FY26 Audited Consolidated Results, New Statutory Auditors and Director Re-appointment Approved

Board approved audited consolidated results for Q4 and FY ended 31 March 2026.

Wed 30 Sep 2026

FY26 Revenue from Operations

Rs. 94,798.12 lakhs vs Rs. 83,683.90 lakhs in FY25

FY26 Profit After Tax

Rs. 34,012.42 lakhs vs Rs. 33,784.74 lakhs in FY25

FY26 EPS

Rs. 36.48 vs Rs. 38.89

Q4 FY26 Revenue

Rs. 26,981.46 lakhs

Q4 FY26 PAT

Rs. 4,235.55 lakhs

What the Board approved

• Audited consolidated financial results for the quarter and year ended 31 March 2026, along with the Auditors Report by G. D. Apte & Co. and a Statement on Impact of Audit qualification.
• Re-appointment of Mr. B. S. Mitkari as Director liable to retire by rotation, subject to member approval at the ensuing AGM.
• Appointment of Kirtane & Pandit LLP, Chartered Accountants, Pune as Statutory Auditors for five consecutive years from FY 2026-27 to FY 2030-31, subject to member approval at the 26th AGM. G. D. Apte & Co. retires at the 26th AGM after its first term of five years and does not wish to be reappointed due to pre-occupancies.

Consolidated numbers (Rs. in lakhs)

• FY26 revenue from operations 94,798.12 versus FY25 83,683.90.
• FY26 other income 4,449.67; FY26 total revenue 99,247.79.
• FY26 profit before tax 49,725.32 versus 46,084.78.
• FY26 profit after tax 34,012.42 versus 33,784.74; of this, owners of the parent got 13,739.71 and non-controlling interest 20,272.71.
• FY26 EPS (basic and diluted) Rs. 36.48 versus Rs. 38.89; FY26 included a short provision of earlier years' tax of 1,750.00.
• Q4FY26 revenue from operations 26,981.46 versus 20,821.01 a year earlier; Q4 PAT 4,235.55 versus 8,354.45. Q4 depreciation rose to 4,445.97 and other expenses to 9,527.84.

Segments and balance sheet

• FY26 segment revenue: Infrastructure 96,953.96, Wind Mills 2,293.65.
• Total assets as at 31 March 2026 2,67,584.14 versus 2,42,888.24.
• Non-current borrowings reduced to 59,428.58 from 79,484.20; current borrowings 15,152.65.
• Other equity rose to 33,281.81 from 18,272.04.
• FY26 operating cash flow 63,710.25; cash and cash equivalents at year end 7,518.04.

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, denies the alleged breaches, and has been advised it has strong defences. Rejoinder was shared in July 2026 and the matter continues.
• The Karnataka High Court dismissed a landowner's petition but directed the State Government to re-look at the project; NECE's Special Leave Petition led to a stay of two paragraphs of that order by the Supreme Court.
• NHDL's toll operations concluded from 7 September 2024 on expiry of the concession term; management considers its assets good with no provisioning.
• NECE's Managing Director re-appointment was not approved by NECE shareholders; management says operations were not adversely affected.
• NICE's 7% CRPS maturity was extended up to 25 March 2040, reducing borrowings by Rs. 3,331.92 Lacs, raising 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 recognised gratuity past service cost of Rs 182.50 lakhs.
• A provision for doubtful advances of Rs. 5,966.37 lakhs appears in the cash flow adjustments; the Company has given Rs 3,700 Lakhs to NECE as advance towards land acquisition, considered recoverable.

The audit report carried a statement on impact of audit qualification, and the arbitration claim amounts are large relative to reported profits, which investors may weigh alongside the revenue growth.

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