Energy Development Company Ltd

Dematerialisation status

• Securities received for dematerialisation during the quarter ended 30 Sept 2026 were confirmed to depositories (accepted/rejected).
• Securities dematerialised have been listed on the stock exchanges where the existing securities are listed.
• Physical certificates received for dematerialisation were mutilated and cancelled, with the depository's name substituted as registered owner.

AGM details

• 31st AGM held 26 September 2026 at 12:30 PM in Karnataka with hybrid attendance.

Ordinary business

• Adoption of audited standalone and consolidated financial statements for the year ended 31 March 2026.
• Re-appointment of a director who retired by rotation.

Special business

• Ratification of remuneration of cost auditors for the year ending 31 March 2027.

Voting status

• Voting results to be declared by 30 September 2026.

Other governance notes

• Quorum was present; meeting conducted with physical and video conferencing facilities.

Energy Development Company Limited — Closure of Trading Window from 01 October 2026; opens 48 hours after the unaudited Standalone and Consolidated Financial Results for the quarter and half year ended 30 September 2026.

Book closure & AGM

• Book closure: 21 Sep 2026 to 26 Sep 2026 (inclusive) for AGM.
• Purpose: 31st Annual General Meeting.
• Voting cut-off: 19 Sep 2026 for eligibility.
• AGM: 26 Sep 2026, 12:30 PM; hybrid mode (VC/OAVM) at Registered Office, Kodagu.
• Remote e-voting: 23 Sep 2026 09:00 AM to 25 Sep 2026 05:00 PM.
• Security: Equity shares.
• Unclaimed dividend for FY2018-19 may be transferred to IEPF if unclaimed by 3 Nov 2026.

Financial highlights

• Standalone revenue from operations: 1,892.83 Lakhs; YoY up from 1,149.71 Lakhs.
• Total income: 1,922.13 Lakhs.
• Profit after tax (standalone): -701.44 Lakhs.
• Earnings per share (basic/diluted): -1.48.
• Dividend: Board did not declare any dividend.

Operational performance and assets

• Generation assets: Harangi 9 MW; Harangi 6 MW; Ullankal 7 MW; Karikkayam 15 MW; wind 2×1.5 MW.
• Hydro output: 43.30 million units; Wind output: 5.01 million units.
• Subsidiaries: Ayyappa Hydro Power Limited and EDCL Power Projects Limited are wholly-owned.

Capital structure and liquidity

• Paid-up equity capital: ₹4.75 crore; unchanged.
• Total borrowings (standalone): ₹9,696.60 Lakhs; cash 638.12 Lakhs; net debt ₹9,058.48 Lakhs.
• No dividend declared for the year.

Audit, governance and controls

• Statutory auditors ALPS & Co., adverse opinions on standalone and consolidated financials.
• Auditors cite material weaknesses in internal financial controls; going-concern assessment unchanged.
• Board comprises 7 directors; 3 Independent Directors; three board committees in place.

Subsidiaries, associates and related party

• Five subsidiaries; two material: Ayyappa Hydro Power and EDCL Power Projects.
• Some subsidiaries' financials not provided; consolidated figures omit them per Form AOC-1 notes.
• Major related-party exposure includes Sarvo Sam Caps and Startrack Vinimay; promoter influence present.

Tax, litigation and contingencies

• Income tax demands of ₹18,727.38 Lakhs (AY 2011-12 to 2020-21) with ₹24,047.65 Lakhs interest; stayed pending appeals.
• Corporate guarantee to IREDA: ₹5,847.33 Lakhs.
• Contingent liabilities and disputes disclosed; material uncertainties noted by auditors.

Outlook and key risks

• Focus on hydro generation and project development; potential environment, land, clearance, and inter-state risks.
• Regulatory changes and ongoing tax disputes pose significant downside risk to FY27 guidance.
• Impairment risk from subsidiaries and related-party balances remains a material concern.

Financial results approved

• Unaudited standalone and consolidated results for quarter ended 30 June 2026 approved.
• Auditor's review reports enclosed; signed by Satyendra Pal Singh, Whole-time Director.
• Independent auditors' review notes adverse conclusions due to unresolved notes on loans, investments, receivables, and tax matters.

Regulatory/compliance and accounting notes

• Income-tax demands totaling Rs 18,939.44 lakhs with Rs 24,047.65 lakhs interest; appeals filed and stayed.
• Tax demands on subsidiaries aggregating Rs 4,344.14 lakhs; appeals filed.
• Provision of Rs 565.73 lakhs for outstanding balances recognised as exceptional item.
• Standalone impairment in investments of Rs 5,600.00 lakhs in two wholly-owned subsidiaries.
• Loans of Rs 2,929.08 lakhs outstanding; terms and recoverable amount not determined.
• Trade receivables Rs 198.24 lakhs; loan Rs 313.50 lakhs; interest Rs 2.28; security deposits Rs 32.00 lakhs.
• Doubtful recoverability; no provision yet.
• Remuneration of Rs 40.20 lakhs paid to a director shown as recoverable.
• Labour Codes impact: gratuity and leave encashment Rs 22.97 lakhs recognised as past service cost.
• Auditors' note on consolidation: non-consolidation of two subsidiaries and associate; adverse conclusion.

Meeting Details

• Board to meet on 10 August 2026 to approve standalone/consolidated unaudited results for quarter ended 30 June 2026.

Key Agenda Items

• Consider and approve standalone and consolidated unaudited financial results for quarter ended 30 June 2026.

Other Notes

• Trading window closed for designated employees, immediate relatives, directors and promoters from 1 July 2026.

Dematerialisation processing and listing status

• Dematerialisation requests processed for quarter ended 30 June 2026 and confirmed (accepted/rejected) to depositories.
• Dematerialised securities have been listed on the exchanges where earlier issues are listed.
• Physical certificates for dematerialisation were mutilated and cancelled; depository registered owner substituted within prescribed timeline.