JPJaiprakash Power Ventures532627Auditor qualification or

Board approved unaudited Q2 and H1 results, named CFO, Company Secretary & Compliance Officer and Independent Director

Board meeting on 19 October 2026 approved unaudited results for the quarter and half year ended 30 September 2026.

By ScoutQuest · Mon 19 Oct 2026, 8:20 PM IST · 3 min read

Revenue from operations (Q2)

1,51,212 lakhs

Net profit (Q2)

3,331 lakhs

Unprovided recompense claim by lenders

Rs. 5,69,651 lakhs

The board of Jaiprakash Power Ventures met on 19 October 2026 and approved unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with three senior appointments.

Results at a glance

• Revenue from operations for the quarter: 1,51,212 lakhs.
• Profit before exceptional items and tax for the quarter: 52,139 lakhs.
• Net profit: 3,331 lakhs for the quarter and 50,226 lakhs for the half year.
• The quarter carries an exceptional item of Rs. 511.00 crores — the company's provision towards a settlement with NARCL, explained below. The reported quarterly profit is after this charge.

Governance changes

• Mr. Ravi Kapoor appointed Independent Director with effect from 19 October 2026, subject to the approval of shareholders.
• Mr. Jigar Dalal appointed Chief Financial Officer (Key Managerial Personnel) with effect from 1 November 2026.
• Mr. Paresh Patel appointed Company Secretary and Compliance Officer (Key Managerial Personnel) with effect from 1 December 2026.
• From 1 December 2026, the Key Managerial Personnel authorised to decide the materiality of events and make disclosures to the stock exchanges are Mr. Savan Patel (Whole-time Director), Mr. Jigar Dalal and Mr. Paresh Patel.

Auditor's qualified conclusion

• The statutory auditors' limited review carries a qualified conclusion on one matter: no provision has been made against a recompense claim of Rs. 5,69,651 lakhs raised by lenders, with ICICI Bank as lead.
• The company has challenged the demand and asked ICICI Bank to explain the basis. Management's stated view is that nothing is payable as on 30 September 2026 given the present free cashflow position and RBI guidelines, and that any impact would not be material because it is recoverable under power purchase agreements.
• The same matter was also qualified in the audit of the previous full year and in the previous quarter's review.

The NARCL settlement

• The company had given a corporate guarantee for loans to Jaiprakash Associates Ltd, which was admitted for corporate insolvency resolution; Adani Enterprises Ltd acquired that company under that process.
• The company and NARCL have now agreed to settle the claim on payment of Rs. 511.00 crores as full and final payment, subject to conditions and definitive agreements; the proceedings are to be withdrawn once the settlement conditions are met.
• This is why the Rs. 511.00 crores appears as an exceptional item in the quarter.

Sand mining notices

• As at 30 September 2026 the company had received 322 show cause notices from District Mining Offices and demand notices aggregating about Rs. 3,47,887 lakhs, alleging illegal extraction, storage, transportation and sale of sand.
• The demand notices have been challenged before the Andhra Pradesh High Court, which has granted an interim stay, and no provision has been made; the company states the contracts were carried out on a back-to-back basis by a sub-contractor.

What a reader can take away

• Operations before the one-time charge were profitable in the quarter, and the half year's profit is much larger than the quarter's because of that charge.
• The auditor's qualification relates to a claim the company says is not payable and which it expects to recover under power purchase agreements.
• The mining demands are large in size but are contested and currently stayed.

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