IND Renewable Energy Limited has strengthened its board leadership with the appointment of two Additional Directors, bringing extensive renewable energy expertise to guide the company's strategic direction. The appointments were approved during a board meeting held on March 2, 2026.

Board Appointments

The company appointed two seasoned professionals as Additional Directors, effective March 2, 2026. Both appointments were made pursuant to Section 161 of the Companies Act, 2013 and the company's Articles of Association, subject to member approval.

Professional Expertise

Mr. Ashish Agrawal brings over 18 years of comprehensive experience spanning renewable energy, capital markets and banking sectors. His expertise encompasses clean energy development, project finance and financial structuring. Throughout his career, he has been actively involved in capital raising activities, debt structuring and execution of renewable energy projects, providing valuable insights for the company's growth initiatives.

Mr. Sanjeev Sharma contributes over 30 years of extensive experience in renewable energy, infrastructure and emerging technology sectors. His professional background includes development of utility-scale renewable energy projects, advanced manufacturing, and storage-integrated systems (BESS). He has demonstrated expertise in strategic planning, financial structuring and execution of large-scale projects.

Regulatory Compliance

Both directors meet all regulatory requirements and compliance standards. The appointments comply with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, specifically Regulation 30 read with Part A of Schedule III.

Neither Mr. Agrawal nor Mr. Sharma is related to any existing Director or Key Managerial Personnel of the company. Both directors are not debarred from holding directorship positions by virtue of any SEBI order or other regulatory authority.

Strategic Implications

The addition of these experienced professionals to the board reflects the company's commitment to strengthening its leadership capabilities in the renewable energy sector. With combined experience of 48 years in renewable energy and related sectors, both directors are positioned to contribute significantly to the company's strategic planning and operational execution. Their expertise in project finance, financial structuring, and large-scale project execution aligns with the company's focus on renewable energy development and growth initiatives.

IND Renewable Energy Limited has announced its unaudited financial results for the quarter ended September 30, 2025, revealing a challenging financial performance with significantly widened losses. The company, formerly known as Vakharia Power Infrastructure Limited, continues to face operational difficulties as reflected in its latest quarterly numbers.

Board Meeting and Regulatory Compliance

The Board of Directors approved these unaudited financial results at their meeting held on February 5, 2026, which commenced at 2:30 PM and concluded at 4:00 PM. The results were reviewed by the Audit Committee on February 4, 2026, before board approval. The announcement was made to BSE Limited under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015.

Financial Performance Overview

The company's financial performance showed considerable deterioration during the second quarter of FY26. The following table summarizes the key financial metrics:

Expense Analysis

The company's expense structure revealed significant increases across key categories during Q2FY26. Other expenses constituted the major component, rising dramatically to ₹14.63 lakhs from ₹4.41 lakhs in the corresponding quarter of the previous year. Finance costs remained relatively stable at ₹0.02 lakhs compared to ₹0.02 lakhs in Q2FY25. Employee benefit expenses were nil during the current quarter, compared to ₹0.66 lakhs in the previous year quarter.

Half-Year Performance

For the six-month period ended September 30, 2025, the company's performance metrics were as follows:

Balance Sheet Position

As of September 30, 2025, the company maintained total assets of ₹2,688.67 lakhs compared to ₹2,672.35 lakhs as of March 31, 2025. The major asset components included loans and advances of ₹2,675.14 lakhs and cash and cash equivalents of ₹0.46 lakhs. Total equity stood at ₹2,603.70 lakhs, marginally lower than ₹2,604.64 lakhs at the previous year-end.

Cash Flow Analysis

The company's cash flow statement for the six months ended September 30, 2025, showed a net cash outflow from operating activities of ₹3.85 lakhs. Cash flow from financing activities provided an inflow of ₹4.30 lakhs, primarily from proceeds received in long-term borrowings of ₹4.35 lakhs. The company's cash and cash equivalents decreased to ₹0.43 lakhs from the opening balance of ₹0.45 lakhs.

Auditor Review and Compliance

The unaudited financial results were subject to a limited review by K. S. Subrahmanyam & Co, Chartered Accountants. The auditors confirmed that nothing came to their attention that would suggest the financial statements contain material misstatements or fail to comply with applicable accounting standards and Regulation 33 of the SEBI Listing Regulations. The company's paid-up equity share capital remained unchanged at ₹1,392.60 lakhs, with shares having a face value of ₹1 each.