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

India Power Corporation Limited has secured shareholder approval for the re-appointment of Mr. Anil Kumar Jha as an Independent Director for a second term of five years. The resolution, which commences on June 11, 2026, and concludes on June 10, 2031, was passed via a remote e-voting process that concluded on May 29, 2026. This decision occurs while the company is undergoing the Corporate Insolvency Resolution Process (CIRP) following an order by the Hon'ble National Company Law Tribunal (NCLT), Hyderabad Bench-1, dated May 15, 2026, which suspended the powers of the Board of Directors.

The special resolution received 99.86% assent from the votes polled. A total of 175 members participated in the remote e-voting, casting 386,046,139 votes. The approval was driven by the Public Non-Institutions category, which contributed 323,940,691 votes in favour. The Promoter and Promoter Group cast 61,580,741 votes in favour, while Public Institutions voted against the resolution with 517,807 votes.

The remote e-voting process was facilitated by National Securities Depository Limited (NSDL). Mr. Mohan Ram Goenka, Partner of MR & Associates, served as the Scrutinizer to oversee the voting process. The record date for determining voting rights was April 24, 2026.

The company disclosed that the CIRP was initiated against India Power Corporation Limited by the State Bank of India (SBI) regarding a corporate guarantee for Meenakshi Energy Limited. Following the Supreme Court's remand of the matter in February 2025, the NCLT admitted the application under Section 7 of the Insolvency and Bankruptcy Code, 2016. Consequently, the powers of the Board of Directors stand suspended and are exercised by the Interim Resolution Professional.