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Unmodified audit opinion on consolidated interim financial statements for half year ended 30 September 2026

Unmodified (clean) audit opinion on IREDA's consolidated interim financial statements for the half year ended 30 September 2026.

By ScoutQuest · Mon 19 Oct 2026, 7:39 PM IST · 2 min read

Audit Opinion: Unmodified (clean) audit opinion on consolidated interim financial statements for the half year ended 30 September 2026
Subsidiary Financials: assets Rs 89.43 crores, revenue Rs. 3.06 crore, net loss Rs. 1.08 crores, cash outflow Rs. 31.34 crores
Stage II Classification: Rs. 386.76 crore of accounts kept in Stage II/Standard instead of NPA per High Court interim orders

Shiv & Associates and M A PSS and Company, Chartered Accountants, audited the consolidated interim financial statements of the company and its subsidiary for the half year ended 30 September 2026.
The opinion is unmodified: the statements give a true and fair view in conformity with the Indian Accounting Standards (Ind AS).
The audit report is dated 19 October 2026.

Emphasis of Matter: Note 38(2) on the constitution of the audit committee and the adoption of the consolidated financial statements. The opinion is not modified on this.
Other Matters covering the subsidiary, loan classification and expected credit loss, set out below. The opinion is not modified on these either.

The consolidated statements include one subsidiary, whose interim financial statements were audited by other independent auditors; the parent auditors rely on that report for the amounts relating to it.
Its standalone interim figures: total assets of Rs 89.43 crores as at 30 September 2026 and total revenues of Rs. 3.06 crore for the half year.
Net loss of Rs. 1.08 crores, other comprehensive income of Rs 0.06 crores, and net cash outflows of Rs. 31.34 crores for the half year.

Certain accounts that RBI prudential norms require to be classified as Stage III / Non-Performing Assets are classified as Stage II / Standard, aggregating to Rs. 386.76 crore, in terms of interim orders of the Hon'ble High Courts. The relevant disclosures have been made in the statements.
As a matter of prudence, interest income on such accounts becoming NPA under RBI norms has been recognised on collection basis, and an allowance for impairment loss has been made in the accounts.
The auditors' opinion is not modified in respect of this matter.

As per past practice, expected credit loss is provided under Ind AS 109 based on an ECL report from an independent agency appointed by the company.
The auditors note that using such a report does not reduce management's responsibility for the ECL estimate or the auditors' responsibility to evaluate the assumptions, methodology and data used.

The audit of the consolidated financial results for the quarter and half year ended 30 September 2025 was conducted by Shiv & Associates and Rao & Emmar, who expressed an unmodified opinion dated 14 October 2025.

An unmodified opinion means the auditors did not find a misstatement serious enough to qualify the accounts.
The flagged items are disclosures the auditors want readers to notice, not changes to the opinion.
The Rs. 386.76 crore of accounts held in Stage II/Standard on court orders, and the subsidiary's Rs. 1.08 crores net loss, are the two figures worth tracking when the detailed results are read.

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