| Scrip Code | 532939 |
|---|---|
| NSE Symbol | RPOWER |
| MSEI Symbol | NOTLISTED |
| ISIN | INE614G01033 |
| Name of company | Reliance Power 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 | 21-05-2026 |
| Date on which prior intimation of the meeting for considering financial results was informed to the exchange | 17-05-2026 |
| Description of presentation currency | INR |
| Level of rounding used in financial results | Lakhs |
| Reporting Type | Quarterly |
| Reporting Quarter | Fourth 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 | Audited |
| Segment Reporting | Single segment |
| Description of single segment | Power Generation |
| Start date and time of board meeting | 21-05-2026 18:00:00 |
| End date and time of board meeting | 21-05-2026 19:30:00 |
| Whether cash flow statement is applicable on company | Yes |
| Type of cash flow statement | Cash Flow Indirect |
| Declaration of unmodified opinion or statement on impact of audit qualification | Statement on impact of audit qualification |
| 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 | 01-01-2026 | 01-04-2025 |
| B | Date of end of reporting period | 31-03-2026 | 31-03-2026 |
| C | Whether results are audited or unaudited | Unaudited | Audited |
| D | Nature of report standalone or consolidated | Consolidated | Consolidated |
| 1 | Income | ||
| Revenue from operations | 1,88,726.00 | 7,61,971.00 | |
| Other income | 5,907.00 | 36,881.00 | |
| Total income | 1,94,633.00 | 7,98,852.00 | |
| 2 | Expenses | ||
| (a) | Cost of materials consumed | 95,524.00 | 3,79,911.00 |
| (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 | 5,794.00 | 23,233.00 |
| (e) | Finance costs | 47,406.00 | 1,66,621.00 |
| (f) | Depreciation, depletion and amortisation expense | 20,522.00 | 82,921.00 |
| (f) | Other Expenses | ||
| 1 | Generation, administration and other expenses | 29,779.00 | 1,22,495.00 |
| Total other expenses | 29,779.00 | 1,22,495.00 | |
| Total expenses | 1,99,025.00 | 7,75,181.00 | |
| 3 | Total profit before exceptional items and tax | (4,392.00) | 23,671.00 |
| 4 | Exceptional items | (38,160.00) | (38,160.00) |
| 5 | Total profit before tax | (42,552.00) | (14,489.00) |
| 6 | Tax expense | ||
| 7 | Current tax | 1,869.00 | 8,299.00 |
| 8 | Deferred tax | 4,965.00 | 10,887.00 |
| 9 | Total tax expenses | 6,834.00 | 19,186.00 |
| 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 | (49,386.00) | (33,675.00) |
| 12 | Profit (loss) from discontinued operations before tax | (14.00) | (14.00) |
| 13 | Tax expense of discontinued operations | 0.00 | 0.00 |
| 14 | Net profit (loss) from discontinued operation after tax | (14.00) | (14.00) |
| 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 | (49,400.00) | (33,689.00) |
| 17 | Other comprehensive income net of taxes | (1,150.00) | (1,567.00) |
| 18 | Total Comprehensive Income for the period | (50,550.00) | (35,256.00) |
| 19 | Total profit or loss, attributable to | ||
| Profit or loss, attributable to owners of parent | (49,400.00) | (33,689.00) | |
| Total profit or loss, attributable to non-controlling interests | 0.00 | 0.00 | |
| 20 | Total Comprehensive income for the period attributable to | ||
| Comprehensive income for the period attributable to owners of parent | (1,150.00) | (1,567.00) | |
| 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 | 4,13,578.00 | 4,13,578.00 | |
| Face value of equity share capital | 10 | 10 | |
| 27 | Details of debt securities | ||
| 22 | Reserves excluding revaluation reserve | 10,76,718.00 | |
| 23 | Earnings per share | ||
| i | Earnings per equity share for continuing operations | ||
| Basic earnings (loss) per share from continuing operations | -1.19 | -0.82 | |
| Diluted earnings (loss) per share from continuing operations | -1.19 | -0.82 | |
| 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 | -1.19 | -0.82 | |
| Diluted earnings (loss) per share from continuing and discontinued operations | -1.19 | -0.82 | |
| 24 | Debt equity ratio | ||
| 25 | Debt service coverage ratio | ||
| 26 | Interest service coverage ratio | ||
| 27 | Disclosure of notes on financial results | ||
| Debt equity ratio | |
|---|---|
| Debt service coverage ratio | |
| Interest service coverage ratio |
| Particulars | Year ended (dd-mm-yyyy) | |
|---|---|---|
| Date of start of reporting period | 01-04-2025 | |
| Date of end of reporting period | 31-03-2026 | |
| Whether results are audited or unaudited | Audited | |
| Nature of report standalone or consolidated | Consolidated | |
| Assets | ||
| 1 | Non-current assets | |
| Property, plant and equipment | 30,91,303.00 | |
| Capital work-in-progress | 1,72,048.00 | |
| Investment property | 0.00 | |
| Goodwill | 1,127.00 | |
| Other intangible assets | 1,947.00 | |
| Intangible assets under development | 0.00 | |
| Biological assets other than bearer plants | 0.00 | |
| Investments accounted for using equity method | 0.00 | |
| Non-current financial assets | ||
| Non-current investments | 14,186.00 | |
| Trade receivables, non-current | 0.00 | |
| Loans, non-current | 0.00 | |
| Other non-current financial assets | ||
| 1 | Finance lease receiveables | 3,18,226.00 |
| 2 | Other financial assets | 46,230.00 |
| Total of other non-current financial assets | 3,64,456.00 | |
| Total non-current financial assets | 3,78,642.00 | |
| Deferred tax assets (net) | 0.00 | |
| Other non-current assets | ||
| 1 | Non-current tax assets | 5,402.00 |
| 2 | Other non-current tax assets | 7,700.00 |
| Total of other non-current assets | 13,102.00 | |
| Total non-current assets | 36,58,169.00 | |
| 2 | Current assets | |
| Inventories | 1,01,644.00 | |
| Current financial asset | ||
| Current investments | 0.00 | |
| Trade receivables, current | 1,31,010.00 | |
| Cash and cash equivalents | 1,22,446.00 | |
| Bank balance other than cash and cash equivalents | 48,070.00 | |
| Loans, current | 4,416.00 | |
| Other current financial assets | ||
| Total of other current financial assets | 41,676.00 | |
| Total current financial assets | 3,47,618.00 | |
| Current tax assets (net) | 0.00 | |
| Other current assets | ||
| 1 | Other current assets | 12,513.00 |
| Total of other current assets | 12,513.00 | |
| Total current assets | 4,61,775.00 | |
| 3 | Non-current assets classified as held for sale | 9,315.00 |
| 4 | Regulatory deferral account debit balances and related deferred tax Assets | 0.00 |
| Total assets | 41,29,259.00 | |
| Equity and liabilities | ||
| 1 | Equity | |
| Equity attributable to owners of parent | ||
| Equity share capital | 4,13,578.00 | |
| Other equity | 11,90,364.00 | |
| Total equity attributable to owners of parent | 16,03,942.00 | |
| Non controlling interest | 0.00 | |
| Total equity | 16,03,942.00 | |
| 2 | Liabilities | |
| Non-current liabilities | ||
| Non-current financial liabilities | ||
| Borrowings, non-current | 9,95,552.00 | |
| Trade payables, non-current | ||
| (A) Total outstanding dues of micro enterprises and small enterprises | 0.00 | |
| (B) Total outstanding dues of creditors other than micro enterprises and small enterprises | 0.00 | |
| Total Trade payable | 0.00 | |
| Other non-current financial liabilities | ||
| 1 | Other non-current financial liabilities | 79,021.00 |
| Total of other non-current financial liabilities | 79,021.00 | |
| Total non-current financial liabilities | 10,74,573.00 | |
| Provisions, non-current | 24,960.00 | |
| Deferred tax liabilities (net) | 2,59,025.00 | |
| Deferred government grants, Non-current | 0.00 | |
| Other non-current liabilities | ||
| 1 | Other non-current liabilities | 1,48,694.00 |
| Total of other non-current liabilities | 1,48,694.00 | |
| Total non-current liabilities | 15,07,252.00 | |
| Current liabilities | ||
| Current financial liabilities | ||
| Borrowings, current | 4,85,651.00 | |
| Trade payables, current | ||
| (A) Total outstanding dues of micro enterprises and small enterprises | 2,281.00 | |
| (B) Total outstanding dues of creditors other than micro enterprises and small enterprises | 19,801.00 | |
| Total Trade payable | 22,082.00 | |
| Other current financial liabilities | ||
| 1 | Other financial liabilities | 4,81,347.00 |
| Total of other current financial liabilities | 4,81,347.00 | |
| Total current financial liabilities | 9,89,080.00 | |
| Other current liabilities | 27,663.00 | |
| 1 | Other current liabilities | 27,663.00 |
| Total of other current liabilities | 27,663.00 | |
| Provisions, current | 1,322.00 | |
| Current tax liabilities (Net) | 0.00 | |
| Deferred government grants, Current | 0.00 | |
| Total current liabilities | 10,18,065.00 | |
| 3 | Liabilities directly associated with assets in disposal group classified as held for sale | 0.00 |
| 4 | Regulatory deferral account credit balances and related deferred tax liability | 0.00 |
| Total liabilities | 25,25,317.00 | |
| Total equity and liabilites | 41,29,259.00 | |
| Disclosure of notes on assets and liabilities | ||
| 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 | 01-01-2026 | 01-04-2025 | |||||
| Date of end of reporting period | 31-03-2026 | 31-03-2026 | |||||
| Whether results are audited or unaudited | Unaudited | Audited | |||||
| Nature of report standalone or consolidated | Consolidated | Consolidated | |||||
| 1 | Segment Revenue (Income) | ||||||
| (net sale/income from each segment should be disclosed) | |||||||
| Total Segment Revenue | |||||||
| Less: Inter segment revenue | |||||||
| Revenue from operations | |||||||
| 2 | Segment Result | ||||||
| Profit (+) / Loss (-) before tax and interest from each segment | |||||||
| Total Profit before tax | |||||||
| i. Finance cost | |||||||
| ii. Other Unallocable Expenditure net off Unallocable income | |||||||
| Profit before tax | |||||||
| 3 | (Segment Asset - Segment Liabilities) | ||||||
| Segment Asset | |||||||
| Total Segment Asset | |||||||
| Un-allocable Assets | null | null | |||||
| Net Segment Asset | null | null | |||||
| 4 | Segment Liabilities | ||||||
| Segment Liabilities | |||||||
| Total Segment Liabilities | |||||||
| Un-allocable Liabilities | null | null | |||||
| Net Segment Liabilities | null | null | |||||
| Disclosure of notes on segments | |||||||
| 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 | 01-01-2026 | 01-04-2025 |
| B | Date of end of reporting period | 31-03-2026 | 31-03-2026 |
| C | Whether results are audited or unaudited | Unaudited | Audited |
| 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 | ||
| 1 | Remeasurements of net defined benefit plans | (498.00) | (498.00) |
| Total Amount of items that will not be reclassified to profit and loss | (498.00) | (498.00) | |
| 2 | Income tax relating to items that will not be reclassified to profit or loss | 0.00 | 0.00 |
| 3 | Amount of items that will be reclassified to profit and loss | ||
| 1 | Item that will be reclassified to profit and loss - currency translation (loss) | (652.00) | (1,069.00) |
| Total Amount of items that will be reclassified to profit and loss | (652.00) | (1,069.00) | |
| 4 | Income tax relating to items that will be reclassified to profit or loss | 0.00 | 0.00 |
| 5 | Total Other comprehensive income | (1,150.00) | (1,567.00) |
| Particulars | Year ended (dd-mm-yyyy) | |||||
|---|---|---|---|---|---|---|
| A | Date of start of reporting period | 01-04-2025 | ||||
| B | Date of end of reporting period | 31-03-2026 | ||||
| C | Whether results are audited or unaudited | Audited | ||||
| D | Nature of report standalone or consolidated | Consolidated | ||||
| Statement of cash flows | ||||||
| Cash flows from used in operating activities | ||||||
| Profit before tax | (14,489.00) | |||||
| Adjustments for reconcile profit (loss) | ||||||
| Adjustments for finance costs | 1,66,621.00 | |||||
| Adjustments for decrease (increase) in inventories | (8,986.00) | |||||
| Adjustments for decrease (increase) in trade receivables, current | 25,541.00 | |||||
| Adjustments for decrease (increase) in trade receivables, non-current | 0.00 | |||||
| Adjustments for decrease (increase) in other current assets | 6,685.00 | |||||
| Adjustments for decrease (increase) in other non-current assets | 0.00 | |||||
| Adjustments for other financial assets, non-current | 0.00 | |||||
| Adjustments for other financial assets, current | 0.00 | |||||
| Adjustments for other bank balances | 0.00 | |||||
| Adjustments for increase (decrease) in trade payables, current | (1,039.00) | |||||
| Adjustments for increase (decrease) in trade payables, non-current | 0.00 | |||||
| Adjustments for increase (decrease) in other current liabilities | (20,430.00) | |||||
| Adjustments for increase (decrease) in other non-current liabilities | 0.00 | |||||
| Adjustments for depreciation and amortisation expense | 1,00,987.00 | |||||
| Adjustments for impairment loss reversal of impairment loss recognised in profit or loss | 63,956.00 | |||||
| Adjustments for provisions, current | 0.00 | |||||
| Adjustments for provisions, non-current | 0.00 | |||||
| Adjustments for other financial liabilities, current | 0.00 | |||||
| Adjustments for other financial liabilities, non-current | 0.00 | |||||
| Adjustments for unrealised foreign exchange losses gains | 21.00 | |||||
| Adjustments for dividend income | 0.00 | |||||
| Adjustments for interest income | 23,801.00 | |||||
| Adjustments for share-based payments | 607.00 | |||||
| Adjustments for fair value losses (gains) | (730.00) | |||||
| Adjustments for undistributed profits of associates | 0.00 | |||||
| Other adjustments for which cash effects are investing or financing cash flow | 0.00 | |||||
| Other adjustments to reconcile profit (loss) | 0.00 | |||||
| Other adjustments for non-cash items | (6,851.00) | |||||
| Share of profit and loss from partnership firm or association of persons or limited liability partnerships | 0.00 | |||||
| Total adjustments for reconcile profit (loss) | 3,02,581.00 | |||||
| Net cash flows from (used in) operations | 2,88,092.00 | |||||
| Dividends received | 0.00 | |||||
| Interest paid | 0.00 | |||||
| Interest received | 0.00 | |||||
| Income taxes paid (refund) | 5,656.00 | |||||
| Other inflows (outflows) of cash | 0.00 | |||||
| Net cash flows from (used in) operating activities | 2,82,436.00 | |||||
| Cash flows from used in investing activities | ||||||
| Cash flows from losing control of subsidiaries or other businesses | 0.00 | |||||
| Cash flows used in obtaining control of subsidiaries or other businesses | 1.00 | |||||
| Other cash receipts from sales of equity or debt instruments of other entities | 0.00 | |||||
| Other cash payments to acquire equity or debt instruments of other entities | 0.00 | |||||
| Other cash receipts from sales of interests in joint ventures | 0.00 | |||||
| Other cash payments to acquire interests in joint ventures | 0.00 | |||||
| Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships | 0.00 | |||||
| Cash payment for investment in partnership firm or association of persons or limited liability partnerships | 0.00 | |||||
| Proceeds from sales of property, plant and equipment | 0.00 | |||||
| Purchase of property, plant and equipment | 11,593.00 | |||||
| Proceeds from sales of investment property | 0.00 | |||||
| Purchase of investment property | 0.00 | |||||
| Proceeds from sales of intangible assets | 0.00 | |||||
| Purchase of intangible assets | 0.00 | |||||
| Proceeds from sales of intangible assets under development | 0.00 | |||||
| Purchase of intangible assets under development | 0.00 | |||||
| Proceeds from sales of goodwill | 0.00 | |||||
| Purchase of goodwill | 0.00 | |||||
| Proceeds from biological assets other than bearer plants | 0.00 | |||||
| Purchase of biological assets other than bearer plants | 0.00 | |||||
| Proceeds from government grants | 0.00 | |||||
| Proceeds from sales of other long-term assets | 2,041.00 | |||||
| Purchase of other long-term assets | 19,981.00 | |||||
| Cash advances and loans made to other parties | 0.00 | |||||
| Cash receipts from repayment of advances and loans made to other parties | 61.00 | |||||
| Cash payments for future contracts, forward contracts, option contracts and swap contracts | 0.00 | |||||
| Cash receipts from future contracts, forward contracts, option contracts and swap contracts | 0.00 | |||||
| Dividends received | 0.00 | |||||
| Interest received | 8,280.00 | |||||
| Income taxes paid (refund) | 0.00 | |||||
| Other inflows (outflows) of cash | 0.00 | |||||
| Net cash flows from (used in) investing activities | (21,193.00) | |||||
| Cash flows from used in financing activities | ||||||
| Proceeds from changes in ownership interests in subsidiaries | 0.00 | |||||
| Payments from changes in ownership interests in subsidiaries | 0.00 | |||||
| Proceeds from issuing shares | 0.00 | |||||
| Proceeds from issuing other equity instruments | 4,950.00 | |||||
| Payments to acquire or redeem entity's shares | 0.00 | |||||
| Payments of other equity instruments | 0.00 | |||||
| Proceeds from exercise of stock options | 0.00 | |||||
| Proceeds from issuing debentures notes bonds etc | 0.00 | |||||
| Proceeds from borrowings | 5,20,190.00 | |||||
| Repayments of borrowings | 5,88,798.00 | |||||
| Payments of lease liabilities | 0.00 | |||||
| Dividends paid | 0.00 | |||||
| Interest paid | 1,19,118.00 | |||||
| Income taxes paid (refund) | 0.00 | |||||
| Other inflows (outflows) of cash | 0.00 | |||||
| Net cash flows from (used in) financing activities | (1,82,776.00) | |||||
| Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes | 78,467.00 | |||||
| Effect of exchange rate changes on cash and cash equivalents | ||||||
| Effect of exchange rate changes on cash and cash equivalents | 0.00 | |||||
| Net increase (decrease) in cash and cash equivalents | 78,467.00 | |||||
| Cash and cash equivalents cash flow statement at beginning of period | 43,979.00 | |||||
| Cash and cash equivalents cash flow statement at end of period | 1,22,446.00 | |||||
| Whether results are audited or unaudited | Audited |
|---|---|
| Declaration of unmodified opinion or statement on impact of audit qualification | Statement on impact of audit qualification |
| Auditor's opinion | Qualified opinion |
| Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results |
| Sr No. | Audit firm's name | Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI | Certificate valid upto | ||
| 1 | Pathak H. D. & Associates LLP | Yes | 31-01-2029 | ||
|---|---|---|---|---|---|
| Sr. | Particulars | Audited Figures (as reported before adjusting for qualifications) | Adjusted Figures (audited figures after adjusting for qualifications) |
|---|---|---|---|
| 1 | Turnover / Total income | 7,98,852.00 | 7,98,852.00 |
| 2 | Total Expenditure | 7,75,180.00 | 7,75,180.00 |
| 3 | Net Profit/(Loss) | (33,689.00) | (33,689.00) |
| 4 | Earnings Per Share | -0.82 | -0.82 |
| 5 | Total Assets | 41,29,259.00 | 41,29,259.00 |
| 6 | Total Liabilities | 25,25,317.00 | 25,25,317.00 |
| 7 | Net Worth | 14,56,021.00 | 14,56,021.00 |
| 8 | Property Plant and equipment | 30,91,303.00 | 30,91,303.00 |
| Sr. | Details of Audit Qualification | Type of Audit Qualification | Frequency of qualification | For Audit Qualification(s) where the impact is quantified by the auditor | For Audit Qualification(s) where the impact is not quantified by the auditor | ||
|---|---|---|---|---|---|---|---|
| Management's Views | (i) Management's estimation on the impact of audit qualification | (ii) If management is unable to estimate the impact, reasons for the same | Auditors' Comments on (i) or (ii) above | ||||
| 1 | Textual Information(1) | Qualified opinion | Whether appeared first time | Textual Information(2) | Textual Information(3) | Textual Information(4) | Textual Information(5) |
| 2 | Textual Information(6) | Qualified opinion | Whether appeared first time | Textual Information(7) | Textual Information(8) | Textual Information(9) | Textual Information(10) |
| 3 | Textual Information(11) | Qualified opinion | Whether appeared first time | Textual Information(12) | Textual Information(13) | Textual Information(14) | Textual Information(15) |
| Textual Information(1) | We draw attention to Note no. 7 of the Statement wherein the auditors of Rajasthan Sun Technique Energy Private Limited (RSTEPL) have set out the fact that, RSTEPL has incurred net loss Rs.72,850 lakhs during the year ended March 31, 2026, as well as during the preceding financial years and has negative net worth as on March 31, 2026 of Rs. 2,61,010 lakhs. Further, as on March 31, 2026 current liabilities exceeded its current assets by Rs. 2,33,688 lakhs. RSTEPL also has defaulted in repayment of borrowings aggregating to Rs. 2,11,309 lakhs. These conditions and events, indicate the existence of material uncertainty that may cast significant doubt about RSTEPLs ability to continue as a going concern. The appropriateness of assumption of going concern is critically dependent upon the RSTEPLs ability to raise finance and generate cash flows in future to meet its obligations. However, the financials statements of RSTEPL have been prepared on a going concern for the factors stated in the aforesaid note. In the absence of necessary evidence with respect to management assessment of going concern, we are unable to obtain adequate evidence regarding managements use of the going concern assumption in the preparation of the financial statements of RSTEPL. |
|---|---|
| Textual Information(2) | Not Applicable |
| Textual Information(3) | Not determinable |
| Textual Information(4) | RSTEPL has incurred continuous losses due to the failure of the technology implemented for the project, which has not delivered the desired results despite multiple improvement measures undertaken. Consequently, RSTEPL has defaulted in repayment dues to its lenders during the year ended March 31, 2026, as well as in earlier years. Further, on July 26, 2022, Ld. Appellate Tribunal for Electricity (APTEL) allowed appeal filed by RSTEPL granting compensation to RSTEPL towards reduction in solar radiation and steep Foreign Exchange Rate Variation. Procurers have challenged the said APTEL order in Honble Supreme Court which stayed the implementation of APTEL order and is currently pending adjudication. Further, the management is pursuing various measures for improvement in operational performance and resolution of lender dues. The management is also in advanced discussions with lenders to achieve a resolution of the outstanding debt defaults. In view of the above, the accounts of RSTEPL have been prepared on a going concern basis. Notwithstanding the foregoing, the Parent Company remains unaffected by RSTEPL's defaults. The auditors of RSTEPL have drawn qualification in their audit report. |
| Textual Information(5) | Refer note above for Audit Qualification(s) where the impact is not quantified by the auditor. |
| Textual Information(6) | We draw attention to Note no. 8 of the Statement wherein the auditors of Samalkot Power Limited (SMPL) have set out the fact that, SMPL has incurred net loss Rs..8,933 lakhs during the year ended March 31, 2026, as well as during the preceding financial years and has negative net worth as on March 31, 2026 of Rs. 2,83,195 lakhs. Further, as on March 31, 2026 current liabilities exceeded its current assets by Rs. 4,54,217 lakhs. SMPL also has defaulted in repayment of borrowings aggregating to Rs. 1,81,994 lakhs. Further, lender of SMPL has invoked corporate guarantee against the Parent Company and filed an application under section 7 of Insolvency and Bankruptcy Code, 2016. These conditions and events, indicate the existence of material uncertainty that may cast significant doubt about SMPLs ability to continue as a going concern. However, the financials statements of SMPL have been prepared on a going concern for the factors stated in the aforesaid note. In the absence of necessary evidence with respect to management assessment of going concern, we are unable to obtain adequate evidence regarding managements use of the going concern assumption in the preparation of the financial statements of SMPL. |
| Textual Information(7) | Not Applicable |
| Textual Information(8) | Not determinable |
| Textual Information(9) | SMPL has incurred losses during the year as well as earlier years and its current liabilities exceeds its current assets. The lender of SMPL raised a demand amounting to Rs. 1,81,994 lakhs (including interest), towards outstanding principal, invoking the guarantee agreement executed by the Parent Company. Subsequently, SMPL has initiated arbitration proceedings against the lender and Citibank N.A. (facility agent) before the London Court of International Arbitration, in accordance with the terms of the Amended and Restated Credit Agreement dated June 28, 2019, read with the marketing agreements executed among, inter alia, the lender, SMPL, and the marketing consultants. The arbitration has been initiated on the ground that no debt was due under the aforesaid agreements. In light of the above, the Parent Company has communicated to the lender and the facility agent that, since the debt has not fallen due and there is no default, the guarantee provided by the Parent Company cannot be invoked. The arbitration proceeding is ongoing as on March 31, 2026 and currently matter is sub judice. Subsequent to the quarter ended March 31, 2026, the lender has initiated the Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016 against the Parent Company and the management is currently evaluating the appropriate legal course of action. Further, SMPL has discharged all interest obligations up to June 30, 2025, and the interest for the period July 2025 to March 31, 2026 has been appropriately provided in the books of account. SMPL has also received a binding offer from AM Green Energies B.V. for purchase of project equipment relating to the 1500 MW (2 x 750 MW) Combined Cycle Power Plant (Module 2 and Module 3). Discussions for finalization of the Equipment Sale Agreement (ESA) and Letter of Credit are in progress, subject to requisite approvals from the Board of Directors and lenders. Upon consummation of the proposed asset monetization transaction and receipt of requisite approvals, the management expects the outstanding lender obligations/defaults to be completely addressed. The management has considered the ongoing arbitration proceedings, proposed monetization of assets and ongoing discussions with lenders while assessing the appropriateness of the going concern assumption. Accordingly, the management believes that, it will be able to realize its assets and discharge its liabilities in the normal course of business and therefore the financial statements continue to be prepared on a going concern basis. |
| Textual Information(10) | Refer note above for Audit Qualification(s) where the impact is not quantified by the auditor. |
| Textual Information(11) | We draw attention to Note no. 9 of the statement wherein the auditors of Dhursar Solar Power Private Limited (DSPL) have set out the fact that, the carrying value of Property, Plant and Equipment as on March 31, 2026 is Rs. 32,500 lakhs representing 38% of the total assets of DSPL. The management of DSPL have carried out the impairment assessment of PPE from the registered valuer wherein the valuer has stated the recoverable amount is more than the carrying amount as on March 31, 2026. However, we are unable to obtain sufficient appropriate audit evidence regarding the assumptions and estimates used in the valuation report, including projected revenue, growth assumptions and weighted average cost of capital applied for determining the recoverable amount of the aforesaid assets. Consequently, we are unable to determine whether any adjustment is necessary to the carrying value of these assets and the impact on the financial statements on DSPL. We draw attention to Note no. 9 of the statement wherein, the auditors of Dhursar Solar Power Private Limited have stated that DSPL has outstanding advance recoverable of Rs. 2,034 lakhs, trade receivable of Rs. 15,801 lakhs, Inter Corporate Deposit (ICD) of Rs. 4,035 lakhs, interest accrued on ICD is Rs.2,867 lakhs and other receivable of Rs. 2,527 lakhs as at March 31, 2026 aggregating to Rs.27,264 lakhs from Reliance Infrastructure Limited. DSPL has not preformed expected credit loss and recoverability assessment over these receivables as per Ind AS 109 Financial Instrument and Ind AS 36 Impairment of Assets. Accordingly, we are unable to comment whether any adjustment is required in the carrying value of these receivables and consequently impact, if any, on the profit for the year ended March 31, 2026. |
| Textual Information(12) | Not Applicable |
| Textual Information(13) | Not determinable |
| Textual Information(14) | DSPL has carried out an impairment assessment of its Property, Plant and Equipment in accordance with the requirements of Ind AS 36 Impairment of Assets as at March 31, 2026. For the purpose of impairment testing, DSPL obtained an independent valuation report from an external valuer. The valuation was carried out using the Discounted Cash Flow (DCF) method under the Income Approach based on management estimates and assumptions relating to future revenue, operational performance, maintenance expenditure, useful life of assets and weighted average cost of capital (WACC). Based on the said valuation assessment, the recoverable amount/value in use of the assets is higher than the carrying value as at March 31, 2026 and accordingly, management is of the view that no impairment provision is required in the financial statements. Further, the management has assessed the recoverability of receivables, advances and inter corporate deposits outstanding from Reliance Infrastructure Limited (Reliance Infra) based on ongoing discussions, expected future realization and other available information. Reliance Infra is a promoter company of the Parent Company and balance confirmation in respect of the outstanding amounts has also been received from Reliance Infra. Further, DSPL has received recoveries aggregating to Rs. 9,268 lakhs and Rs. 8,868 lakhs during the years ended March 31, 2026 and March 31, 2025, respectively, from Reliance Infra. Based on the aforesaid assessment and recovery trend, the management believes that the outstanding amounts are recoverable and accordingly no additional Expected Credit Loss provision is considered necessary as at March 31, 2026. The auditors of DSPL have drawn qualification in their audit report. |
| Textual Information(15) | Refer note above for Audit Qualification(s) where the impact is not quantified by the auditor. |
| Name of CEO / Managing director | Neeraj Parakh |
|---|---|
| Name of CFO | Neeraj Parakh |
| Name of audit committee chairman | Ashok Ramaswamy |
| Name of statutory auditor | Pathak H. D. & Associates LLP |
| Name of other signatory, if any, with designation | |
| Place | Mumbai |
| Date | 21-05-2026 |