Standalone results for the quarter ended 30 September 2026 (Unaudited)

Also decided at the meeting

• Approved incorporation of a subsidiary in ADGM, Abu Dhabi, UAE, subject to regulatory approvals and name availability.
• Approved incorporation of a subsidiary in DIFC, Dubai, UAE, subject to regulatory approvals and name availability.
• Approved participation in PFC Consulting tender and proposed acquisition of 100% equity in Babai Transmission Limited (SPV), if declared successful bidder.
• Approved participation in PFC Consulting tender and proposed acquisition of 100% equity in Khushkhera Transmission Limited (SPV), if declared successful bidder.
• On Audit Committee recommendation, approved common overheads and services agreement with wholly-owned subsidiary NOPL Solar Projects Private Limited.
• Took note of SEBI Administrative Warning dated 4 November 2026 on non-disclosure of a ~₹12.50 crore dispute with GS Products India (materiality threshold ₹3.26 crore).

Auditor's review

Conclusion: Unmodified

• Emphasis of matter: uncertainty over outcome of litigation with a customer on recoverability of INR 2,636 lakhs, pending in Commercial Court, Jaipur; no adjustment made. Conclusion not modified.

Notes to the results

• Note 4: Non-current trade receivables include INR 2,636 lakhs (net of loss allowance of INR 293 lakhs) due from a customer under litigation in Commercial Court, Jaipur; considered good.
• Note 5: Company acquired 49% of NOPL Solar Projects for INR 490 lakhs and remaining 51% for INR 510 lakhs, making it a wholly owned subsidiary; also provided unsecured loan to NOPL.
• Note 7: New Labour Codes increased gratuity liability by INR 55 lakhs and compensated absences by INR 66 lakhs in FY ended 31 March 2026, presented as exceptional item.
• Note 8: Other income for quarter ended 30 June 2026 and half year includes INR 581 lakhs write back of provident fund related liabilities/provisions.