Taylormade Renewables Limited Q2 FY 2025-26 Results Review
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Awaiting price reaction for this filing.
Taylormade Renewables added a new Build-Own-Operate (BOO) vertical through its subsidiary Taylormade Enviro Pvt Ltd (TEPL), which posted turnover of INR 771.9 lakh in Q2 FY26. Management wrote off INR 1,377.2 lakh of previously booked revenue from Andhra Pradesh, causing reported revenue from operations to fall to just INR 451.8 lakh. The company presented a proforma income statement adjusting for this writeoff and a debtor provision reversal of INR 639 lakh, showing proforma revenue of INR 1,190 lakh, proforma EBITDA of INR 345.7 lakh (29.1% margin), and proforma PBT of INR 277.8 lakh (23.3% margin). TRL won a INR 23.9 crore order from SGL Resources for hazardous wastewater treatment and plans to double TEPL capacity from 3 lakh KLPD to 6 lakh KLPD.
Shareholders should note that headline reported revenue crashed due to a INR 13.77 crore revenue writeoff from Andhra Pradesh, which is a red flag on past revenue quality. However, management's proforma view and the new BOO vertical plus a INR 23.9 crore order suggest underlying business may be stabilizing, though the writeoff raises concerns about earlier revenue recognition practices.