Karma Energy Limited (KARMAENG)
₹35.46 -4.96% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Karma Energy's revenue was ₹3.2 Cr (+4.7% year on year, +264.1% on the previous quarter), and net profit ₹0.4 Cr (-27.8% year on year); the operating margin was 20.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹3.2 | +4.7% | +264.1% |
| Operating profit | ₹0.7 | from loss | from loss |
| Net profit | ₹0.4 | -27.8% | from loss |
| EPS (₹) | 0.38 | -28.3% | from loss |
| Operating margin | 20.6% | — | — |
KARMAENG delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 57.4% of the KARMAENG shares traded on NSE were taken to delivery, against the stock's own 20-session average of 71.47%. That is close to its usual level. Turnover was only ₹1 lakh, so a handful of trades can move this figure. Volume was 0.2 times its average, well below normal.
Delivery in the last 5 sessions: 83.1% · 80.3% · 99.2% · 63.4% · 57.4%
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
Karma Energy Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by Bigshare Services Private Limited, the company's Registrar and Share Transfer Agent, on October 8, 2026. Bigshare confirmed that all securities received for dematerialization up to September 30, 2026, were processed, mutilated, and cancelled within the mandated 15-day period.
- Compliance certificate submitted for the quarter ended September 30, 2026
- Issued by RTA Bigshare Services Private Ltd on October 8, 2026
- Confirmation that dematerialization verification and record substitution were completed within 15 days
Karma Energy Limited successfully passed all three resolutions at its 19th Annual General Meeting held on July 23, 2026. Shareholders approved the audited financial statements for FY26 and the re-appointment of Neelkamal Vrajlal Siraj as Director. Crucially, a special resolution was passed for the re-appointment and revision in remuneration of Managing Director Chetan Durgadas Mehra. The voting saw a high consensus with 99.9992% of total polled votes in favor, supported by a 74.7% promoter holding.
- All 3 resolutions passed with an overwhelming 99.9992% majority of votes polled.
- Promoter group (holding 74.7% of shares) voted 100% in favor of all resolutions.
- Public non-institutional voting turnout was 19.44% of their total shareholding.
- Total number of shareholders on the record date (July 16, 2026) stood at 11,263.
- Only 76 votes were cast against the resolutions out of over 9.21 million votes polled.
Karma Energy Limited conducted its 19th Annual General Meeting (AGM) on July 23, 2026, via video conferencing. Shareholders considered the adoption of FY26 financial statements and the re-appointment of directors. A key resolution involved the re-appointment and revision of remuneration for Managing Director Chetan Durgadas Mehra. Despite a TTM net loss of Rs 2 Cr, no shareholder queries were raised during the proceedings.
- 19th Annual General Meeting held on July 23, 2026, concluding in 19 minutes
- Adoption of Audited Financial Statements for the year ended March 31, 2026
- Re-appointment and revision in remuneration for Managing Director Shri Chetan Durgadas Mehra
- Re-appointment of Shri Neelkamal Vrajlal Siraj as Director retiring by rotation
- Company reported TTM revenue of Rs 32 Cr against a net loss of Rs 2 Cr
Karma Energy Limited has announced its 19th Annual General Meeting (AGM) will be held on July 23, 2026. The company has fixed July 16, 2026, as the record date and cut-off date to determine shareholder eligibility for voting on resolutions. This is a standard administrative procedure for the company, which currently reports a TTM revenue of Rs 32 Cr and a net loss of Rs 2 Cr. The meeting will be conducted virtually via video conferencing.
- 19th Annual General Meeting scheduled for July 23, 2026, at 2:00 p.m.
- Record date for the meeting and voting eligibility fixed as July 16, 2026.
- Cut-off date for e-voting also established as July 16, 2026.
- Meeting to be held through Video Conferencing (VC) or Other Audio Visual Means (OAVM).
Karma Energy Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by Bigshare Services Private Ltd, confirms that all security certificates received for dematerialization during the quarter ended June 30, 2026, were processed. The registrar verified that physical certificates were mutilated and cancelled, and the depositories' names were updated in the register of members within the mandated 15-day period. This is a standard administrative filing required for all listed entities in India.
- Compliance certificate issued for the quarter ended June 30, 2026
- Dematerialization requests processed and confirmed within 15 days of receipt
- Physical security certificates mutilated and cancelled after due verification
- Registrar and Share Transfer Agent confirmed as Bigshare Services Private Ltd
Karma Energy Limited has announced its 19th Annual General Meeting (AGM) for July 23, 2026, to be held via video conferencing. The company has established July 16, 2026, as the record date and cut-off date for determining shareholder voting eligibility. This is a standard administrative procedure for the company, which reported a TTM revenue of ₹32 Cr and a net loss of ₹2 Cr. Investors should look for the detailed AGM notice to understand management's strategy for addressing the current negative ROCE of -3.8%.
- 19th Annual General Meeting scheduled for July 23, 2026, at 2:00 p.m.
- Record date for shareholder eligibility set for July 16, 2026.
- Cut-off date for voting on proposed resolutions is July 16, 2026.
- Meeting to be conducted virtually through Video Conferencing (VC) / OAVM.
Karma Energy Limited has announced its 19th Annual General Meeting (AGM) scheduled for July 23, 2026. The company has fixed July 16, 2026, as the record date and cut-off date for determining shareholder eligibility to vote on resolutions. This procedural announcement follows a period where the company reported TTM revenue of Rs 32 Cr and a net loss of Rs 2 Cr. The meeting will be conducted virtually via Video Conferencing.
- 19th Annual General Meeting scheduled for July 23, 2026, at 2:00 p.m.
- Record date for the purpose of the AGM is fixed as July 16, 2026.
- Cut-off date for reckoning shareholder voting eligibility is July 16, 2026.
- Meeting to be held through Video Conferencing (VC) or Other Audio Visual Means (OAVM).
Karma Energy Limited has announced the closure of its trading window for designated persons starting July 01, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the board meeting to approve unaudited financial results for the quarter ended June 30, 2026. The window will remain closed until 48 hours after the results are declared. This is a standard administrative procedure for all listed companies in India.
- Trading window closure effective from July 01, 2026
- Closure pertains to the financial results for the quarter ended June 30, 2026
- Window to reopen 48 hours after the conclusion of the Board Meeting
- Applies to all designated persons and their immediate relatives as per the Company's Code of Conduct
Karma Energy Limited has submitted its annual disclosure under SEBI Takeover Regulations for the financial year ended March 31, 2026. The promoter group, led by Mr. Chetan Mehra, has declared that no direct or indirect encumbrances were created on their shareholding during the year. This declaration covers 86,43,046 equity shares, representing a substantial 74.70% stake in the company. Such filings are routine but essential for verifying that promoter holdings are not pledged against debt.
- Promoters declared zero encumbrance on 86,43,046 equity shares for the full financial year.
- The unpledged holding represents 74.70% of the total equity of Karma Energy Limited.
- The declaration was submitted on behalf of 18 entities and individuals within the promoter group.
- Compliance was met under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Karma Energy Limited has responded to a surveillance inquiry from the National Stock Exchange regarding significant price volatility in its shares. The company officially stated on April 21, 2026, that there are no undisclosed events or material information that could be impacting the share price. This clarification suggests that recent price fluctuations are likely driven by market forces rather than internal corporate developments. The company maintains that it has disclosed all relevant information to the exchanges as required.
- NSE issued a surveillance query Ref. No. NSE/CM/Surveillance/16892 on April 21, 2026.
- Company confirms no extraordinary events or information exist that have a bearing on the price.
- The response was filed by Company Secretary T V Subramanian to ensure market transparency.
Karma Energy Limited has informed the stock exchange that its trading window will be closed for designated persons starting April 1, 2026. This closure is a mandatory regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015. The restriction is in anticipation of the board meeting to approve audited financial results for the quarter and financial year ending March 31, 2026. The window will remain closed until 48 hours after the financial results are officially declared to the public.
- Trading window closure begins on April 1, 2026, for all designated persons.
- Closure pertains to the approval of audited financial statements for Q4 and FY ending March 31, 2026.
- The window will reopen 48 hours after the board meeting results are disclosed.
- Compliance is in accordance with SEBI (Prohibition of Insider Trading) Regulations, 2015.
Karma Energy Limited has announced the successful passage of three key resolutions via postal ballot with significant majority support. Shareholders approved material related party transactions (RPT) with Tapi Energy Projects Limited and Windia Infrastructure Finance Limited, with 99.70% of the public votes cast in favor. Additionally, the continuation of Mr. Dharmendra Gulabchand Siraj as a Non-Executive Director beyond the age of 75 was approved with a 99.97% majority. These approvals are critical for the company's ongoing operational and governance framework.
- Approval of Material Related Party Transaction with Tapi Energy Projects Limited passed with 99.70% favor among voting public shareholders.
- Approval of Material Related Party Transaction with Windia Infrastructure Finance Limited passed with 99.70% favor among voting public shareholders.
- Continuation of Mr. Dharmendra Gulabchand Siraj as Director post-75 years of age approved with 99.97% total votes in favor.
- A total of 572,885 public non-institutional votes were polled for the RPT resolutions, representing 19.57% of that category's holding.
Karma Energy Limited has issued a postal ballot notice to seek shareholder approval for material related party transactions (RPTs) planned for FY 2026-27. The company intends to establish borrowing and Inter-Corporate Deposit (ICD) limits of ₹50 crore each with two related entities, Tapi Energy Projects Limited and Windia Infrastructure Finance Limited, totaling a potential exposure of ₹200 crore. Additionally, a special resolution is proposed to allow Mr. Dharmendra Gulabchand Siraj to continue as a Non-Executive Director after reaching 75 years of age. The e-voting period for these resolutions is scheduled from February 24 to March 25, 2026.
- Proposed borrowing limit of ₹50 crore and ICD placement limit of ₹50 crore with Tapi Energy Projects Limited for FY 2026-27.
- Proposed borrowing limit of ₹50 crore and ICD placement limit of ₹50 crore with Windia Infrastructure Finance Limited for FY 2026-27.
- Total proposed financial limits for related party transactions amount to ₹200 crore.
- Special resolution sought for the continuation of Mr. Dharmendra Gulabchand Siraj as a director post-75 years of age.
- E-voting period ends on March 25, 2026, with results to be declared by March 27, 2026.
Karma Energy reported a revenue of ₹119.55 Lacs for Q3 FY26, representing a 26.8% increase YoY but a significant sequential drop from ₹462.41 Lacs in Q2. The company faced an operational loss before tax of ₹214.78 Lacs for the quarter, primarily due to high maintenance and other expenses. However, it achieved a Net Profit of ₹21.65 Lacs, largely driven by a prior-year tax credit of ₹181.50 Lacs. For the nine-month period ending December 2025, the company remains profitable with a PAT of ₹187.22 Lacs compared to ₹125.51 Lacs in the previous year.
- Revenue from operations grew 26.8% YoY to ₹119.55 Lacs in Q3 FY26.
- Reported a Net Profit of ₹21.65 Lacs in Q3 FY26 against a Net Loss of ₹140.05 Lacs in Q3 FY25.
- Profitability was heavily influenced by a prior-year tax adjustment/credit of ₹181.50 Lacs.
- 9M FY26 PAT stands at ₹187.22 Lacs, a 49% increase YoY from ₹125.51 Lacs.
- Exceptional income of ₹81.43 Lacs recorded in 9M FY26 related to interest on previously written-off debtors.
Karma Energy Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, provided by Bigshare Services Private Ltd, confirms that all securities received for dematerialization during the quarter ended December 31, 2025, were processed correctly. It verifies that physical certificates were mutilated and cancelled, and the names of depositories were substituted in the register of members within the required 15-day period. This is a standard administrative filing ensuring the company's shareholding records are up-to-date.
- Compliance certificate submitted for the quarter ended December 31, 2025.
- Registrar and Share Transfer Agent (Bigshare Services) confirmed processing of dematerialization requests.
- Physical security certificates were mutilated and cancelled within 15 days of receipt.
- Confirms that securities comprised in the certificates are listed on the relevant stock exchanges.
Financial Performance
Revenue Growth by Segment
The company operates in a single business segment: Generation of Power from Renewable Sources. Revenue from operations for H1 FY26 was INR 7.68 Cr, representing a growth of 12.71% compared to INR 6.82 Cr in H1 FY25.
Geographic Revenue Split
Specific geographic split is not disclosed, but the company mentions interactions with the Tamil Nadu Electricity Regulatory Commission, indicating significant operations or revenue interests in Tamil Nadu.
Profitability Margins
Net Profit Margin for H1 FY26 was 18.88% (INR 1.66 Cr profit on INR 8.77 Cr total income), a significant decline from 31.81% in H1 FY25 (INR 2.66 Cr profit on INR 8.35 Cr total income). The margin compression is primarily due to a 54.34% spike in Operation and Maintenance costs.
EBITDA Margin
EBITDA Margin for H1 FY26 stood at approximately 36.77% (EBITDA of INR 3.22 Cr). Core profitability was impacted by rising operational expenses despite the 12.71% increase in operational revenue.
Capital Expenditure
Property, Plant and Equipment (PPE) was valued at INR 20.10 Cr as of September 30, 2025, down from INR 21.42 Cr as of March 31, 2025, primarily due to depreciation and amortization of INR 1.00 Cr during the half-year period.
Credit Rating & Borrowing
Total borrowings as of September 30, 2025, were INR 0.91 Cr (INR 0.67 Cr non-current and INR 0.24 Cr current). Finance costs for H1 FY26 were INR 0.087 Cr, up 33.6% YoY from INR 0.065 Cr.
Operational Drivers
Raw Materials
As a renewable power generator, the company does not have traditional raw material costs; however, Operation and Maintenance (O&M) costs are the primary operational driver, representing 36.6% of total income in H1 FY26.
Import Sources
Not disclosed in available documents as the primary input is renewable energy (wind/solar/hydro).
Capacity Expansion
Current installed capacity in MW is not disclosed. Non-current assets (PPE) decreased by approximately 6.17% over the six-month period ending September 30, 2025, suggesting no major recent capacity additions.
Raw Material Costs
O&M costs increased to INR 3.21 Cr in H1 FY26 from INR 2.08 Cr in H1 FY25, a 54.34% increase, significantly impacting the bottom line.
Manufacturing Efficiency
Debtors turnover ratio improved to 92.68% in FY25 from 79.90% in FY24, indicating better collection efficiency. Inventory turnover also improved to 22.97% from 16.46%.
Logistics & Distribution
Not applicable for power generation as electricity is transmitted via grid; distribution costs are typically handled by state utilities.
Strategic Growth
Growth Strategy
The company focuses on the recovery of old debts, booking profits on investments, and generating interest income. Strategic growth is also tied to regulatory favorable orders, such as the interest recovery from the Tamil Nadu Electricity Regulatory Commission.
Products & Services
Electricity generated from renewable energy sources.
Brand Portfolio
Karma Energy, Ecopower.
Strategic Alliances
The company does not have any subsidiaries, associates, or joint ventures as of September 30, 2025.
External Factors
Industry Trends
The industry is moving toward 100% renewable integration. Karma Energy is positioned as a pure-play renewable generator, benefiting from the global shift away from fossil fuels, though it faces rising maintenance costs for aging assets.
Competitive Landscape
The landscape includes large-scale IPPs (Independent Power Producers) and state-owned utilities. Karma Energy is a smaller, specialized player.
Competitive Moat
The moat consists of established renewable energy assets and long-term regulatory clearances. Sustainability is tied to the ability to manage O&M costs and recover long-standing receivables from state utilities.
Macro Economic Sensitivity
Sensitive to interest rate changes and regulatory shifts in the renewable energy sector. GDP growth typically drives higher industrial power demand.
Consumer Behavior
Increasing corporate and government demand for 'green' power supports long-term demand for the company's output.
Geopolitical Risks
Minimal direct impact as operations are domestic, but global supply chains for renewable components (turbines/panels) could affect future expansion costs.
Regulatory & Governance
Industry Regulations
Operations are strictly governed by the Electricity Act and state regulatory commissions (e.g., TNERC), which control tariffs and debt recovery terms.
Environmental Compliance
The company is inherently ESG-compliant as a renewable energy producer; specific compliance costs are not broken out from general O&M.
Taxation Policy Impact
Current tax liabilities stood at INR 0.18 Cr as of September 30, 2025. Deferred tax liabilities were INR 3.98 Cr.
Legal Contingencies
The company successfully pursued a case with the Tamil Nadu Electricity Regulatory Commission, resulting in the recovery of interest on previously written-off debtors. Total value of other pending litigation is not disclosed.
Risk Analysis
Key Uncertainties
The primary uncertainty is the volatility of O&M costs (which rose 54% YoY) and the timing of receivable collections from state utilities (Trade Receivables at INR 8.40 Cr).
Geographic Concentration Risk
High concentration in India, specifically likely in Tamil Nadu given the regulatory mentions.
Third Party Dependencies
High dependency on state-owned distribution companies (DISCOMs) for revenue collection and third-party contractors for plant maintenance.
Technology Obsolescence Risk
Risk of aging renewable assets becoming less efficient compared to newer, high-capacity turbines or high-efficiency solar modules.
Credit & Counterparty Risk
Significant credit exposure with Trade Receivables of INR 8.40 Cr, which represents 16.4% of total assets.
