Key Financial Results (Unaudited)
The Board considered and approved the unaudited financial results for the quarter and six months ended September 30, 2026. The Limited Review Report from auditors S.R. Batliboi & Co. LLP contained no qualifications or adverse remarks.
Quarter Ended September 30, 2026 (Q2 FY27):
- Revenue from Operations: ₹7,092.21 lakhs (vs. ₹4,586.04 lakhs in Q2 FY26; +54.7% YoY)
- Total Income: ₹7,100.82 lakhs
- Profit Before Tax: ₹2,062.40 lakhs (vs. ₹1,329.01 lakhs in Q2 FY26; +55.2% YoY)
- Total Tax Expense: ₹541.99 lakhs
- Profit for the Period: ₹1,520.41 lakhs (vs. ₹990.18 lakhs in Q2 FY26; +53.5% YoY)
- Total Comprehensive Income: ₹1,515.01 lakhs
- Basic & Diluted EPS: ₹2.42 (vs. ₹1.58 in Q2 FY26)
Six Months Ended September 30, 2026 (H1 FY27):
- Revenue from Operations: ₹12,870.48 lakhs (vs. ₹8,856.66 lakhs in H1 FY26; +45.3% YoY)
- Total Income: ₹12,889.83 lakhs
- Profit Before Tax: ₹3,834.14 lakhs (vs. ₹2,563.23 lakhs in H1 FY26; +49.6% YoY)
- Total Tax Expense: ₹992.45 lakhs
- Profit for the Period: ₹2,841.69 lakhs (vs. ₹1,907.77 lakhs in H1 FY26; +49.0% YoY)
- Total Comprehensive Income: ₹2,830.89 lakhs
- Basic & Diluted EPS: ₹4.52 (vs. ₹3.04 in H1 FY26)
Emphasis of Matter – Income Tax Search
The auditor's report included an Emphasis of Matter regarding an Income Tax search conducted under Section 132 of the Income Tax Act, 1961, in FY 2023-24 at company premises and employee residences.
Status of Tax Demands:
- Original assessment demand orders: ₹2,011.25 lakhs (excluding penalty) for AY 2014-15 to 2021-22 and 2023-24 to 2024-25
- Additional demand for AY 2022-23: ₹756.75 lakhs (including penalty)
- After CIT(A) appeals: Demand reduced to ₹245.25 lakhs (from ₹2,011.25 lakhs)
- During current quarter, Income Tax department filed appeals before ITAT against relief granted by CIT(A) for AY 2014-15, 2018-19 to 2021-22 and 2023-24
- Company has filed appeals before ITAT against sustained demand of ₹245.25 lakhs
- Appeal for AY 2022-23 remains pending before CIT(A)
- Additional penalty demand orders received: ₹271.48 lakhs for AY 2019-20, 2020-21, 2021-22 and 2024-25, with appeals filed before CIT(A)
Management believes it has a favorable position based on legal advice, and no adjustments have been made to the financial results pending appeal outcomes.
Board Decisions and Corporate Actions
1. Committee Reconstitution: Approved reconstitution of Audit Committee, Stakeholders Relationship Committee, CSR Committee, and Nomination and Remuneration Committee.
2. Postal Ballot Notice: Approved notice for seeking shareholder approval to enhance the limit of material Related Party Transactions with NDR Auto Components Limited. The notice will be uploaded after dispatch to members.
3. Solar Power Investment: Approved investment of ₹99 lakhs in one or more tranches for acquiring 26% equity in a Special Purpose Vehicle (SPV) for sourcing power through captive solar energy. The SPV is yet to be incorporated and will be engaged in setting up, generating, and distributing solar power in India. Expected completion by Q1 2027-28. This is not a related party transaction.
Financial Position (As of September 30, 2026)
Assets:
- Total Assets: ₹79,674.77 lakhs (vs. ₹73,665.04 lakhs as of March 31, 2026)
- Non-current Assets: ₹41,487.73 lakhs
- Current Assets: ₹38,187.04 lakhs
- Cash and Cash Equivalents: ₹157.08 lakhs (significant decrease from ₹1,530.86 lakhs)
Equity and Liabilities:
- Total Equity: ₹24,854.88 lakhs
- Paid-up Equity Share Capital: ₹1,256.00 lakhs (face value ₹2 per share)
- Other Equity: ₹23,598.88 lakhs
- Total Liabilities: ₹54,819.89 lakhs
Cash Flow (Six Months Ended September 30, 2026)
- Cash from Operating Activities: ₹4,109.82 lakhs
- Cash Used in Investing Activities: ₹4,841.19 lakhs (primarily purchase of property, plant & equipment)
- Cash Used in Financing Activities: ₹642.41 lakhs (including dividend payment of ₹942.00 lakhs)
- Net Decrease in Cash: ₹1,373.78 lakhs
Meeting Details
The Board Meeting commenced at 11:50 AM and concluded at 1:20 PM on October 27, 2026.