Interim report
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JAIPRAKASH POWER VENTURES LIMITED Corp. Office 'JA House', 63, Basant Lok, Vasant Vihar, New Delhi - 110 057 (India) Ph.:+91(11) 49828500 Fax:+91(11) 26145289 Regd. Office Complex of Jaypee Nigrie Super Thermal Power Plant, Nigrie Tehsil Sarai, Distt. Singrauli - 486669,(M.P.) Ph. : +91 (7801) 286021-39 Fax : +91 (7801) 286020 E-mail : jpvl.investor@jalindia.co.in, Website : www.jppowerventures.com CIN : L40101MP1994PLC042920 Ref: JPVL:SEC:2026 19 th October, 2026 The Manager Listing Department National Stock Exchange of India Ltd. "Exchange Plaza", C-1, Block G Bandra-Kurla Complex Bandra (E) Mumbai - 400 051 Scrip Code: JPPOWER The Manager Listing Department BSE Limited 25th Floor, New Trading Ring Rotunda Building P J Towers, Dalal Street, Fort Mumbai - 400 001 Scrip Code: 532627 Sub: Outcome of Board Meeting held on 19th October, 2026 and submission of Unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended 30th September, 2026 as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) Dear Sir/Madam, The Board of Directors of Jaiprakash Power Ventures Limited at its meeting held on Monday, 19th October, 2026, has, inter alia: 1. Approved the Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended 30th September, 2026. The Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended 30th September, 2026, prepared in terms of Regulation 33 of the SEBI Listing Regulations, together with the Limited Review Report of the Statutory Auditors are enclosed herewith. These results are also being uploaded on the Company’s website at www.jppowerventures.com. 2. Approved, on the recommendation of the Nomination and Remuneration Committee: a) the appointment of Mr. Ravi Kapoor (DIN: 00003847) as an Independent Director of the Company for a first term of three (3) consecutive years with effect from 19th October, 2026, subject to the approval of the Shareholders of the Company; b) the appointment of Mr. Jigar Dalal as the Chief Financial Officer (Key Managerial Personnel) of the Company, with effect from 1st November, 2026; c) the appointment of Mr. Paresh Patel as the Company Secretary and Compliance Officer (Key Managerial Personnel) of the Company, with effect from 1st December, 2026. Details as required under Regulation 30 of the SEBI Listing Regulations read along with SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026 are given as Annexure “A”.
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JAIPRAKASH POWER VENTURES LIMITED Corp. Office 'JA House', 63, Basant Lok, Vasant Vih ar, New Delhi - 110 057 (India) Ph.:+91(11) 49828500 F ax:+91(11) 26145289 Regd. Office Complex of Jaypee Nigrie Super Thermal Power Plant, Nigrie Tehsil Sarai, Distt. Singrauli - 486669,(M.P.) Ph. : +91 (7801) 286021-39 Fax : +91 (7801) 286020 E-mail : jpvl.investor@jalindia.co.in, Website : www.jppowerventures.com CIN : L40101MP1994PLC042920 Further, pursuant to Regulation 30(5) of the SEBI Listing Regulations, the revised list of the Key Managerial Personnel (KMP) authorized, severally to determine the materiality of an event or information and to make disclosures to the Stock Exchanges, with effect from 1st December 2026, is set out below: Name of KMP Designation Email Id Mr. Savan Patel Whole-time Director jpvl.investor@jalindia.co.in Mr. Jigar Dalal Chief Financial Officer Mr. Paresh Patel Company Secretary & Compliance Officer The meeting commenced at 4:30 p.m. and concluded at 5:35p.m. You are requested to kindly take the same on your record. Thanking you, Yours faithfully, For Jaiprakash Power Ventures Limited Savan Jayendra Patel Whole-Time Director DIN: 02687808 Encl: As above
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LODHA . & (Q LLP C h arte red A ccountants 12, Bhagat Singh Marg, New Delhi - 110 001, India Telephone : 91 11 23710176 / 23710177 / 23364671 / 2414 E-mail delhi@lodhaco.com Independent Auditor's Review Report on Quarterly and Year to Date Unaudited Standalone Financial Results of Jaiprakash Power Ventures Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To The Board of Directors of Jaiprakash Power Ventures Limited 1. We have reviewed the accompanying statement of unaudited standalone financial results of JAIPRAKASH POWER VENTURES LIMITED ('the Company') for the quarter ended September 30, 2026 and year to date from April 1, 2026 to September 30, 2026 ("the Statement"), attach~d -herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) , 2015, as amended ("the Listing Regulations"). 2. This Statement, which is the responsibility of the Company's Management and approved by the Board of Directors of the Company, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with Rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations . Our responsibility is to express a conclusion on the Statement based on our review . 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making enquiries , primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures . A review is substant ially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Basis for Qualified conclusion Attention is drawn to: (A) Note no.7 of the accompanying financial results regarding non provisioning against the recompense claim amount of Rs. 5,69,651 lakhs claimed by the lenders (ICICI bank as lead). As stated in the said note, the Company has challenged the amount demanded and advised ICICI bank to explain basis for amount so demanded. Management of the Company believes that based on present free cashtlow situation and taking into consideration the extent RBI guidelines, nothing is payable/due as on 30th September, 2026 . Further in the opinion of the management, impact if any, will not be material, on the state 1of affairs as same is recoverable under PPAs, as stated in the note no. 7. In the opinion of the management, impact, if any, cannot be ascertained at this stage. Further, ICICI bank and all other lenders of the existing consortium have transferred and assigned the term loans (together with all rights and claims) to new lenders. Matter stated in para (A) above had also been qualified in our audit report on the standalone financial statements for the year ended 31st March, 2026 and limited review report for the previous quarter ended 301h June, 2026 was also modified in respect of para (A) above. ~ New e~hi t::: gd. Office: 19, Esplanade Mansions. 14 Government Place East. Kolkata 700069, West Bengal, India. Lodha & Co (ICAI Reg. No. 301051 E) a Partnership Firm was converted into Lodha & Co LLP (Identification No. ACE-5752) a Limited Liabrnty Partnership with effect from December 27, 2023 Kolkata Mumbai New Delhi Chennai Hyderabad Jaipur
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accordingly, the subsequent invocation and enforcement of the CG by S81, and thereafter by NARCL as assignee, are contrary to the contractual arrangement binding upon the parties. During the current quarter, without prejudice to all rights, contentions, defences and remedies available to the Company in law and equity and purely as a commercial measure, the Company had made an offer to NARCL for settlement of claim subject to certain terms and conditions including withdrawal of Proceedings upon payment, which offer has been accepted by NARCL. Accordingly, NARCL and Company have agreed to settle the matter/ claim, subject to payment of Rs. 511.00 crores as full and final payment and fulfilment-..of certain other conditions and execution of definitive agreement(s). The Proceedings shall stand withdrawn once all the conditions of settlement terms are fulfilled . Accordingly, the Company has provided for Rs. 511.00 crores as an exceptional item during the current quarter . 4. With reference to the matter relating to notice for recovery of income tax and secondary energy charges for FY 2007-08 to 2019-20 and 2014-15 to 2019-20 respectively, under the PPA entered into by VHEP with Uttar Pradesh Power Corporation Ltd. (UPPCL), the Company has preferred an appeal before Appellate Tribunal for Electricity (APTEL) against the order of Uttar Pradesh Electricity Regulatory Commission {UPERC) dated 12th June, 2020 disallowing the claims of the Company. Pending outcome of APTEL appeal, UPPCL fully recovered such claim amount of Rs. 47,587 lakhs by July'26 (including carrying cost of Rs.18,726 lakhs), as mutually agreed between the Company and UPPCL, which shall be subject to reconciliation and outcome of APTEL order. The management is confident of recovering said receivables and does not expect any adverse outcome in the matter . 5. As per para 4 of Ind-AS 108 "Operating segment", information related to disclosure of operating segment under 108 is given in these consolidated financial results. 6. As at 30 September 2026, the Company had received 322 show cause notices from various District Mining Offices {for approximately Rs. 8,57,342 lakhs) and 74 demand notices aggregating approximately Rs. 3,47,887 lakhs, alleging illegal extraction, storage, transportation and sale of sand. The demand notices have been challenged by the Company before the Andhra Pradesh High Court, which has granted interim stay on all such demand notices. The Company has also received notices/summons from GST autho_rities, which have been replied suitably. FIRs in relation to the alleged sand mining are registered against the Company in Police Station Kowthalam, Kurnool and ACB, Vijayawada, in which, although investigation is continuing , no coercive action has been taken against the Company. In the Kowthalam FIR, the Hon'ble High Court has granted interim protection against coercive action. The Company has disputed the allegations as stated above and filed appropriate replies with legal proceedings. The Company, inter alia, contends that the inspections/surveys forming the basis of the notices were conducted after a considerable lapse of time following expiry of the relevant
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JAIPRAKASH POWER VENTURES LIMITED Corp. Office 'JA House', 63, Basant Lok, Vasant Vihar, New Delhi - 110 057 (India) Ph.:+91(11) 49828500 Fax:+91(11) 26145289 Regd. Office Complex of Jaypee Nigrie Super Thermal Power Plant, Nigrie Tehsil Sarai, Distt. Singrauli - 486669,(M.P.) Ph. : +91 (7801) 286021-39 Fax : +91 (7801) 286020 E-mail : jpvl.investor@jalindia.co.in, Website : www.jppowerventures.com CIN : L40101MP1994PLC042920 Annexure-A Particulars Details Details Details Name Mr. Ravi Kapoor (DIN: 00003847) Mr. Jigar Dalal Mr. Paresh Patel Reason for change viz. appointment, resignation, removal, death or otherwise Appointment as an Additional Director (Non- Executive, Independent) of the Company. Appointment as Chief Financial Officer (Key Managerial Personnel) of the Company. Appointment as Company Secretary & Compliance Officer (Key Managerial Personnel) of the Company. Date of appointment /reappointment/cessa tion (as applicable) & term of appointment/ re-appointment; With effect from 19 th October, 2026. For a term of 3 years commencing from 19th October, 2026 subject to approval of the Shareholders of the Company. With effect from 1st November, 2026 With effect from 1 st December, 2026 Brief profile Mr. Ravi Kapoor is a postgraduate in Commerce, a Fellow Member of Institute of Company Secretaries of India (ICSI), Post graduate diploma in Intellectual Property from National Law School of India, Bangalore and an Insolvency Professional. He has also cleared CAIIB examinations. With initial exposure as a bank employee, he shifted to private job as company secretary in 1989. After working with corporate for seven years he started his independent practice in 1996. In his professional career he has handled various corporate level assignments, restructuring, mergers, including cross border merger. He is also a trademark agent and advises his clients on IPR matters. He has handled assignments as Insolvency Resolution Professional /Resolution Professional and Liquidator and has also submitted resolution Mr. Jigar Dalal is a qualified Chartered Accountant having expertise in various finance functions, with more than two and a half decades of rich experience of serving large corporate groups like Adani, Essar and Torrent, he has led critical finance function with proven ability to partner with senior leadership on business decisions, strengthen financial governance and support growth and capital-allocation initiatives. He brings a strong combination of financial stewardship, commercial orientation, stakeholder management, and team leadership. Mr. Dalal is also a strong advocate of financial discipline, regulatory compliance and robust corporate governance, with the ability to balance business objectives with appropriate financial controls and risk Mr. Paresh Patel is a Member of the Institute of Company Secretaries of India (ICSI) and holds a Bachelor’s Degree in Commerce, a Bachelor’s Degree in Law (LL.B.), and a Master of Business Administration (Finance). He possesses over 17 years of extensive professional experience in the fields of corporate law, secretarial practice, corporate governance, regulatory compliance, and securities laws. Over the course of his career, he has acquired significant expertise in corporate governance, statutory and regulatory compliance, listing regulations, secretarial audits, Board advisory, and liaison with regulatory authorities. His extensive experience and deep understanding of the regulatory and governance landscape have enabled him to contribute effectively to organizational compliance, governance
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JAIPRAKASH POWER VENTURES LIMITED Corp. Office 'JA House', 63, Basant Lok, Vasant Vihar, New Delhi - 110 057 (India) Ph.:+91(11) 49828500 Fax:+91(11) 26145289 Regd. Office Complex of Jaypee Nigrie Super Thermal Power Plant, Nigrie Tehsil Sarai, Distt. Singrauli - 486669,(M.P.) Ph. : +91 (7801) 286021-39 Fax : +91 (7801) 286020 E-mail : jpvl.investor@jalindia.co.in, Website : www.jppowerventures.com CIN : L40101MP1994PLC042920 plans for the clients. He has been involved in ICSI activities since 1989 and had been the Chairman of Ahmedabad Chapter of ICSI and also the Chairman of Western India Regional Council of ICSI. He is also on the Board of several companies, including certain listed entities. management. He also possesses strong presentation and communication skills, with the proficiency to simplify complex financial matters and present insights clearly to senior management, the Board and other stakeholders. Mr. Dalal is having a depth of experience across multiple leading organizations in the Indian power sector, pioneering enterprise leadership and value creation. excellence, and strategic decision-making. Disclosure of relationship between Directors (in case of appointment as a Director) Not related to any of the Directors of the Company. Not applicable Not applicable Information as required pursuant to BSE Circular ref. no. LIST/COMP/14/ 2018-19 and NSE ref. no.NSE/ML/2018/24, dated June 20, 2018. Mr. Ravi Kapoor is not debarred from holding the office of Director by virtue of any SEBI Order or any other such Authority. Not applicable Not applicable