IND Renewable Energy Limited (formerly known as Vakharia Power Infrastructure Limited) reported its unaudited standalone financial results for the quarter ended December 31, 2025, as approved by its Board of Directors at a meeting held on May 12, 2026. The company posted a net loss of ₹0.500 lakhs for the quarter, reflecting a marked sequential improvement from the ₹14.870 lakhs net loss recorded in the preceding quarter ended September 30, 2025. The results were reviewed by the Audit Committee and approved by the Board at the same meeting, and were submitted to BSE Ltd pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance at a Glance

The company reported nil revenue from operations for Q3 FY26, consistent with the preceding quarter and the corresponding quarter of the previous year. Total income for the quarter was ₹0.000 lakhs, compared to ₹0.430 lakhs in the corresponding quarter ended December 31, 2024. The following table presents a detailed comparison of the standalone financial results across periods:

Expense Breakdown and Sequential Improvement

Total expenses for Q3 FY26 stood at ₹0.280 lakhs, a steep decline from ₹14.650 lakhs in Q2 FY26, primarily driven by a sharp reduction in other expenses from ₹14.630 lakhs to ₹0.250 lakhs quarter-on-quarter. Finance costs for the quarter were ₹0.030 lakhs, marginally higher than ₹0.020 lakhs in Q2 FY26 but significantly lower than ₹0.620 lakhs in Q3 FY25. Employee benefit expenses and depreciation remained at nil for Q3 FY26. The deferred tax expense was consistent at ₹0.220 lakhs across Q3 FY26, Q2 FY26, and Q3 FY25, with no current tax liability recorded in any period.

Nine-Month and Annual Comparison

For the nine months ended December 31, 2025, the company reported a cumulative net loss of ₹16.120 lakhs, compared to ₹8.160 lakhs for the corresponding nine-month period ended December 31, 2024. Total expenses for the nine-month period stood at ₹15.460 lakhs versus ₹7.930 lakhs in the prior year period, with other expenses accounting for ₹15.380 lakhs of the total. For the full year ended March 31, 2025, the audited net loss was ₹7.950 lakhs on total income of ₹6.310 lakhs. The paid-up equity share capital remained unchanged at ₹1,392.600 lakhs (face value of ₹10/- each) across all reported periods.

Key Highlights

• The company has no subsidiaries.
• The financial results were prepared in accordance with Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013.
• The independent auditor's limited review was conducted by K. S. Subrahmanyam & Co., Chartered Accountants, who noted no material misstatements in the unaudited financial results.
• Previous year/period figures have been reclassified/regrouped to conform to the figures of the current period.
• No exceptional items were recorded in any of the reported periods.

Auditor's Review

The limited review of the unaudited financial results was conducted by K. S. Subrahmanyam & Co., Chartered Accountants, pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The review was carried out in accordance with the Standard on Review Engagement (SRE) 2410 issued by the Institute of Chartered Accountants of India. Based on the review, the auditors stated that nothing came to their attention to suggest that the financial results contain any material misstatement or fail to disclose information required under the applicable regulations.

IND Renewable Energy Limited has strengthened its board leadership with the appointment of two Additional Directors, bringing extensive renewable energy expertise to guide the company's strategic direction. The appointments were approved during a board meeting held on March 2, 2026.

Board Appointments

The company appointed two seasoned professionals as Additional Directors, effective March 2, 2026. Both appointments were made pursuant to Section 161 of the Companies Act, 2013 and the company's Articles of Association, subject to member approval.

Professional Expertise

Mr. Ashish Agrawal brings over 18 years of comprehensive experience spanning renewable energy, capital markets and banking sectors. His expertise encompasses clean energy development, project finance and financial structuring. Throughout his career, he has been actively involved in capital raising activities, debt structuring and execution of renewable energy projects, providing valuable insights for the company's growth initiatives.

Mr. Sanjeev Sharma contributes over 30 years of extensive experience in renewable energy, infrastructure and emerging technology sectors. His professional background includes development of utility-scale renewable energy projects, advanced manufacturing, and storage-integrated systems (BESS). He has demonstrated expertise in strategic planning, financial structuring and execution of large-scale projects.

Regulatory Compliance

Both directors meet all regulatory requirements and compliance standards. The appointments comply with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, specifically Regulation 30 read with Part A of Schedule III.

Neither Mr. Agrawal nor Mr. Sharma is related to any existing Director or Key Managerial Personnel of the company. Both directors are not debarred from holding directorship positions by virtue of any SEBI order or other regulatory authority.

Strategic Implications

The addition of these experienced professionals to the board reflects the company's commitment to strengthening its leadership capabilities in the renewable energy sector. With combined experience of 48 years in renewable energy and related sectors, both directors are positioned to contribute significantly to the company's strategic planning and operational execution. Their expertise in project finance, financial structuring, and large-scale project execution aligns with the company's focus on renewable energy development and growth initiatives.