What the board approved
At its meeting on 14 August 2026, the board of Ravindra Energy took on record restated consolidated audited results for Q4 FY2025-26 and the year ended 31 March 2026, alongside unaudited standalone and consolidated results for Q1 FY2026-27. The restated FY26 statements, the company said, are to be read "in substitution of and supersede the financial statements submitted earlier filed on April 29, 2026." The statutory auditors issued an unmodified opinion on the restated accounts.
The board also re-appointed Mr. Shantanu Lath as Whole-Time Director and CEO for a further three-year term with effect from 11 August 2026, and approved a new employee stock option scheme — both subject to member approval at the coming AGM.
Why the numbers changed
The restatement follows a change in accounting policy for the company's solar power plants. Previously, construction and development spend was capitalised as Property, Plant and Equipment under Ind AS 16 and depreciated. Under the revised policy, the arrangements with state DISCOMs under long-term Power Purchase Agreements are treated as Service Concession Arrangements under Appendix D to Ind AS 115: construction services are recognised as construction revenue over time, and the right to operate is booked as an intangible asset amortised over the concession period.
The company applied the change retrospectively under Ind AS 8 and restated comparatives "as if the revised policy had always been applied." This grossed up reported revenue for prior periods — construction revenue and costs move in near-equal measure — while reducing net profit and EPS versus the figures first filed in April. The reclassification also shifts value from tangible plant into intangible assets on the balance sheet.
Q1 FY27 and the fund-use reports
On a restated consolidated basis, Q1 FY2026-27 revenue and pre-tax profit were broadly in line with the prior-year quarter, but profit for the period fell steeply, driven largely by a swing in the share of loss from an associate company. Standalone Q1 profit was also lower year on year.
The filing also carried monitoring-agency reports confirming no deviation in the use of funds from the earlier preferential issue and the recent rights issue. Per CARE Ratings, ₹150 crore of the rights-issue proceeds was invested in associate Energy In Motion and used to repay inter-corporate deposits, with the balance still parked in the monitoring account at quarter-end.