Jaiprakash Power Ventures Q3 FY26 profit falls 98%

Key takeaway from the latest update

Jaiprakash Power Ventures Ltd (NSE: JPPOWER) reported a steep sequential fall in earnings for the quarter ended December 2025 (Q3 FY26). The update also includes audited standalone and consolidated results for the year ended March 31, 2026, approved at the company’s 156th Board meeting held on May 4, 2026.

The quarterly numbers show lower revenue, a sharp contraction in EBITDA, and a near-wipeout in net profit compared with the preceding September 2025 quarter. Separately, the FY26 annual disclosure highlights profit declines versus FY25, alongside a modified audit opinion and a change in internal auditor.

Q3 FY26 (Dec 2025) revenue and profitability snapshot

For the quarter ended Dec 2025, the company’s revenue was reported at ₹1,211 crore, compared with ₹1,478 crore in the quarter ended Sep 2025. This was stated as a quarter-on-quarter (QoQ) decline of 18.06%.

Operating performance also weakened materially. EBITDA for Dec 2025 was ₹229.44 crore versus ₹510.92 crore in Sep 2025, a decline of 55.09% QoQ as stated in the data.

Net profit for Dec 2025 was reported at ₹3.77 crore, compared with ₹182.10 crore in Sep 2025. This corresponds to a 97.93% QoQ fall.

Quarterly P&L line items available in the dataset

The quarterly statement shared alongside the results also provides a wider set of comparable line items across quarters. For Sep 2025, total income was reported at ₹1,478.43 crore, with EBITDA at ₹510.91 crore and profit after tax (PAT) at ₹182.03 crore.

For Dec 2025, another entry in the dataset lists consolidated December 2025 net sales at ₹1,155.57 crore (up 1.35% year-on-year). In addition, a quarterly statement table lists “Revenue” for Dec 2025 at ₹1,211 crore and EBITDA at ₹229 crore, indicating that different line items (such as revenue, total income, and net sales) are being presented across sections.

The same quarterly statement table shows an operating profit margin of 15% in Dec 2025 versus 33% in Sep 2025, along with profit before tax of ₹19 crore for Dec 2025 compared with ₹292 crore for Sep 2025.

Q2 FY26 (Sep 2025) performance in context

For the quarter ended Sep 2025 (Q2 FY26), the result summary in the dataset states that consolidated revenues fell 9.3% QoQ and rose 13.3% YoY. It also notes expenses were down 0.8% QoQ and up 10.8% YoY.

The detailed Q2 FY26 financial statements show:

• Total income: ₹1,478.49 crore
• Total expenses: ₹1,186.48 crore
• Profit before tax: ₹292.01 crore
• Tax: ₹109.91 crore
• Profit after tax: ₹182.10 crore
• EPS: ₹0.20

These Q2 FY26 figures align closely with the Sep 2025 quarter numbers shown elsewhere in the dataset (for example, total income around ₹1,478 crore and PAT around ₹182 crore).

FY26 audited results: profit down despite higher income

On May 4, 2026, Jaiprakash Power Ventures declared audited standalone and consolidated financial results for the quarter and year ended March 31, 2026.

Standalone net profit for FY26 declined to ₹441.52 crore (from ₹810.73 crore in FY25). Consolidated net profit for FY26 declined to ₹450.63 crore (from ₹813.55 crore in FY25).

In contrast, total standalone sales and income from operations for FY26 were reported at ₹5,790.85 crore versus ₹5,706.30 crore in FY25. The company stated that the power segment was the primary contributor to these standalone sales and income.

Auditor’s modified opinion and key qualifications

The statutory auditors, M/s Lodha & Co. LLP, issued modified audit opinions in the FY26 audited results disclosure. The key qualifications cited relate to:

• A corporate guarantee to SBI
• Recognition of MAT credit of ₹265.96 crore
• A recompense claim of ₹5,696.51 crore from ICICI Bank

The dataset does not provide additional quantification of how these matters affect reported numbers beyond listing the items.

Internal auditor change announced

The company also disclosed a change in internal auditor. M/s BDO India Services Private Limited was appointed as the new internal auditor, replacing M/s R. Nagpal Associates.

This update was included in the same FY26 audited results disclosure tied to the May 4, 2026 board meeting.

Summary table: Sep 2025 vs Dec 2025

Why the latest numbers matter

The sequential comparison highlights how quickly profitability can move for power generators when operating conditions, costs, or other income lines change between quarters. In this dataset, the deterioration is visible not only in net profit but also in EBITDA and margin metrics shown for Dec 2025.

The FY26 audited disclosure adds another layer for investors tracking governance and accounting flags, given the modified audit opinion and the specific items identified by the statutory auditor. The internal auditor appointment is also a notable compliance update for shareholders following financial reporting processes.

Conclusion

Jaiprakash Power Ventures’ Dec 2025 quarter showed lower revenue and a sharp fall in EBITDA and net profit versus Sep 2025, while FY26 audited results showed lower profits than FY25 despite slightly higher standalone sales and income from operations. The May 4, 2026 board meeting disclosure also flagged a modified audit opinion and announced a new internal auditor appointment.