Board approves re-appointment of Director retiring by rotation and new statutory auditors; FY26 audited results declared

Mr. B. S. Mitkari (Whole Time Director) re-appointed as Director liable to retire by rotation, subject to member approval at the 26th AGM.

Wed 30 Sep 2026

FY26 Revenue from Operations

Rs. 94,798.12 lakhs

FY26 Profit After Tax

Rs. 34,012.42 lakhs

FY26 EPS

Rs. 36.48

Director Re-appointment

Mr. B. S. Mitkari re-appointed as Director liable to retire by rotation

Auditor Change

G. D. Apte & Co. retiring; Kirtane & Pandit LLP approved for FY 2026-27 to FY 2030-31

Management change

The Board, on the Nomination & Remuneration Committee's recommendation, approved the re-appointment of Mr. B. S. Mitkari (DIN: 03632549) as a Director liable to retire by rotation, subject to members' approval at the ensuing 26th AGM. He signs the results as Whole Time Director. The company confirms he has not been debarred from holding office of director by SEBI or any other authority.

Auditor change

• G. D. Apte & Co., Chartered Accountants will retire as Statutory Auditors at the conclusion of the 26th AGM after completing their first term of 5 years, and do not wish to be reappointed for a second term due to pre-occupancies.
• Kirtane & Pandit LLP, Chartered Accountants, Pune approved as Statutory Auditors for 5 consecutive years, FY 2026-27 to FY 2030-31, subject to member approval at the 26th AGM; remuneration to be decided by the Board.

Audited consolidated results (Rs. in lakhs)

• Q4 FY26 revenue from operations: 26,981.46 vs 20,821.01 in Q4 FY25
• Q4 FY26 profit after tax: 4,235.55 vs 8,354.45; EPS 3.95 vs 9.48
• FY26 revenue from operations: 94,798.12 vs 83,683.90
• FY26 profit before tax: 49,725.32 vs 46,084.78
• FY26 profit after tax: 34,012.42 vs 33,784.74; EPS 36.48 vs 38.89
• FY26 finance costs fell to 7,942.93 from 11,307.28; depreciation rose to 9,706.79 from 7,030.66
• Q4 tax includes short provision of earlier years of 1,750.00

Segments and balance sheet

Infrastructure contributed FY26 segment revenue of 96,953.96 and Wind Mills 2,293.65. Total assets stood at 2,67,584.14 versus 2,42,888.24 a year earlier. Non-current borrowings reduced to 59,428.58 from 79,484.20. FY26 operating cash flow was 63,710.25.

Litigation and other disclosures

• Claimants (AIRRO Mauritius Holdings V and Soinfra Enterprises) have shared arbitration before SIAC against Sponsors, Promoters and step-down subsidiary NECE, claiming damages equal to investment of Rs. 500 Crore with 18% IRR, plus INR 70.90 Crores for shares under a separate Share Purchase Agreement, and pre- and post-award interest at 18% p.a. The company is the 4th respondent, has shared a statement of defence and a rejoinder, and has been advised it has strong defences.
• The Karnataka High Court dismissed a landowner petition but directed the State Government to re-look at the project; NECE shared a Special Leave Petition and the Supreme Court stayed paragraphs 77 and 78 of the order.
• NECE's Managing Director re-appointment was not approved by NECE shareholders at its AGM held in November 2025; management is in the process of appointing an MD and does not expect a material impact.
• Toll operations of material subsidiary NHDL concluded with effect from September 07, 2024 on end of concession term.
• NICE's 7% CRPS maturity extended by 15 years to 25th March 2040 per NCLT order, reducing borrowings by Rs. 3,331.92 Lacs, increasing other equity by Rs 2,493.27 Lacs and deferred tax liability by Rs. 838.65 Lacs.
• New Labour Codes: net additional provision of Rs. 88.99 lakhs for FY 2025-26 shown as exceptional items; NECE gratuity obligation up Rs 182.50 lakhs as past service cost.

The update also encloses a statement on impact of audit qualification for the audited consolidated results for the quarter and year ended 31st March 2026. Details of the 26th AGM will be intimated separately.

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