Olectra filing relies on management-supplied unreviewed results

Olectra Greentech Limited’s consolidated results for the quarter and six months ended 30 September 2026 included Rs 88.1714 crore of assets from one subsidiary and one joint venture whose interim figures were furnished by management and not reviewed by other auditors, while Sarath & Associates left its limited-review conclusion unmodified.

Which Olectra entities supplied unreviewed interim results?

The management-furnished information covered one subsidiary, one joint venture and eight associates in Olectra’s consolidated unaudited results for the quarter and six months ended 30 September 2026. Sarath & Associates identified EVEY Trans (GTC) Private Limited as the subsidiary and SSISPL-OGL-BYD Consortium as the joint venture, but did not allocate the disclosed Rs 88.1714 crore of assets or Rs 19.6577 crore of half-year revenue between them.

The eight associates were EVEY Trans (MHS) Private Limited, EVEY Trans (UJJ) Private Limited, EVEY Trans (SMC) Private Limited, EVEY Trans (SIL) Private Limited, EVEY Trans (JAB) Private Limited, EVEY Trans (BLR) Private Limited, EVEY Trans (TEL) Private Limited and EVEY Trans (MAH) Private Limited. Their interim financial results had not been reviewed by other auditors, according to the limited-review report dated 9 November 2026.

Olectra’s report describes the company as the parent and identifies the group as the parent, its subsidiary and its jointly controlled entity. The consolidated statement also includes Olectra’s share of net profit after tax and total comprehensive income from the eight associates for the September 2026 quarter and six-month period.

What figures came from Olectra management information?

The management-furnished subsidiary and joint-venture information included total assets of Rs 88.1714 crore as at 30 September 2026, quarterly revenue of Rs 9.8333 crore and six-month revenue of Rs 19.6577 crore. The same combined entities reported a post-tax loss of Rs 1.0154 crore for the quarter and Rs 10.51 lakh for the six months ended 30 September 2026.

Their total comprehensive loss was Rs 99.13 lakh for the quarter and Rs 8.10 lakh for the six-month period. Net cash flow for the period from 1 April 2026 to 30 September 2026 was Rs 1.0316 crore, according to the auditor’s other-matter disclosure.

For the eight associates, Olectra included a share of post-tax profit of Rs 3.0946 crore for the quarter and Rs 5.6234 crore for the six months. The corresponding share of total comprehensive income was Rs 3.0946 crore for the quarter and Rs 5.6169 crore for the half year, while the report did not provide revenue, assets or profit figures for each associate separately.

Sarath & Associates said its conclusion regarding the amounts and disclosures for the subsidiary, joint venture and associates was based solely on information provided by management. The report does not identify a separate review report issued by another auditor for any of those ten entities for the period ended 30 September 2026.

How do the unreviewed figures compare with Olectra’s consolidated results?

The Rs 9.8333 crore of quarterly revenue reported for the subsidiary and joint venture was included within Olectra’s consolidated revenue from operations of Rs 687.0114 crore for the quarter ended 30 September 2026. Total segment revenue was Rs 656.6234 crore in the quarter ended 30 September 2025, so the reported consolidated total increased in the latest September quarter.

For the six months ended 30 September 2026, the Rs 19.6577 crore of revenue for the subsidiary and joint venture was reported alongside total segment revenue of Rs 1,262.5178 crore, compared with Rs 1,003.8469 crore in the six months ended 30 September 2025. The mobility division generated Rs 1,083.5966 crore in the latest half year, exceeding the energy division’s Rs 178.9212 crore.

The Rs 88.1714 crore of assets covered by the management-information disclosure formed part of Olectra’s consolidated assets of Rs 2,905.3306 crore at 30 September 2026. Total consolidated assets were Rs 2,567.1097 crore at 31 March 2026, while trade receivables rose to Rs 1,250.5172 crore from Rs 987.2266 crore over the same period.

The subsidiary and joint venture recorded a quarterly post-tax loss of Rs 1.0154 crore, whereas Olectra reported quarterly profit before tax of Rs 72.738 crore. Half-year profit before tax was Rs 107.4285 crore, compared with Rs 102.2564 crore a year earlier, and the associates’ reported share of half-year post-tax profit was Rs 5.6234 crore.

What did Olectra’s auditor conclude?

Sarath & Associates concluded that nothing had come to its attention to indicate that Olectra’s consolidated statement was not prepared, in all material respects, under applicable accounting requirements or that it failed to disclose information required under Regulation 33 of the Securities and Exchange Board of India listing regulations. The conclusion covered the quarter and six months ended 30 September 2026.

The auditor said the engagement was conducted under Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. It explained that a review consists primarily of inquiries and analytical and other review procedures, and is substantially narrower than an audit performed under Standards on Auditing.

The report therefore does not express an audit opinion on Olectra’s September 2026 consolidated statement. Sarath & Associates nevertheless stated that its conclusion was not modified in respect of the management-furnished information concerning the subsidiary, joint venture and eight associates.

The other-matter paragraph distinguishes the source of the underlying information from the conclusion on the consolidated filing. It says the interim financial results of one subsidiary and one joint venture, as well as the results underlying Olectra’s share from eight associates, had not been reviewed by other auditors.

Conclusion

Olectra’s September 2026 consolidated filing combines the parent’s reported financial information with management-furnished interim figures from one subsidiary, one joint venture and eight associates. The disclosure covers Rs 88.1714 crore of assets in the subsidiary and joint venture, while the eight associates contributed Rs 5.6234 crore of reported post-tax profit in the six-month period.

The unresolved point is the separate financial contribution of EVEY Trans (GTC) Private Limited and SSISPL-OGL-BYD Consortium, because the report provides only combined figures, including Rs 19.6577 crore of half-year revenue and a Rs 10.51 lakh post-tax loss. Future Olectra consolidated disclosures can show whether the same entities’ interim information is separately reviewed or reported with a more detailed split.