Reliance Infrastructure Limited reported a consolidated net profit of ₹2,900.23 crore for the financial year ended March 31, 2026, as the Board of Directors approved the audited financial results at its meeting held on May 23, 2026. The company posted total income of ₹25,826.03 crore for the full year, while total expenditure stood at ₹21,529.80 crore and profit before tax came in at ₹4,296.23 crore. The results were submitted to stock exchanges pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

FY26 Financial Performance

The company's consolidated financial results reflect performance across its Power, Engineering and Construction, and Infrastructure segments. For the quarter ended March 31, 2026, total income was ₹6,918.26 crore against total expenses of ₹5,762.91 crore, with profit before tax of ₹1,155.35 crore. The following table summarises the key financial metrics for the year and quarter ended March 31, 2026:

On a standalone basis, the company reported total operating income of ₹237.22 crore and a net loss of ₹607.20 crore for the full year. The standalone total comprehensive loss for the year stood at ₹1,154.41 crore.

Segment Performance

The consolidated results are broken down across the company's three operating segments. The Power segment remained the dominant revenue contributor, with year-ended segment revenue of ₹23,253.55 crore, followed by Infrastructure at ₹1,428.92 crore and Engineering and Construction at ₹237.22 crore. The following table presents the segment revenue and profit breakdown for the year and latest quarter:

Segment results (profit before interest, tax, associates and non-controlling interest) for the year were led by the Power Business at ₹6,387.52 crore, while Infrastructure contributed ₹144.87 crore and Engineering and Construction ₹3.13 crore.

Balance Sheet Highlights

The consolidated balance sheet as at March 31, 2026 reflects total assets of ₹71,160.24 crore, compared to ₹65,840.87 crore as at March 31, 2025. Equity share capital stood at ₹408.67 crore and other equity at ₹17,463.85 crore. Total equity attributable to owners was ₹17,872.52 crore, with non-controlling interests of ₹11,215.58 crore. The key balance sheet figures are presented below:

Board Appointments and Auditor Changes

The Board approved the appointment of M/s Paresh Rakesh & Associates LLP, Chartered Accountants (Firm Registration No. 119728W/W100743), as Statutory Auditors to fill a casual vacancy. The firm will hold office until the conclusion of the 102nd Annual General Meeting for Financial Year 2030-31, subject to shareholder approval. M/s Chaturvedi & Shah LLP ceased to be the Statutory Auditors effective May 23, 2026. M/s Vijay S. Tiwari & Associates were appointed as Secretarial Auditors for a period of five years from FY 2026-27 to FY 2030-31, subject to member approval.

In a key management reshuffle, Shri Vijesh Babu Thota was appointed as Chief Executive Officer with immediate effect, consequent to his cessation as Chief Financial Officer. Shri Asheesh Chaturvedi was appointed as the new Chief Financial Officer with immediate effect. Shri Vijesh Babu Thota is an MBA from XLRI School of Management and has over 19 years of experience in finance, investment banking, and project finance. Shri Asheesh Chaturvedi is a Fellow Chartered Accountant and Cost Accountant with 26 years of core experience, having served as Finance Controller of the company since October 2021.

Fund Raising and Other Corporate Developments

The Board sought enabling authorization from members to raise funds up to ₹3,000 crore through the issuance of equity shares and/or equity linked instruments and/or other eligible securities via Qualified Institutions Placement and/or follow-on public offer or a combination thereof, subject to requisite approvals. During the year, the company issued and allotted 1.25 crore fully paid equity shares at a price of ₹240 per warrant to a promoter group company pursuant to conversion of warrants. Upon expiry of the stipulated exercise period, 11.31 crore warrants remained unexercised, and accordingly, the company forfeited the balance warrant subscription amount of ₹678.60 crore in April 2026.

The Board had also approved seeking enabling authorization for the issuance of Foreign Currency Convertible Bonds (FCCBs) aggregating up to U.S.$ 600 million, which was subsequently approved by shareholders through a Postal Ballot on December 18, 2025. The proposed issuance remains subject to requisite approvals. Additionally, 51,20,312 Employee Stock Options were granted under the "Reliance Infrastructure Employee Stock Option Scheme, 2024" to eligible employees of the Group.

Regulatory and Legal Matters

The auditors issued a Disclaimer of Opinion on both the consolidated and standalone financial results, citing inability to determine the overall recovery of the company's exposure to economic rights of shareholding in Odisha Discoms and in shares and securities in certain unlisted entities aggregating to Rs. 4,705.74 crore, as well as ongoing proceedings by the Enforcement Directorate, a Show Cause Notice from SEBI, and notice from the Serious Fraud Investigation Office. The Enforcement Directorate has provisionally attached 37 immovable properties of the company, including its shareholding in BSES Rajdhani Power Limited, BSES Yamuna Power Limited, and Mumbai Metro One Private Limited, and a lien of Rs. 77.86 crore has been provisionally marked on balances held across 13 bank accounts.

Mumbai Metro One Private Limited (MMOPL), a subsidiary, incurred a net loss of Rs. 1,276.68 crore during the year, with a negative net worth of Rs. 3,956.66 crore and current liabilities exceeding current assets by Rs. 5,895.59 crore as at March 31, 2026. MMOPL continues to prepare its financial results on a Going Concern basis. Several toll road subsidiaries—including TK Toll Road, HK Toll Road, SU Toll Road, and JR Toll Road—also face going concern uncertainties, with ongoing arbitration and insolvency proceedings. GF Toll Road Private Limited ceased to be a subsidiary effective February 23, 2026 following completion of the Corporate Insolvency Resolution Process, with a gain of Rs. 267.07 crore recognised on deconsolidation as an exceptional item.

Delhi Discoms (BSES Rajdhani Power Limited and BSES Yamuna Power Limited) recognised additional Regulatory Assets of Rs. 1,275.51 crore during the year based on APTEL judgements and True-up Orders for FY 2021-22 and FY 2022-23. A difference of Rs. 15,023.73 crore exists as on March 31, 2026 between the LPSC recognised by Delhi Discoms in their books and the LPSC claimed by certain generators and transmission companies.