Suryachakra Power Corporation Reports FY26 ₹1.64 Crore Loss

Suryachakra Power Corporation Limited reported a standalone net loss of ₹1.64 crore for FY26, while revenue from operations remained nil as the company continued its NCLT-led sale, takeover and capital restructuring process. The result underlines that commercial operations had not commenced by March 31, 2026.

Why did Suryachakra Power report a FY26 loss?

Suryachakra Power reported the loss because it had not started business operations and incurred expenses during its transition after the NCLT-led process. The company recorded a net loss of ₹1.64 crore for the year ended March 31, 2026, against total expenses of ₹1.66 crore. Revenue from operations was nil, while total income was ₹0.02 crore.

The absence of operating revenue is central to the financial result. The company has stated that business operations are yet to commence, meaning its reported numbers currently reflect the costs of maintaining and reorganising the listed entity rather than income from an operating business.

For the quarter ended March 31, 2026, Suryachakra Power reported a standalone loss of ₹1.57 crore. Its financial statements also reported total assets of ₹2.34 crore and total equity of ₹0.30 crore at the end of FY26. These figures were reported during a period in which ownership, management and the capital structure were being reorganised.

How did the NCLT sale and ownership transfer unfold?

The restructuring follows liquidation proceedings initiated by the National Company Law Tribunal, Hyderabad Bench, on September 1, 2022. The company was subsequently sold as a going concern under the Insolvency and Bankruptcy Code process, rather than being treated solely as an entity whose assets were to be liquidated separately.

A sale certificate dated June 14, 2023 was issued by the liquidator for the sale of Suryachakra Power as a going concern. The transaction was on an "as is where is", "whatever there is" and "without recourse" basis in favour of Indo Aquatics Limited. The rights of Indo Aquatics Limited were later assigned to M/s Reddy Investments Private Limited.

An NCLT order dated July 18, 2024 approved the sale of the company as a going concern to Indo Aquatics Limited. Reddy Investments Private Limited subsequently began the process of taking over the company, including its records and papers. New management was inducted to the board with effect from March 29, 2025, according to the disclosures.

The financial statements continue to describe Suryachakra Power as a going concern. This accounting status reflects the approved sale and ongoing takeover process, although it does not indicate that revenue-generating operations had restarted by the FY26 reporting date.

What changes were made to Suryachakra Power's capital and shareholding?

Suryachakra Power's earlier paid-up equity capital of about ₹149.63 crore was reversed and the net balance was transferred to a capital reserve under the NCLT-led capital restructuring. The process cancelled and extinguished the equity shareholding of the erstwhile promoter and promoter group without a payout.

The restructuring also provided for reserving 5% of shares, or 1,02,142 shares, for existing public shareholders whose equity had been extinguished. The disclosed ratio was 0.000883 share for every one share previously held, without any payout. The company also disclosed that 700 shares were allotted to nominee or public shareholders through PAS-3 filings.

At the reporting date, Reddy Investments Private Limited held 100% of Suryachakra Power's equity share capital, resulting in zero public shareholding. The company said it intends to induct public shareholders within the timelines permitted under applicable law to meet requirements under the SEBI Listing Regulations.

What do the latest disclosures mean for investors and compliance?

The latest disclosures show that Suryachakra Power remained a restructured listed entity without operating income, public shareholding or completed capital-market compliance actions at the FY26 reporting date. Its near-term disclosures are therefore more closely tied to implementation of the takeover and capital actions than to operating financial performance.

The company has filed relevant corporate action forms and listing applications with depositories and stock exchanges, and said these remain under process. It also noted that a reconciliation of share capital audit report for the quarter ended June 30, 2026 would serve no meaningful purpose until the capital restructuring exercise is updated.

For the quarter ended June 30, 2026, Suryachakra Power reported a loss of ₹5.76 crore, compared with a loss of ₹1.43 crore in the preceding quarter. Revenue from operations again remained nil. The board approved those results on August 14, 2026, and statutory auditor Bhanumurali & Co issued an unmodified review report on the standalone results.

The board has also considered changing the company's name to Suryastone Integrated Renewable Corporation Limited, subject to shareholder and statutory approvals. It has separately considered the BSE guidance on post-NCLT compliance, including the proposed proportionate issue of 5% shares to approximately 42,000 public shareholders who previously held extinguished equity capital.

Conclusion

Suryachakra Power's FY26 loss of ₹1.64 crore reflects an entity still without operating revenue after its sale as a going concern and subsequent ownership transfer. The NCLT process has materially changed its ownership and capital structure, with Reddy Investments Private Limited holding all equity at the reporting date.

Investors will need to watch the progress of capital restructuring filings, the proposed induction of public shareholders and approvals for the planned name change. Any restart of business operations has not been disclosed, while the company has stated that it remains in the process of completing the takeover and related restructuring actions.