Board Meeting Details
The Board of Directors meeting was held on October 30, 2026, at the registered office at "Zodiac House" 12, Times Corporate Park, Near Baghban Party Plot, Thaltej-Shilaj road, Thaltej, Ahmedabad – 380059. The meeting commenced at 11:30 AM and concluded at 12:55 PM.
Key Decisions
1. Considered and approved the Unaudited Standalone & Consolidated Financial Results of the Company for the Quarter and Half year ended on September 30, 2026, in accordance with Regulation 33 of SEBI Listing Regulations
2. Considered and approved all other business as per agenda circulated
Standalone Financial Results (Rs. in Crores, except EPS)
Quarterly Performance (Q2 FY27 vs Q2 FY26)
- Revenue from operations: ₹164.78 crore (Q2 FY26: ₹96.78 crore) - 70% increase
- Total income: ₹165.81 crore (Q2 FY26: ₹97.08 crore)
- Profit before tax: ₹12.14 crore (Q2 FY26: ₹3.54 crore) - 243% increase
- Tax expense: ₹2.96 crore (Q2 FY26: ₹0.86 crore)
- Profit after tax: ₹9.18 crore (Q2 FY26: ₹2.68 crore) - 243% increase
- Basic EPS: ₹5.93 (Q2 FY26: ₹1.77)
- Diluted EPS: ₹5.91 (Q2 FY26: ₹1.76)
Half-Year Performance (H1 FY27 vs H1 FY26)
- Revenue from operations: ₹306.59 crore (H1 FY26: ₹194.82 crore)
- Total income: ₹309.09 crore (H1 FY26: ₹195.46 crore)
- Profit before tax: ₹21.74 crore (H1 FY26: ₹7.17 crore)
- Tax expense: ₹5.54 crore (H1 FY26: ₹1.80 crore)
- Profit after tax: ₹16.20 crore (H1 FY26: ₹5.37 crore)
- Basic EPS: ₹21.34 (H1 FY26: ₹3.55)
- Diluted EPS: ₹21.19 (H1 FY26: ₹3.53)
Standalone Balance Sheet Position (as of September 30, 2026)
- Total assets: ₹373.03 crore (March 31, 2026: ₹485.25 crore)
- Current assets: ₹215.51 crore (March 31, 2026: ₹328.69 crore)
- Inventories: ₹70.37 crore (March 31, 2026: ₹128.50 crore)
- Trade receivables: ₹55.04 crore (March 31, 2026: ₹113.05 crore)
- Cash and cash equivalents: ₹4.32 crore (March 31, 2026: ₹12.49 crore)
- Total equity: ₹133.16 crore (March 31, 2026: ₹116.84 crore)
- Borrowings: ₹166.15 crore (non-current ₹71.76 crore + current ₹94.39 crore)
Standalone Cash Flow (H1 FY27)
- Cash flow from operating activities: ₹44.63 crore
- Cash flow from investing activities: -₹3.79 crore
- Cash flow from financing activities: -₹49.01 crore
- Net decrease in cash: ₹8.17 crore
Consolidated Financial Results (Rs. in Crores, except EPS)
Quarterly Performance (Q2 FY27)
- Revenue from operations: ₹166.22 crore
- Total income: ₹167.05 crore
- Profit before tax: ₹11.60 crore
- Tax expense: ₹2.43 crore
- Profit after tax: ₹9.17 crore
- Profit attributable to owners: ₹9.16 crore
- Basic EPS: ₹5.92
- Diluted EPS: ₹5.90
Half-Year Performance (H1 FY27)
- Revenue from operations: ₹308.03 crore
- Total income: ₹310.35 crore
- Profit before tax: ₹21.40 crore
- Tax expense: ₹5.24 crore
- Profit after tax: ₹16.16 crore
- Profit attributable to owners: ₹16.18 crore
- Basic EPS: ₹21.29
- Diluted EPS: ₹21.14
Segment Information (Consolidated)
The company has two reportable segments:
1. Solar Photovoltaic Modules & EPC Contracts
2. Generation of Electricity
Q2 FY27 Segment Revenue
- Solar PV Modules & EPC: ₹160.85 crore
- Power Generation: ₹5.02 crore
- Total: ₹165.87 crore
Q2 FY27 Segment Results
- Solar PV Modules & EPC: ₹12.89 crore profit
- Power Generation: ₹0.12 crore loss
H1 FY27 Segment Revenue
- Solar PV Modules & EPC: ₹298.71 crore
- Power Generation: ₹10.03 crore
- Total: ₹308.75 crore
H1 FY27 Segment Results
- Solar PV Modules & EPC: ₹23.24 crore profit
- Power Generation: ₹0.54 crore profit
Subsidiary Information
The consolidated results include 20 subsidiaries, primarily solar project LLPs and IPP companies. The subsidiaries reported total revenues of ₹151.54 lakhs and total net loss after tax of ₹47.08 lakhs for H1 FY27.
Auditor Review
N P K U & Associates, Chartered Accountants (FRN: 127079W) issued limited review reports for both standalone and consolidated financial results. The auditor concluded that nothing came to their attention that causes them to believe the financial results contain material misstatements.