5329302026-01-012026-03-315329302026-03-315329302025-03-315329302025-04-012026-03-315329302026-01-012026-03-31in-capmkt:OtherExpenses1Member5329302026-01-012026-03-31in-capmkt:OtherExpenses2Member5329302026-01-012026-03-31in-capmkt:OtherExpenses3Member5329302025-04-012026-03-31in-capmkt:OtherExpenses1Member5329302025-04-012026-03-31in-capmkt:OtherExpenses2Member5329302025-04-012026-03-31in-capmkt:OtherExpenses3Member5329302026-03-31OtherCurrentFinancialAssetsDomain15329302026-03-31OtherCurrentAssetsDomain15329302026-03-31OtherCurrentFinancialLiabilitiesDomain15329302026-03-31OtherCurrentFinancialLiabilitiesDomain25329302026-03-31OtherCurrentFinancialLiabilitiesDomain35329302026-03-31OtherCurrentFinancialLiabilitiesDomain45329302026-03-31OtherCurrentFinancialLiabilitiesDomain55329302026-03-31OtherCurrentFinancialLiabilitiesDomain65329302026-01-012026-03-31in-capmkt:ReportableSegments1Member5329302026-01-012026-03-31in-capmkt:ReportableSegments2Member5329302026-01-012026-03-31in-capmkt:ReportableSegments3Member5329302025-04-012026-03-31in-capmkt:ReportableSegments1Member5329302025-04-012026-03-31in-capmkt:ReportableSegments2Member5329302025-04-012026-03-31in-capmkt:ReportableSegments3Member5329302026-01-012026-03-31in-capmkt:ReportableSegments1Member5329302026-01-012026-03-31in-capmkt:ReportableSegments2Member5329302026-01-012026-03-31in-capmkt:ReportableSegments3Member5329302025-04-012026-03-31in-capmkt:ReportableSegments1Member5329302025-04-012026-03-31in-capmkt:ReportableSegments2Member5329302025-04-012026-03-31in-capmkt:ReportableSegments3Member5329302026-01-012026-03-31in-capmkt:ReportableSegments1Member5329302026-03-31in-capmkt:ReportableSegments1Member5329302026-01-012026-03-31in-capmkt:ReportableSegments2Member5329302026-03-31in-capmkt:ReportableSegments2Member5329302026-01-012026-03-31in-capmkt:ReportableSegments3Member5329302026-03-31in-capmkt:ReportableSegments3Member5329302026-01-012026-03-31in-capmkt:ReportableSegments1Member5329302026-03-31in-capmkt:ReportableSegments1Member5329302026-01-012026-03-31in-capmkt:ReportableSegments2Member5329302026-03-31in-capmkt:ReportableSegments2Member5329302026-01-012026-03-31in-capmkt:ReportableSegments3Member5329302026-03-31in-capmkt:ReportableSegments3Member5329302026-01-012026-03-31AuditorDomain15329302026-01-012026-03-31in-capmkt:AuditedMember5329302026-03-31in-capmkt:AuditedMember5329302026-01-012026-03-31in-capmkt:AdjustedMember5329302026-03-31in-capmkt:AdjustedMemberiso4217:INRiso4217:INRxbrli:shares532930BGRENERGYNOTLISTEDINE661I01014BGR ENERGY SYSTEMS LIMITEDMain BoardEquity2025-04-012026-03-312026-05-252026-05-19INRLakhsQuarterlyFourth quarterMulti segment2026-05-2512:30:002026-05-2520:15:00trueCash Flow IndirectStatement on impact of audit qualification2026-01-012026-03-31AuditedConsolidated501200000697900000119910000014240000000016320000060366000002670000012545000008905000000-77059000000-77059000000000-77059000000000-77059000007500000-7698400000-7679400000-26500000-7671900000-2650000072160000010-106.42-106.4200-106.42-106.421. The above results were reviewed by the Audit Committee and approved by the Board of Directors at the respective meetings held on May 25, 2026. <BR> <BR> 2. The consolidated audited 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. <BR> <BR> 3. The financial statements of the subsidiaries namely, BGR Boilers Private Limited for the year ended 31.03.2025 and 31.03.2026 and BGR Turbines Company Private Limited for the year ended 31.03.2025 and 31.03.2026 are yet to be audited. <BR> <BR> 4. 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 2026. <BR> <BR> 5. 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.162042 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. <BR> 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 audit period ending 31st March 2026, the charge to profit and loss account is Rs.23455 lakhs and cumulative cost charged to P&L from Jul'24 to Mar'26 on account of this is Rs.39583 lakhs. <BR> <BR> 6. With respect to the NTTPS Vijayawada Balance of Plant Works contract, there were additional works executed by the Company beyond the original scope of the contract. The Management has raised a claim of Rs 76980 lakhs with the customer. the claim is pending for admission by customer. The Company is taking up its claim through legal course. <BR> 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 audit period ending 31st March 2026, the charge to profit and loss account is Rs.5307 lakhs. <BR> <BR> 7. During July'25, Company received termination order from our customer-TANGEDCO, North chennai and income recognised by the Company is upto Dec'24. Company initiated arbitration proceedings against the termination order. <BR> <BR> 8. The VAT authority Rajasthan 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 year ended 31st March 2026 as per RVAT order date 10th Feb 2026, the Company got waiver of Rs.38394 Lakhs and the company has charged the net taxes amounting to Rs.12475 Lakhs to the statement of profit and loss account. <BR> <BR> 9. On November 21, 2025 the Government of India notified four labour codes. The incremental impact of these changes is Rs.536 Lakhs, assessed by the Company, has been recognised in the Standalone financial results of the Company for the period ended 31st March 2026. <BR> <BR> 10. 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 charged upto Jun'25 is Rs.16276 lakhs and Interest by NARCL upto Mar'26 is Rs.53220 lakhs is provided in the profit and Loss account. This is done without prejudice to the rights and interests of the Company. <BR> <BR> 11. The Honourable NCLT order appointing IRP was made on 17.04.2026. The said order was stayed by Honourable NCLAT on 30.04.2026 <BR> <BR> 12. In case of Sundry creditors, ageing analysis has been carried out by external consultant for the old contracts which was already completed and the balance amount in vendor ledger is not payable due to various factors considering the LD applicability, Risk and cost recovery toward the unexecuted portion of the contract ,other recoveries towards various issues as per the terms & conditions of the contract and on application of Limitation Act,1963. Accordingly, creditors write back has been worked out and arrived valuing to Rs.3306 lakhs during this year. <BR> <BR> 13. The accounts are prepared based on going concern basis only. The Promoters have infused unsecured loan of Rs.43318 lakhs for business operation till date. Though there has been encashment of Bank Guarantees, the Company is continuing to execute the contracts and are hopeful of amicable solutions. Further, the Company is confident that an agreement will be signed with IDRCL/NARCL effecting substantial reduction both in principal and interest liability during the first quarter of 2026-27. <BR> <BR> 14. The figures of last quarter are the balancing figures between audited figures in resepct of full financial year and published (regrouped) year to date figures upto third quarter of the current financial year. <BR> <BR> 15. The figures for the previous period have been regrouped/rearranged wherever necessary to conform to the current period's classification.2025-04-012026-03-31AuditedConsolidated2996900000127650000042734000004385900000005851000008252700000109600000385730000017190600000-129172000000-129172000000000-129172000000000-1291720000010200000-12907000000-12881400000-35800000-12871200000-3580000072160000010-29328900000-178.51-178.5100-178.51-178.51Cost of Manufacturing and Construction504900000Other direct cost18900000Other expenses730700000Cost of Manufacturing and Construction1645200000Other direct cost36600000Other expenses21755000002552800000410000020000000066000000000311190000035510000034670000006050500000991000000870300000219600000273300000337650000040100000477980000032176500000370554000002000000043107900000721600000-29328900000-28607300000-426900000-290342000004500310000008332000008332000004583630000031100000000461473000002699000001532100000976180000011293900000144310000002599480000002599480000072142100000431079000001. The above results were reviewed by the Audit Committee and approved by the Board of Directors at the respective meetings held on May 25, 2026. <BR> <BR> 2. The consolidated audited 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. <BR> <BR> 3. The financial statements of the subsidiaries namely, BGR Boilers Private Limited for the year ended 31.03.2025 and 31.03.2026 and BGR Turbines Company Private Limited for the year ended 31.03.2025 and 31.03.2026 are yet to be audited. <BR> <BR> 4. 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 2026. <BR> <BR> 5. 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.162042 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. <BR> 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 audit period ending 31st March 2026, the charge to profit and loss account is Rs.23455 lakhs and cumulative cost charged to P&L from Jul'24 to Mar'26 on account of this is Rs.39583 lakhs. <BR> <BR> 6. With respect to the NTTPS Vijayawada Balance of Plant Works contract, there were additional works executed by the Company beyond the original scope of the contract. The Management has raised a claim of Rs 76980 lakhs with the customer. the claim is pending for admission by customer. The Company is taking up its claim through legal course. <BR> 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 audit period ending 31st March 2026, the charge to profit and loss account is Rs.5307 lakhs. <BR> <BR> 7. During July'25, Company received termination order from our customer-TANGEDCO, North chennai and income recognised by the Company is upto Dec'24. Company initiated arbitration proceedings against the termination order. <BR> <BR> 8. The VAT authority Rajasthan 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 year ended 31st March 2026 as per RVAT order date 10th Feb 2026, the Company got waiver of Rs.38394 Lakhs and the company has charged the net taxes amounting to Rs.12475 Lakhs to the statement of profit and loss account. <BR> <BR> 9. On November 21, 2025 the Government of India notified four labour codes. The incremental impact of these changes is Rs.536 Lakhs, assessed by the Company, has been recognised in the Standalone financial results of the Company for the period ended 31st March 2026. <BR> <BR> 10. 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 charged upto Jun'25 is Rs.16276 lakhs and Interest by NARCL upto Mar'26 is Rs.53220 lakhs is provided in the profit and Loss account. This is done without prejudice to the rights and interests of the Company. <BR> <BR> 11. The Honourable NCLT order appointing IRP was made on 17.04.2026. The said order was stayed by Honourable NCLAT on 30.04.2026 <BR> <BR> 12. In case of Sundry creditors, ageing analysis has been carried out by external consultant for the old contracts which was already completed and the balance amount in vendor ledger is not payable due to various factors considering the LD applicability, Risk and cost recovery toward the unexecuted portion of the contract ,other recoveries towards various issues as per the terms & conditions of the contract and on application of Limitation Act,1963. Accordingly, creditors write back has been worked out and arrived valuing to Rs.3306 lakhs during this year. <BR> <BR> 13. The accounts are prepared based on going concern basis only. The Promoters have infused unsecured loan of Rs.43318 lakhs for business operation till date. Though there has been encashment of Bank Guarantees, the Company is continuing to execute the contracts and are hopeful of amicable solutions. Further, the Company is confident that an agreement will be signed with IDRCL/NARCL effecting substantial reduction both in principal and interest liability during the first quarter of 2026-27. <BR> <BR> 14. The figures of last quarter are the balancing figures between audited figures in resepct of full financial year and published (regrouped) year to date figures upto third quarter of the current financial year. <BR> <BR> 15. The figures for the previous period have been regrouped/rearranged wherever necessary to conform to the current period's classification.Other financial assets40100000Other current assets32176500000Other current financial liabilities11527300000Other current liabilities2723000000Provisions, current108100000Current tax liabilities (Net)0Deferred government grants, Current0Lease Liabilities72600000Capital goods77700000Construction and EPC contracts423500000Unallocated0Capital goods333100000Construction and EPC contracts2663800000Unallocated05012000002996900000005012000002996900000Capital goods-17600000Construction and EPC contracts-1937400000Unallocated285700000Capital goods-105800000Construction and EPC contracts-4922200000Unallocated363500000-1669300000-46645000006036600000825270000000-7705900000-12917200000Capital goods1163900000Construction and EPC contracts41708100000Unallocated23590000043107900000043107900000Capital goods1802800000Construction and EPC contracts25336200000Unallocated45003100000721421000000721421000001. The above results were reviewed by the Audit Committee and approved by the Board of Directors at the respective meetings held on May 25, 2026. <BR> <BR> 2. The consolidated audited 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. <BR> <BR> 3. The financial statements of the subsidiaries namely, BGR Boilers Private Limited for the year ended 31.03.2025 and 31.03.2026 and BGR Turbines Company Private Limited for the year ended 31.03.2025 and 31.03.2026 are yet to be audited. <BR> <BR> 4. 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 2026. <BR> <BR> 5. 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.162042 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. <BR> 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 audit period ending 31st March 2026, the charge to profit and loss account is Rs.23455 lakhs and cumulative cost charged to P&L from Jul'24 to Mar'26 on account of this is Rs.39583 lakhs. <BR> <BR> 6. With respect to the NTTPS Vijayawada Balance of Plant Works contract, there were additional works executed by the Company beyond the original scope of the contract. The Management has raised a claim of Rs 76980 lakhs with the customer. the claim is pending for admission by customer. The Company is taking up its claim through legal course. <BR> 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 audit period ending 31st March 2026, the charge to profit and loss account is Rs.5307 lakhs. <BR> <BR> 7. During July'25, Company received termination order from our customer-TANGEDCO, North chennai and income recognised by the Company is upto Dec'24. Company initiated arbitration proceedings against the termination order. <BR> <BR> 8. The VAT authority Rajasthan 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 year ended 31st March 2026 as per RVAT order date 10th Feb 2026, the Company got waiver of Rs.38394 Lakhs and the company has charged the net taxes amounting to Rs.12475 Lakhs to the statement of profit and loss account. <BR> <BR> 9. On November 21, 2025 the Government of India notified four labour codes. The incremental impact of these changes is Rs.536 Lakhs, assessed by the Company, has been recognised in the Standalone financial results of the Company for the period ended 31st March 2026. <BR> <BR> 10. 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 charged upto Jun'25 is Rs.16276 lakhs and Interest by NARCL upto Mar'26 is Rs.53220 lakhs is provided in the profit and Loss account. This is done without prejudice to the rights and interests of the Company. <BR> <BR> 11. The Honourable NCLT order appointing IRP was made on 17.04.2026. The said order was stayed by Honourable NCLAT on 30.04.2026 <BR> <BR> 12. In case of Sundry creditors, ageing analysis has been carried out by external consultant for the old contracts which was already completed and the balance amount in vendor ledger is not payable due to various factors considering the LD applicability, Risk and cost recovery toward the unexecuted portion of the contract ,other recoveries towards various issues as per the terms & conditions of the contract and on application of Limitation Act,1963. Accordingly, creditors write back has been worked out and arrived valuing to Rs.3306 lakhs during this year. <BR> <BR> 13. The accounts are prepared based on going concern basis only. The Promoters have infused unsecured loan of Rs.43318 lakhs for business operation till date. Though there has been encashment of Bank Guarantees, the Company is continuing to execute the contracts and are hopeful of amicable solutions. Further, the Company is confident that an agreement will be signed with IDRCL/NARCL effecting substantial reduction both in principal and interest liability during the first quarter of 2026-27. <BR> <BR> 14. The figures of last quarter are the balancing figures between audited figures in resepct of full financial year and published (regrouped) year to date figures upto third quarter of the current financial year. <BR> <BR> 15. The figures for the previous period have been regrouped/rearranged wherever necessary to conform to the current period's classification.825270000051500000-6910000011336000001901000000000011129000000001096000000022350000000040000000000252200000-400100000012567400000-349800000000-1203000000-22950000000000000260000080000002410000000000000000000004000000001910000000000000001700000006900000000-86000000-2964000000-2964000000-296400000-7500000-10200000750000010200000AuditedQualified opinionAnand and Ponnappantrue2028-03-31427340000042734000001719060000017190600000-12917200000-12917200000-178.51-178.5143107900000431079000007214210000072142100000-28607300000-28607300000Arjun Govind RaghupathyS.SundarKrishnamoorthi MeyyanathanHariharanChennai2026-05-25