Jaiprakash Power Ventures declared its audited standalone and consolidated financial results for the quarter and year ended 31st March, 2026. The Board of Directors approved the results in its meeting held on 4th May, 2026, and the newspaper publication was scheduled for 6th May, 2026. Statutory auditors M/s. Lodha & Co. LLP issued audit reports carrying modified opinions on both standalone and consolidated financial statements.

Standalone Financial Performance

On a standalone basis, the company's total sales and income from operations for FY26 stood at ₹5,79,085 lakhs, compared to ₹5,70,630 lakhs in FY25. For the quarter ended 31st March, 2026, total standalone sales and income from operations were ₹1,47,071 lakhs versus ₹1,36,634 lakhs in the corresponding quarter of the previous year. The following table summarises key standalone financial metrics:

Standalone net profit for FY26 declined to ₹44,152 lakhs from ₹81,073 lakhs in FY25. For Q4 FY26, the company reported a standalone net loss of ₹2,335 lakhs, compared to a net profit of ₹15,549 lakhs in Q4 FY25. Tax expenses (net) for FY26 stood at ₹29,657 lakhs versus ₹40,383 lakhs in FY25.

Standalone Segment-Wise Revenue

The Power segment remained the primary revenue driver for the company. The Coal segment also contributed positively, while the Sand Mining and Others/Cement Grinding segments reported nil or negative results.

Standalone segment results (profit/loss before finance charges, depreciation, exceptional items, and tax) for FY26 totalled ₹1,58,578 lakhs versus ₹2,09,889 lakhs in FY25. Interest expenses for FY26 were ₹37,489 lakhs (FY25: ₹41,413 lakhs), and depreciation and amortisation expenses stood at ₹47,280 lakhs (FY25: ₹47,020 lakhs).

Consolidated Financial Performance

On a consolidated basis, total sales and income from operations for FY26 were ₹5,79,161 lakhs, compared to ₹5,70,755 lakhs in FY25. Consolidated net profit for FY26 stood at ₹45,063 lakhs, against ₹81,355 lakhs in FY25. For Q4 FY26, the company reported a consolidated net loss of ₹1,337 lakhs versus a net profit of ₹15,567 lakhs in Q4 FY25.

Consolidated capital employed as at 31st March, 2026 stood at ₹15,76,178 lakhs, compared to ₹15,63,082 lakhs as at 31st March, 2025. Total consolidated segment assets were ₹17,95,764 lakhs (31st March, 2025: ₹17,78,560 lakhs).

Auditor Qualifications and Key Regulatory Matters

The statutory auditors issued modified opinions on both standalone and consolidated financial results. Key qualifications and management responses relate to the following matters:

• Corporate Guarantee to SBI: The company had provided a corporate guarantee of USD 1,500 lakhs to State Bank of India against loans to Jaiprakash Associates Limited (JAL). JAL was admitted into Corporate Insolvency Resolution Process (CIRP) by NCLT vide order dated 3rd June, 2024. SBI subsequently assigned its fund-based outstanding dues of JAL to the National Asset Reconstruction Company Limited (NARCL). The Resolution Plan submitted by Adani Enterprises Limited was approved by the Committee of Creditors on 18th November, 2025 and subsequently by NCLT on 17th March, 2026. An application for initiation of CIRP against the company by NARCL is pending admission before NCLT. The management considers the impact presently unascertainable and has not made any provision.
• MAT Credit Entitlement: The company has recognised and carried forward Minimum Alternate Tax (MAT) Credit Entitlement of ₹26,596 lakhs as at 31st March, 2026. The auditors noted that had Ind AS 12 recognition requirements been strictly applied, this amount would not have been recognised, and net profit after tax for FY26 would have been lower by ₹26,596 lakhs.
• Recompense Claim: ICICI Bank, as lead banker, raised a recompense claim of ₹5,69,651 lakhs vide demand letter dated 9th January, 2026. The company has challenged this demand, and the management believes nothing is payable/due as on 31st March, 2026 based on present free cash flow and applicable RBI guidelines.
• UPPCL Dues: UPPCL has held back ₹39,183 lakhs (including carrying cost of ₹18,287 lakhs) up to 31st March, 2026, against alleged excess payments. The company has an appeal pending before APTEL and considers the withheld amount fully recoverable.
• Sand Mining Demand Notices: Demand notices aggregating ₹8,55,704 lakhs (including estimated amounts based on show cause notices of ₹6,34,050 lakhs) have been received from DMG offices. The Andhra Pradesh High Court has granted interim stay in respect of ₹2,21,654 lakhs. The management believes no provision is necessary as all contracts were sub-contracted on a back-to-back basis.
• SEBI Penalty: SEBI imposed a penalty of ₹14 lakhs on the company vide order dated 27th December, 2024. The company has filed an appeal before SAT, which granted a stay on deposit of 50% of the penalty amount vide order dated 6th March, 2025.

Change in Internal Auditor

The Board also approved the appointment of M/s. BDO India Services Private Limited, Chartered Accountants, as the Internal Auditor of the company, replacing M/s. R. Nagpal Associates, Chartered Accountants, who ceased to hold the position. The financial results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 4th May, 2026.

Jaiprakash Associates Limited has submitted a regulatory disclosure to stock exchanges declaring no new encumbrance over its shareholding in Jaiprakash Power Ventures Limited during the financial year 2025-26.

Regulatory Compliance Declaration

The disclosure, filed on 3 April 2026, was submitted to both BSE Limited and National Stock Exchange of India Limited under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeover) Regulation, 2011. As promoters of Jaiprakash Power Ventures Limited, Jaiprakash Associates Limited declared that it has not made any encumbrance over shareholding during FY26, other than those already declared.

Corporate Authorization

The declaration was digitally signed by Som Nath Grover, Vice President & Company Secretary (FCS-4055) of Jaiprakash Associates Limited. The disclosure confirms the company's compliance with substantial acquisition and takeover regulations as mandated by SEBI.

Company Information

Jaiprakash Associates Limited operates from multiple locations including its registered office in Sector-128, Noida, Uttar Pradesh, Delhi office at JA House, Vasant Vihar, and corporate office in Sahibabad, Ghaziabad. The company maintains its corporate identity number as L14106UP1995PLC019017 and operates under the website www.jalindia.com .

The disclosure copy was also forwarded to the Audit Committee of Jaiprakash Power Ventures Limited at its Complex of Jaypee Nigrie Super Thermal Power Plant in Singrauli, Madhya Pradesh, ensuring comprehensive regulatory compliance across all stakeholders.