Energy Development Company Limited (ENERGYDEV)
₹14.32 +0.28% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Energy Development's revenue was ₹6.3 Cr (-36.6% year on year, +58.4% on the previous quarter), and net profit ₹-1.8 Cr (against a profit a year earlier); the operating margin was 33.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹6.3 | -36.6% | +58.4% |
| Operating profit | ₹2.1 | -65.0% | — |
| Net profit | ₹-1.8 | to loss | loss narrowed |
| EPS (₹) | -0.38 | to loss | loss narrowed |
| Operating margin | 33.2% | — | — |
ENERGYDEV delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 61.85% of the ENERGYDEV shares traded on NSE were taken to delivery, against the stock's own 20-session average of 73.28%. That is lower than usual for this stock. Turnover was only ₹1 lakh, so a handful of trades can move this figure. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 59.8% · 66.8% · 82.7% · 68.7% · 61.9%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Energy Development Company Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate received from Registrar and Share Transfer Agent Niche Technologies Private Limited confirms that security certificates received for dematerialisation were processed and confirmed to depositories. This is an administrative compliance requirement and has zero financial impact on the company's Rs 42 Cr TTM revenue or its existing operations.
- Regulation 74(5) SEBI confirmation certificate submitted for quarter ended September 30, 2026
- Issued by Registrar and Share Transfer Agent Niche Technologies Private Limited on October 6, 2026
- Confirmation that dematerialised shares are listed on the relevant stock exchanges
Energy Development Company Limited has scheduled its 31st Annual General Meeting (AGM) for Saturday, September 26, 2026, at 12:30 PM. The Register of Members and Share Transfer Books will be closed from September 21, 2026, to September 26, 2026, for the purpose of the AGM. Key agenda items include the adoption of FY26 audited standalone and consolidated financial statements, re-appointment of retiring director Ms. Disha Kumari Singh, and ratification of Cost Auditor remuneration of ₹60,000 for FY27.
- 31st AGM scheduled for September 26, 2026, at 12:30 PM in hybrid mode
- Share transfer books and register of members closed from September 21 to September 26, 2026
- Ratification of Cost Auditor remuneration of ₹60,000 plus taxes for FY27
- Unclaimed dividend for FY19 must be claimed by shareholders before November 03, 2026
Energy Development Company Limited (EDCL) reported a net loss of Rs 2.33 crore for Q1 FY27, an improvement from the Rs 3.72 crore loss in Q1 FY26. Revenue from operations declined to Rs 5.88 crore from Rs 7.58 crore YoY. Critically, the statutory auditors issued an 'Adverse Conclusion,' citing unaddressed impairments of Rs 56 crore in subsidiaries and unrecovered loans of Rs 29.29 crore. Furthermore, the company faces a massive income tax demand of Rs 429.86 crore (including interest and penalties), which is over 5x its current net worth of Rs 84 crore.
- Revenue from operations fell to Rs 5.88 crore in Q1 FY27 from Rs 7.58 crore in Q1 FY26.
- Auditors flagged unrecovered loans of Rs 29.29 crore and un-impaired investments of Rs 56 crore in two subsidiaries.
- Total income tax demand including interest and penalties reached Rs 429.86 crore as of March 31, 2026.
- The company reported a net loss of Rs 2.33 crore for the quarter, continuing a trend of weak profitability.
- Tax demand of Rs 429.86 crore represents approximately 511% of the company's total net worth of Rs 84 crore.
Energy Development Company Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, provided by Niche Technologies Pvt. Ltd., confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, have been processed. This involves the mutilation and cancellation of physical certificates and updating the depository as the registered owner. This is a standard administrative filing with no impact on the company's financial health or operations.
- Compliance certificate issued for the quarter ended June 30, 2026
- Registrar and Share Transfer Agent (RTA) involved is Niche Technologies Pvt. Ltd.
- Confirmation that dematerialized securities are listed on the stock exchanges
- Verification that physical certificates were mutilated and cancelled as per SEBI norms
Energy Development Company Limited (EDCL) has responded to a clarification sought by the National Stock Exchange (NSE) regarding its financial results for the quarter and year ended March 31, 2025. The exchange noted a discrepancy where the Earnings Per Share (EPS) in the PDF filing did not match the XBRL data. The company attributed this to poor legibility of the original PDF and confirmed it re-submitted the results in both formats on May 12, 2026, with improved resolution. This is a procedural correction and does not alter the previously reported financial performance for that period.
- Clarification issued for the financial year ended March 31, 2025, which reported a net loss of ₹27 crore.
- The discrepancy specifically concerned the Earnings Per Share (EPS) figure, which was -₹5.68 for the March 2025 quarter.
- Company re-submitted the financial results in both XBRL and PDF formats on May 12, 2026.
- The issue was attributed to the 'not clearly legible' format of the original PDF document uploaded on May 28, 2025.
Energy Development Company Limited (EDCL) has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI insider trading regulations. This closure is a standard procedure ahead of the declaration of the company's un-audited standalone and consolidated financial results for the quarter ending June 30, 2026. The window will remain closed for all designated employees, directors, and promoters. It is scheduled to reopen 48 hours after the financial results are officially disclosed to the stock exchanges.
- Trading window closure effective from July 1, 2026.
- Closure pertains to the un-audited financial results for the quarter ending June 30, 2026.
- Applies to all Designated Employees, Immediate Relatives, Directors, and Promoters.
- Window to reopen 48 hours post-announcement of quarterly results.
Energy Development Company Limited (EDCL) reported its FY26 results, which were met with a rare 'Adverse Opinion' from statutory auditors, indicating the financial statements do not give a true and fair view. The company is facing massive income tax demands and penalties totaling approximately ₹430 crore for assessment years 2011-12 to 2020-21. Additionally, the auditors highlighted significant non-provisions for doubtful debts and interest expenses, as well as the non-consolidation of several subsidiary companies. These factors suggest that the company's reported losses are significantly understated and its financial stability is at high risk.
- Statutory auditors issued an Adverse Opinion, stating the consolidated results do not represent a true and fair view of the net loss.
- Total Income Tax demands including interest and penalties aggregate to approximately ₹42,987 lakhs (₹430 crore).
- Non-provision of interest amounting to ₹792.81 lakhs on a ₹2,000 lakh loan, leading to an understatement of losses.
- Doubtful receivables, loans, and security deposits totaling over ₹843 lakhs have not been provided for in the accounts.
- The company recognized an impairment provision of ₹565.73 lakhs as an exceptional item during the year.
Energy Development Company Limited (EDCL) has informed the stock exchanges that it does not meet the criteria to be classified as a 'Large Corporate' under SEBI's regulatory framework. This classification is based on specific thresholds related to outstanding long-term borrowings and credit ratings as per SEBI circulars dated 2018 and 2023. As a result, the company is not mandated to raise a portion of its incremental borrowings through the debt market. This is a standard annual compliance filing and does not reflect any change in the company's operational status.
- Company is not identified as a 'Large Corporate' (LC) as per SEBI/HO/DDHS/CIR/P/2018/144.
- The filing follows the updated SEBI circular dated October 19, 2023, regarding debt securities.
- EDCL is exempt from the mandatory requirement of raising 25% of incremental borrowings via debt instruments.
- The confirmation was signed by the Company Secretary and Chief Financial Officer as per regulatory norms.
Energy Development Company Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Niche Technologies Pvt. Ltd., confirms that all securities received for dematerialization during the quarter ended March 31, 2026, were processed correctly. It verifies that physical certificates were mutilated and cancelled, and the names of depositories were substituted in the register of members. This is a standard procedural filing to ensure the integrity of the shareholding records.
- Compliance certificate submitted for the quarter ended March 31, 2026
- Issued by Registrar and Share Transfer Agent (RTA) M/s. Niche Technologies Pvt. Ltd.
- Confirms dematerialized securities are listed on the relevant stock exchanges
- Confirms physical security certificates were mutilated and cancelled after due verification
Energy Development Company Limited has announced the closure of its trading window effective April 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the announcement of the company's audited standalone and consolidated financial results for the quarter and year ending March 31, 2026. The restriction applies to all designated employees, directors, promoters, and their immediate relatives. The trading window will remain closed until 48 hours after the financial results are declared to the stock exchanges.
- Trading window closure begins on April 1, 2026, for the FY2025-26 year-end results.
- Applies to all Designated Employees, Directors, Promoters, and their immediate relatives.
- Window to reopen 48 hours after the announcement of audited standalone and consolidated results.
- Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015.
Energy Development Company Limited (EDCL) has approved its un-audited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. The board meeting was held on February 13, 2026, and concluded at 5:25 PM. The results were submitted in compliance with SEBI (LODR) Regulations 30 and 33. Investors should review the full financial statements to assess the company's performance in the renewable energy sector.
- Board approved financial results for the quarter and nine months ended December 31, 2025
- The board meeting commenced at 2:00 PM and concluded at 5:25 PM on February 13, 2026
- Both standalone and consolidated un-audited financial statements were submitted to the exchanges
- The filing was signed by Whole-time Director Satyendra Pal Singh (DIN: 01055370)
Energy Development Company Limited (EDCL) held a board meeting on February 13, 2026, to approve its un-audited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. The meeting lasted approximately three and a half hours, concluding at 5:25 p.m. While the board has taken the results on record, the specific financial figures were not detailed in this cover letter. Investors should refer to the full financial statements to assess the company's performance for the period.
- Board approved un-audited standalone and consolidated financial results for the quarter ended December 31, 2025.
- Results also cover the cumulative nine-month period for the financial year 2025-26.
- The board meeting commenced at 02:00 p.m. and concluded at 05:25 p.m. on February 13, 2026.
- Results were signed by Whole-time Director Satyendra Pal Singh as authorized by the Board.
Energy Development Company Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the period ended December 31, 2025. The certificate, issued by Niche Technologies Pvt. Ltd., confirms that all share certificates received for dematerialization were processed and listed on the exchanges. This filing confirms that physical certificates were mutilated and cancelled, and the depository's name was updated in the register of members. This is a standard administrative procedure and does not impact the company's financial standing.
- Compliance certificate submitted for the quarter ended December 31, 2025.
- Confirmation provided by Registrar and Share Transfer Agent, M/s. Niche Technologies Pvt. Ltd.
- Securities received for dematerialization were confirmed and listed on relevant stock exchanges.
- Physical security certificates were mutilated and cancelled as per SEBI regulations.
Financial Performance
Revenue Growth by Segment
Generation Division revenue grew 20.55% to INR 1,149.71 Lakhs in FY25 from INR 953.72 Lakhs in FY24. Contract and Trading divisions reported 0% revenue (Nil) for both FY25 and FY24.
Geographic Revenue Split
Not disclosed in available documents, though operations are focused on hilly and Himalayan regions of India for hydro potential.
Profitability Margins
Operating Profit Margin improved to (5.10)% in FY25 from (11.52)% in FY24 due to increased turnover. Net Profit Margin was reported at 6.18% in FY25 vs (0.19)% in FY24, despite a massive Net Loss before tax of INR 5,889.99 Lakhs.
EBITDA Margin
The company earned a PBILDT of INR 4.43 crores in FY23 on an operating income of INR 12.82 crores, representing a margin of approximately 34.56%.
Credit Rating & Borrowing
Credit rating was downgraded to CARE C; Stable in February 2025 from CARE B-; Stable, reflecting 'Issuer Not Cooperating' status for INR 11.00 Cr in bank facilities.
Operational Drivers
Raw Materials
Water (Hydro) and Wind represent the primary natural inputs, accounting for 0% direct procurement cost but 100% of the operational risk due to natural variability.
Import Sources
Not applicable as raw materials are natural resources sourced locally at project sites in India.
Key Suppliers
Not applicable; raw materials are natural resources (Water/Wind).
Capacity Expansion
Current installed capacity is approximately 31 MW, including the 9 MW Harangi Hydro, 7 MW Ullunkal Hydro, and 15 MW Karikkayam Hydro projects. Planned expansion involves adding capacity in the Small Hydro Power (SHP) sector, targeting India's 21,000 MW potential.
Raw Material Costs
Direct raw material costs are 0% of revenue; however, variability in natural resource availability (vagaries of nature) directly impacts revenue generation by up to 2% (as seen in FY23 generation moderation).
Manufacturing Efficiency
Ullunkal Hydro (7 MW) generation increased 23.2% to 20.38 MU in FY25; Karikkayam Hydro (15 MW) generation increased 6.9% to 42.05 MU in FY25.
Strategic Growth
Growth Strategy
The company aims to achieve growth by tapping into India's 21,000 MW Small Hydro Power (SHP) potential, specifically in Himalayan states and irrigation canals. This will be achieved through capacity expansion in hydro power, leveraging its experience in remote terrain execution and forming strategic alliances with financial investment partners to mitigate logistical and technological challenges.
Products & Services
Electricity generated from hydro and wind sources; contract management in construction (bridges, roads, power plants); and consultancy services for hydro power plant engineering and design.
Brand Portfolio
EDCL (Energy Development Company Limited).
Market Expansion
Focusing on Himalayan States and irrigation canals for Small Hydro Power (SHP) projects up to 25 MW capacity.
Strategic Alliances
Yearly contracts with Customized Energy Solutions India Pvt Ltd (CESIPL) for the Harangi project and partnerships with financial investment partners for remote area developments.
External Factors
Industry Trends
The industry is shifting toward non-fossil fuel generation, expected to reach 44.7% of total gross electricity generation by 2029-30, supported by a 21,000 MW SHP potential.
Competitive Landscape
Increasing private sector interest in SHP projects; competition from other renewable sources like solar and wind.
Competitive Moat
Moat is based on extensive experience in executing SHP projects in challenging terrains and long-term PPAs with state utilities, providing revenue visibility for its 31 MW capacity.
Macro Economic Sensitivity
Highly sensitive to government renewable energy policies and state government demands for higher free power shares, which can lead to higher tariffs and impact project viability.
Consumer Behavior
Increasing demand for peak hour power and renewable energy sources to address shortages and frequency variations.
Regulatory & Governance
Industry Regulations
Operations are governed by stringent environmental and forest clearance norms, pollution standards, and state-level water resource subjects.
Taxation Policy Impact
Not disclosed, though an income tax assessment order and demand notice have been issued to the company.
Legal Contingencies
Pending income tax assessment order and demand notice; litigation risks related to land acquisition for project submergence areas.
Risk Analysis
Key Uncertainties
Hydrological risks (vagaries of nature) impacting generation; 'Issuer Not Cooperating' status with credit agencies; and elongated working capital cycles.
Geographic Concentration Risk
100% of operations are India-based, with a specific concentration in hilly and Himalayan regions for hydro projects.
Third Party Dependencies
High dependency on State Utilities for revenue collection under long-term PPAs and on CESIPL for the 9 MW Harangi project.
Credit & Counterparty Risk
Receivables quality is a concern as evidenced by the impairment that drove Debtors Turnover to 1.61 in FY25 from 0.25 in FY24; adjusted gearing ratio of 0.17x reflects long-pending receivables (>180 days).
