Board Meeting Details

The Board of Directors meeting was held on November 12, 2026, commencing at 4:30 PM and concluding at 7:00 PM.

Key Approvals and Outcomes

1. Financial Results: Approved unaudited financial statements (standalone and consolidated) along with limited review report for half year ended September 30, 2026.

2. Related Party Transactions: Disclosure of related party transactions for half-year ended September 30, 2026.

3. Director Appointment: Appointment of Mr. Pulak Kumar Palit (DIN: 12047220) as Additional Director in category of Non-Executive Independent Director with effect from November 12, 2026 for five consecutive years, subject to shareholder approval.

4. Director Resignation: Accepted resignation of Mr. Sourav (DIN: 10591454), Non-Executive Independent Director, with effect from November 12, 2026.

5. Power of Attorney: Grant of General Power of Attorney in favour of Mr. Ruppal Wadhwa or Mr. Puneet Arora for dealing with banks, representing company before authorities, and signing agreements.

6. Strategic MOU: MOU for acquiring share in jointly established Wagenlov Private Limited to develop, market, sell and manufacture Wagenlov-branded automotive fragrance and car-care products in India.

Financial Performance (Standalone - Rs. in Lakh)

Income Statement Highlights:

  • Revenue from Operations: ₹2,554.40 (H1 FY27) vs ₹1,967.49 (H1 FY26) - 30% increase
  • Other Income: ₹61.06 (H1 FY27) vs ₹60.00 (H1 FY26)
  • Total Income: ₹2,615.46 (H1 FY27) vs ₹2,027.49 (H1 FY26) - 29% increase
  • Total Expenses: ₹2,228.66 (H1 FY27) vs ₹1,787.37 (H1 FY26)
  • Profit before tax: ₹386.81 (H1 FY27) vs ₹240.12 (H1 FY26) - 61% increase
  • Total Tax Expense: ₹99.36 (H1 FY27) vs ₹61.06 (H1 FY26)
  • Net Profit: ₹287.44 (H1 FY27) vs ₹165.54 (H1 FY26) - 74% increase
  • EPS (Basic): ₹2.22 (H1 FY27) vs ₹1.66 (H1 FY26)
  • EPS (Diluted): ₹2.22 (H1 FY27) vs ₹1.66 (H1 FY26)

Balance Sheet Highlights (as of September 30, 2026):

  • Share Capital: ₹1,351.55 lakh
  • Reserves & Surplus: ₹2,206.11 lakh
  • Total Equity: ₹3,557.66 lakh
  • Non-current liabilities: ₹257.99 lakh
  • Current liabilities: ₹1,424.81 lakh
  • Total Assets: ₹5,240.45 lakh
  • Current assets: ₹4,797.74 lakh (including inventories ₹2,165.51 lakh, trade receivables ₹1,947.59 lakh, cash ₹175.29 lakh)

Cash Flow Highlights (H1 FY27):

  • Cash from operating activities: ₹(845.74) lakh
  • Cash from investing activities: ₹(114.77) lakh
  • Cash from financing activities: ₹1,087.09 lakh
  • Net increase in cash: ₹126.58 lakh
  • Cash at beginning: ₹48.71 lakh
  • Cash at end: ₹175.29 lakh

Financial Performance (Consolidated - Rs. in Lakh)

Income Statement Highlights:

  • Revenue from Operations: ₹2,732.10 (H1 FY27) vs ₹2,107.86 (H1 FY26) - 30% increase
  • Other Income: ₹61.06 (H1 FY27) vs ₹60.00 (H1 FY26)
  • Total Income: ₹2,793.16 (H1 FY27) vs ₹2,167.86 (H1 FY26) - 29% increase
  • Total Expenses: ₹2,407.03 (H1 FY27) vs ₹1,903.30 (H1 FY26)
  • Profit before tax: ₹386.13 (H1 FY27) vs ₹264.56 (H1 FY26) - 46% increase
  • Total Tax Expense: ₹98.71 (H1 FY27) vs ₹82.95 (H1 FY26)
  • Net Profit: ₹287.42 (H1 FY27) vs ₹181.62 (H1 FY26) - 58% increase
  • Minority Interest: ₹(1.74) lakh
  • Net Profit to reserves: ₹285.68 lakh
  • EPS (Basic): ₹2.20 (H1 FY27) vs ₹1.82 (H1 FY26)
  • EPS (Diluted): ₹2.20 (H1 FY27) vs ₹1.82 (H1 FY26)

Capital Structure Changes

  • Paid-up equity share capital increased to ₹1,351.55 lakh (135,155,080 shares of face value ₹10 each) from ₹995.45 lakh (99,645,080 shares)
  • The increase is due to IPO of 35,61,000 equity shares at issue price of ₹41 per share aggregating ₹14,60,01,000
  • Shares listed on BSE SME platform effective May 29, 2026

Strategic Investments

  • Investment in Chhariot EMob Private Ltd: Acquired 55% stake by purchasing 5,500 equity shares at face value of ₹10 each
  • Purpose: To enter trading, distribution, assembly, and manufacturing of two-wheeler electric vehicles (EVs), EV parts, and batteries
  • Financials of Chhariot EMob (post-acquisition from Sept 4, 2026 to Sept 30, 2026): Total Assets ₹156.23 lakh, Revenue ₹87.02 lakh, Net Loss ₹(3.87) lakh

IPO Proceeds Utilization (as of September 30, 2026)

  • Capital Expenditure: Utilized ₹150.00 lakh out of ₹188.90 lakh allocated
  • Working Capital: Utilized ₹868.96 lakh out of ₹930.00 lakh allocated
  • General Corporate Purpose: Fully utilized ₹196.11 lakh
  • Issue Expense: Fully utilized ₹145.00 lakh
  • Total utilized: ₹1,360.07 lakh out of ₹1,460.01 lakh raised
  • Unutilized amount: ₹99.94 lakh

Subsidiary Information

  • Golden Mace Private Limited: Total Assets ₹335.83 lakh, Revenue ₹90.67 lakh, Net Profit ₹3.84 lakh
  • Chhariot EMob Private Limited: Total Assets ₹156.23 lakh, Revenue ₹87.02 lakh, Net Loss ₹(3.87) lakh (post-acquisition period)

Director Changes

Appointment:

  • Mr. Pulak Kumar Palit (DIN: 12047220) appointed as Additional Director (Non-Executive, Independent)
  • Effective from November 12, 2026 for five-year term until November 11, 2031
  • Profile: 40+ years experience in power systems engineering and enterprise technology, Adjunct Professor at FOSTIMA Business School
  • Not related to any existing director or KMP
  • Not debarred from directorship

Resignation:

  • Mr. Sourav (DIN: 10591454) resigned as Non-Executive Independent Director
  • Effective from November 12, 2026
  • Reason: Personal reasons
  • Confirmed no material reasons other than stated
  • Held no directorships in other listed entities

Auditor Information

  • Statutory Auditor: MANV & Associates (FRN: 007351N)
  • Limited review report issued with unmodified opinion
  • Review conducted in accordance with SRE 2410