Board Meeting Details

The meeting commenced at 05:00 PM and concluded at 06:00 PM on November 6, 2026.

Key Decisions and Approvals

1. Financial Results Approval: The Board considered and approved the Un-audited Standalone and Consolidated Financial Results of the Company for the half-year ended September 30, 2026, along with the accompanying Limited Review Report issued under Regulation 33.

2. Internal Auditor Resignation: The Board noted the resignation of Mrs. Sonal Bikaneria from the position of Internal Auditor, effective November 2, 2026. The reason cited was resignation.

3. New Internal Auditor Appointment: The Board considered and approved the appointment of M/s DK Laddha & Associates, Chartered Accountants, as the new Internal Auditor of the Company. The appointment is effective from November 6, 2026, to conduct the internal audit for FY 2026-27. The terms and remuneration are to be mutually agreed upon. The firm is described as having over 25 years of extensive experience in auditing, taxation, accountancy, financial management, and other allied areas.

Standalone Financial Highlights (Half-Year Ended September 30, 2026)

  • Total Income: ₹12,772.29 Lakhs (H1 FY26: ₹10,115.12 Lakhs)
  • Revenue from Operations: ₹12,698.45 Lakhs
  • Other Income: ₹73.83 Lakhs
  • Total Expenses: ₹11,774.26 Lakhs
  • Profit Before Tax: ₹998.02 Lakhs (H1 FY26: ₹1,058.41 Lakhs)
  • Tax Expense: ₹255.81 Lakhs (Current Tax: ₹226.77 Lakhs; Deferred Tax: ₹29.04 Lakhs)
  • Net Profit: ₹742.21 Lakhs (H1 FY26: ₹786.72 Lakhs)
  • Earnings Per Share (Basic & Diluted): ₹4.90 (H1 FY26: ₹6.09)

Consolidated Financial Highlights (Half-Year Ended September 30, 2026)

  • Total Income: ₹12,771.63 Lakhs
  • Profit Before Tax (after share of profit from associate): ₹1,110.78 Lakhs
  • Tax Expense: ₹274.86 Lakhs (Current Tax: ₹244.21 Lakhs; Deferred Tax: ₹30.65 Lakhs)
  • Net Profit (after minority interest): ₹836.27 Lakhs
  • Earnings Per Share (Basic & Diluted): ₹5.52

Subsidiaries and Associate

  • Subsidiaries: Asawara Industries Limited (100%), Beezaasan Defense Industries Limited (51%), Beezaasan Safetycord Limited (100%). Their results are unaudited.
  • Associate: Asawara Earthtech Limited. The Group's share of net profit after tax was ₹0.77 lakh for H1 FY27.

Capital Structure and Net Worth

  • Paid-Up Equity Share Capital: ₹1,515.18 Lakhs (Face Value ₹10/- each)
  • Standalone Net Worth as of Sep 30, 2026: ₹16,029.59 Lakhs
  • Consolidated Net Worth as of Sep 30, 2026: ₹16,379.72 Lakhs

IPO Proceeds Utilization

The company provided a detailed breakdown of the utilization of net IPO proceeds of ₹5,233.66 Lakhs (after deducting share issue expenses of ₹759.74 Lakhs from gross proceeds of ₹5,993.40 Lakhs).

  • Total Utilized Amount (as of Mar 31, 2026): ₹3,410.59 Lakhs
  • Total Unutilized Amount (as of Mar 31, 2026): ₹1,821.55 Lakhs
  • Modification in Allocation: The Board noted a modification approved in the AGM on September 17, 2026. The object was amended to replace Emulsion Bulk Explosives-3 and Bulk Explosives Plants with Detonator Plants for Objects 1 and 2. Consequently, ₹648.51 Lakhs from Object 2 and ₹144.4 Lakhs from Object 4 were shifted to Object 1 (Civil Construction). The modified allocated amounts are Object 1: ₹1,180.38 Lakhs, Object 2: ₹1,655.79 Lakhs, and Object 4: Nil.
  • Temporary Parking of Funds: ₹2000 Lakhs of unutilized funds are temporarily parked in fixed deposit receipts (FDRs) pending required clearances under the Explosive Rules, 2008 for certain project components.

Limited Review Report

The statutory auditor, PSV Jain & Associates, issued a limited review report stating that based on their review, nothing has come to their attention that causes them to believe the financial results contain any material misstatement. The review was conducted under SRE 2410.

Other Notes

  • The company is primarily engaged in manufacturing Slurry and Emulsion Explosives and Detonating Fuse, constituting a single reportable segment.
  • The company is listed on the BSE SME platform and is exempt from adopting Ind AS for financial results preparation as per the MCA notification dated February 16, 2015.
  • The financial results were reviewed by the Audit Committee and approved by the Board.