Q2 FY27 results, qualified auditor conclusion, new CFO and Company Secretary appointed
Board approved unaudited results for the quarter and half year ended 30 September 2026, and named a new Independent Director, CFO and Company Secretary.
By ScoutQuest · · 2 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,51,212 | 1,43,830 | +5.1% | 1,72,403 | −12.3% |
| Total income | 1,57,927 | 1,47,843 | +6.8% | 1,75,476 | −10% |
| Profit before tax | 1,039 | 29,173 | −96.4% | 37,686 | −97.2% |
| Profit after tax | 3,331 | 18,203 | −81.7% | 46,895 | −92.9% |
| Total comprehensive income | 3,343 | 18,203 | −81.6% | 46,907 | −92.9% |
| Basic EPS | 0.04 | 0.20 | −80% | 0.52 | −92.3% |
- Total Income (Standalone, Lakhs)
- Latest 1,57,927; Year ago 1,47,843 (+6.8%); Prev qtr 1,75,476 (−10%)
- Profit After Tax (Standalone, Lakhs)
- Latest 3,331; Year ago 18,203 (−81.7%); Prev qtr 46,895 (−92.9%)
- Period
- 30.09.2026 (Unaudited)
Also decided at the meeting
- Appointed Mr. Ravi Kapoor (DIN: 00003847) as Independent Director for a first term of three consecutive years w.e.f. 19th October, 2026, subject to shareholders' approval.
- Appointed Mr. Jigar Dalal as Chief Financial Officer (KMP) w.e.f. 1st November, 2026.
- Appointed Mr. Paresh Patel as Company Secretary and Compliance Officer (KMP) w.e.f. 1st December, 2026.
Auditor's review
Conclusion: Qualified
- Qualified: non provisioning against recompense claim of Rs. 5,69,651 lakhs claimed by lenders (ICICI bank as lead); impact cannot be ascertained at this stage (Note 7).
- Emphasis of matter: DMG show cause/demand notices of Rs. 857,342 lakhs for alleged illegal extraction and sale of sand; no provision made (Note 6).
Notes to the results
- Settlement with NARCL of corporate guarantee claim re JAL for Rs. 511.00 crores; provided as an exceptional item during the current quarter.
- Provision for expenditure on surrender of Amelia (North) and Bandha North coal mines shown as Exceptional Item of Rs.193.63 Crores for the half year.
- Opted for new tax regime from FY 2026-27: MAT credit of Rs. 140.78 crores reinstated, deferred tax liability Rs. 248.87 crores remeasured (net impact Rs 108.09 crores).
- 322 show cause notices (approx Rs. 8,57,342 lakhs) and 74 demand notices (approx Rs. 3,47,887 lakhs) on sand mining; no provision considered necessary.
The board on 19 October 2026 approved the unaudited financial results (standalone and consolidated) for the quarter and half year ended 30 September 2026, along with three senior appointments.
Standalone performance
- Revenue from operations: Rs. 1,51,212 lakhs for the quarter
- Net Profit: Rs. 3,331 lakhs for the quarter
- Net Profit: Rs. 50,226 lakhs for the half year
Revenue at Jaypee Bina TPP and Jaypee Nigrie TPP is accounted on the basis of Multi Year Tariff for the control period 2024-25 to 2028-29, and at Vishnuprayag Hydro Electric Plant on provisional tariff, both subject to true-up or final assessment.
Leadership changes
- Mr. Ravi Kapoor appointed as an Independent Director, subject to the approval of shareholders
- Mr. Jigar Dalal appointed as Chief Financial Officer with effect from 1 November 2026
- Mr. Paresh Patel appointed as Company Secretary and Compliance Officer with effect from 1 December 2026
From 1 December 2026, the Key Managerial Personnel authorised to decide materiality and make disclosures are Mr. Savan Patel (Whole-time Director), Mr. Jigar Dalal and Mr. Paresh Patel.
Auditor's review conclusion
The statutory auditor, Lodha & Co LLP, issued a qualified conclusion on the standalone results. It drew attention to Note 7, where the company has made no provision against a recompense claim of Rs. 5,69,651 lakhs raised by the lenders with ICICI Bank as lead. Management states that, on present free cashflow and RBI guidelines, nothing is payable as on 30 September 2026, and that any impact would be recoverable under PPAs. Under Emphasis of Matter, the auditor also pointed to show cause and demand notices from the District Mining Office over alleged illegal extraction and sale of sand: show cause notices of Rs. 857,342 lakhs and demand notices of Rs. 347,887 lakhs. The Andhra Pradesh High Court has granted stay; management says the demands have no cogent basis and no provision is required.
Other items flagged in the notes
- The company offered to settle the claim under the corporate guarantee given for Jaiprakash Associates, which NARCL accepted; Rs. 511.00 crores has been provided as an exceptional item in the current quarter, with proceedings to be withdrawn once settlement conditions are met.
- The company opted for the new tax regime under Section 200 of the Income-tax Act, 2025 from FY 2026-27. MAT credit was reinstated and deferred tax remeasured, giving a net impact of Rs. 108.09 crores; the quarter's tax provision is therefore not comparable with earlier periods.
How to read this
The quarter's standalone profit is small relative to the claims the auditor has highlighted. The two provisions the board has not made — the recompense claim and the mining demands — are the numbers to keep in view, and management's position on both rests on legal and tariff recovery arguments rather than on amounts already set aside.
Also from Jaiprakash Power Ventures
Board approved unaudited Q2 and H1 results, named CFO, Company Secretary & Compliance Officer and Independent Director
19 Oct 2026
Board approves Q2 FY27 results; Ravi Kapoor, Jigar Dalal and Paresh Patel appointed
19 Oct 2026
Board meeting on 19 October 2026 to consider and approve unaudited Q2 and H1 results
5 Oct 2026
More numbers
- Net Profit, standalone six months ended 30.09.202650,226
- Recompense claim by lenders (ICICI Bank as lead)Rs. 5,69,651 lakhs
- DMG show cause notices amountRs. 857,342 lakhs
- DMG demand notices amountRs. 347,887 lakhs
- NARCL settlement amount provided as exceptional itemRs. 511.00 crores
- Net impact of new tax regimeRs. 108.09 crores
- Total income, latest quarter1,57,927 (₹ in Lakhs)
- Total income, year-ago quarter1,47,843 (₹ in Lakhs)
- Total income, previous quarter1,75,476 (₹ in Lakhs)
- Total comprehensive income, latest quarter3,343 (₹ in Lakhs)
- Total comprehensive income, year-ago quarter18,203 (₹ in Lakhs)
- Total comprehensive income, previous quarter46,907 (₹ in Lakhs)
- Profit after tax, latest quarter3,331 (₹ in Lakhs)
- Profit after tax, year-ago quarter18,203 (₹ in Lakhs)
- Profit after tax, previous quarter46,895 (₹ in Lakhs)
- Revenue from operations, latest quarter1,51,212 (₹ in Lakhs)
- Revenue from operations, year-ago quarter1,43,830 (₹ in Lakhs)
- Revenue from operations, previous quarter1,72,403 (₹ in Lakhs)
- Profit before tax, latest quarter1,039 (₹ in Lakhs)
- Profit before tax, year-ago quarter29,173 (₹ in Lakhs)
- Profit before tax, previous quarter37,686 (₹ in Lakhs)
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