Jaiprakash Power Ventures Limited reported a consolidated net profit of ₹468.84 crore for the quarter ended June 30, 2026, reversing from a net loss of ₹13.37 crore in the preceding quarter ended March 31, 2026. On a year-on-year basis, consolidated net profit rose to ₹468.84 crore from ₹278.13 crore in the same period last year. Revenue from operations rose to ₹1,806.49 crore in Q1 from ₹1,470.79 crore in Q4, primarily driven by the power segment. The company recorded an exceptional item of ₹193.63 crore related to the provision for the surrender of Amelia (North) and Bandha North Coal Mines due to financial and operational unviability.

The unaudited standalone and consolidated financial results were reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on July 20, 2026. The statutory auditors, Lodha & Co LLP, provided a limited review report. The company opted for the new tax regime under Section 115BAA of the Income Tax Act, 1961, effective from FY 2025-26, resulting in one-time tax adjustments including the reversal of MAT Credit entitlement of ₹140.78 crore and Deferred Tax Liability of ₹248.87 crore.

Financial Performance

The standalone net profit for the quarter stood at ₹468.95 crore, compared to a net loss of ₹23.35 crore in the previous quarter. Total income increased to ₹1,806.43 crore from ₹1,470.71 crore. Expenses for the quarter were ₹1,235.94 crore, lower than ₹1,478.77 crore in the prior quarter. The basic and diluted earnings per share (EPS) for the quarter were ₹0.52, compared to a loss of ₹0.0153 per share in the consolidated results for the previous quarter.

The table below presents the key year-on-year performance metrics for the quarter:

Consolidated Results (Rs. in Lakhs)

Segment Performance

The Power segment reported revenue of ₹1,775.70 crore, while the Coal segment contributed ₹239.73 crore. Inter-segment eliminations amounted to ₹239.73 crore. Profit before finance charges, depreciation, and tax from the Power segment was ₹786.07 crore. The company initiated steps to surrender the Amelia (North) and Bandha North Coal Mines, subject to lender and regulatory approvals.

Regulatory and Legal Matters

The auditors drew attention to several matters, including a non-provision against a corporate guarantee of ₹1,239.15 crore provided to Jaiprakash Associates Limited (JAL) and a recompense claim of ₹5,696.51 crore claimed by lenders led by ICICI Bank. The company disputed these claims, stating no provision was necessary based on legal opinions and the terms of the Framework Agreement. Additionally, Uttar Pradesh Power Corporation Ltd. (UPPCL) has held back ₹4,034.70 crore regarding excess payments, which the company considers recoverable. The company also faces show cause notices from the Director of Mines & Geology (DMG), Andhra Pradesh, amounting to ₹8,573.42 crore, which it has contested.

Adani Power Limited has revised its regulatory disclosure concerning the pledge of shares in Jaiprakash Power Ventures Limited, correcting the total number of pledged shares to 1,20,05,09,465. The updated filing, submitted to the stock exchanges on July 13, 2026, rectifies an earlier error where the share count was reported as 1,20,05,09,431 and includes the previously omitted names of the lenders and security trustees.

The encumbrance involves a pledge of 1,20,05,09,465 equity shares, representing 17.517% of the total share capital, and a non-disposal undertaking over 10,21,88,566 equity shares, representing 1.49% of the total share capital. These actions were undertaken in accordance with Regulation 31(1) read with Regulation 28(3) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The disclosures are a consequence of the corporate insolvency resolution process of Jaiprakash Associates Limited. The National Company Law Tribunal, Allahabad, Prayagraj Bench, approved the resolution plan submitted by Adani Enterprises Limited on March 17, 2026. Adani Power Limited was identified as the 'Implementing Entity' for the 24% shareholding in Jaiprakash Power Ventures Limited, which included these encumbered shares.

The revised filing details the entities in whose favour the shares are encumbered. The pledge is held for the benefit of various lenders, including IDBI Bank Limited, the Vishnuprayag Hydroelectric Plant Lenders' Consortium, and the Jaypee Nigrie Supercritical Thermal Power Plant Lenders' Consortium. IDBI Trusteeship Services Limited and ICICI Bank Limited (as DP Agent) are named as the security trustees.

Encumbrance Details

The total encumbered shares amount to approximately 19.01% of the promoter's shareholding. The resolution plan stipulates that the liability regarding the pledge is limited to the value of the shares pledged, necessitating the creation of a fresh pledge and non-disposal undertaking by Adani Power Limited.