Key Financial Figures (FY2025-26)

  • Revenue from operations: ₹3186.51 lakhs (FY2024-25: ₹5021.12 lakhs)
  • Other Income: ₹87.72 lakhs (FY2024-25: ₹57.29 lakhs)
  • Total Expenses: ₹3447.37 lakhs (FY2024-25: ₹4883.77 lakhs)
  • Profit/(Loss) before tax: (₹173.13) lakhs (FY2024-25: ₹194.65 lakhs profit)
  • Current tax: Nil (FY2024-25: Nil)
  • Deferred tax assets/(liabilities): ₹13.99 lakhs (FY2024-25: ₹93.77 lakhs liability)
  • Profit/(Loss) after tax: (₹159.14) lakhs (FY2024-25: ₹100.88 lakhs profit)
  • Earnings per share (basic & diluted): (₹1.75) (FY2024-25: ₹1.11)

Unit-wise Performance

Bhubaneswar Unit

  • Turnover: ₹22.25 crores
  • Profit After Tax: ₹113.34 lakhs
  • Commissioned 200-kW rooftop solar plant resulting in energy cost savings
  • Order book: Rate contracts totaling ₹15.37 crores from TPSODL (₹3.43 crores), TPWODL (₹8.15 crores), TPCODL (₹3.79 crores)
  • Awaiting Rate Contract from TPNODL

Vadodara Unit

  • Loss: ₹272.48 lakhs (FY2024-25: Profit of ₹80.05 lakhs with revenue of ₹26.87 crores)
  • Received Letter of Award dated May 27, 2026 for 12,000 transformers (10 kVA, 11/0.433 kV) with total value of ₹63.00 crores
  • Working capital constraints with sanctioned limit of ₹4.00 crores against requirement of ₹12.00 crores for existing orders

Capital Structure

  • Authorized Share Capital: ₹20,00,00,000 (2,00,00,000 equity shares of ₹10 each)
  • Paid-up Share Capital: ₹9,15,06,450 (91,50,645 equity shares of ₹10 each)
  • No fresh securities issued during the year under review

Board and Committee Composition

Board of Directors

1. Shri Dillip Kumar Das (DIN: 00402931) - Managing Director

2. Shri Debasis Das (DIN: 00402790) - Whole-Time Director & CFO

3. Smt. Sujita Patnaik (DIN: 00488014) - Director

4. Shri Rashmi Ranjan Satapathy (DIN: 06371240) - Independent Director

5. Shri Prem Sagar Mishra (DIN: 10931842) - Independent Director

Committees

  • Audit Committee: Prem Sagar Mishra (Chairman), Rashmi Ranjan Satapathy, Debasis Das
  • Nomination and Remuneration Committee: Rashmi Ranjan Satapathy (Chairman), Prem Sagar Mishra, Sujita Patnaik
  • Share Transfer & Investor Grievance Committee: Sujita Patnaik (Chairman), Rashmi Ranjan Satapathy, Prem Sagar Mishra

Auditor Appointments and Changes

Statutory Auditors

  • Resigned: M/s. PAMS & Associates (FRN: 316079E)
  • Proposed New Appointment: M/s. Goutam & Co, Chartered Accountants (FRN: 326869E) for 5 years from conclusion of 44th AGM to 49th AGM

Internal Auditors

  • Resigned: M/s. Goutam & Co (effective May 26, 2026)
  • Proposed New Appointment: M/s. PBM & Associates, Chartered Accountants (FRN: 325307E) for FY2026-27 & 2027-28

Secretarial Auditors

  • Re-appointment Proposed: M/s. Saroj Ray & Associates, Company Secretaries for FY2026-27

Key Resolutions for AGM Approval

Ordinary Business

1. Adoption of audited financial statements for FY ended March 31, 2026

2. Appointment of M/s. Goutam & Co as Statutory Auditors

3. Appointment of M/s. PBM & Associates as Internal Auditors

4. Acceptance of resignation of M/s. Goutam & Co as Internal Auditors

5. Re-appointment of Mr. Dillip Kumar Das as Director retiring by rotation

6. Re-appointment of M/s. Saroj Ray & Associates as Secretarial Auditor

Special Business

7. Re-appointment of Mr. Rashmi Ranjan Satapathy and Mr. Prem Sagar Mishra as Independent Directors for second term of two years (July 30, 2026 to July 29, 2027)

8. Re-appointment of Mr. Debasis Das as Whole-Time Director for two years (March 31, 2026 to March 30, 2028)

9. Re-appointment of Mr. Dillip Kumar Das as Managing Director for one year (July 19, 2026 to July 18, 2027)

10. Sale/transfer of Vadodara Unit to Kasst Industries Limited for ₹18.00 crores

Vadodara Unit Sale Details

  • Location: Plot No. 1046, 1047 & 1048, GIDC Estate, Waghodia, Vadodara, Gujarat-391760
  • Sale Consideration: ₹18.00 crores in cash on debt-free basis
  • Basis: Going concern basis by way of sale/transfer
  • Rationale: Unit incurred loss of ₹272.48 lakhs in FY2026, facing working capital constraints
  • Valuation: Determined by Independent Valuation Agency
  • Employees: Services of concerned employees to be transferred with continuity of service
  • Approval Required: Special Resolution under Section 180(1)(a) of Companies Act, 2013 and Regulation 37A of SEBI (LODR) Regulations, 2015

Dividend and Reserves

  • No dividend recommended for FY2025-26
  • No amount transferred to general reserves during the year

Key Ratios (FY2025-26 vs FY2024-25)

  • Interest Coverage Ratio: 2.92 vs 4.97
  • Current Ratio: 1.50 vs 1.77
  • Debt Equity Ratio: 0.54 vs 0.41
  • Gross Profit Ratio: 23.49% vs 25.12%

Manufacturing Facilities

1. Bhubaneswar Unit: Plot No. 3337, Mancheswar Industrial Estate, Bhubaneswar-751010

2. Vadodara Unit: Plot No. 1046, 1047 & 1048, GIDC Estate, Waghodia, Vadodara, Gujarat-391760

Product Portfolio

1. Power Transformers (up to 20 MVA capacity, up to 33 kV class)

2. Distribution Transformers (single-phase and three-phase up to 2500 kVA capacity)

3. Amorphous Core Transformers

4. CRGO Core Transformers

5. Line Voltage Regulating Transformers

Industry Outlook and Company Strategy

  • Global transformer market valued at USD 64.26 billion in 2024-25, projected to reach USD 137.72 billion by 2036 (CAGR 12.95%)
  • Company focus on smart grids, renewables integration, digital monitoring (AI/IoT), eco-friendly materials, and HVDC systems
  • Key drivers: Rising energy demand, renewable integration, technological innovations, infrastructure development
  • Challenges: Raw material price volatility, supply chain disruptions, environmental regulations

Corporate Governance Compliance

  • Board Meetings: 7 meetings held during FY2025-26
  • Attendance: All directors attended all board meetings
  • Familiarization programs conducted for Independent Directors
  • Whistle Blower Policy and Anti-Sexual Harassment Policy in place
  • No frauds reported by auditors under Section 143(12) of Companies Act, 2013

Shareholding Pattern (as on March 31, 2026)

  • Total Shareholders: 10,825
  • Promoters & Promoter Group: 42,82,086 shares (46.80%)
  • Public: 48,68,559 shares (53.20%)
  • Dematerialized Holdings: 89.32% of total shares
  • Physical Holdings: 2.39% of total shares

AGM Details

  • Date: Tuesday, July 28, 2026
  • Time: 12.30 PM (IST)
  • Venue: Pipul Restaurant & Banquets, 148, Mancheswar Industrial Estate, Bhubaneswar-751010, Odisha
  • Remote e-voting period: July 24, 2026 (9:00 AM) to July 27, 2026 (5:00 PM)
  • Cut-off date: July 21, 2026 for determining voting rights
  • Scrutinizer: M/s. Saroj Ray & Associates, Practicing Company Secretaries