I tried with the latest stable release org 9.4 along with emacs27.1 windows binaries on windows platform. The issue persists.
 i shall copy the generated bug report here

Emacs  : GNU Emacs 27.1 (build 1, x86_64-w64-mingw32)
 of 2020-08-21
Package: Org mode version 9.4 (9.4-dist @ c:/Home/expemacsd/.emacs.d/orgdir/lisp/)

current state:
==============
(setq
 org-src-mode-hook '(org-src-babel-configure-edit-buffer
     org-src-mode-configure-edit-buffer)
 org-link-shell-confirm-function 'yes-or-no-p
 org-metadown-hook '(org-babel-pop-to-session-maybe)
 org-clock-out-hook '(org-clock-remove-empty-clock-drawer)
 org-mode-hook '((closure
  (org--rds reftex-docstruct-symbol
   org-element-greater-elements org-clock-history
   org-agenda-current-date org-with-time org-defdecode org-def
   org-read-date-inactive org-ans2 org-ans1
   org-columns-current-fmt-compiled org-clock-current-task
   org-clock-effort org-agenda-skip-function
   org-agenda-skip-comment-trees org-agenda-archives-mode
   org-end-time-was-given org-time-was-given org-log-note-extra
   org-log-note-purpose org-log-post-message
   org-last-inserted-timestamp org-last-changed-timestamp
   org-entry-property-inherited-from org-blocked-by-checkboxes
   org-state org-agenda-headline-snapshot-before-repeat
   org-agenda-start-on-weekday org-agenda-buffer-tmp-name
   org-priority-regexp org-mode-abbrev-table
   org-mode-syntax-table buffer-face-mode-face org-tbl-menu
   org-org-menu org-struct-menu org-entities org-last-state
   org-id-track-globally org-clock-start-time texmathp-why
   remember-data-file org-agenda-tags-todo-honor-ignore-options
   iswitchb-temp-buflist calc-embedded-open-mode
   calc-embedded-open-formula calc-embedded-close-formula
   align-mode-rules-list org-emphasis-alist
   org-emphasis-regexp-components
   org-export-registered-backends org-modules
   org-babel-load-languages org-id-overriding-file-name
   org-indent-indentation-per-level
   org-element-paragraph-separate ffap-url-regexp
   org-inlinetask-min-level t)
  nil
  (add-hook 'change-major-mode-hook 'org-show-all 'append
   'local)
  )
(closure
  (org-src-window-setup *this*
   org-babel-confirm-evaluate-answer-no
   org-babel-tangle-uncomment-comments
   org-src-preserve-indentation org-src-lang-modes
   org-edit-src-content-indentation org-babel-library-of-babel
   t)
  nil
  (add-hook 'change-major-mode-hook 'org-babel-show-result-all
   'append 'local)
  )
org-babel-result-hide-spec org-babel-hide-all-hashes)
 org-archive-hook '(org-attach-archive-delete-maybe)
 org-confirm-elisp-link-function 'yes-or-no-p
 org-agenda-before-write-hook '(org-agenda-add-entry-text)
 org-metaup-hook '(org-babel-load-in-session-maybe)
 org-bibtex-headline-format-function '(closure
       (org-id-locations
org-agenda-search-view-always-boolean
org-agenda-overriding-header t)
       (entry) (cdr (assq :title entry)))
 org-babel-pre-tangle-hook '(save-buffer)
 org-tab-first-hook '(org-babel-hide-result-toggle-maybe
      org-babel-header-arg-expand)
 org-agenda-loop-over-headlines-in-active-region nil
 org-occur-hook '(org-first-headline-recenter)
 org-cycle-hook '(org-cycle-hide-archived-subtrees org-cycle-hide-drawers
  org-cycle-show-empty-lines
  org-optimize-window-after-visibility-change)
 org-speed-command-hook '(org-speed-command-activate
  org-babel-speed-command-activate)
 org-export-before-parsing-hook '(org-attach-expand-links)
 org-confirm-shell-link-function 'yes-or-no-p
 org-link-parameters '(("attachment" :follow org-attach-follow :complete
org-attach-complete-link)
       ("id" :follow org-id-open)
       ("eww" :follow org-eww-open :store org-eww-store-link)
       ("rmail" :follow org-rmail-open :store
org-rmail-store-link)
       ("mhe" :follow org-mhe-open :store org-mhe-store-link)
       ("irc" :follow org-irc-visit :store org-irc-store-link
:export org-irc-export)
       ("info" :follow org-info-open :export org-info-export
:store org-info-store-link)
       ("gnus" :follow org-gnus-open :store org-gnus-store-link)
       ("docview" :follow org-docview-open :export
org-docview-export :store org-docview-store-link)
       ("bibtex" :follow org-bibtex-open :store
org-bibtex-store-link)
       ("bbdb" :follow org-bbdb-open :export org-bbdb-export
:complete org-bbdb-complete-link :store
org-bbdb-store-link)
       ("w3m" :store org-w3m-store-link) ("file+sys")
       ("file+emacs") ("shell" :follow org-link--open-shell)
       ("news" :follow
(closure
((scheme . "news") (--dolist-tail--) org-ts-regexp
  org-time-stamp-formats org-src-source-file-name
  org-outline-regexp-bol org-inhibit-startup
  org-id-link-to-org-use-id org-highlight-links
  org-comment-string org-agenda-buffer-name
  clean-buffer-list-kill-buffer-names t)
(url arg) (browse-url (concat scheme ":" url) arg))
)
       ("mailto" :follow
(closure
((scheme . "mailto") (--dolist-tail--) org-ts-regexp
  org-time-stamp-formats org-src-source-file-name
  org-outline-regexp-bol org-inhibit-startup
  org-id-link-to-org-use-id org-highlight-links
  org-comment-string org-agenda-buffer-name
  clean-buffer-list-kill-buffer-names t)
(url arg) (browse-url (concat scheme ":" url) arg))
)
       ("https" :follow
(closure
((scheme . "https") (--dolist-tail--) org-ts-regexp
  org-time-stamp-formats org-src-source-file-name
  org-outline-regexp-bol org-inhibit-startup
  org-id-link-to-org-use-id org-highlight-links
  org-comment-string org-agenda-buffer-name
  clean-buffer-list-kill-buffer-names t)
(url arg) (browse-url (concat scheme ":" url) arg))
)
       ("http" :follow
(closure
((scheme . "http") (--dolist-tail--) org-ts-regexp
  org-time-stamp-formats org-src-source-file-name
  org-outline-regexp-bol org-inhibit-startup
  org-id-link-to-org-use-id org-highlight-links
  org-comment-string org-agenda-buffer-name
  clean-buffer-list-kill-buffer-names t)
(url arg) (browse-url (concat scheme ":" url) arg))
)
       ("ftp" :follow
(closure
((scheme . "ftp") (--dolist-tail--) org-ts-regexp
  org-time-stamp-formats org-src-source-file-name
  org-outline-regexp-bol org-inhibit-startup
  org-id-link-to-org-use-id org-highlight-links
  org-comment-string org-agenda-buffer-name
  clean-buffer-list-kill-buffer-names t)
(url arg) (browse-url (concat scheme ":" url) arg))
)
       ("help" :follow org-link--open-help)
       ("file" :complete org-link-complete-file)
       ("elisp" :follow org-link--open-elisp)
       ("doi" :follow org-link--open-doi))
 org-link-elisp-confirm-function 'yes-or-no-p
 )






N.V.Shibu
Assistant Professor
Sri Ramakrishna Institute of Technology
Coimbatore-10.


On Fri, Sep 18, 2020 at 11:58 AM Ihor Radchenko <yantar92@gmail.com> wrote:
> emacs invoked with "runemacs -Q " and also "emacs -Q" commands. So no
> configuration files are loaded. Rendering issue is not specific to any
> particular org file. It is general to all org files.

I cannot reproduce the issue on my side. Though I am on Linux.

A generic suggestion would be reinstalling emacs to make sure that
org-mode files were not accidentally modified. Also, you may try to
install latest org-mode version (not the one shipped together with
Emacs).

Best,
Ihor


"Shibu N.V" <nvshibuse@gmail.com> writes:

> emacs invoked with "runemacs -Q " and also "emacs -Q" commands. So no
> configuration files are loaded. Rendering issue is not specific to any
> particular org file. It is general to all org files. The following message
> is shown in the message buffer
> (Shell command succeeded with no output)
> I am attaching a simple org file. The rendering issue is seen in this file
> too. In this particular case, the hyperlinks are not rendered. Font-lock /
> faces also failed to render.
>
> N.V.Shibu
> Assistant Professor
> Sri Ramakrishna Institute of Technology
> Coimbatore-10.
>
>
> On Fri, Sep 18, 2020 at 9:27 AM Ihor Radchenko <yantar92@gmail.com> wrote:
>
>> > Emacs is invoked using runemacs.exe -Q. The org file is loaded in buffer
>> > using C-x C-f. But the org file is not rendered in the buffer.
>>
>> Could you provide the problematic file? Or better the part of file
>> causing the issue?
>>
>> Best,
>> Ihor
>>
>> "Shibu N.V" <nvshibuse@gmail.com> writes:
>>
>> > Remember to cover the basics, that is, what you expected to happen and
>> > what in fact did happen.  You don't know how to make a good report?  See
>> >
>> >      https://orgmode.org/manual/Feedback.html#Feedback
>> >
>> > Your bug report will be posted to the Org mailing list.
>> > ------------------------------------------------------------------------
>> >
>> > Emacs is invoked using runemacs.exe -Q. The org file is loaded in buffer
>> > using C-x C-f. But the org file is not rendered in the buffer. The
>> > message buffer shows the message "(Shell command succeeded with no
>> > output)" and buffer shows Org-mode enabled. To render the file, either
>> > the file needs to be reloaded in buffer or M-x org-mode has to be issued
>> > .Also tried with latest stable release of org 9.4 Working perfectly in
>> > Emacs 26.3 windows binaries
>> >
>> > Emacs  : GNU Emacs 27.1 (build 1, x86_64-w64-mingw32)
>> >  of 2020-08-21
>> > Package: Org mode version 9.3 (release_9.3 @
>> > c:/ProgramFilesh/emacs-27.1-x86_64/share/emacs/27.1/lisp/org/)
>> >
>> > current state:
>> > ==============
>> > (setq
>> >  org-src-mode-hook '(org-src-babel-configure-edit-buffer
>> >      org-src-mode-configure-edit-buffer)
>> >  org-link-shell-confirm-function 'yes-or-no-p
>> >  org-metadown-hook '(org-babel-pop-to-session-maybe)
>> >  org-clock-out-hook '(org-clock-remove-empty-clock-drawer)
>> >  org-mode-hook '(#[0 "\300\301\302\303\304$\207"
>> >    [add-hook change-major-mode-hook org-show-all append local]
>> >    5]
>> > #[0 "\300\301\302\303\304$\207"
>> >    [add-hook change-major-mode-hook org-babel-show-result-all
>> >     append local]
>> >    5]
>> > org-babel-result-hide-spec org-babel-hide-all-hashes)
>> >  org-archive-hook '(org-attach-archive-delete-maybe)
>> >  org-confirm-elisp-link-function 'yes-or-no-p
>> >  org-agenda-before-write-hook '(org-agenda-add-entry-text)
>> >  org-metaup-hook '(org-babel-load-in-session-maybe)
>> >  org-bibtex-headline-format-function #[257 "\300 \236A\207" [:title] 3
>> > "\n\n(fn ENTRY)"]
>> >  org-babel-pre-tangle-hook '(save-buffer)
>> >  org-tab-first-hook '(org-babel-hide-result-toggle-maybe
>> >       org-babel-header-arg-expand)
>> >  org-occur-hook '(org-first-headline-recenter)
>> >  org-cycle-hook '(org-cycle-hide-archived-subtrees
>> > org-cycle-show-empty-lines
>> >   org-optimize-window-after-visibility-change)
>> >  org-speed-command-hook '(org-speed-command-activate
>> >   org-babel-speed-command-activate)
>> >  org-confirm-shell-link-function 'yes-or-no-p
>> >  org-link-parameters '(("attachment" :follow org-attach-open-link :export
>> > org-attach-export-link :complete
>> > org-attach-complete-link)
>> >        ("id" :follow org-id-open)
>> >        ("eww" :follow eww :store org-eww-store-link)
>> >        ("rmail" :follow org-rmail-open :store
>> > org-rmail-store-link)
>> >        ("mhe" :follow org-mhe-open :store org-mhe-store-link)
>> >        ("irc" :follow org-irc-visit :store org-irc-store-link
>> > :export org-irc-export)
>> >        ("info" :follow org-info-open :export org-info-export
>> > :store org-info-store-link)
>> >        ("gnus" :follow org-gnus-open :store org-gnus-store-link)
>> >        ("docview" :follow org-docview-open :export
>> > org-docview-export :store org-docview-store-link)
>> >        ("bibtex" :follow org-bibtex-open :store
>> > org-bibtex-store-link)
>> >        ("bbdb" :follow org-bbdb-open :export org-bbdb-export
>> > :complete org-bbdb-complete-link :store
>> > org-bbdb-store-link)
>> >        ("w3m" :store org-w3m-store-link) ("file+sys")
>> >        ("file+emacs") ("shell" :follow org-link--open-shell)
>> >        ("news" :follow
>> > #[257 "\301\300\302 Q!\207" ["news" browse-url ":"] 5
>> >   "\n\n(fn URL)"]
>> > )
>> >        ("mailto" :follow
>> > #[257 "\301\300\302 Q!\207" ["mailto" browse-url ":"]
>> >   5 "\n\n(fn URL)"]
>> > )
>> >        ("https" :follow
>> > #[257 "\301\300\302 Q!\207" ["https" browse-url ":"] 5
>> >   "\n\n(fn URL)"]
>> > )
>> >        ("http" :follow
>> > #[257 "\301\300\302 Q!\207" ["http" browse-url ":"] 5
>> >   "\n\n(fn URL)"]
>> > )
>> >        ("ftp" :follow
>> > #[257 "\301\300\302 Q!\207" ["ftp" browse-url ":"] 5
>> >   "\n\n(fn URL)"]
>> > )
>> >        ("help" :follow org-link--open-help)
>> >        ("file" :complete org-link-complete-file)
>> >        ("elisp" :follow org-link--open-elisp)
>> >        ("doi" :follow org-link--open-doi))
>> >  org-link-elisp-confirm-function 'yes-or-no-p
>> >
>> >
>> >
>> >
>> >
>> >
>> >
>> >
>> >
>> >
>> >
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>> > N.V.Shibu
>> > Assistant Professor Senior Grade
>> > Sri Ramakrishna Institute of Technology
>> > Coimbatore-10.
>>