Date: June 16, 2026

Board Meeting Outcomes

The Committee approved the gradual relocation and consolidation of:

  • The Company's Servo Stabilizer and Isolation Transformers business operations, encompassing manufacturing, production support functions and related operational activities currently carried out at the Pisoli Unit, Pune, Maharashtra to the Company's Mahape Unit, Navi Mumbai, Maharashtra.
  • The Company's Lithium Battery manufacturing vertical, together with associated production and operational capabilities presently undertaken at the Mahape Unit, Navi Mumbai, Maharashtra to the Company's Bakrol Unit, Ahmedabad, Gujarat.

The objective of this initiative is to enhance operational efficiency, optimize utilization of manufacturing infrastructure, streamline resources, and strengthen focus on its core business segments.

Financial Impact

Details from Annexure A, provided pursuant to SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026:

For Servo Stabilizer and Isolation Transformers Business (Pisoli Unit):

  • For the Financial Year 2025-26, the consolidated turnover of the Company stood at INR 385.77 Crores.
  • This business unit contributed INR 5.17 Crores, representing approximately 1.34% of the total consolidated turnover.

For Lithium Battery Manufacturing Operations (Mahape Unit):

  • For the Financial Year 2025-26, the consolidated turnover of the Company stood at INR 385.77 Crores.
  • This business unit contributed INR 25.25 Crores, representing approximately 6.55% of the total consolidated turnover.

Implementation Timeline

The transition and relocation of both sets of operations is expected to be completed on or before August 2026.

Strategic Rationale

The reasons cited for both realignments are Strategic realignment and consolidation to optimize resources, enhance efficiency, and achieve better economies of scale. The disclosure explicitly states that the actions do not involve any sale, transfer, or disposal of the units/divisions, and accordingly, no binding agreements have been entered into.

Other Disclosures

KMP / Board / Auditor Changes: Not Specified

Dividend Declaration or Non-Declaration: Not Specified

Financial Results: Not Specified

Auditor’s Report: Not Specified

Disinvestment / Strategic Actions: Not Specified (The announcement clarifies this is an internal reorganization, not a sale)

Media Release / Investor Communication: Not Specified