Ujaas Energy reported a standalone net profit of ₹325.07 lakh for the quarter ended June 30, 2026, marking a 30.76% increase from ₹248.60 lakh in the corresponding period of the previous year. The growth was primarily fueled by a sharp rise in other income, which stood at ₹718.85 lakh compared to ₹656.10 lakh in Q1FY26. This surge included ₹409.38 lakh from bad debt recoveries and ₹257.67 lakh in interest income on an arbitration award for a 15 MW solar power plant from Hindustan Aeronautics Limited, Nashik. Total revenue rose 11.00% year-on-year to ₹1,022.14 lakh, while profit before tax increased to ₹425.81 lakh from ₹317.01 lakh.

The Board of Directors approved the unaudited standalone financial results at a meeting held on July 30, 2026. The results were reviewed by the Audit Committee and subjected to a limited review by statutory auditors Ashok Khasgiwala & Co. LLP, pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board also reconstituted the Corporate Social Responsibility (CSR) Committee and the Nomination and Remuneration Committee (NRC), inducting Ms. Geeta Mundra as an additional member effective July 30, 2026.

Financial Performance

Revenue from operations grew 14.50% year-on-year to ₹303.29 lakh. However, total expenses declined slightly by 1.27% to ₹596.33 lakh, aided by lower other expenses which fell to ₹276.13 lakh from ₹265.14 lakh in the prior year quarter, despite a rise in cost of materials consumed to ₹228.12 lakh. The company reported deferred tax expense of ₹100.74 lakh for the quarter.

Segment-wise Results

The Manufacturing and Sale of Solar Power Systems segment contributed significantly to the bottom line, reporting a segment result profit of ₹559.23 lakh, compared to ₹414.25 lakh in Q1FY26. In contrast, the Solar Power Plant Operation segment incurred a loss of ₹92.53 lakh, widening from a loss of ₹114.03 lakh in the previous year quarter but reversing a profit of ₹162.47 lakh in the preceding quarter (Q4FY26). The EV segment reported a loss of ₹9.35 lakh.

What the Numbers Show

The primary driver of profitability improvement was non-operational other income rather than core operational efficiency. While revenue from operations grew modestly by 14.50%, other income surged significantly due to one-time recoveries and arbitration interest. This indicates that the net profit growth is heavily dependent on exceptional items rather than sustained operational margin expansion. Additionally, the Solar Power Plant Operation segment continues to face profitability challenges, posting a loss for the third consecutive quarter if considering the preceding quarter's loss, though it improved year-on-year.

Audit Qualification

Statutory auditors Ashok Khasgiwala & Co. LLP issued a qualified conclusion regarding accrued interest income on Fixed Deposits with Axis Bank. The company accrued ₹4.06 lakh as interest income for the quarter ended June 30, 2026, which had not been credited by the bank. This discrepancy exists between the balance per books of account and the bank confirmation. The cumulative uncredited amount for the year ended March 31, 2026, was ₹17.49 lakh. Adjusting for this qualification would reduce total income to ₹1,018.08 lakh and net profit to ₹321.01 lakh, though earnings per share remain unchanged at ₹0.24.

Corporate Governance Updates

The Board reconstituted two key committees effective July 30, 2026:

• CSR Committee: Chaired by Anurag Mundra (Director and CFO), with members Nilesh Rathi (Independent Director), Vikalp Mundra (Director), and Geeta Mundra (Director).
• Nomination and Remuneration Committee: Chaired by Nilesh Rathi (Independent Director), with members Surabhi Agrawal (Independent Director), Girish Kataria (Independent Director), and Geeta Mundra (Non-Executive Director).

These changes were made in compliance with Section 135 of the Companies Act, 2013, and Regulation 19 of the SEBI LODR Regulations, 2015.

Ujaas Energy Limited shareholders authorized the board to borrow up to ₹1,000 crore at the 27th Annual General Meeting (AGM) held on July 14, 2026. The resolution, passed under Section 180(1)(c) of the Companies Act, 2013, received 100% approval from votes polled. The meeting also approved the audited standalone financial statements for the financial year ended March 31, 2026.

The business transacted included the re-appointment of Mr. Vikalp Mundra as a director, who retires by rotation, and the appointment of Mrs. Geeta Mundra as a Non-Executive Director (Non-Independent) and Chairman of the company. Shareholders also sanctioned providing loans, guarantees, and security under Section 185 and making investments under Section 186 of the Companies Act, 2013.

Mr. Ashish Karodia, Practicing Company Secretary, served as the Scrutinizer for the remote e-voting and poll process. The remote e-voting facility was available from July 11, 2026, to July 13, 2026. The detailed voting results were submitted to BSE Limited and National Stock Exchange of India Limited pursuant to Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Resolutions Passed