India Power Corporation Limited accepted the resignation of Mr. Pramod Kumar Singh, Chief Business Officer, effective May 31, 2026, due to personal and family reasons. The resignation was approved by the Interim Resolution Professional as the company's Board of Directors remains suspended under the Corporate Insolvency Resolution Process (CIRP).

The company is undergoing proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC). The Hon'ble National Company Law Tribunal (NCLT), Hyderabad Bench-1, admitted an application under Section 7 of the IBC against the company via an order dated May 15, 2026, commencing the CIRP.

Mr. Singh was designated as Senior Management Personnel. His cessation of service was communicated to the exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015. The disclosure was made by Dhananjoy Karmakar, Company Secretary & Compliance Officer, under the authority of Ms. Sreenivasa Mano Ranjani Medarametla, the Interim Resolution Professional.

The company confirmed there were no other material reasons for the departure beyond the stated personal causes.

India Power Corporation Limited reported a standalone net loss of ₹22,975.79 lakh for the financial year ended March 31, 2026, compared to a net profit of ₹422.45 lakh in the previous year. The standalone revenue from operations for FY26 stood at ₹64,702.01 lakh, an increase from ₹59,990.59 lakh in FY25. On a consolidated basis, the company reported a net profit of ₹1,281.36 lakh for FY26, with revenue from operations rising to ₹68,301.28 lakh from ₹62,037.39 lakh in the prior year. The financial results were approved by the Resolution Professional Management Committee on May 30, 2026, following the suspension of the Board of Directors due to the initiation of the Corporate Insolvency Resolution Process (CIRP).

The company is currently undergoing CIRP proceedings after the National Company Law Tribunal (NCLT), Hyderabad Bench, admitted an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) on May 15, 2026. Consequently, the powers of the Board of Directors have been suspended, and the management of the company vests with the Interim Resolution Professional (IRP), Ms. Medarametla Srinivasa Manoranjani. The IRP has stated that the financial statements have been prepared on a going concern basis, contingent upon continued support from financial and operational creditors and the submission of a viable resolution plan.

Statutory auditors M/s. SS Kothari Mehta & Co. LLP issued a qualified opinion on the standalone and consolidated financial results. The qualification primarily relates to an outstanding Electricity Duty liability of ₹19,200.51 lakh as per the Bengal Electricity Duty Act, 1935, the impact of which cannot be ascertained. Additionally, for the consolidated results, auditors highlighted concerns over receivables from Power Trust amounting to ₹19,970 lakh and loans amounting to ₹3,541.14 lakh, stating that necessary provisions have not been made and these amounts may not be recoverable. These qualifications led to an overstatement of profit before tax in the consolidated results.

The standalone financial results include an exceptional item of ₹24,530.87 lakh, representing a loss arising from the transfer of the non-regulated business to IPCL Power Limited, a wholly-owned subsidiary, via a slump sale effective June 28, 2025. The company stated that no dividend has been recommended for the financial year 2025-26 in view of the CIRP proceedings. The total standalone assets as of March 31, 2026, were reported at ₹1,57,327.45 lakh, while consolidated assets stood at ₹1,85,721.67 lakh.

Standalone Financial Performance

Consolidated Financial Performance