Board approves September quarter results; Rs. 3,500 crore QIP and IntelliSmart deal update
Board met on October 22, 2026 and approved the unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026.
By ScoutQuest · · 2 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 10,075.54 | 6,595.83 | +52.8% | 9,711.08 | +3.8% |
| Total income | 10,239.33 | 6,767.15 | +51.3% | 9,852.20 | +3.9% |
| Profit before tax | 1,767.15 | 745.67 | +137% | 1,441.04 | +22.6% |
| Profit after tax | 1,363.92 | 557.10 | +145% | 1,236.56 | +10.3% |
| Total comprehensive income | 1,435.19 | 790.02 | +81.7% | 1,059.96 | +35.4% |
| Basic EPS | 11.01 | 4.44 | +148% | 9.57 | +15% |
- Total income YoY growth
- +51.3%
- Period
- 30-Sep-26
Auditor's review
Conclusion: Unmodified
Notes to the results
- Completed ₹ 3,500 crores QIP; allotment of 2,16,71,826 equity shares at ₹ 1,615 per share approved on 30th July 2026; paid-up capital rose to ₹ 1,222.95 Crore.
- Executed binding SPSA to acquire 100% equity stake in IntelliSmart Infrastructure Private Limited for total consideration of ₹ 3,050 crore, subject to approvals.
- US DOJ indictment against a non-executive director dismissed with prejudice and US SEC civil complaint disposed by final judgement on August 10, 2026; matter concluded, no impact on Company.
Board meeting outcome
The Board of Directors met on October 22, 2026 from 01.25 p.m. to 02.25 p.m. and approved and took on record the unaudited financial results (standalone and consolidated) for the quarter and half year ended September 30, 2026. The results, along with the auditors' limited review reports, are placed on the Company's website.
Standalone performance
All figures below are standalone, in Rs. crore as printed, for the quarter ended September 30, 2026.
- Revenue from operations: 768.19 (year-ago quarter 664.82)
- Total income: 1,088.60 (970.91)
- Total expenses: 1,022.81 (832.33)
- Profit before tax: 65.79 (138.58)
- Profit after tax: 57.29 (101.35)
- Basic & diluted EPS: 0.47 (0.85)
For the half year ended September 30, 2026, standalone Revenue from operations was 1,686.78, Total income 2,292.36 and Profit after tax 106.39, against 1,490.28, 2,083.69 and 257.78 respectively in the half year ended September 30, 2025.
Auditor's review
Walker Chandiok & Co LLP reviewed both the standalone and the consolidated unaudited results. It stated that a review is narrower than an audit and that it does not express an audit opinion. Based on its review, nothing came to its attention that caused it to believe the statements were non-compliant with the prescribed recognition, measurement and disclosure requirements, or contained any material misstatement.
Capital raise
- The Company completed a Rs. 3,500 crores Qualified Institutional Placement.
- The Management Committee approved allotment of 2,16,71,826 equity shares of face value Rs. 10 each at Rs. 1,615 per equity share, including a premium of Rs. 1,605 per share.
- Paid-up equity share capital rose from Rs. 1,201.28 Crore (120,12,82,642 shares) to Rs. 1,222.95 Crore (122,29,54,468 shares).
Acquisition update
A binding securities purchase and subscription agreement has been executed to acquire a 100% equity stake in IntelliSmart Infrastructure Private Limited, a smart metering joint venture between National Investment and Infrastructure Fund and Energy Efficiency Services Limited. The total consideration is Rs. 3,050 crore, the platform is described as having over 4.7 crore smart meters, and closing is subject to regulatory and other customary approvals.
Legal proceedings noted
A non-executive director of the Company had faced an indictment by the United States Department of Justice and a civil complaint by the United States Securities and Exchange Commission in the United States District Court for the Eastern District of New York. The Company was not named in these matters. A final judgment was entered on August 10, 2026 disposing of the civil complaint, and the indictment was dismissed with prejudice on the same date. The Company states the matter is concluded with no impact on it.
Key ratios (standalone, quarter ended September 30, 2026)
- Debt-equity ratio: 0.43 times
- Operating margin: 4.66%
- Net profit margin: 5.26%
- Current ratio: 1.86 times
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More numbers
- Standalone Revenue from operations, quarter ended 30-Sep-26768.19 (₹ In Crores)
- Standalone Profit after tax, quarter ended 30-Sep-2657.29 (₹ In Crores)
- QIP size₹ 3,500 crores
- QIP allotment price per equity share₹ 1,615 per equity share
- Equity shares allotted under QIP2,16,71,826 equity shares
- Paid-up equity share capital after QIP allotment₹ 1,222.95 Crore
- Consideration for 100% stake in IntelliSmart₹ 3,050 crore
- Standalone net profit margin, quarter ended 30-Sep-265.26%
- Total income, latest quarter10,239.33 (₹ in Crores)
- Total income, year-ago quarter6,767.15 (₹ in Crores)
- Total income, previous quarter9,852.20 (₹ in Crores)
- Total comprehensive income, latest quarter1,435.19 (₹ in Crores)
- Total comprehensive income, year-ago quarter790.02 (₹ in Crores)
- Total comprehensive income, previous quarter1,059.96 (₹ in Crores)
- Profit after tax, latest quarter1,363.92 (₹ in Crores)
- Profit after tax, year-ago quarter557.10 (₹ in Crores)
- Profit after tax, previous quarter1,236.56 (₹ in Crores)
- Revenue from operations, latest quarter10,075.54 (₹ in Crores)
- Revenue from operations, year-ago quarter6,595.83 (₹ in Crores)
- Revenue from operations, previous quarter9,711.08 (₹ in Crores)
- Profit before tax, latest quarter1,767.15 (₹ in Crores)
- Profit before tax, year-ago quarter745.67 (₹ in Crores)
- Profit before tax, previous quarter1,441.04 (₹ in Crores)
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