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 and Submission of Unaudited Financial Results

Audit Opinion:

Limited Review Report issued by M/s G A R V & Associates, Chartered Accountants. The report contains emphasis of matter paragraphs but is not modified.

Auditor’s Comment:

Auditors drew attention to two notes:

  • Note 6: Payment of safeguard duty amounting to ₹1,485.20 million considered as receivable as matter is subjudice
  • Note 7: Amount of ₹527.90 million withheld/recovered by customers related to EPC contracts under dispute resolution

Key Financial Highlights [₹ in million]:

Standalone Results:

Quarter Ended September 30, 2026:

  • Revenue from Operations: 10,732.67 (vs 11,099.06 in Q2 FY26 - decrease of 3.3% YoY)
  • Total Income: 10,870.92
  • Net Profit: 37.30 (vs 1,282.35 in Q2 FY26 - decrease of 97.1% YoY)
  • EPS: ₹0.10 (vs ₹3.83 in Q2 FY26)

Half Year Ended September 30, 2026:

  • Revenue from Operations: 26,092.97 (vs 22,450.66 in H1 FY26 - increase of 16.2% YoY)
  • Total Income: 26,356.61
  • Net Profit: 224.57 (vs 2,626.50 in H1 FY26 - decrease of 91.4% YoY)
  • EPS: ₹0.62

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

  • Cash and Cash Equivalents: 305.21
  • Other Equity: 28,382.10
  • Total Debt (Borrowings): 5,817.88
  • Total Assets: 58,621.32

Consolidated Results:

Quarter Ended September 30, 2026:

  • Revenue from Operations: 10,774.15
  • Total Income: 10,913.10
  • Net Profit: 59.34
  • EPS: ₹0.16

Half Year Ended September 30, 2026:

  • Revenue from Operations: 26,405.07
  • Total Income: 26,670.26
  • Net Profit: 257.41
  • EPS: ₹0.71

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

  • Cash and Cash Equivalents: 844.79
  • Other Equity: 28,378.70
  • Total Debt (Borrowings): 6,317.88
  • Total Assets: 62,920.55

Segment-wise Performance:

The Company has identified only one reportable segment: "Manufacturing of Solar Photovoltaic Modules as well as the Engineering, Procurement and Construction (EPC) and operation & maintenance of solar power plant."

Corporate Actions:

No dividend declarations, share splits, bonus issues, or buybacks announced in this filing.

Other Significant Information:

IPO Proceeds Utilization Status:

  • Partial funding of capex through VSL Green Power Private Limited (Phase-I): ₹7,648.03 million utilized (₹49.27 million unutilized)
  • Funding of capex through VSL Green Power Private Limited (Phase-II): ₹4,232.24 million utilized (₹1,719.84 million unutilized)
  • General corporate purposes: ₹495.49 million utilized (fully utilized)

Legal Matters:

  • Safeguard duty of ₹1,485.20 million paid and accounted as receivable pending Supreme Court decision
  • Customer disputes totaling ₹527.90 million withheld/recovered related to EPC contracts under arbitration/court proceedings