Q3 FY26 results: SPV bank guarantee invoked, demerger filed with NCLT

Emphasis Of MatterRelated Party TransactionsResults View source PDF Explain this filing

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Price reactionminutes from the announcement price · days from the prior close

-1.9%Reaction day

₹173.10

prior close

₹172.00

announcement price

After-mkt

timing

Nifty Microcap 250market · index membership as recorded later (tracked since Jun 2026)-0.7%-1.2% vs market

Diversified Commercial Services peers, median of 71sector-0.1%-1.8% vs sector

On the reaction day the stock moved 1.2 pts less than Nifty Microcap 250 and 1.8 pts less than its Diversified Commercial Services peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

-2.6

10m

-3.1

15m

-1.7

30m

-2.7

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

-1.9-0.7-1.2-0.1-1.8

Next day

-0.6+0.2-0.9-0.5-0.1

+0.6+0.5+0.0-0.2+0.7

+4.5-0.9+5.4-0.8+5.3

+4.8-1.0+5.9-2.4+7.2

+2.3-0.9+3.2-1.8+4.1

+0.4-2.0+2.4-3.2+3.6

15d

-14.5-6.9-7.6-7.6-6.9

-18.3-10.5-7.8-9.9-8.5

-5.1+1.5-6.7+0.2-5.4

+3.8+3.8-0.0-1.2+5.0

UpDownMarket · Nifty Microcap 250Sector · Diversified Commercial Services peers, median of 71Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

Board approved unaudited Q3 FY26 results. Auditor Dewan P N Chopra flagged emphasis of matter on 6 SPV investments (Rs 5,578 Lakh bank guarantees invoked after CERC rejected appeal, now approaching APTEL) and Rs 12,750 Lakh unbilled O&M revenue. Power Evacuation business demerger with Inox Renewable Solutions filed with NCLT after shareholder and creditor approval on Nov 1, 2025. Company issued 75.86 lakh equity shares at Rs 145 per share during the quarter and allotted ESOP shares.

Likely market impact

Emphasis of matter on SPV losses and unbilled revenue keeps risk overhang. Demerger progress and fresh equity raise support capital structure.