BGR Energy Systems reported a standalone net loss of ₹1,279.82 crore for the financial year ended March 31, 2026, widening from a loss of ₹981.05 crore in the previous year. Revenue from operations for the year stood at ₹2,996.9 crore, down from ₹4,511.9 crore in FY25. The company's statutory auditors, M/s Anand & Ponnappan, noted a material uncertainty related to the company's ability to continue as a going concern, although they did not modify their opinion on this matter.

The board approved the audited financial results for the fourth quarter and financial year ended March 31, 2026, on a standalone and consolidated basis. For the quarter ended March 31, 2026, the company reported a standalone net loss of ₹761.87 crore on a year-on-year basis compared to a loss of ₹330 crore in Q4 of the previous year, and compared to a loss of ₹193.2 crore in the preceding quarter ended December 31, 2025. Q4 revenue stood at ₹501 million rupees versus ₹1.3 billion rupees in the same quarter of the previous year. Total income for the quarter was ₹119.36 crore.

Key Financial Metrics (Standalone)

The following table summarises the company's standalone financial performance for FY26 against FY25:

The auditors highlighted emphasis of matters regarding claims of ₹1,62,042 lakhs for the NUPPL Ghatampur contract and ₹76,980 lakhs for the NTTPS Vijayawada contract, which are pending customer approval. Costs amounting to ₹23,455 lakhs and ₹5,307 lakhs respectively were charged to the statement of profit and loss during the year.

Board Approvals and Corporate Actions

The board approved increasing the authorised share capital from ₹100 crore to ₹200 crore, divided into 20 crore equity shares of ₹10 each. This alteration to the capital clause of the Memorandum of Association is subject to shareholders' approval via postal ballot. Additionally, the board constituted a Rights Issue Committee to oversee a proposed rights issue in the future.

The company appointed M/s R Bupathy & Co Chartered Accountants as the Internal Auditor and M/s J.V Associates Cost & Management Accountants as the Cost Auditor for the financial year 2026-2027. These appointments were made to comply with the Companies Act, 2013, and SEBI (LODR) Regulations, 2015.

Auditor's Report and Going Concern

The statutory auditors issued an unmodified opinion on the standalone financial results. However, they drew attention to the assignment of the company's outstanding dues to the National Asset Reconstruction Company Limited (NARCL) by nine public sector banks. While the company is in discussions with NARCL for a resolution that may significantly reduce debt, the auditors stated that material uncertainty exists regarding the company's ability to continue as a going concern pending the finalization of these terms.

For the consolidated financial results, the auditors issued a qualified opinion due to the inclusion of unaudited financial results of material subsidiaries, BGR Boilers Private Limited and BGR Turbines Company Private Limited. The consolidated net loss for FY26 was ₹1,291.72 crore.

Regulatory Filing

Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company submitted a corrected declaration for the standalone financial results for the year ended March 31, 2026. The company stated that the required declaration was available but was inadvertently missed in the initial PDF submission. The corrected documents were submitted to the exchanges on May 29, 2026.

BGR Energy Systems Limited has disclosed the receipt of orders under Section 74 of the Central Goods and Services Tax (CGST) Act, 2017 and the Uttar Pradesh Goods and Services Tax (SGST) Act, 2017, pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The orders were issued by the Office of the Joint Commissioner, Corporate Circle, Kanpur-I, Uttar Pradesh, and pertain to alleged variation in turnover across multiple financial years. The date of the orders is 07-05-2026, and the company received them on 11-05-2026.

GST Demand Details

The GST authorities have raised demands against BGR Energy Systems alleging variation in turnover for FY 2020-21, FY 2021-22, and FY 2023-24. The demands include tax, interest, and penalty components. The table below summarises the financial year-wise demand amounts:

All three demands include tax, interest, and penalty as levied by the GST authorities.

Regulatory Disclosure

The disclosure was made in accordance with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, read with SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The key details of the regulatory action are outlined below:

Company's Response and Financial Impact

BGR Energy Systems has stated that the orders are not expected to have any material financial impact on the company. The company has indicated that it is planning to appeal against all the above-mentioned orders. The disclosure was signed by S. Sundar, Company Secretary and Compliance Officer, on 11th May 2026.