non-Convertible Debentures
  • Date of raising funds: June 24, 2026
  • Amount raised: ₹3,800 Crore
  • Report filed for quarter ended: June 30, 2026
  • Deviation/variation in use of funds: No
  • Approval required to vary objects: No
  • Funds utilized: ₹3,800 Crore (full amount)

Segment Information - Consolidated

Revenue from Operations:

  • Generation: ₹373.19 crore
  • Transmission and Distribution: ₹944.18 crore
  • Renewables: ₹434.74 crore
  • Total segment revenue: ₹9,392.04 crore
  • Less: Inter segment revenue: ₹1,267.89 crore
  • Total revenue from operations: ₹8,124.15 crore

Segment Results (Profit before tax, depreciation and finance costs):

  • Generation: Not specified quantitatively
  • Transmission and Distribution: Not specified quantitatively
  • Renewables: ₹369.00 crore
  • Total segment results: ₹1,686.37 crore

Segment Assets:

  • Generation: ₹14,544.51 crore
  • Transmission and Distribution: ₹23,202.60 crore
  • Renewables: ₹18,585.70 crore
  • Unallocated/Inter segment: ₹444.36 crore
  • Total assets: ₹56,777.17 crore

Key Financial Ratios - Standalone

  • Debt equity ratio: 0.78 (30.06.2026) vs 0.57 (31.03.2026)
  • Debt service coverage ratio: 3.89 (30.06.2026) vs 1.25 (31.03.2026)
  • Interest service coverage ratio: 5.84 (30.06.2026) vs 6.77 (31.03.2026)
  • Net worth: ₹19,634.25 crore (30.06.2026) vs ₹19,067.75 crore (31.03.2026)
  • Current ratio: 1.53 (30.06.2026) vs 1.90 (31.03.2026)
  • Operating margin: 18.19% (30.06.2026) vs 20.77% (31.03.2026)
  • Net profit margin: 9.71% (30.06.2026) vs 9.64% (31.03.2026)

Key Financial Ratios - Consolidated

  • Debt equity ratio: 0.97 (30.06.2026) vs 0.67 (31.03.2026)
  • Debt service coverage ratio: 3.24 (30.06.2026) vs 1.25 (31.03.2026)
  • Interest service coverage ratio: 4.60 (30.06.2026) vs 4.65 (31.03.2026)
  • Net worth: ₹20,347.56 crore (30.06.2026) vs ₹19,708.75 crore (31.03.2026)
  • Current ratio: 1.48 (30.06.2026) vs 1.35 (31.03.2026)
  • Operating margin: 18.93% (30.06.2026) vs 17.94% (31.03.2026)
  • Net profit margin: 8.15% (30.06.2026) vs 5.17% (31.03.2026)

Security Coverage

Assets are mortgaged and hypothecated by way of first pari passu charge in favor of holders of secured Non-Convertible Debentures along with lenders of term loans and working capital facilities, except some carved-out assets.

Auditor Review

Price Waterhouse Chartered Accountants LLP conducted limited review and concluded that nothing has come to their attention that causes them to believe that the financial results are not prepared in all material respects in accordance with recognition and measurement principles of Ind AS 34 and other accounting principles generally accepted in India.

Additional Information

Paid up equity share capital remains unchanged at ₹503.90 crore (Face Value ₹10 per share).