EKI Energy: consolidated loss widens to ₹15.9 Cr as revenue slumps 30% YoY
PAT -1140.5% YoY · revenue -30% · margins compressing
₹10.46 Cr
-30% YoY
₹-15.93 Cr
-1140.5% YoY
-108.13%
-102.5pp YoY
₹-5.75
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.
Q1 FY-2027 vs prior quarters
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 stock went into the print at ₹84, down 6.2% over the past month of trading.
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.
W1
Resolution/monetisation of CER holdings ahead of CDM registry transfers/cancellations ending 31 Dec 2026 and pending-CER cancellation on 1 Jul 2027 — no write-down taken yet per Note 5.
W2
Whether the ₹8.42 Cr change-in-inventories expense line normalizes or represents a new run-rate given the CDM disruption.
W3
Whether the new Electricity Trading Licence (granted 26 May 2026) starts contributing revenue in coming quarters to offset carbon-credit segment weakness.
Statement shows no explicit unit label but figures are in ₹ Lakh, confirmed by the segment-reporting note (explicitly 'Amount in ₹ lakhs') whose segment totals tie exactly to the main P&L; EPS rows are already in absolute ₹ (not converted). Consolidated PBT before share of associate loss is ₹-17.05 Cr; after the ₹-0.05 Cr associate share it is ₹-17.10 Cr, which is what flows to tax/PAT. Q1 FY26 (year-ago) consolidated net loss in this filing's comparative column (₹1.28 Cr) is slightly wider than our stored record (₹1.24 Cr) and NPM (-5.89% vs -5.66% on record) — likely the 'reclassified/regrouped' comparative figures per Note 2; OPM matches our record exactly (-25.09%), so YoY/QoQ % below use this filing's own comparative column for internal consistency. No exceptional/one-off item is separately disclosed by the company this quarter or in the year-ago comparative, so no adjusted-PAT figure is computed.