EKI Energy: consolidated loss widens to ₹15.9 Cr as revenue slumps 30% YoY

Consolidated revenue fell 30% YoY to ₹10.46 Cr (from ₹14.94 Cr in Q1 FY26) and 47% QoQ (from ₹19.75 Cr in Q4 FY26), while the consolidated net loss widened to ₹15.93 Cr against a ₹1.28 Cr loss a year ago and a ₹7.79 Cr loss last quarter — roughly an 11x YoY deterioration and a further ~2x sequential widening. Standalone tracked closely at a ₹15.31 Cr loss on ₹8.88 Cr revenue, so the two bases tell the same story this quarter with no material divergence. The margin squeeze is broad-based: NPM (PAT/total income) fell to -108.1% from -5.9% YoY and -36.0% QoQ, and OPM fell to -135.4% from -25.1% YoY and -15.8% QoQ. The single largest driver is the "change in inventories of stock-in-trade" line, which rose to ₹8.42 Cr even as revenue shrank (from ₹5.15 Cr YoY and ₹3.14 Cr QoQ) — expenses grew where revenue contracted. By segment, the core Trading segment's loss deepened to ₹14.83 Cr (from ₹4.87 Cr YoY, ₹7.31 Cr QoQ) and the Generation segment's loss widened to ₹6.52 Cr (from ₹4.31 Cr YoY, ₹2.81 Cr QoQ). The filing's notes (5 and 6) flag that the Clean Development Mechanism is being phased down: submission of CER issuance requests was discontinued from 30 June 2026, transfers/cancellations in the CDM registry cease 31 December 2026, and residual CERs are administratively cancelled 1 July 2027 — a structural regulatory headwind directly on the company's carbon-credit trading and generation business. Management states no inventory write-down has been taken pending completion of its batch-wise CER eligibility assessment. Management gives no formal guidance or outlook on record, we have no prior concall read to check consistency against, and web search turned up no analyst/brokerage consensus estimates for this quarter — reflecting thin coverage on this micro-cap — so the print cannot be benchmarked against Street expectations. No management press release commentary was available in the context to cross-check against the numbers. Separately, the quarter saw a CFO transition (resignation and new appointment effective mid-July 2026) — this filing is signed by the newly appointed CFO and Whole Time Director, Pooja Jorway — alongside an immaterial ₹7 lakh ROC Gwalior penalty. The company was also granted an interstate Electricity Trading Licence on 26 May 2026, a new business line not yet broken out as a separate reporting segment this quarter.