Report date: 2026-08-18 Event date: 2026-07-24 Event title: FY2026 Audited Restricted Group Results

Clean Renewable Power (Mauritius) issuer flash: FY2026 Audited Restricted Group Results

Flash Conclusion

The FY2026 audited Restricted Group accounts confirm that the operating portfolio remained functional ahead of the March 2027 note maturity: generation increased 0.97% to 922.35 million units and the group continued to make debt and interest payments. The credit reading is nevertheless mixed. Revenue from operations declined 3.6% to INR 4,533.90mn and operating cash flow fell to INR 3,525.67mn from INR 4,396.61mn. Higher profit after tax, at INR 206.79mn versus INR 77.79mn, partly reflects lower finance cost and the absence of the prior-year BGEL impairment rather than a clear improvement in recurring cash generation.

The audited accounts state that the 4.25% senior secured notes are classified as current liabilities and that management expects refinancing on or before contractual maturity. They do not reconcile the current-borrowing line to the current USD-note balance or establish redemption funding. DSCR, restricted-account and reserve balances, hedge value, compliance status and signed refinancing remain unconfirmed. The event therefore reinforces, rather than resolves, the 2027 refinancing risk in the credit view.

Audited Operating and Financial Update

The SGX announcement published audited special-purpose combined financial statements for CRP and specified entities under common control for the year ended 31 March 2026. The auditor gave an unmodified opinion. These accounts are prepared for the USD-note indenture reporting purpose and are not normal consolidated accounts of a separate legal group; the figures should be read as Restricted Group data.

All figures below are from the audited special-purpose Restricted Group statements and operating review, not from CRP standalone accounts or the separate HFE ECB schedule.

Core power revenue declined despite modestly higher generation. Management attributes the change principally to lower tariff after a BGEL PPA expiry and renewal with another customer, expiry of generation-based incentives at several wind SPVs and lower solar irradiance. Total income declined less sharply, to INR 5,285.48mn from INR 5,414.56mn, because other income rose to INR 751.58mn, including insurance-claim and mutual-fund gains. These non-power items should not be treated as equivalent to recurring PPA cash flow.

Finance cost fell to INR 2,250.73mn from INR 2,379.19mn and no FY2026 impairment was recorded, compared with the INR 206.10mn BGEL impairment in FY2025. However, net financing cash outflow remained INR 3,052.40mn, including INR 2,322.15mn of borrowing repayments and INR 1,302.18mn of interest payments. Year-end cash and cash equivalents fell to INR 365.45mn from INR 483.86mn; the disclosure does not establish that this cash is unrestricted or available to USD noteholders.

Refinancing and Bondholder Implications

At 31 March 2026, audited Restricted Group current borrowings were INR 28,252.00mn. The accounts state that the notes are classified as current but the sources used do not reconcile that line to the USD notes or identify its full composition. Separately, HFE's March 2026 schedule identifies INR 19,991.82mn of allocated/outstanding onshore ECB amounts across the eight project borrowers, all due 25 March 2027. This HFE schedule is not reconciled to the Restricted Group current-borrowing line or the USD notes and must not be treated as directly transferable offshore cash.

Operating assets and long-term PPAs are current business supports. HFE's February 2026 investor presentation stated that 84.67% of the portfolio was contracted under PPAs longer than 20 years and that 47% of capacity was contracted with SECI. These are company-disclosed portfolio characteristics, not an assurance that every contract remains unchanged, that collections are current, or that cash may be remitted offshore. Cash trapping, amortisation and mandatory cash sweep are transaction-structure features described in prior materials, but their current compliance, cash availability and bondholder benefit were not refreshed by the FY2026 accounts and require confirmation from the indenture, compliance certificate and account evidence.

The operating update is relevant to refinancing because lenders will assess the durability of contracted cash flow, collection history, operating availability, remaining PPA tenor and the cash available after onshore costs and debt service. The FY2026 accounts offer useful evidence on reported revenue, expenses and cash flows, but they do not provide a lender-ready debt-service calculation. In particular, they do not disclose current project-level DSCR, debt-service reserve balances, the final USD note amount, hedge collateral or a reconciled pathway from INR project cash to USD redemption. A lower reported operating-cash-flow figure therefore warrants monitoring, but cannot by itself establish a deterioration in CFADS or repayment capacity.

The final bondholder test is whether operating cash flow, hedging and parent / market access can be converted into an executable redemption solution before maturity. The accounts provide no signed refinancing, lender commitment, DSCR, reserve or hedge evidence; management's going-concern expectation must therefore remain an unverified management assessment.

Points to Look at Next

• Confirm the outstanding USD-note balance and the completed March/September 2026 amortisation and cash sweep.
• Obtain compliance certificates, DSCR, restricted and reserve-account balances, hedge position and any waiver or amendment history.
• Verify a signed or sanctioned refinancing, including funding route, conditions and the protection of USD-noteholder claims.
• Monitor the next operating update for generation, tariff/contract changes, receivables, curtailment and collections.

Sources

1. SGX, Clean Renewable Power (Mauritius) Pte. Ltd., Financial Statements and Related Announcement::Full Yearly Results, 24 July 2026. https://links.sgx.com/1.0.0/corporate-announcements/U9ZXXQKN0APGWVT6/1ba33ffbd2942a96da219dd1134d72e67c6e5b7b7b8fb23ac0118f13c7210b50
2. Hero Future Energies, Current Allocated and Outstanding Amounts and Contractual Maturity Dates March 2026. https://www.herofutureenergies.com/investorrelation/current-allocated-and-outstanding-amounts-and-contractual-maturity-dates-march-2026.pdf