Below is a structured extraction of the **relevant and actionable financial information** from the submitted filing of **RattanIndia Power Limited** for the quarter and half year ended 30 September 2025. --- ## 1. Auditor’s Note - The **Limited Review Report** by Walker Chandiok & Co LLP is **unqualified**. - **Emphasis of Matter** is reported regarding: - Redeemable Preference Shares (RPS) of Rs. 250 crore issued under One Time Settlement (OTS) scheme due for redemption since Dec 2021 but not redeemed due to legal restrictions under Section 55(2) of the Companies Act. - An application under Section 7 of the Insolvency and Bankruptcy Code (IBC) filed by an RPS holder against the Holding Company was disposed in favor of RPL by NCLT on 17 Sept 2025. - A similar application against the subsidiary (Poena Power Development Limited - PPDL) remains pending. - Management and legal experts believe no material adverse impact is expected from the pending application. - No modifications to the auditor’s conclusion. - The auditor reviewed 1 subsidiary’s financials based on other auditors’ reports and relied on them. **Conclusion:** No qualifications or adverse remarks; Emphasis of Matter disclosed for RPS redemption and related legal matters. --- ## 2. Financial Performance ### Consolidated Financials (Rs. Crore) | Particulars | Q2 FY26 (30.09.2025) | Q1 FY26 (30.06.2025) | Q2 FY25 (30.09.2024) | H1 FY26 (Apr-Sep 2025) | H1 FY25 (Apr-Sep 2024) | FY25 (Apr 24-Mar 25) | |-----------------------------|----------------------|----------------------|----------------------|------------------------|------------------------|----------------------| | Revenue from operations | 653.72 | 821.96 | 682.43 | 1,475.68 | 1,614.26 | 3,283.83 | | Other income | 89.69 | 98.93 | 88.96 | 188.62 | 173.49 | 356.77 | | **Total income** | **743.41** | **920.89** | **771.39** | **1,664.30** | **1,787.75** | **3,640.60** | | Expenses | | | | | | | | - Cost of fuel, power & water| 539.00 | 653.59 | 526.54 | 1,192.59 | 1,211.47 | 2,426.59 | | - Employee benefits | 17.03 | 17.57 | 16.92 | 34.60 | 31.19 | 63.04 | | - Finance costs | 112.08 | 148.18 | 123.76 | 260.26 | 244.52 | 478.77 | | - Depreciation & amortisation| 60.86 | 60.53 | 60.49 | 121.39 | 119.83 | 240.73 | | - Other expenses | 45.99 | 54.13 | 45.03 | 100.12 | 89.09 | 209.55 | | **Total expenses** | **774.96** | **934.00** | **772.74** | **1,708.96** | **1,696.10** | **3,418.68** | | (Loss)/ Profit before tax | (31.55) | (13.11) | (1.35) | (44.66) | 91.65 | 221.92 | | Tax expenses | - | - | - | - | - | - | | **(Loss)/ Profit for the period** | **(31.55)** | **(13.11)** | **(1.35)** | **(44.66)** | **91.65** | **221.92** | | Other comprehensive income (net) | 0.41 | 0 | (0.99) | 0.41 | (0.99) | (0.77) | | **Total comprehensive (loss)/profit** | **(31.14)** | **(13.11)** | **(2.34)** | **(44.25)** | **90.66** | **221.15** | | EPS (Basic & Diluted) (Rs.) | (0.06)* | (0.02)* | (0.00)* | (0.08)* | 0.17* | 0.41 | \* EPS for quarter and half year are not annualised. --- ### Standalone Financials (Rs. Crore) | Particulars | Q2 FY26 (30.09.2025) | Q1 FY26 (30.06.2025) | Q2 FY25 (30.09.2024) | H1 FY26 (Apr-Sep 2025) | H1 FY25 (Apr-Sep 2024) | FY25 (Apr 24-Mar 25) | |-----------------------------|----------------------|----------------------|----------------------|------------------------|------------------------|----------------------| | Revenue from operations | 653.72 | 821.96 | 682.43 | 1,475.68 | 1,614.26 | 3,283.83 | | Other income | 98.95 | 108.07 | 98.21 | 207.02 | 191.89 | 393.45 | | **Total income** | **752.67** | **930.03** | **780.64** | **1,682.70** | **1,806.15** | **3,677.28** | | Expenses | | | | | | | | - Cost of fuel, power & water| 539.00 | 653.59 | 526.54 | 1,192.59 | 1,211.47 | 2,426.59 | | - Employee benefits | 17.03 | 17.57 | 16.92 | 34.60 | 31.19 | 63.04 | | - Finance costs | 112.08 | 148.17 | 123.76 | 260.25 | 244.52 | 478.76 | | - Depreciation & amortisation| 62.35 | 62.02 | 61.98 | 124.37 | 122.81 | 246.68 | | - Other expenses | 55.23 | 63.28 | 54.27 | 118.51 | 107.48 | 246.24 | | **Total expenses** | **785.69** | **944.63** | **783.47** | **1,730.32** | **1,717.47** | **3,461.31** | | (Loss)/ Profit before tax | (33.02) | (14.60) | (2.83) | (47.62) | 88.68 | 215.97 | | Tax expenses | - | - | - | - | - | - | | **(Loss)/ Profit for the period** | **(33.02)** | **(14.60)** | **(2.83)** | **(47.62)** | **88.68** | **215.97** | | Other comprehensive income (net) | 0.41 | 0 | (0.99) | 0.41 | (0.99) | (0.77) | | **Total comprehensive (loss)/profit** | **(32.61)** | **(14.60)** | **(3.82)** | **(47.21)** | **87.69** | **215.20** | | EPS (Basic & Diluted) (Rs.) | (0.06)* | (0.03)* | (0.01)* | (0.09)* | 0.17* | 0.40 | \* EPS for quarter and half year are not annualised. --- ## 3. Detailed Notes / Management Commentary - **Redeemable Preference Shares (RPS):** - Rs. 250 crore RPS issued in Dec 2019 due for redemption on 27 Dec 2021. - Redemption delayed due to legal restrictions (Section 55(2) of Companies Act). - Discussions ongoing with RPS holders for extension; approval awaited. - Liability classified under current financial liabilities. - Application under Section 7 IBC by one RPS holder against RPL disposed in favor of RPL by NCLT (Sept 2025). - Similar application against subsidiary (Poena Power Development Ltd) pending; management confident no material impact. - **Change in Law Claims:** - Based on Supreme Court and MERC rulings, RPL recomputed claims and raised supplementary invoice on MSEDCL. - MSEDCL paid Rs. 876.84 crore to date; balance payment expected. - Management expects realization of compensation and interest recorded in books. - **Arbitration with BHEL:** - Dispute over supply of unwarranted materials and claims by BHEL. - Interim award of Rs. 115 crore against RPL passed in 2017; RPL challenged it. - Appeal pending before Delhi High Court (filed April 2025). - Certain assets attached by court in 2023 subject to prior charges. - Management believes RPL has strong case; no additional liability expected beyond recorded amounts. - **Bank Guarantees and Fuel Supply Agreement:** - LOA with WCL and MCL cancelled; bank guarantees of Rs. 54.96 crore invoked. - RPL filed stay; Delhi HC restrained coercive action. - Management believes strong case; no provision made. - **Accounting Estimates:** - Revenue from Change in Law and interest income accounted based on management estimates and regulatory interpretations; subject to adjustments on final orders. - **Segment Reporting:** - Single reportable segment: Power generation and allied activities. - Revenue from single external customer. - Operations domiciled in India; no geographical segment reported. - **Code on Social Security, 2020:** - Notified but effective date and rules pending. - Impact to be assessed and accounted when notified. --- ## 4. Segment Information - Only one business segment: **Power generation and allied activities**. - Single external customer. - Operations entirely in India; no geographical segmentation. --- ## 5. Capex, Projects, and Corporate Activity - **Capital Expenditure:** - Consolidated Capex for H1 FY26: Rs. 73.07 crore (paid towards property, plant & equipment, capital advances, CWIP, intangible assets). - Standalone Capex same as consolidated (Rs. 73.07 crore). - **Borrowings:** - Increase in current borrowings from Rs. 277.30 crore (Mar 2025) to Rs. 550.11 crore (Sep 2025) consolidated. - Non-current borrowings slightly decreased from Rs. 3,262.40 crore to Rs. 3,228.97 crore. - **Redeemable Preference Shares:** - Rs. 250 crore RPS liability classified under current financial liabilities due to pending redemption. - **Legal/Corporate:** - Ongoing arbitration with BHEL; appeal pending. - Pending IBC application against subsidiary. - No acquisitions, disposals, mergers, or restructuring mentioned. - **Cash Flow Highlights (Standalone):** - Operating cash flow H1 FY26: Rs. 373.78 crore (vs Rs. 367.02 crore H1 FY25). - Investing cash flow negative Rs. 73.07 crore (capex), net positive Rs. 6.05 crore after deposits and interest. - Financing cash flow net positive Rs. 13.66 crore (due to short-term borrowings net of repayments). - Cash and cash equivalents increased from Rs. 177.77 crore (Mar 2025) to Rs. 571.26 crore (Sep 2025). --- ## 6. Standalone vs Consolidated - Both **Standalone** and **Consolidated** financial results are provided and reviewed. - Financial figures and trends are broadly similar between standalone and consolidated results. - Subsidiary (Poena Power Development Limited) has minimal financial impact (assets Rs. 216.53 crore, no revenue, minor losses). --- # Summary for Investment Analysis Team | Aspect | Key Points | |-------------------------------|---------------------------------------------------------------------------------------------| | **Auditor’s Opinion** | Unqualified with Emphasis of Matter on RPS redemption and related legal matters. | | **Financial Performance** | - Decline in revenue and profit in Q2 FY26 vs Q1 FY26 and Q2 FY25; H1 FY26 loss Rs. 44.66 cr consolidated.
- FY25 was profitable (Rs. 221.92 cr consolidated).
- EPS negative in current period; positive in prior year.
- Margins under pressure due to high finance costs and fuel expenses. | | **Balance Sheet** | - Total assets Rs. 9,971 crore consolidated.
- Equity negative other equity (~Rs. 829 cr consolidated).
- Borrowings stable but current borrowings increased.
- RPS liability Rs. 250 crore classified as current liability. | | **Cash Flow** | - Operating cash flow positive and stable.
- Capex Rs. 73 crore in H1 FY26.
- Cash balance increased significantly. | | **Legal & Regulatory Risks** | - Pending redemption of RPS due to legal restrictions.
- Favorable NCLT ruling for Holding Company on IBC application.
- Pending IBC application against subsidiary.
- Arbitration with BHEL ongoing; management confident.
- Change in Law claims with MSEDCL progressing positively. | | **Segment & Geography** | Single segment (power generation), single customer, India only. | | **Accounting Policies** | No changes reported; revenue from Change in Law claims based on management estimates. | | **Strategic Outlook** | No new acquisitions or restructuring disclosed.
Management actively managing legal and financial risks. | --- **Actionable Points:** - Monitor resolution of RPS redemption and related legal proceedings, especially pending IBC application against subsidiary. - Track realization of Change in Law claims from MSEDCL (Rs. 876.84 crore received to date). - Watch for developments in arbitration with BHEL and potential financial impact. - Note continued losses in current quarters; assess sustainability and turnaround plans. - Review borrowings and liquidity position given increased current borrowings and capex plans. --- This completes the extraction and summary of the financial results filing for RattanIndia Power Limited for Q2 and H1 FY26.