Ravindra Energy504341Quarterly results

Board approves September-quarter and half-year results; auditor's review conclusion unmodified with emphasis of matter

Board approved the standalone and consolidated financial results for the quarter and half year ended September 30, 2026.

By ScoutQuest · Wed 4 Nov 2026, 6:55 PM IST · 3 min read

Consolidated · ₹ million · EPS in ₹
Line item	Latest	Year ago	YoY	Prev qtr	QoQ
Revenue from operations	1,903.33	1,055.32	+80.4%	1,199.69	+58.7%
Total income	1,941.18	1,071.42	+81.2%	1,225.05	+58.5%
Profit before tax	259.43	193.17	+34.3%	177.06	+46.5%
Profit after tax	190.45	244.02	−22%	16.35	—
Total comprehensive income	190.93	244.02	−21.8%	15.26	—
Basic EPS	1.03	1.33	−22.6%	0.09	—

Total income YoY change: +81.2%
Period: Sept 30, 2026 (Unaudited)

Also decided at the meeting

Board noted the Monitoring Agency's Report by CARE Ratings Limited and Statement of Deviation/Variation in utilisation of Rights Issue funds under Regulation 32.

Auditor's review

Conclusion: Unmodified

Emphasis of matter: Note 7 on grant of ESOPs under REESOS 2022, vesting period and accounting under Ind AS 102.
Emphasis of matter: Note 11 describes a change in accounting policy.
Emphasis of matter: Note 10 – comparatives for FY ended Mar 31, 2026 and quarter/half year ended Sep 30, 2025 restated to correct prior period errors under Ind AS 8.
Results of 37 subsidiaries, 18 LLPs and one JV (total assets ₹22,585.33 Mn) reviewed by other auditors; conclusion not modified.

What the board approved

At its meeting on November 4, 2026, the Board considered and approved the Standalone and Consolidated Financial Results and financial statements for the quarter and half year ended September 30, 2026.
The statutory auditors, P. Ishwara Bhat & Co., Chartered Accountants, issued their Limited Review Report dated November 4, 2026 on the unaudited results.
The CARE Ratings monitoring agency report, together with the statement of deviation or variation in utilisation of funds raised through the rights issue, was placed as part of the same update.

Auditor's conclusion

The limited review report says nothing has come to the auditors' attention that causes them to believe the statements fail to disclose what is required or contain a material misstatement. The conclusion is unmodified. Two matters are drawn attention to as Emphasis of Matter: employee stock options granted under 'REESOS 2022' (vesting period and accounting under Ind AS 102), and, in the consolidated report, the change in accounting policy and the restatement of comparative information for the year ended March 31, 2026 and the half year and quarter ended September 30, 2025 to correct prior period errors under Ind AS 8. The earlier report dated April 29, 2026 stands superseded to that extent, and the opinion is not modified for these matters.

Standalone results, quarter and half year (Rs in million, unaudited)

Revenue from operations: 1,262.20 for the September 2026 quarter against 1,019.37 a year earlier; 2,180.58 for the half year against 2,454.84.
Total income: 1,378.76 against 1,047.00 for the quarter.
Profit before tax: 289.51 against 316.89 for the quarter; 426.55 against 560.86 for the half year.
Net Profit after tax: 290.11 against 317.23 for the quarter; 427.66 against 561.57 for the half year.
Basic and diluted earnings per share: 1.58 each against 1.79 each for the quarter; 2.32 against 3.16 for the half year.

Segment picture (standalone, Rs in million)

Solar segment revenue was 1,249.71 for the quarter against 998.59, and the solar segment result was 311.97 against 318.10.
Investment segment revenue was 12.49 against 20.78.
Total segment assets stood at 8,656.43.

Balance sheet and cash (standalone, Rs in million)

Total assets 8,656.43 as at September 30, 2026 against 5,304.56 as at March 31, 2026; total equity 6,873.30 against 4,441.79.
Non-current borrowings 445.79 against 20.18; current borrowings 238.08 against 5.84.
Net cash flow from operating activities was (8.62) for the half year against 708.23 a year earlier; net cash used in investing activities (2,809.62); net cash from financing activities 2,640.50, including securities premium received on issue of shares of 1,807.66 and proceeds from issue of shares of 196.80.

Consolidation scope

The consolidated statement includes 37 subsidiaries, 18 limited liability partnerships and one joint venture whose interim financial results were reviewed by other auditors. Those entities reflect total assets of 22,585.33 as at September 30, 2026, total revenues of 3,377.24 and 5,016.88, and net total profit after tax of (155.80) and (328.44) for the quarter and half year ended September 30, 2026, all Rs in million.

What a retail reader can take away

The results are unaudited and have been subjected to a limited review, not a full audit, so the assurance is narrower than an annual audit.
The emphasis of matter paragraphs are disclosures that invite attention; the auditor states that the opinion is not modified because of them.
The restatement means the year-ago and March 2026 comparatives shown in this update have been recast for prior period errors, so year-on-year comparisons should be read against the restated figures.
The rights issue angle appears in the monitoring agency report on how the funds raised were used, and the statement of deviation or variation placed with it.

1,903.33 (₹ in Million)Revenue from operations, latest quarter

Standalone Revenue from operations, September quarter₹1,262.20 Mn

Profit before tax, latest quarter259.43 (₹ in Million)

Total comprehensive income, latest quarter190.93 (₹ in Million)

Profit after tax, latest quarter190.45 (₹ in Million)

Revenue from operations, latest quarter 1,903.33 (₹ in Million): Standalone Revenue from operations, September quarter ₹1,262.20 Mn, Profit before tax, latest quarter 259.43 (₹ in Million), Total comprehensive income, latest quarter 190.93 (₹ in Million), Profit after tax, latest quarter 190.45 (₹ in Million).

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