Citizen Solar profit jumps 93% as board reshuffle brings in family
Annual profit hit ₹22.4 crore following the merger of Citizen Solar Private Ltd. The board simultaneously added five new directors, including three relatives of the managing director.
— 1 earlier story on Citizen Solar Ltd. →What's new
- Revenue grew 11.2% to ₹310.9 crore for FY2026.
- Net profit surged 92.8% to ₹22.4 crore, aided by the merger of Citizen Solar Private Ltd.
- Director Ravindra Jain resigned; five new directors were appointed, including three family members of the MD.
Why this matters
The financial performance is heavily shaped by the recent NCLT-approved merger, which complicates year-over-year comparisons. The simultaneous appointment of three relatives to the board alongside the managing director warrants scrutiny regarding future governance standards.
What we're watching
- Shareholder voting outcomes for the new director appointments.
- Whether the post-merger growth trajectory sustains.
- Any further changes to board composition or committee roles.
The full read
Citizen Solar reported FY2026 revenue of ₹310.9 crore, an 11.2% increase, while net profit rose 92.8% to ₹22.4 crore. These figures are the first to fully reflect the merger of Citizen Solar Private Ltd., which was sanctioned by the NCLT in March 2026 and backdated to April 2023. Alongside the financial results, the board announced a significant shift in leadership. Director Ravindra Jain resigned effective May 29. In his place, the company appointed five new directors. Three of these appointees are relatives of managing director Omprakash Jain—specifically two sons and a brother. These appointments remain subject to shareholder approval. The company also confirmed the appointment of a cost auditor and the reconstitution of various board committees. For a nano-cap entity, the combination of a major merger integration and a concentrated board reshuffle marks a period of structural change.
Questions answered
- What drove the 92.8% increase in net profit?
- The profit growth reflects the integration of Citizen Solar Private Ltd. following its merger with the company, which took effect from April 1, 2023, and received NCLT approval in March 2026.
- Who are the new directors joining the board?
- The board appointed five new directors. Three of these individuals are family members of managing director Omprakash Jain, specifically two sons and a brother.
- Did the company provide any reason for the resignation of Ravindra Jain?
- The filing does not provide a reason for the resignation of director Ravindra Jain, noting only that it is effective as of May 29.
- Are the new director appointments final?
- No, the appointments are subject to shareholder approval. They were approved by the board during the meeting that also finalized the annual results.
Story so far
All notes on CIL →- 28 May 2026 · 9:47 PM IST Citizen Solar profit jumps 93% as board reshuffle brings in family
- today Citizen Solar revenue jumps to ₹310.92 cr after merger integration