Reliance Infrastructure Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2025.
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Reliance Infrastructure filed its Q1 FY26 results with consolidated income from operations falling about 18% year-on-year to Rs. 5,907.82 crore from Rs. 7,192.83 crore. The company swung to a consolidated net profit of Rs. 59.84 crore (attributable to owners) from a Rs. 233.74 crore loss a year earlier, largely helped by a Rs. 720.89 crore regulatory income and a small Rs. 0.62 crore exceptional item. The auditor (Chaturvedi & Shah LLP) could not conclude on the results because it was unable to determine recovery on a Rs. 4,748.11 crore exposure to Odisha Discoms economic rights and certain unlisted securities. At least seven subsidiaries — including Mumbai Metro One, GF Toll Road, TK, TD, HK, JR and KM Toll Roads — face going-concern issues, NPAs, and IBC proceedings, though the group has still prepared results on a going-concern basis. The company also allotted 1.25 crore equity shares to a promoter-group entity on warrant conversion at Rs. 240 per share, while associate Reliance Power converted warrants taking the holding company's stake there to 24.90%.
Despite a return to headline profit, the auditor's inability to conclude, the heavy Rs. 4,748 crore unverified exposure, and multiple subsidiary going-concern and IBC flags are likely to keep investors cautious and may weigh on the stock. Earnings are heavily dependent on regulatory deferral income and the timely outcome of pending Supreme Court and arbitral matters around Delhi Discoms and toll-road subsidiaries.