Company Overview

International Combustion (India) Limited (also referred to as McNally Bharat Engineering Company Limited) reported its financial results for FY 2025-26 and announced its 90th Annual General Meeting details.

Financial Performance

The company reported a net loss of ₹2.39 crores for FY26, a significant decline from the net profit of ₹14.95 crores in FY25. This negative performance was primarily driven by exceptional items of ₹705.84 lakh (₹7.06 crore) related to employee benefit costs for past service obligations on gratuity and leave encashment, triggered by the implementation of the new Labour Code via Government of India notification dated November 21, 2025.

Key Financial Metrics:

  • Revenue from operations: ₹293.40 crores (₹29,007.26 lakh) vs ₹292.98 crores previous year
  • Loss before tax: ₹3.20 crores vs profit of ₹16.35 crores previous year
  • Basic EPS: (₹10.01) vs ₹62.54 previous year
  • Debt-Equity ratio: 0.21 (improved from 0.24)
  • Return on Equity: -0.02 (from 0.13)

Segment Performance

The company operates in three principal segments:

  • Mineral & Material Processing: Revenue ₹173.04 crores, Profit ₹39.36 crores
  • Building Material Division: Revenue ₹81.83 crores, Loss ₹3.25 crores
  • Gear Box and Geared Motor Drive System: Revenue ₹43.68 crores (FY25), performance not separately quantified in FY26

AGM and Corporate Actions

The 90th Annual General Meeting will be held on August 19, 2026 through video conferencing. Key agenda items include:

  • Adoption of FY26 audited financial statements
  • Re-appointment of Mr. Indrajit Sen as Managing Director
  • Special resolution for re-appointment of Mr. Rana Pratap Singh as Executive Director with proposed remuneration of ₹168-210 lakh annually for three years
  • Authorization for borrowing up to ₹200 crores
  • Creation of mortgage/charge on assets to secure borrowings
  • Ratification of cost auditor remuneration

Corporate Governance and Management

  • Board comprises 6 Directors: 1 Non-Executive Promoter, 3 Non-Executive Independent (including 1 woman), 2 Executive Directors
  • Mr. Kundan Jaiswal appointed as Company Secretary effective April 1, 2026, replacing Mr. P.R Sivasankar
  • Key Management Personnel remuneration totaled ₹562.45 lakh, including ₹302.00 lakh for MD Indrajit Sen and ₹146.82 lakh for Executive Director Rana Pratap Singh

Regulatory and Compliance

  • Filed pursuant to SEBI Listing Regulations 30 and 34
  • Credit rating: CRISIL BBB (Long-term) with negative outlook, CRISIL A3+ (Short-term)
  • Employee strength: 585 permanent employees
  • CSR expenditure: ₹38.26 lakh on skill development
  • Compliance with Companies Act, 2013 and virtual AGM requirements

Voting and Shareholder Information

  • Remote e-voting period: August 16-18, 2026 through NSDL
  • Cut-off date for eligibility: August 12, 2026
  • Physical attendance not permitted due to virtual meeting format
  • Shareholding pattern: 52.88% promoters, 47.12% public; 98.56% shares in demat form