RattanIndia Power Limited has released its audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026. The company reported a significant decline in annual profit, while its Amravati plant achieved a Plant Load Factor (PLF) of 82.10% for the fiscal year, positioning it among the top-performing plants in Maharashtra. The results were reviewed by the Audit Committee and approved by the Board of Directors on May 07, 2026. M/s Walker Chandiok & Co. LLP issued an unmodified audit opinion on the financial statements.

Operational Performance

The Amravati thermal power plant, with an installed capacity of 1350 MW (270 MW × 5 units) and capacity to produce 11,826 MUs annually, demonstrated robust operational efficiency in FY26. The plant achieved a PLF of 82.10% and a Plant Availability Factor (PAF) of 87.88%, with steady improvement in PLF since the plant resumed generation in December 2020. The company received and unloaded 1,469 coal rakes during the year, averaging 4.0 rakes daily. Additionally, RattanIndia Power sold 22.19 Million Units (MUs) on the power exchange, generating revenue of ₹16.38 crore, in addition to revenue earned through its 1,200 MW Power Purchase Agreement (PPA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL).

The following table captures the PLF and Plant Availability trends at the Amravati plant over the years:

Standalone Financial Performance

On a standalone basis, the company reported revenue from operations of ₹2,991.36 crore for FY26, compared to ₹3,283.83 crore in the previous year. Total income stood at ₹3,382.75 crore against ₹3,677.28 crore in FY25. The standalone net profit for FY26 was ₹46.59 crore, a significant decrease from ₹215.97 crore in the prior year. Revenue from operations for Q4 FY26 was ₹787.69 crore, up 8% quarter-on-quarter from ₹727.99 crore in Q3 FY26. The detailed standalone financial performance is presented below:

EPS for the quarter ended are not annualised

Standalone Balance Sheet Highlights

The standalone statement of assets and liabilities as at March 31, 2026 reflects total assets of ₹9,817.25 crore compared to ₹10,005.90 crore in the prior year. Key balance sheet metrics are summarised below:

Standalone Cash Flow Summary

On a standalone basis, net cash flows generated from operating activities stood at ₹372.17 crore for FY26, compared to ₹409.96 crore in FY25. Net cash flows from investing activities were ₹65.61 crore, while net cash used in financing activities was ₹605.37 crore, primarily on account of repayment of long-term borrowings of ₹509.92 crore and finance cost paid of ₹367.12 crore. Cash and cash equivalents at the end of the year stood at ₹10.18 crore, compared to ₹177.77 crore at the beginning of the year.

Consolidated Financial Performance

On a consolidated basis, including subsidiary Poena Power Development Limited (PPDL), revenue from operations for FY26 was ₹2,991.36 crore versus ₹3,283.83 crore in FY25. Total income stood at ₹3,346.06 crore compared to ₹3,640.60 crore in the prior year. The group's consolidated net profit for FY26 was ₹52.44 crore, compared to ₹221.92 crore in FY25.

EPS for the quarter ended are not annualised

Consolidated Balance Sheet Highlights

The consolidated total assets as at March 31, 2026 stood at ₹9,612.93 crore compared to ₹9,796.31 crore in the prior year. Key consolidated balance sheet metrics are as follows:

Consolidated Cash Flow Summary

On a consolidated basis, net cash flows generated from operating activities were ₹372.18 crore for FY26, compared to ₹409.95 crore in FY25. Net cash flows from investing activities were ₹65.61 crore. Net cash used in financing activities was ₹605.37 crore, driven by repayment of long-term borrowings of ₹509.92 crore and finance cost paid of ₹367.12 crore. Cash and cash equivalents at the end of the year stood at ₹10.25 crore, compared to ₹177.83 crore at the start of the year.

India Power Generation Context

India's all-India power generation reached a record 1,848 billion units (BUs) in FY26, registering a growth of 1.0% over FY25, with a CAGR of approximately 5.1% over the last 13 years. Of the total FY26 generation, only 310 BUs (approximately 17%) was from Renewable Energy Sources (Wind + Solar + Small Hydro + Others), while the total installed capacity of renewable energy of 223 GW constitutes about 42% of the total installed capacity of 533 GW. Thermal coal-based power plants continue to be the backbone of electricity generation in the country. In Maharashtra, the average maximum power demand of MSEDCL increased slightly in FY26, with maximum demand reaching 26.0 GW in March 2026.

Regulatory and Legal Updates

RattanIndia Power continues to engage with Redeemable Preference Share (RPS) holders regarding the settlement of ₹250 crores. The Insolvency and Bankruptcy Code (IBC) application against the company was disposed of in its favour by the NCLT in September 2025. However, an appeal by REC against the NCLT order concerning subsidiary PPDL remains pending. Regarding regulatory receivables, MSEDCL has paid ₹876.84 crore to date pursuant to a Supreme Court direction.

The Appellate Tribunal for Electricity (APTEL), vide its judgment dated May 08, 2025 (modified on May 15, 2025), allowed the appeal of RattanIndia Power and recognised the following as Change in Law events:

Consequently, the company filed a remand petition in MERC on July 10, 2025, seeking directions for MSEDCL to release payment towards the Change in Law claim on account of Ash Transportation and increases in Surface Transportation Charges and Sizing Charges. MSEDCL also filed a Civil Appeal in the Supreme Court on August 04, 2025, challenging the APTEL order. Both matters are currently pending adjudication.

Separately, an interim arbitration award of ₹115 crores was passed against the company in a dispute with Bharat Heavy Electrical Limited (BHEL) relating to a supply and erection contract for the Amravati thermal power project. The company's petition challenging this award was dismissed by the Single Bench of the Delhi High Court vide order dated March 06, 2025, following which the company filed an appeal before the Division Bench of the Delhi High Court on April 05, 2025, which is currently pending disposal. Additionally, the Delhi High Court vide order dated August 08, 2023 had allowed attachment of certain assets in connection with this interim award, subject to any prior charge already created on such assets in favour of third parties. The management, based on legal inputs, is of the view that no additional liability beyond what is already recorded is probable in this matter.

Regarding bank guarantees, WCL and MCL had invoked bank guarantees amounting to ₹54.96 crore following cancellation of Letters of Assurance. The Delhi High Court directed WCL and MCL not to take any coercive action pursuant to their letters, and the matter remains pending. The management believes it has a strong case and no provision is considered necessary at this stage.

RattanIndia Power Limited has notified the stock exchanges on May 04, 2026, under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, that four promoter-affiliated trusts have furnished compliance disclosures along with certificates from an independent auditor for the financial year 2025-26. The disclosures are in accordance with a SEBI Order dated September 12, 2025, bearing reference no. WTM/KCV/CFD/04/2025-26, issued under Regulation 11(5) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Background: SEBI Exemption Order and Compliance Requirement

The four trusts were granted an exemption from complying with the requirements of Regulation 3(1) and Regulation 5 read with Regulation 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (Takeover Regulations), in respect of their proposed indirect acquisition in RattanIndia Enterprises Limited (Target Company-1) and RattanIndia Power Limited (Target Company-2). The exemption was granted vide Orders bearing reference nos. WTM/KCV/CFD/05/2025-26 and WTM/KCV/CFD/04/2025-26, both dated September 12, 2025. Under the terms of the Exemption Order, read along with SEBI Circular dated December 22, 2017 bearing reference no. SEBI/HO/CFD/DCR1/CIR/P/2017/131, each trust is required to obtain annual compliance certification from an independent auditor and submit the same to the stock exchanges for public disclosure, with a copy endorsed to SEBI.

Trusts Covered and Compliance Certificates

All four trusts submitted their compliance certificates dated April 17, 2026, to the stock exchanges on April 27, 2026. The table below summarises the key details of each trust's submission:

Each of the four trusts indirectly acquired voting rights in RattanIndia Power Limited during the financial year 2025-26 pursuant to the aforesaid Exemption Order.

Auditor's Confirmation of Compliance

Prabir Singh & Co., Chartered Accountants (Firm Reg. No. 022067N), conducted an examination of records and documents furnished by each trust to ascertain compliance with the terms and conditions laid down in the SEBI Circular. The firm, represented by Proprietor Prabir Singh (M.No. 503186), confirmed that all four trusts are in compliance with the Exemption Order and the SEBI Circular for the financial year 2025-26. The certificates were issued from New Delhi and are intended solely for submission to SEBI, the National Stock Exchange of India Limited, and BSE Limited.

Regulatory Disclosure and Availability

The intimation to the stock exchanges was filed by Lalit Narayan Mathpati, Company Secretary of RattanIndia Power Limited, on May 04, 2026. The company has made the aforesaid information available on its website at www.rattanindiapower.com . The disclosure has been made in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency and public access to the compliance status of the promoter-linked trusts for the financial year 2025-26.