Integrated Filing — IndAS



General information about company

Scrip Code 532930
NSE Symbol BGRENERGY
MSEI Symbol NOTLISTED
ISIN INR661I01014
Name of company BGR ENERGY SYSTEMS LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 13-02-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 07-02-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Third quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Unaudited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Unaudited
Segment Reporting Multi segment
Description of single segment
Start date and time of board meeting 13-02-2026   12:15:00
End date and time of board meeting 13-02-2026   16:00:00
Whether cash flow statement is applicable on company
Type of cash flow statement
Declaration of unmodified opinion or statement on impact of audit qualification Not applicable



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-10-2025 01-04-2025
B Date of end of reporting period 31-12-2025 31-12-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 7,771.00 24,957.00
Other income 2,170.00 5,786.00
Total income 9,941.00 30,743.00
2 Expenses
(a) Cost of materials consumed 7,152.00 29,619.00
(b) Purchases of stock-in-trade 0.00 0.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 0.00 0.00
(d) Employee benefit expense 1,850.00 4,219.00
(e) Finance costs 2,409.00 22,161.00
(f) Depreciation, depletion and amortisation expense 283.00 829.00
(f) Other Expenses
1 Cost of Manufacturing and constructions 4,407.00 11,403.00
2 Other Direct cost 134.00 177.00
3 Other Expenses 12,962.00 14,448.00
Total other expenses 17,503.00 26,028.00
Total expenses 29,197.00 82,856.00
3 Total profit before exceptional items and tax (19,256.00) (52,113.00)
4 Exceptional items 0.00 0.00
5 Total profit before tax (19,256.00) (52,113.00)
6 Tax expense
7 Current tax 0.00 0.00
8 Deferred tax 0.00 0.00
9 Total tax expenses 0.00 0.00
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations (19,256.00) (52,113.00)
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0.00 0.00
16 Total profit (loss) for period (19,256.00) (52,113.00)
17 Other comprehensive income net of taxes 4.00 27.00
18 Total Comprehensive Income for the period (19,252.00) (52,086.00)
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent (19,277.00) (51,993.00)
Total profit or loss, attributable to non-controlling interests 25.00 (93.00)
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent 4.00 27.00
Total comprehensive income for the period attributable to owners of parent non-controlling interests 0.00 0.00
21 Details of equity share capital
Paid-up equity share capital 7,216.00 7,216.00
Face value of equity share capital 10 10
27 Details of debt securities
22 Reserves excluding revaluation reserve
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations -26.72 -72.09
Diluted earnings (loss) per share from continuing operations -26.72 -72.09
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations -26.72 -72.09
Diluted earnings (loss) per share from continuing and discontinued operations -26.72 -72.09
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) 1.The above results were reviewed by the Audit Committee and approved by the Board of Directors at the respective meetings held on Feb 13, 2026. 2.The financial results for the quarter and and nine months ended December 31, 2025 of the company on consolidation basis have been subjected to a Limited Review by the Statutory Auditors of the Company. 3.The consolidated unaudited financial results includes the interim financial information of three subsidiaries and one joint venture, which have not been reviewed by their auditors and are considered based on accounts certified by their respective management. 4.The financial statements of the subsidiaries namely, BGR Boilers Private Limited for the year ended 31.03.2025 and BGR Turbines Company Private Limited for the year ended 31.03.2025 are yet to be audited. 5.These Consolidated Financial results have been prepared in accordance with the recognition and measurement principles laid down in the Ind AS 34 Interim Financial Reporting prescribed under section 133 of the Companies Act, 2013. The Interim Consolidated Financial results are prepared and presented in accordance with the significant accounting policies and methods, as adopted in the audited consolidated financial statements for the year ended 31st March 2025. 6.The accounts are prepared based on going concern basis only. The Promoters have infused unsecured loan of Rs.43318 lakhs for business operation upto 31st Dec 2025. Though there has been encashment of Bank Guarantees, the Company is continuing to execute the contracts and are hopeful of amicable solutions. 7.In respect of the NUPPL Ghatampur Balance of work contract, there were an additional works to be executed by the company beyond the original scope of the contract. The Management has raised a claim of Rs.80462 lakhs with customer, which was subsequently taken up before Conciliation Committee. The Committee has admitted and recommended to the customer for its approval for Rs.33969 lakhs and balance pending for admission. Pending approval from the customer and revision/amendment of work order, the company has charged the cost/expenses incurred to the Statement of Profit and Loss Account. During the nine months ended, the charge to profit and loss account is Rs.20464 lakhs and cumulative cost charged to P&L from Jul'24 to Dec'25 on account of this is Rs.40407 lakhs. 8.During July'25, Company received termination order from our customer-TANGEDCO,North chennai and income recognised by the Company is upto Dec'24. Company inititated arbitration proceedings against the termination order. 9.The VAT authority has passed an assessment order for Financial years 2009-10, 2010-11 & 2011-12 along with interest & penalty totalling to Rs.50869 Lakhs, against which the Company, appealed to Supreme Court. In the mean time, Rajasthan Government has introduced an amnesty scheme for settling the tax disputes. Accordingly, the company has filed an application for opting the scheme and settle the disputed matter. During the quarter and nine months ened the company has charged the net taxes amounting to Rs.12475 Lakhs to the statement of profit and loss account. 10.On November 21, 2025 the Government of India notified four labour codes. The incremental impact of these changes, assessed by the Company, has been recognised in the Standalone financial results of the Company for the quarter and nine months ended December 31,2025. 11.On 29th September 2025, 9 Public Sector banks (viz State Bank of India, Bank of Baroda, Bank of India, Central Bank of India, Canara Bank, Indian Bank, IDBI Bank, Punjab National Bank and Union Bank of India) have assigned their outstanding dues payable by the Company to National Assets Reconstruction Company Ltd (NARCL). At present, only ICICI Bank facilities are still under NPA and not assigned to NARCL. Axis Bank and Kotak Mahindra Bank facilities are Non Fund based and are not classified as NPA. The Company is in discussion with NARCL for the documentation of the loan assignment and to finalise the total amount payable to NARCL. Interest not provided on the loan assigned for 2nd & 3rd quarter '2025-26. 12.The figures for the previous period have been regrouped/rearranged wherever necessary to conform to the current period's classification.



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-10-2025 01-04-2025
Date of end of reporting period 31-12-2025 31-12-2025
Whether results are audited or unaudited Unaudited Unaudited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
1 Capital Goods 0.0043 2,554.00
2 Construction and EPC Contracts 7,341.00 22,403.00
3 Unallocated 0.00 0.00
Total Segment Revenue 7,771.00 24,957.00
Less: Inter segment revenue
Revenue from operations 7,771.00 24,957.00
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
1 Capital Goods (440.00) (882.00)
2 Construction and EPC Contracts (17,185.00) (29,848.00)
3 Unallocated 535.00 778.00
Total Profit before tax (17,090.00) (29,952.00)
i. Finance cost 2,409.00 22,161.00
ii. Other Unallocable Expenditure net off Unallocable income 0.00 0.00
Profit before tax (19,499.00) (52,113.00)
3 (Segment Asset - Segment Liabilities)
Segment Asset
1 Capital Goods 12,506.00 12,506.00
2 Construction and EPC Contracts 4,35,294.00 4,35,294.00
3 Unallocated 2,286.00 2,286.00
Total Segment Asset 4,50,086.00 4,50,086.00
Un-allocable Assets 0.00 0.00
Net Segment Asset 4,50,086.00 4,50,086.00
4 Segment Liabilities
Segment Liabilities
1 Capital Goods 18,166.00 18,166.00
2 Construction and EPC Contracts 2,45,731.00 2,45,731.00
3 Unallocated 3,96,811.00 3,96,811.00
Total Segment Liabilities 6,60,708.00 6,60,708.00
Un-allocable Liabilities 0.00 0.00
Net Segment Liabilities 6,60,708.00 6,60,708.00
Disclosure of notes on segments Textual Information(2)



Text Block

Textual Information(2) 1.The above results were reviewed by the Audit Committee and approved by the Board of Directors at the respective meetings held on Feb 13, 2026. 2.The financial results for the quarter and and nine months ended December 31, 2025 of the company on consolidation basis have been subjected to a Limited Review by the Statutory Auditors of the Company. 3.The consolidated unaudited financial results includes the interim financial information of three subsidiaries and one joint venture, which have not been reviewed by their auditors and are considered based on accounts certified by their respective management. 4.The financial statements of the subsidiaries namely, BGR Boilers Private Limited for the year ended 31.03.2025 and BGR Turbines Company Private Limited for the year ended 31.03.2025 are yet to be audited. 5.These Consolidated Financial results have been prepared in accordance with the recognition and measurement principles laid down in the Ind AS 34 Interim Financial Reporting prescribed under section 133 of the Companies Act, 2013. The Interim Consolidated Financial results are prepared and presented in accordance with the significant accounting policies and methods, as adopted in the audited consolidated financial statements for the year ended 31st March 2025. 6.The accounts are prepared based on going concern basis only. The Promoters have infused unsecured loan of Rs.43318 lakhs for business operation upto 31st Dec 2025. Though there has been encashment of Bank Guarantees, the Company is continuing to execute the contracts and are hopeful of amicable solutions. 7.In respect of the NUPPL Ghatampur Balance of work contract, there were an additional works to be executed by the company beyond the original scope of the contract. The Management has raised a claim of Rs.80462 lakhs with customer, which was subsequently taken up before Conciliation Committee. The Committee has admitted and recommended to the customer for its approval for Rs.33969 lakhs and balance pending for admission. Pending approval from the customer and revision/amendment of work order, the company has charged the cost/expenses incurred to the Statement of Profit and Loss Account. During the nine months ended, the charge to profit and loss account is Rs.20464 lakhs and cumulative cost charged to P&L from Jul'24 to Dec'25 on account of this is Rs.40407 lakhs. 8.During July'25, Company received termination order from our customer-TANGEDCO,North chennai and income recognised by the Company is upto Dec'24. Company inititated arbitration proceedings against the termination order. 9.The VAT authority has passed an assessment order for Financial years 2009-10, 2010-11 & 2011-12 along with interest & penalty totalling to Rs.50869 Lakhs, against which the Company, appealed to Supreme Court. In the mean time, Rajasthan Government has introduced an amnesty scheme for settling the tax disputes. Accordingly, the company has filed an application for opting the scheme and settle the disputed matter. During the quarter and nine months ened the company has charged the net taxes amounting to Rs.12475 Lakhs to the statement of profit and loss account. 10.On November 21, 2025 the Government of India notified four labour codes. The incremental impact of these changes, assessed by the Company, has been recognised in the Standalone financial results of the Company for the quarter and nine months ended December 31,2025. 11.On 29th September 2025, 9 Public Sector banks (viz State Bank of India, Bank of Baroda, Bank of India, Central Bank of India, Canara Bank, Indian Bank, IDBI Bank, Punjab National Bank and Union Bank of India) have assigned their outstanding dues payable by the Company to National Assets Reconstruction Company Ltd (NARCL). At present, only ICICI Bank facilities are still under NPA and not assigned to NARCL. Axis Bank and Kotak Mahindra Bank facilities are Non Fund based and are not classified as NPA. The Company is in discussion with NARCL for the documentation of the loan assignment and to finalise the total amount payable to NARCL. Interest not provided on the loan assigned for 2nd & 3rd quarter '2025-26. 12.The figures for the previous period have been regrouped/rearranged wherever necessary to conform to the current period's classification.



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-10-2025 01-04-2025
B Date of end of reporting period 31-12-2025 31-12-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
Total Amount of items that will not be reclassified to profit and loss
2 Income tax relating to items that will not be reclassified to profit or loss (4.00) (27.00)
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss
5 Total Other comprehensive income 4.00 27.00