Board approves unaudited standalone and consolidated results for quarter and half year ended 30 September 2026
Board meeting on 15 October 2026 approved the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026.
By ScoutQuest · · 3 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,456.33 | 1,276.07 | +14.1% | 1,487.11 | −2.1% |
| Total income | 1,475.56 | 1,322.08 | +11.6% | 1,501.84 | −1.7% |
| Profit before tax | 29.40 | (2,622.52) | — | 70.82 | −58.5% |
| Profit after tax | 27.88 | (2,583.54) | — | 67.80 | −58.9% |
| Total comprehensive income | 24.05 | (2,595.31) | — | 65.89 | −63.5% |
| Basic EPS | 1.19 | (110.63) | — | 2.90 | −59% |
- Total income YoY
- Year ago 1,322.08 (+11.6%)
- Profit after tax (latest)
- 27.88 vs Year ago (2,583.54), Prev qtr 67.80 (−58.9%)
- Period
- For the quarter ended 30-Sep-26 (Unaudited)
Auditor's review
Conclusion: Unmodified
- Emphasis of matter: Note 4 Indemnity Agreement of 29 Dec 2021 under which Promoter Selling Shareholders indemnify the Company for net claims exceeding ₹300.00 crore.
- Emphasis of matter: Note 6 net exposure in a wholly owned subsidiary (investment, loans, interest, receivables) of Rs. 712.79 crore as at 30 Sep 2026, considered recoverable on projected cash flows.
Notes to the results
- Note 4: Subsequent to 30 Sep 2026, the Company raised a claim of ₹156.20 crore on Promoter Selling Shareholders under the Indemnity Agreement for 01 Oct 2025 to 30 Sep 2026.
- Note 5: ₹92.45 crore owed by Customer/Developer in NCLT proceedings and ₹64.10 crore under dishonoured LCs are held as recoverable; covered under the Indemnity Agreement.
- Note 6: Exposure to wholly owned subsidiary ₹3,146.21 crore with impairment of ₹2,433.42 crore; balance exposure of ₹712.79 crore considered recoverable.
- Note 7: Customer wrongfully recovered LDs of ₹230.80 crore; Company claims ₹783.27 crore in arbitration vs counter claim ₹1,382.09 crore; no provision made.
What the Board approved
The Board of Directors met on Thursday, 15 October 2026 and considered and approved the Unaudited Consolidated and Standalone Financial Results for the quarter and half year ended 30 September 2026, along with the Limited Review Report issued by the statutory auditor. The results are unaudited and have been subjected to a limited review, not an audit.
Auditor's review conclusion
Deloitte Haskins & Sells LLP reviewed the standalone statement, which includes joint operations consolidated on a proportionate basis and branches outside India, and also the consolidated statement. The conclusion is unmodified for both. In simple terms, nothing came to the auditor's attention that caused it to believe the statements contain a material misstatement. A review is substantially less in scope than an audit, so no audit opinion is expressed.
Emphasis of Matters flagged by the auditor
- Note 4: An Indemnity Agreement dated 29 December 2021 with the Promoter Selling Shareholders (Shapoorji Pallonji and Company Private Limited and Khurshed Yazdi Daruvala) and Reliance New Energy Limited, under which the promoter selling shareholders would indemnify and re-imburse the Company and its subsidiaries/branches for a net amount if claims (net of receivables) exceed ₹300.00 crore.
- Trade receivables from a customer going through a resolution process under the supervision of the National Company Law Tribunal, and bank guarantees related to liquidated damages, would also be recoverable from the promoter selling shareholders once crystallised, if not recovered from the customers. The note states that all future crystallised claims beyond ₹300.00 crore will be fully charged back and recovered from the promoter selling shareholders, so there will be no further impact on the results of the Company.
- Note 6: The Company's net exposure in respect of its investment in a wholly owned subsidiary, loans given along with accrued interest thereon and other receivables aggregated to Rs. 712.79 crore as at 30 September 2026. The Company is confident that the balance exposure is recoverable based on projected cash flows.
The auditor's conclusion is not modified in respect of these matters.
A related figure in the notes
- Note 4 records that the Company has raised a claim of ₹156.20 crore on the promoter selling shareholders on the basis of crystallized items for the period from 01 October 2025 to 30 September 2026.
- The note also states that the promoter selling shareholders are consequently entitled to set off the amounts payable by the Company and its subsidiaries/branches to its customers/vendors relating to these matters.
Standalone results for the quarter and half year
- Revenue from operations: ₹1,456.33 crore for the quarter ended 30 September 2026 and ₹2,943.44 crore for the six months ended 30 September 2026.
- Profit/(loss) for the period: ₹27.88 crore for the quarter and ₹95.68 crore for the six months.
These are standalone unaudited figures; the update also contains consolidated results.
Other items in the notes
- Note 8: The Company received an application for the issuance of 9,671 equity shares of Re. 1 each, fully paid-up, under the Employee Stock Option Plan, and these shares were allotted during the quarter ended 30 September 2026.
- The auditor notes that the interim financial information of branches included in the Statement was reviewed by branch auditors whose reports were furnished to it, and that branches outside India prepare their information under the accounting principles of their respective countries, which the Company's Management has converted to the accounting principles generally accepted in India.
Points to note
The Emphasis of Matter items relate to recoveries, one under the promoter Indemnity Agreement and one in respect of the Company's exposure to a wholly owned subsidiary, and the auditor's conclusion is not modified on them. The results themselves are unaudited standalone and consolidated numbers for the quarter and half year ended 30 September 2026.
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More numbers
- Revenue from operations, standalone, six months ended 30-Sep-26 (₹ in crore)2,943.44
- Profit/(loss) for the period, standalone, six months ended 30-Sep-26 (₹ in crore)95.68
- Indemnity threshold, Note 4 Emphasis of Matter₹300.00 crore
- Net exposure to a wholly owned subsidiary, Note 6Rs. 712.79 crore
- Claim raised on Promoter Selling Shareholders, Note 4₹156.20 crore
- Equity shares allotted under the ESOP, Note 89,671
- Total income, latest quarter1,475.56 (₹ in crore)
- Total income, year-ago quarter1,322.08 (₹ in crore)
- Total income, previous quarter1,501.84 (₹ in crore)
- Total comprehensive income, latest quarter24.05 (₹ in crore)
- Total comprehensive income, year-ago quarter(2,595.31) (₹ in crore)
- Total comprehensive income, previous quarter65.89 (₹ in crore)
- Profit after tax, latest quarter27.88 (₹ in crore)
- Profit after tax, year-ago quarter(2,583.54) (₹ in crore)
- Profit after tax, previous quarter67.80 (₹ in crore)
- Revenue from operations, latest quarter1,456.33 (₹ in crore)
- Revenue from operations, year-ago quarter1,276.07 (₹ in crore)
- Revenue from operations, previous quarter1,487.11 (₹ in crore)
- Profit before tax, latest quarter29.40 (₹ in crore)
- Profit before tax, year-ago quarter(2,622.52) (₹ in crore)
- Profit before tax, previous quarter70.82 (₹ in crore)
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