Tandhan Energies subsidiary reports Rs 136.49 crore revenue

Tandhan Energies Limited reported Rs 136.49 crore of consolidated revenue from operations for the six months ended 30 September 2026, while its standalone energy-business ledger recorded nil sales. Tandhan Energies said the energy line is carried on through wholly owned subsidiary Tandhan Power Technologies Private Limited, whose control was acquired on 27 March 2026.

What generated Tandhan Energies' first-half revenue?

Tandhan Energies' Rs 136.49 crore first-half operating revenue was reported through Tandhan Power Technologies Private Limited rather than in the parent company's energy ledger. The consolidated limited-review report identifies subsidiary revenue of Rs 136.49 crore for the six months ended 30 September 2026, the same amount as consolidated revenue from operations.

The company describes the new energy business as solutions involving batteries, inverters, uninterruptible power supply systems, solar products and allied power-backup and storage solutions. Tandhan Energies obtained 100% control of Tandhan Power Technologies on 27 March 2026, and changed its name from Shah Foods Limited effective 28 September 2026.

The subsidiary reported Rs 71.41 crore of revenue in the quarter ended 30 September 2026, compared with Rs 65.08 crore of consolidated revenue in the quarter ended 30 June 2026. Consolidated revenue therefore increased by Rs 6.34 crore sequentially, while the half-year total reached Rs 136.49 crore.

Did Tandhan Energies book energy sales in its own accounts?

No, Tandhan Energies recorded nil standalone net sales or income from the energy business in every period shown in Annexure A. The parent-level disclosure also records nil expenditure, profit before tax, tax expense and profit after tax for the six months ended 30 September 2026.

Annexure A states that Part A includes only amounts recorded in Tandhan Energies' own books, and the company separately says its standalone results reported no revenue from operations for the periods presented. The consolidated revenue should therefore be distinguished from direct sales booked by the listed parent.

The disclosure will apply for three years after the 28 September 2026 name change under the specified SEBI requirements. Tandhan Energies also reported a single business segment in both standalone and consolidated results, meaning it did not provide a separate accounting segment split for the energy activity.

The standalone balance sheet carried an investment in subsidiary of Rs 173.58 crore at both 30 September 2026 and 31 March 2026. This unchanged investment is a parent-company balance-sheet asset, while standalone cash and cash equivalents declined to Rs 1.74 crore at 30 September 2026 from Rs 3.61 crore at 31 March 2026.

How did Tandhan Energies' profit change during the half year?

Tandhan Energies' consolidated profit before tax increased to Rs 16.72 crore in the September 2026 quarter from Rs 13.50 crore in the June 2026 quarter. Total income rose to Rs 81.47 crore from Rs 68.12 crore over the same periods, including other income of Rs 10.06 crore in the September quarter.

Net profit after tax rose to Rs 13.02 crore from Rs 10.11 crore quarter on quarter. After adding the share of profit from associates, profit after tax and associate share was Rs 13.17 crore in the September quarter and Rs 23.45 crore for the six months ended 30 September 2026.

First-half expenses were Rs 119.37 crore, including purchases of stock-in-trade of Rs 113.80 crore, employee-benefit expense of Rs 2.74 crore and finance costs of Rs 1.87 crore. Other income was Rs 13.10 crore in the six months ended 30 September 2026, compared with Rs 4.87 crore for the full year ended 31 March 2026.

The prior-year comparison is not like-for-like because the company had not yet acquired the subsidiary. Tandhan Energies states that consolidated figures for the quarter and six months ended 30 September 2025 represent the parent company's standalone results, which had nil revenue from operations, whereas the 2026 first-half figures include the acquired subsidiary.

What changed in Tandhan Energies' balance sheet and cash flow?

Tandhan Energies' consolidated total assets increased to Rs 315.15 crore at 30 September 2026 from Rs 270.82 crore at 31 March 2026. Trade receivables rose to Rs 115.67 crore from Rs 86.42 crore, inventories increased to Rs 10.64 crore from Rs 0.44 crore, and other current assets rose to Rs 30.14 crore from Rs 10.48 crore.

Current borrowings increased to Rs 75.87 crore at 30 September 2026 from Rs 52.72 crore at 31 March 2026, while non-current borrowings were Rs 4.93 crore compared with Rs 4.96 crore. Consolidated equity rose to Rs 199.94 crore from Rs 176.83 crore during the six-month period.

Operating cash flow was an outflow of Rs 41.35 crore for the six months ended 30 September 2026, compared with an inflow of Rs 0.46 crore a year earlier. The cash-flow statement records Rs 29.25 crore of higher trade receivables, Rs 19.66 crore of higher other current assets and Rs 10.20 crore of higher inventories.

Financing activities generated Rs 19.97 crore in the first half, including a Rs 23.16 crore net movement in current borrowings. Cash and cash equivalents declined to Rs 7.79 crore at 30 September 2026 from Rs 30.15 crore at the beginning of the period, while the filing notes that the prior-year cash-flow comparative represents the parent alone.

Conclusion

Tandhan Energies' first-half accounts show that Tandhan Power Technologies is the source of the group's reported Rs 136.49 crore operating revenue, while the listed parent recorded nil energy sales in its own ledger. The consolidated figures also show sequential growth in quarterly revenue and profit, alongside increases in receivables, inventory and current borrowings after the subsidiary acquisition.

The next disclosed item to watch is the proposed preferential issue of up to 18,90,410 convertible warrants at Rs 153 each, aggregating up to Rs 28.92 crore. Shareholders approved the proposal on 30 September 2026, but as of 14 November 2026, BSE Limited's in-principle approval was pending, no subscription monies had been received and no warrants had been allotted.