Date: October 05, 2026

Board Meeting Outcomes

The Board of Directors of the Company at its meeting held on October 05, 2026, approved the Condensed Interim Consolidated Financial Information of the Company for the quarter ended on June 30, 2026 and June 30, 2025, along with the explanatory notes thereto and the Review Report thereon. The meeting commenced at 07.30 PM IST and concluded at 10.00 PM IST.

The financial information was prepared solely for inclusion in the preliminary placement document and placement document in connection with a proposed Qualified Institutions Placement of Equity Shares.

Financial Results (Consolidated)

Balance Sheet Highlights (as at 30 June 2026)

  • Total Assets: ₹199,987.24 lakhs (31 March 2026: ₹195,624.67 lakhs)
  • Non-current assets: ₹119,050.23 lakhs (31 March 2026: ₹105,915.14 lakhs)
  • Property, plant and equipment: ₹54,713.86 lakhs
  • Capital work-in-progress: ₹35,886.46 lakhs
  • Goodwill on consolidation: ₹6,306.32 lakhs
  • Other intangible assets: ₹3,923.47 lakhs
  • Current assets: ₹80,937.01 lakhs (31 March 2026: ₹89,709.53 lakhs)
  • Inventories: ₹32,009.23 lakhs
  • Trade receivables: ₹24,170.75 lakhs
  • Cash and cash equivalents: ₹4,154.25 lakhs
  • Bank balances other than cash: ₹7,101.70 lakhs
  • Total Equity: ₹153,743.69 lakhs (31 March 2026: ₹150,710.99 lakhs)
  • Equity share capital: ₹1,499.25 lakhs
  • Other equity: ₹152,244.44 lakhs
  • Non-current liabilities: ₹22,537.26 lakhs (31 March 2026: ₹18,799.98 lakhs)
  • Borrowings: ₹17,991.22 lakhs
  • Current liabilities: ₹23,706.29 lakhs (31 March 2026: ₹26,113.70 lakhs)
  • Borrowings: ₹9,407.98 lakhs

Statement of Profit and Loss (for quarter ended 30 June 2026)

  • Revenue from operations: ₹19,179.75 lakhs (Q2 FY26: ₹9,714.63 lakhs)
  • Sale of products: ₹19,068.20 lakhs
  • Other operating revenue: ₹111.55 lakhs
  • Other income: ₹531.59 lakhs (Q2 FY26: ₹1,056.69 lakhs)
  • Interest income: ₹335.58 lakhs
  • Rent income: ₹15.05 lakhs
  • Gain on foreign exchange fluctuation (net): ₹163.16 lakhs
  • Total expenses: ₹16,290.66 lakhs (Q2 FY26: ₹11,869.59 lakhs)
  • Cost of materials consumed: ₹7,591.28 lakhs
  • Changes in inventories of finished goods and work-in-progress: ₹(4,824.59) lakhs
  • Employee benefits expense: ₹4,600.12 lakhs
  • Other expenses: ₹6,923.26 lakhs
  • Finance costs: ₹362.42 lakhs
  • Profit before tax: ₹3,674.65 lakhs (Q2 FY26: ₹905.42 lakhs)
  • Profit for the period: ₹2,919.27 lakhs (Q2 FY26: ₹718.47 lakhs)
  • Total comprehensive income for the period: ₹2,919.27 lakhs (Q2 FY26: ₹718.47 lakhs)
  • Basic and diluted EPS: ₹19.46 (Q2 FY26: ₹5.10)

Cash Flow Statement (for quarter ended 30 June 2026)

  • Net cash from operating activities: ₹4,424.98 lakhs (Q2 FY26: ₹(3,454.20) lakhs)
  • Net cash used in investing activities: ₹(4,694.52) lakhs (Q2 FY26: ₹(8,513.98) lakhs)
  • Purchase of property, plant and equipment and intangible assets: ₹(8,758.65) lakhs
  • Net cash from financing activities: ₹956.04 lakhs (Q2 FY26: ₹3,836.07 lakhs)
  • Proceeds from long-term borrowings: ₹193.76 lakhs
  • Repayment of long-term borrowings: ₹(78.00) lakhs
  • Proceed/Repayment of Short-term borrowings (net): ₹1,403.22 lakhs
  • Repayment of lease liability: ₹(253.98) lakhs
  • Finance cost paid: ₹(308.96) lakhs
  • Net increase in cash and cash equivalents: ₹686.50 lakhs (Q2 FY26: ₹(8,132.11) lakhs)
  • Cash and cash equivalents at period end: ₹4,154.25 lakhs (Q2 FY26: ₹10,822.70 lakhs)

Statement of Changes in Equity

  • Equity share capital remained unchanged at ₹1,499.25 lakhs
  • Other equity increased from ₹149,211.74 lakhs to ₹152,244.44 lakhs
  • Retained earnings increased by ₹2,919.27 lakhs (profit for the period)
  • Share based payment reserve increased by ₹152.55 lakhs
  • Foreign currency translation reserve decreased by ₹44.87 lakhs

Auditor’s Report

Auditor Name: S N Dhawan & CO LLP, Chartered Accountants

Location: Gurugram

Type of opinion: Unmodified conclusion

Key Notes from Review Report:

  • The review was conducted in accordance with Standard on Review Engagements (SRE) 2410
  • The financial information was prepared in accordance with Ind AS 34
  • The auditor's conclusion states: "nothing has come to our attention that causes us to believe that the accompanying Interim Condensed Consolidated Financial Information are not prepared, in all material respects, in accordance with the recognition and measurement principles of Ind AS 34"

Other Matters Paragraphs:

  • The auditor did not review the financial information of 4 subsidiaries, whose financial information reflect:
  • Total consolidated revenues of ₹7,143.90 lakhs
  • Total consolidated net profit after tax of ₹192.52 lakhs
  • Total consolidated comprehensive income of ₹147.65 lakhs
  • These were reviewed by other auditors
  • For a joint venture, management indicated it had not started operations as of 30 June 2026 and was not material to the Group
  • For the year ended 31 March 2026, the auditor did not audit the consolidated financial statements of one subsidiary with:
  • Total assets of ₹22,910.26 lakhs
  • Total revenues of ₹24,701.44 lakhs
  • Net cash outflows of ₹1,021.01 lakhs
  • These were audited by other auditors
  • For Q2 FY25, financial information of 4 subsidiaries including step-down subsidiaries reflected:
  • Total revenues of ₹4,706.26 lakhs
  • Total loss after tax of ₹827.55 lakhs
  • These were prepared according to accounting principles in their respective countries and reviewed by other auditors

The conclusion was not modified in respect of these matters.

Segment Information

The Group operates in one reportable business segment: manufacturing and selling of metal components for critical and super critical applications.

Geographical Revenue Breakdown:

  • Within India: ₹6,333.08 lakhs (Q2 FY26: ₹1,126.72 lakhs)
  • Outside India: ₹12,846.67 lakhs (Q2 FY26: ₹8,587.91 lakhs)

Other Operational Disclosures

Borrowings:

  • Non-current borrowings: ₹17,991.22 lakhs (primarily term loans from banks: ₹18,112.05 lakhs)
  • Current borrowings: ₹9,407.98 lakhs (primarily working capital loans: ₹7,166.15 lakhs)

Contingent Liabilities and Commitments:

  • Capital commitments: ₹13,738.85 lakhs (31 March 2026: ₹14,742.03 lakhs)
  • Disputed amounts for goods and service tax: ₹16.59 lakhs (gross of amount paid under protest)
  • Bank guarantees: ₹8,745.11 lakhs (31 March 2026: ₹9,137.90 lakhs)

Subsidiaries and Joint Venture:

  • Aerolloy Technologies Limited (India, 100% owned)
  • Advance Material (Defence) Testing Foundation (Joint Venture, India, 20% interest)
  • Trac Holdings Limited (UK, 100% owned)
  • Trac Precision Solutions Limited (UK, 100% owned step-down subsidiary)
  • Broomco Limited (UK, 100% owned step-down subsidiary)
  • Trac Group Limited (UK, 100% owned step-down subsidiary)