India Power returns to standalone first-half profit in 2026

India Power Corporation Limited, referred to here as India Power, reported standalone profit of Rs 16.97 crore for the six months ended 30 September 2026, against a Rs 237.69 crore loss a year earlier, as revenue from operations increased to Rs 363.54 crore and no exceptional item was recorded. India Power remains in the Corporate Insolvency Resolution Process.

How did India Power return to first-half profit?

India Power returned to reported standalone profit because the prior-year half included a Rs 245.31 crore exceptional item, while the six months ended 30 September 2026 had no exceptional item. Profit before tax was Rs 22.57 crore, compared with a Rs 234.77 crore loss before tax in the corresponding 2025 period, and profit after tax was Rs 16.97 crore.

The comparison also indicates improvement before exceptional items. Profit before rate-regulated activities, exceptional items and tax was Rs 13.31 crore in the latest half, against a Rs 6.16 crore loss a year earlier. After regulatory income, profit before exceptional items and tax rose to Rs 22.57 crore from Rs 10.54 crore.

India Power recorded a Rs 10.36 crore profit in the quarter ended 30 September 2026, compared with Rs 3.76 crore in the quarter ended 30 September 2025. Quarterly profit before tax increased to Rs 13.79 crore from Rs 5.28 crore, while basic and diluted earnings per share were Rs 0.07, against Rs 0.02 a year earlier.

What changed in India Power's revenue and costs?

India Power's revenue from operations rose by Rs 17.70 crore year on year to Rs 363.54 crore for the six months ended 30 September 2026. Other income fell to Rs 2.52 crore from Rs 7.82 crore, leaving total income at Rs 366.06 crore, compared with Rs 353.67 crore in the prior-year half.

Energy purchase remained India Power's largest disclosed expense, increasing to Rs 285.49 crore from Rs 277.88 crore. Employee benefits expense rose to Rs 26.35 crore from Rs 18.87 crore, but finance costs declined to Rs 4.27 crore from Rs 8.62 crore and other expenses fell to Rs 11.84 crore from Rs 16.64 crore.

Total expenses were Rs 352.75 crore, marginally below Rs 352.82 crore a year earlier despite the increases in energy purchase and employee costs. Net regulatory income was Rs 9.26 crore, down from Rs 10.70 crore; India Power said costs or obligations expected to be recovered or refunded through future tariff adjustments are recognised as regulatory income or expense under relevant regulatory orders.

Did India Power generate cash from operations?

India Power generated net cash from operating activities of Rs 54.04 crore in the six months ended 30 September 2026, compared with Rs 54.62 crore in the comparable 2025 period. Cash generated from operations before direct taxes was Rs 54.34 crore, versus Rs 55.06 crore a year earlier.

Working-capital movements included a Rs 31.24 crore increase in trade and other receivables, compared with a Rs 113.95 crore increase in the prior-year half. A Rs 41.48 crore increase in trade payables, other liabilities and provisions partly offset that movement, whereas the comparable increase in 2025 was Rs 16.20 crore.

Investing activities used Rs 20.26 crore, compared with Rs 13.53 crore used in the prior-year period, including Rs 6.78 crore spent on property, plant and equipment and Rs 14.76 crore invested in earmarked bank deposits. Financing activities used Rs 2.44 crore, against Rs 14.09 crore a year earlier, and closing cash and cash equivalents were Rs 32.15 crore.

What does CIRP mean for India Power's results?

India Power remains under the Corporate Insolvency Resolution Process, or CIRP, after the National Company Law Tribunal, Hyderabad Bench, admitted a Section 7 application under the Insolvency and Bankruptcy Code, 2016 on 15 May 2026. The board's powers are suspended, and the Resolution Professional-led Management Committee approved the 30 September 2026 results on 13 November 2026.

Creditors had submitted claims of Rs 9,498.016 crore, of which Rs 8,852.9875 crore had been admitted by the Resolution Professional as at 30 September 2026. The statutory auditor issued an adverse conclusion because India Power had not recognised liabilities for the admitted claims, stating that profit before tax was overstated and liabilities understated by that amount.

India Power said pre-CIRP dues will be dealt with under the Insolvency and Bankruptcy Code and a resolution plan approved by the National Company Law Tribunal, if any. An appeal against the 15 May 2026 admission order is pending before the National Company Law Appellate Tribunal, while India Power's ability to continue as a going concern depends on a viable resolution plan and support from creditors and customers.

What changed on India Power's standalone balance sheet?

India Power's standalone total assets were Rs 1,637.08 crore at 30 September 2026, compared with Rs 1,573.27 crore at 31 March 2026. Trade receivables increased to Rs 136.86 crore from Rs 108.45 crore, while current assets rose to Rs 263.37 crore from Rs 195.20 crore.

Equity rose to Rs 667.80 crore from Rs 650.65 crore during the six months, alongside total comprehensive income of Rs 17.15 crore. Current liabilities increased to Rs 682.68 crore from Rs 537.29 crore, including trade payables of Rs 309.38 crore compared with Rs 173.89 crore at 31 March 2026.

India Power transferred its non-regulated business, including its wind-energy business, to wholly owned subsidiary IPCL Power Limited with effect from 28 June 2025 under a business transfer agreement dated 2 June 2025. The Resolution Professional is reviewing that agreement, while revenue from Gujarat Urja Vikas Nigam Limited under the wind-energy power purchase agreement continues to be credited to a bank account in India Power's name.

Conclusion

India Power's Rs 16.97 crore first-half standalone profit reflects higher revenue, lower finance and other expenses, and the absence of the Rs 245.31 crore exceptional item recorded in the prior-year period. However, the reported result sits alongside CIRP and the auditor's adverse conclusion on unrecognised admitted claims of Rs 8,852.9875 crore.

The next development is the resolution process after India Power published invitations for expressions of interest on 2 September 2026 and issued the request for resolution plan, evaluation matrix and information memorandum to eligible applicants on 3 October 2026. Investors will also watch the pending appellate case and the Resolution Professional's review of the 28 June 2025 business transfer.