Gujarat Inject (Kerala) starts solar revenue at Rs 99.81 lakh

Gujarat Inject (Kerala) Limited recognised Rs 99.81 lakh of solar power-generation revenue in the half year ended September 30, 2026, after reporting Rs 15.70 crore of property, plant and equipment and nil capital work in progress. The filing says revenue began flowing from the project during the September quarter.

What changed in Gujarat Inject (Kerala)'s solar project accounting?

Gujarat Inject (Kerala) capitalised the solar project as property, plant and equipment during the quarter ended September 30, 2026 because revenue from the project had begun to flow to the company. The filing says the treatment followed the revenue-recognition principles in Indian Accounting Standard 115, Revenue from Contracts with Customers.

The balance sheet records property, plant and equipment of Rs 15.70 crore at September 30, 2026, against no balance at March 31, 2026. Capital work in progress was nil at September 30, compared with Rs 20.76 crore at March 31. The company does not state the commissioning date, installed capacity, electricity customer, tariff or generation volume.

The movement is reflected in segment reporting under Indian Accounting Standard 108, Operating Segments. Gujarat Inject (Kerala) identifies trading and solar power generation as its two business segments, with the board using segment-level indicators to evaluate performance and allocate resources. Solar generation had nil reported operating revenue in both the half year ended September 30, 2025 and the year ended March 31, 2026.

Solar power-generation segment assets stood at Rs 16.70 crore at September 30, 2026, down from Rs 20.76 crore at March 31, 2026. This exceeds the Rs 15.70 crore property, plant and equipment balance because the segment-assets measure covers the business segment, while the balance-sheet line only identifies property, plant and equipment. Gujarat Inject (Kerala) does not provide a detailed reconciliation between the two amounts.

How much revenue did Gujarat Inject (Kerala)'s solar segment contribute?

Gujarat Inject (Kerala) reported Rs 99.81 lakh of solar power-generation revenue for both the September 2026 quarter and the half year ended September 30, 2026. As the June 2026 quarter carried nil solar revenue, the disclosed first-half solar revenue was recorded in the September quarter.

Solar accounted for 5.46% of Rs 18.27 crore in revenue from operations in the September 2026 half year. Trading generated Rs 17.28 crore, or 94.54% of the total. In the corresponding half year ended September 30, 2025, all Rs 4.00 crore of operating revenue came from trading, with solar reporting nil revenue.

Revenue from operations increased by Rs 14.28 crore year on year, from Rs 4.00 crore to Rs 18.27 crore. Trading revenue rose by Rs 13.28 crore over that comparison, while solar added Rs 99.81 lakh as a new reported revenue source. Trading therefore produced most of the increase in reported operating revenue.

For the September 2026 quarter, revenue from operations was Rs 5.82 crore, including Rs 4.82 crore from trading and Rs 99.81 lakh from solar generation. The preceding June 2026 quarter recorded Rs 12.45 crore of revenue, all from trading. The lower September-quarter total coincided with trading revenue falling from Rs 12.45 crore to Rs 4.82 crore despite the new solar contribution.

How did solar generation affect Gujarat Inject (Kerala)'s profit?

Gujarat Inject (Kerala) reported Rs 97.89 lakh of solar segment earnings before interest, depreciation, tax and other items for the September 2026 quarter and half year. The segment disclosure separately records Rs 8.21 lakh of depreciation for solar power generation, equal to the company’s total depreciation and amortisation expense in the half-year income statement.

Solar power generation reported Rs 67.11 lakh of profit after tax for the half year ended September 30, 2026. The segment’s listed tax items were Rs 19.74 lakh of current tax and Rs 2.83 lakh of deferred tax. Trading reported Rs 1.46 crore of segment profit after tax, while total segment profit after tax was Rs 2.13 crore before Rs 15.60 lakh of unallocable items.

Gujarat Inject (Kerala)'s net profit was Rs 1.98 crore in the September 2026 half year, compared with Rs 14.10 lakh a year earlier. Profit before tax rose to Rs 2.64 crore from Rs 18.82 lakh. Total expenses were Rs 15.63 crore against total income of Rs 18.27 crore in the current half year.

Solar segment liabilities declined to Rs 11.54 crore at September 30, 2026 from Rs 21.24 crore at March 31, 2026. The filing does not identify the instruments or contractual terms comprising that segment balance. At company level, total liabilities fell to Rs 15.60 crore from Rs 24.84 crore, while total equity increased to Rs 13.39 crore from Rs 11.83 crore.

What else changed in Gujarat Inject (Kerala)'s half-year results?

Gujarat Inject (Kerala)'s total assets declined to Rs 28.99 crore at September 30, 2026 from Rs 36.67 crore at March 31, 2026. Current assets fell to Rs 8.97 crore from Rs 11.56 crore, while trade receivables were broadly unchanged at Rs 4.31 crore against Rs 4.33 crore. The reduction followed the movement from Rs 20.76 crore of capital work in progress into operating assets.

Cash and cash equivalents were Rs 4.80 lakh at September 30, 2026, down from Rs 67.82 lakh at March 31. The cash-flow statement reports Rs 58.28 lakh of net cash used in operating activities and Rs 4.74 lakh used in investing activities during the half year. It also records Rs 2.64 crore of profit before tax and Rs 8.21 lakh of depreciation.

The board approved the unaudited standalone results on November 5, 2026. Statutory auditor S. Mandawat & Co. issued a limited-review conclusion stating that nothing had come to its attention to suggest the results failed to make required disclosures or contained a material misstatement. The auditor stated that a review provides moderate assurance and has a narrower scope than an audit.

Gujarat Inject (Kerala) also subdivided each Rs 10 equity share into 10 shares of Re 1 during the September 2026 quarter, with July 8, 2026 set as the entitlement date. The company restated earnings per share for prior periods to support comparability. The subdivision does not change the reported Rs 99.81 lakh of solar revenue or Rs 15.70 crore of property, plant and equipment.

Conclusion

Gujarat Inject (Kerala)'s September 2026 half-year filing shows solar power generation becoming a reported operating segment. The company moved from Rs 20.76 crore of capital work in progress at March 31 to Rs 15.70 crore of property, plant and equipment at September 30, while solar generated Rs 99.81 lakh of revenue and Rs 67.11 lakh of segment profit after tax.

The next results will show whether solar revenue continues beyond the September quarter, as Gujarat Inject (Kerala) reported nil solar revenue in June 2026 and disclosed no capacity, tariff, customer or output target. Separately, the board resolved on October 29, 2026 to seek shareholder and regulatory approvals for preferential equity warrants of up to Rs 3 crore and to increase authorised share capital to Rs 17.63 crore.