XL Energy posts Rs 6.4178 crore Q2 loss as revenue falls

XL Energy Limited posted a standalone loss of Rs 6.4178 crore for the quarter ended September 30, 2026, after a Rs 2.7127 crore profit in the preceding quarter, as revenue from operations fell to Rs 20.4137 crore and total expenses rose to Rs 26.9433 crore. The Monitoring Committee approved the unaudited results on November 14, 2026.

Why did XL Energy report a September-quarter loss?

XL Energy reported a loss because its Rs 26.9433 crore of total expenses exceeded Rs 20.5254 crore of total income in the three months ended September 30, 2026. The company recorded a loss before tax and a loss for the period of Rs 6.4178 crore, with no current-tax or deferred-tax charge shown in the quarterly statement.

The filing showed changes in inventories of finished goods and work-in-progress at Rs 26.0791 crore in the September 2026 quarter, compared with Rs 22.8243 crore in the quarter ended June 30, 2026. Finance costs increased to Rs 67.95 lakh from Rs 29.59 lakh, while other expenses declined to Rs 18.47 lakh from Rs 59.29 lakh.

The sequential movement was a reversal from the June 2026 quarter, when total income exceeded total expenses. Earnings per share also changed from positive Rs 16.94 for the June quarter to negative Rs 40.08 for the September quarter, while paid-up equity share capital remained Rs 1.6011 crore.

How did XL Energy's revenue change from the previous quarter?

XL Energy's revenue from operations fell by Rs 6.009 crore sequentially to Rs 20.4137 crore in the quarter ended September 30, 2026, from Rs 26.4227 crore in the preceding three months. Other income rose to Rs 11.17 lakh from Rs 32,000, but the increase was smaller than the decline in operating revenue.

For the six months ended September 30, 2026, XL Energy reported revenue from operations of Rs 46.8364 crore and total income of Rs 46.9513 crore. The first-half loss was Rs 3.7051 crore, compared with a loss of Rs 54.26 lakh in the corresponding six months ended September 30, 2025.

The six-month result combines the Rs 2.7127 crore profit reported in the June 2026 quarter with the Rs 6.4178 crore loss in the September quarter. Total expenses for the six months were Rs 50.6564 crore, exceeding the Rs 46.9513 crore of total income disclosed for the same period.

What does XL Energy's inventory position show?

XL Energy's inventories increased to Rs 48.8081 crore at September 30, 2026, from Rs 33.3846 crore at March 31, 2026. The Rs 15.4235 crore increase was recorded in the cash-flow statement as an increase in inventories within working-capital movements for the six-month period.

Current assets rose to Rs 49.1219 crore at September 30 from Rs 34.0141 crore at the March 2026 year-end, with inventory accounting for most of that increase. Cash and cash equivalents increased to Rs 2.94 lakh from Rs 83,000, while loans and deposits decreased to Rs 1.70 lakh from Rs 35.39 lakh.

The company reported net cash used in operating activities of Rs 34.8554 crore for the six months ended September 30, 2026. Its operating loss before working-capital changes was Rs 2.7344 crore, and the filing also showed Rs 17.0232 crore of cash outflow from changes in trade payables and other items.

How did XL Energy fund the operating cash outflow?

XL Energy reported a Rs 35.2723 crore increase in short-term borrowings during the six months ended September 30, 2026. Net cash from financing activities was Rs 34.8765 crore, compared with net cash used in operating activities of Rs 34.8554 crore over the same period.

The balance sheet listed borrowings of Rs 785.9607 crore at September 30, 2026, compared with Rs 750.6884 crore at March 31, 2026. Trade payables and dues to creditors other than micro and small enterprises decreased to Rs 12.945 crore from Rs 29.9683 crore, while provisions were Rs 57.96 lakh at September 30.

Total assets were Rs 49.532 crore at September 30, 2026, compared with Rs 34.4194 crore at March 31, 2026. Other equity was negative Rs 751.5623 crore at September 30, compared with negative Rs 747.8573 crore at the March year-end, according to the standalone balance sheet.

What is XL Energy's resolution-plan and listing status?

XL Energy said the National Company Law Tribunal, Hyderabad Bench, approved its resolution plan on April 19, 2024. The plan was submitted by a consortium comprising Karishma Jain, Jupiter City Developers (India) Limited and Adwaita Navigations Private Limited, identified in the filing as the successful resolution applicants.

The Monitoring Committee continued to supervise implementation during the September 2026 half year, while XL Energy and the successful resolution applicants worked on remaining compliances. Those compliances remain subject to applicable regulatory approvals and pending judicial proceedings, the company said in its November 14, 2026 filing.

Under the approved plan, XL Energy implemented capital restructuring that included issuance or restructuring of 15.21 lakh equity shares to the successful resolution applicants and 80,100 equity shares to existing public shareholders. The company said consequential approvals for listing or re-listing, recommencement of trading and admission of the restructured shares remain subject to proceedings before the National Company Law Appellate Tribunal, Chennai Bench.

XL Energy identified its principal business as other financial service activities, except insurance and pension funding, and said it had no separate reportable segment under Indian Accounting Standard 108, or Ind AS 108. The September 2026 standalone results received a limited review from Pavuluri & Co., which stated that nothing had come to its attention to indicate a material misstatement in the statement.

Conclusion

XL Energy's September 2026 quarter moved from a Rs 2.7127 crore profit in the preceding quarter to a Rs 6.4178 crore loss as operating revenue fell and expenses increased. The first-half statements also show a Rs 15.4235 crore inventory build-up, a Rs 34.8554 crore operating cash outflow and a Rs 35.2723 crore increase in short-term borrowings.

The next disclosed matter is completion of the remaining resolution-plan compliances and the regulatory and judicial processes affecting listing or re-listing. XL Energy said recommencement of trading and admission of its restructured shares depend on the outcome of proceedings before the National Company Law Appellate Tribunal, Chennai Bench.